|Catylist Listing ID:
Free-Standing Building, Street Retail
|Building Size (RSF):
|Gross Building Area:
|Property Use Type:
||Net Leased Investment (NNN), Investment
||Cash to Seller
Overview / Comments
SVN is pleased to present this Net Leased Investment property, featuring Verizon Wireless (Corporate store) in Tallahassee, FL. The single tenant store was renovated for Verizon Wireless in 2007 and they have been in the location for over 10 years. It features a new 5- year NN lease renewal on 4/1/2018, with a second 5-year renewal option at increased rental bump. The 3,200sf store is located in one of the busiest trade areas in Tallahassee on a 1.2 acre site with traffic counts in excess of 42,000 VPD.
The property has ample parking since the site was originally developed as a restaurant with drive-thru. This allows a lot of flexibility in the future with the real estate.
National retailer brands in the immediate area surrounding the Verizon store include Kohl’s, Goodwill, Wendy’s, JC Penny, Dillards, Best Buy, Office Depot, Dicks, Jason's Deli, Hardee's and many others. The State of Florida Capitol building is only 1.5 miles west of this location. There are 3 new hotels being constructed in the immediate area.
The lease is a Double Net Lease with Landlord responsible for Roof, Structure. Tenant pays for ad valorem taxes, casualty insurance and other maintenance. This renewal period term which commenced on April 1, 2018 and runs thru March 31, 2023, and also has one 5-year option period that bumps the rent to $174,200 on April 1, 2023.
Attachments & Media
|Tenant Business Name
||Excellent location and prime real estate
Great condition and construction
In the heart of the Retail trade area
500ft from the Govenors Square Mall
Functional for alternative uses (has parking & drive thru)
High barrier to entry submarket
||This Verizon Wireless retail building is located on the strongest retail corridor in the Tallahassee MSA, on the Apalachee Parkway, just east of Blairstone Road. The Governors Square Mall - the dominant regional mall in the area is located 500 feet to the west and the State Capitol can be viewed from the site, 1 mile west. Florida State University is 2 miles west of the site. Other retailers in the trade area: Best Buy, Bed Bath Beyond, Borders, Michaels, Staples, Target, Chick Fil A, Earth Fare, Dillard's, JC Penney, Sears, and Macy's, Dicks Sporting Goods, BJ's Brewhouse, Hilton Garden Inn, and many more retailers in the immediate area.
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