Objectomschrijving
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple interest in a freestanding single-tenant Academy Sports + Outdoors located at 2350 Gallatin Pike North in Madison, Tennessee (“Property” or “Asset”).
This Asset is operating on the first option period of a 20-year absolute NNN lease with 3.3 years remaining. The lease features three, five-year renewal options and various rent escalations. Initially constructed as a build-to-suit for the Tenant in 2002, Academy has a proven commitment to the site with more than 22 years of operating history.
The Property is positioned in a growing area that has seen 15.1% population growth since 2010 within a three-mile radius. Positioned along Gallatin Pike N, the Property benefits from direct visibility to over 32,000 vehicles per day and is just off Vietnam Veterans Blvd with access to 81,000 VPD. Notably, the five-mile radius is home to more than 102,000 residents earning average household incomes exceeding $83,000.
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Investeringskenmerken
- Absolute NNN lease with 3.3 years of lease term remaining and zero landlord responsibilities.
- Exposure to over 32,000 VPD on major throughfare in Madison and visibility from major interstate, Vietnam Veterans Blvd (81,000 VPD).
- Academy Sports + Outdoors revised its 5-year goal to now open 140 stores, up from 120 stores.
- Explosive 15.1% population growth since 2010 within a 3-mile radius.
- Located adjacent to numerous shopping malls with more than 3.4 million visits annually.
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