Millington, TN - RaceTrac (SOLD)

Description:

Corporate Guaranteed | 10 Years Remaining | Scheduled Rental Increases | Options to Extend
• The lease is corporate guaranteed by RaceTrac Petroleum, Inc., an established and well-known gas station/convenience store with more than 550 stores throughout the Southeast of United States
• 10 years remaining on the original 15-year lease with 7 (5-year) options to extend, demonstrating their long-term commitment to the site
• The lease features 7.5% rental increases every 5 years and throughout the options to extend, generating NOI and hedging against inflation
Absolute NNN Lease | Fee Simple Ownership | Zero Landlord Responsibilities
• Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
• Investor benefits from fee-simple ownership of the building and land
• No landlord responsibilities
Accelerated Depreciation | No Income Tax State
• Fee-simple ownership of a convenience store qualifies for accelerated depreciation, see page 17 for more details
• Ideal management-free investment in a state with no state income tax
Signalized, Hard Corner Intersection | Primary Thoroughfare | Nearby Shopping Centers | Excellent Visibility & Access
• RaceWay is strategically located at the signalized, hard corner intersection of Glenco Road and TN-3, averaging a combined 31,000 vehicles passing by daily
• TN-3 is the primary retail and commuter thoroughfare serving the Millington trade are and leads to downtown Memphis
• Nearby shopping centers include Millington Square, Millington Farms Shopping Center, and more
• Surrounded by national/credit tenants such Lowe’s, Ross, Five Below, Tractor Supply, Kroger and the Walmart Supercenter directly across the street
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for this site
• This site benefits from significant street frontage and multiple points of access, providing ease and convenience for customers
Local Demographics in 10-Mile Trade Area
• More than 135,000 residents and 20,000 employees support the trade area
• $76,521 average household income

Signalized, Hard Corner Intersection | Primary Thoroughfare | Nearby Shopping Centers | Excellent Visibility & Access
• RaceWay is strategically located at the signalized, hard corner intersection of Glenco Road and TN-3, averaging a combined 31,000 vehicles passing by daily
• TN-3 is the primary retail and commuter thoroughfare serving the Millington trade are and leads to downtown Memphis
• Nearby shopping centers include Millington Square, Millington Farms Shopping Center, and more
• Surrounded by national/credit tenants such Lowe’s, Ross, Five Below, Tractor Supply, Kroger and the Walmart Supercenter directly across the street
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for this site
• This site benefits from significant street frontage and multiple points of access, providing ease and convenience for customers
Local Demographics in 10-Mile Trade Area
• More than 135,000 residents and 20,000 employees support the trade area
• $76,521 average household income

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