Auto Zone - Plainfield, NJ

Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Director of Real Estate
280 Park Avenue, 38th Floor, New York, NY 10017
rjames@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
1031 Exchange Opportunity
Auto Zone - Triple Net Ground Lease (Fee Interest)
635 West Front Street (NJ Hwy 28) & Waynewood Park
Plainfield, NJ 07060
Investment
Investment Summary:
Summary:
This
This Auto
Auto Zone
Zone contains
contains 5,372
5,372 square
square feet
feet and
and isis situated
situated on
on .56
.56 acres.
acres. Construction
Construction isis estimated
estimated to
to be
be
completed
in
January/February
2004.
Rent
has
commenced
on
this
property.
It
is
located
on
New
Jersey
completed in January/February 2004. Rent has commenced on this property. It is located on New Jersey
Highway
Highway 28
28 and
and the
the intersection
intersection of
of Waynewood
Waynewood Park
Park (just
(just west
west of
of Plainfield
Plainfield Avenue)
Avenue) in
in Plainfield
Plainfield NJ.
NJ.
Other
nearby
retailers
include
the
Plainfield
Supermarket,
CVS
Pharmacy,
Payless
Shoe
Source,
Best
Other nearby retailers include the Plainfield Supermarket, CVS Pharmacy, Payless Shoe Source, Best Buy,
Buy,
McDonald’s,
McDonald’s, Dollar
Dollar Store,
Store, KFC,
KFC, Peking
Peking Royale
Royale Restaurant,
Restaurant, Bob’s
Bob’s Place
Place and
and Eckerd’s
Eckerd’s Drugs
Drugs along
along with
with
several
several banks.
banks.
Price
Price and
and Cap:
Cap:
We
We offer
offer this
this property
property at
at $972,000
$972,000 which
which isis aa 7.0%
7.0% cap
cap rate
rate on
on current
current income.
income.
Tenant:
Tenant: Auto
Auto Zone,
Zone, Inc.
Inc.
Auto
Auto Zone,
Zone, Inc.
Inc. (NYSE:
(NYSE: AZO)
AZO) has
has an
an A2/BBB+
A2/BBB+ credit
credit rating
rating and
and isis the
the #1
#1 auto
auto parts
parts chain
chain in
in the
the
U.S.
with
3,152
stores
in
45
states
and
40
plus
stores
in
Mexico.
AutoZone
stores
sell
hard
parts
U.S. with 3,152 stores in 45 states and 40 plus stores in Mexico. AutoZone stores sell hard parts
(alternators,
(alternators, engines,
engines, batteries),
batteries), maintenance
maintenance items
items (oil,
(oil, antifreeze),
antifreeze), accessories
accessories (car
(car stereos,
stereos, floor
floor
mats),
mats), and
and other
other merchandise
merchandise under
under brand
brand names
names as
as well
well as
as under
under private
private labels,
labels, including
including Duralast
Duralast
and
and Valucraft.
Valucraft. More
More than
than two-thirds
two-thirds of
of AutoZone's
AutoZone's stores
stores serve
serve professional
professional auto
auto repair
repair shops.
shops. For
For
the
fiscal
year
ended
August
2002,
sales
were
$5.325
billion,
a
one
year
increase
of
10.5%.
Net
the fiscal year ended August 2002, sales were $5.325 billion, a one year increase of 10.5%. Net
income
income for
for 2002
2002 was
was $428.1
$428.1 million,
million, an
an increase
increase of
of 144%.
144%.
Lease
Lease Summary:
Summary: 20
20 Year
Year Primary
Primary Term
Term
Annual
$68,000
Annual Rent:
Rent:
$68,000 –– Years
Years 1-5
1-5
Rent
Rent increases
increases 10%
10% every
every 55 years.
years.
Expiration
8/30/2023
Expiration Date:
Date:
8/30/2023
Options
Options to
to Renew:
Renew: 33 (5)
(5) year
year renewals
renewals
Rent
Rent increases
increases 10%
10% each
each option
option
Lease
Lease Type:
Type:
This
This isis an
an absolute
absolute triple
triple net
net ground
ground lease.
lease. The
The tenant
tenant constructed
constructed and
and paid
paid for
for the
the building.
building. Upon
Upon lease
lease
expiration,
ownership
of
the
building
reverts
to
the
owner
of
the
land.
Landlord
has
absolutely
no
expiration, ownership of the building reverts to the owner of the land. Landlord has absolutely no
maintenance,
maintenance, repair
repair or
or replacement
replacement responsibility
responsibility for
for the
the building
building or
or land,
land, such
such responsibility
responsibility being
being solely
solely
that
of
the
tenant.
that of the tenant.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Director of Real Estate
280 Park Avenue, 38th Floor, New York, NY 10017
rjames@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
1031 Exchange Opportunity
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Director of Real Estate
280 Park Avenue, 38th Floor, New York, NY 10017
rjames@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
1031 Exchange Opportunity
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.
Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.
For more information, contact:
Robert James, Director of Real Estate
280 Park Avenue, 38th Floor, New York, NY 10017
rjames@kimcorealty.com
Phone 212-972-7457 Fax 212-972-7496
www.kimcoexchangeplace.com
1031 Exchange Opportunity
Springfield
New Providence
2002 Average Income
By Zip Code
5.00 Miles
$100,000 or more
$75,000 to $100,000
$50,000 to $75,000
$30,000 to $50,000
Less than $30,000
Mountainside
Berkeley Heights
3.00 Miles
Westfield
78
Garwood
Fanwood
Watchung
Scotch Plains
28
1.00 Mile
North Plainfield
<
22
28
Dunellen
28
Middlesex
South Plainfield
Bound Brook
287
South Bound Brook
27
18
Metuchen
Society Hill
1
Edison
Demographics
2002 Estimates
Total Population:
Total Households:
Avg. HH Income:
Med. HH Income:
1 Mile
30,841
9,102
$74,546
$69,375
3 Mile
120,994
40,063
$92,622
$79,892
5 Mile
237,557
81,363
$106,677
$89,912
Updates of 2000 Census Data by Claritas.
This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.
It is the Purchaser’s responsibility to independently confirm the accuracy and completeness of the information contained herein.