Palm Coast, FL - Sherwin Williams & Humane Society

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a freestanding, two-tenant, NNN leased investment property located in Palm Coast, Florida. The two tenants, Sherwin Williams and Humane Society, each have more than 1 year remaining in their initial lease term. Sherwin Williams lease features 4 (5-year) option periods to extend with a 10% rental increase taking place at the beginning of each option period. Humane Society lease features 2 (3-year) options to extend with a 3% rental increase at the beginning of each option period. Further, the rents currently being paid by these tenants on a PSF basis are easily replaceable within the Palm Coast market. The Sherwin Williams lease is NNN while the Humane Society lease is modified gross, accounting for some slippage. This opportunity provides a new owner the opportunity to re-lease this space as NNN upon expiration of the current lease and increase NOI by limiting expense leakage.

The subject property is strategically located off of Palm Coast Parkway (10,300 VPD) and it’s just 1.5 miles west of Interstate 95 (45,500 VPD) with convenient on/off ramp access. The property is in the center of a primary retail corridor with nearby national/credit tenants including a Walmart Supercenter, Lowe’s, Winn Dixie, The Home Depot, Staples, and Walgreens, increasing consumer traffic to the trade area and promoting crossover shopping to the site. In addition, the site is just 1.7 miles from Island Walk Shopping Center, a 205,000 SF shopping center anchored by Publix Super Market, Hobby Lobby, and Petco. The 5-mile trade area is supported by a population of over 81,000 residents with an average household income of $67,000.

Palm Coast is located 26 miles south of Saint Augustine, 61 miles south of Jacksonville, and 82 miles north of Orlando. One of Florida’s newest cities (incorporated 1999), Palm Coast is a Florida paradise – situated on 70 miles of saltwater and freshwater canals and the Intracoastal Waterway and just minutes from pristine Atlantic Ocean beaches. Palm Coast offers a dozen beautiful parks, 125+ miles of connecting trails and paths for walking/bicycling, abundant fishing and boating, a year-round Running Series, and world-class tennis and golf.