Frederick, MD - AutoZone

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (ground lease) in an absolute NNN leased, AutoZone investment property located in Frederick, Maryland. The location opened in 2014 and the tenant recently signed a 15-year extension with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 6% rental increase in 2029 and 8% increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.

The AutoZone is located near the signalized, hard-corner intersection of W Patrick St and Hillcrest Dr. The property is located right off of US Highway 15, which averages over 103,500 vehicles passing by daily. W Patrick St is a major retail thoroughfare serving the city of Frederick. The site is located within walking distance to Hillcrest Center Shopping Center, a 90,000+ square foot center that features national tenants such as Aldi, Dollar Tree, Planet Fitness, and many more. AutoZone is also located directly across from Westridge Square Shopping Center, a 200,000+ square foot shopping center that includes Burlington, H Mart, and several major retailers. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Home Depot, Harbor Freight, Petco, Starbucks, McDonald’s, 7-Eleven, Dunkin, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 134,200 with an average household income of $131,155.