Flowood, MS - Gipson's Tire & Auto

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Gipson’s Tire & Auto investment property located in Flowood, Mississippi. The tenant recently signed a brand new 15-year lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2% annual rental increases throughout the initial term and option periods, 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. Left Lane Auto LLC is the guarantor and parent company. Left Lane Auto has over 60 stores across Texas, Missouri, Illinois, Louisiana, and Georgia. The private equity backer is Granite Hall Partners.

The property is located near the signalized, hard-corner intersection of Lakeland Dr and Wirtz Rd. Lakeland Dr averages over 32,000 vehicles passing by daily and is a major retail thoroughfare serving the city of Flowood. The site is part of the Pinelands Development, which features a Freddy’s, Dunkin’ Donuts, 7 Brew, Arby’s, and more. The property is within walking distance to a 186,000+ square foot Walmart Supercenter and brand new Aldi grocery store. The property is in the center of a primary retail corridor with other nearby national/credit tenants including Target, Best Buy, Kroger, Kohl’s, Hobby Lobby, Lowe’s, Academy, Chick-fil-A, Wendy’s, 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 approximately 58,100 residents and 33,100 employees. Residents within 1 mile of the subject property boast an affluent average household income of $120,284.