Defuniak, Springs, FL - Tractor Supply

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, Tractor Supply Company investment property located in Defuniak Springs, Florida. The tenant recently relocated to this location and signed a brand-new 15 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is NN with landlord responsibilities limited to roof, structure, foundation, parking lot (re-striping/sealing), & exterior utility lines making it an ideal, low-management investment opportunity for a passive investor. The newly-constructed building will feature a state-of-the-art design with high-quality materials. Tractor Supply is the largest rural lifestyle retailer in the U.S., ranking 293 on the Fortune 500. The Company’s more than 50,000 Team Members are known for delivering legendary service and helping customers pursue their passions.

The subject property is located along U.S. Hwy 331 which averages 31,500 VPD. The site benefits from nearby direct on/off ramp access to Interstate 10, a major thoroughfare that averages 20,200 vehicles passing by daily. The site is part of a new development of Chick-fil-A, Del Taco, Sud Stop, and Wendy’s. Other nearby national/credit tenants include Lowe’s, Starbucks, Burger King, Walmart Supercenter, Dunkin’, Sonic, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 15-mile trade area is supported by a population of over 41,000 and 11,000 employees. Residents within a 5-mile radius of the subject property have an average household income of $88,826.