Fortis Net Lease is pleased to present this 5,800 SF. Firestone store located in Hoover, Alabama. This site is part of Tattersall Park, a new 78-acre multi-use center located in the growth corridor of Southeastern Birmingham. The property is encumbered with a Fifteen (15) Year NNN Lease, leaving zero landlord responsibilities. The lease contains 5% rental rate increases every 5 years during the primary term and the five (5) Yr. Options to renew. The lease is corporately guaranteed by Bridgestone which holds an Investment Grade credit rating of "A". The store is currently under construction, with delivery in December 2019 and rent commencing in January 2020.
This Firestone store is highly visible as it is strategically positioned off of Highway 280 (56,740 cars per day) on Highway 119 which sees 19,637 cars per day (projected to reach 22,000+ cars per day once the Tattersall Park development completes). The five mile population from the site is 73,814 while the one mile average household income is $114,769 per year, making this location ideal for a Firestone. The area is experiencing great growth with the three mile population growth rate at 5.20%. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Firestone. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant.