December 15, 2021
SOLD – AUTOZONE GROUND LEASE – SANFORD, FLORIDA
J.H. Winokur, Inc. is pleased to announce the closing of the sale of a AutoZone store ground lease located in Sanford, Florida. This AutoZone is highly visible as it is strategically positioned on W. State Road 46 (37,500 cars average daily traffic count) near International Parkway. The three-mile radius population is 45,060 and the five-mile population from the site is 103,762. The site benefits from being located in a $108,137 average household income area. Sanford is just twenty miles outside of Orlando and 35 miles from Daytona Beach. The property serves the growing northern suburbs of Orlando.
The AutoZone property was constructed in 2018 and sits facing a CareNow Urgent Care location. The 15-year ground lease has zero landlord obligations and 4 five-year tenant options with 10% rental increases. The lease is corporately guaranteed by AutoZone, Inc.
AutoZone (NYSE: AZO) holds a credit rating of “BBB”, which is classified as Investment Grade Credit Rating making the property an ideal investment for investors. AutoZone is the nation’s leading retailer and distributor of automotive replacement parts and accessories in the Americas. As of August 31, 2019, they operated 5,772 stores in the United States, 604 stores in Mexico and 35 stores in Brazil.
J.H. Winokur represented the seller, a private investor, in the transaction.
For more information, contact Jason Winokur.
