net lease autozone in milwaukee for sale

1. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AutoZone (Ground Lease)
6015 West Forest Home Avenue
Milwaukee, WI 53220

2. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Aerial
5) Site Plan
6) Maps
7) Tenant Profile
8) Demographic Comparison Report
9) Location Overview
10) Contact Information
TABLE OF CONTENTS
TABLE OF CONTENTS

3. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to
be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person
or entity without the written consent of The Boulder Group. This Offering Memorandum has been prepared to provide
summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the
subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The
Boulder Group has not made any investigation, and makes no warranty or representation. The information contained
in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group
has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any
investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy
or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the
information set forth herein.
CONFIDENTIALITY & DISCLAIMER
CONFIDENTITALITY & DISCLAIMER

4. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
The Boulder Group is pleased to exclusively market for sale a single tenant AutoZone ground lease property
approximately six miles southwest of downtown Milwaukee. The 6,218 square foot building was constructed in 2004
within a dense area of Milwaukee. The ground lease has eleven years remaining and features 10% rental escalations
every five years with the next escalation in October 2014.
The subject property is located on the hard corner of the signalized intersection of West Forest Home Avenue and South
60th Street. This intersection experiences traffic volumes in excess of 37,900 vehicles per day. There is access to the
property on both West Forest Avenue and South 60th Street. Both thoroughfares have a direct access interchange with
Interstate 894/43 one mile south of the subject property. Interstate 894/43 experiences traffic volumes in excess
of 116,000 vehicles per day. The area has high barriers to entry given its close proximity to the local high school and
the large concentration of residential communities within the immediate area. Additionally, there are over 375,000
people living within five miles. Southridge Mall, Wisconsin’s largest shopping center, is located two miles southwest of
the property and is anchored by Sears, Kohl’s, JCPenney, Macy’s and Boston Store. Other retailers in the area include
Wal-Mart Supercenter, Target, Best Buy, Marshalls, Bed Bath and Beyond and a top performing Pick ’n Save.
AutoZone’s original ground lease term was for twenty years and expires in September 2024. The base rent increases
by 10% every five years with the next escalation in October 2014. The rental escalations continue throughout the
primary term and each of the four 5-year renewal option periods. AutoZone is a publicly traded company on the
New York Stock Exchange (AZO), with a market capitalization of $15 billion. AutoZone is an investment grade rated
company with a Standard and Poor’s rating of BBB.
INVESTMENT HIGHLIGHTS
• 10% rental escalation in October 2014
• Investment grade tenant (S&P: BBB)
• Located in a dense infill area of Milwaukee
• Long term ground lease with 11 years remaining
• Zero landlord responsibilities
• 10% rental escalation every five years in the primary term and renewal
option periods
• Positioned on the hard corner of a signalized intersection
• Located one mile north of Interstate 894/43 (116,000 VPD)
• Close proximity to Southridge regional mall, anchored by Sears, Kohl’s, JCPenney, Macy’s and Boston Store
• Other nearby retailers include Wal-Mart Supercenter, Target, Best Buy, Marshalls, Bed Bath and Beyond and a
top performing Pick ’n Save
• Population in excess of 375,000 within five miles of the property
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY

5. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $916,650
Cap Rate: 6.00%
October 2014 Cap Rate: 6.60%
Rent Schedule: NOI Escalation Date
$55,000
$60,500 10/1/2014
$66,550 10/1/2019
$73,205 10/1/2024 (Option 1)
$80,525 10/1/2029 (Option 2)
$88,578 10/1/2034 (Option 3)
$97,436 10/1/2039 (Option 4)
Renewal Options: Four 5-Year
Lease Commencement Date: October 1, 2004
Lease Expiration Date: September 30, 2024
Tenant: AutoZone
Credit Rating: BBB (Standard & Poor’s)
Year Built: 2004
Landlord Obligations: NNN (Ground Lease)
Building Size: 6,218 SF
Land Size: 27,007 SF

6. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AERIAL
AERIAL
W
EST FOREST HOM
E
AVENUE
20,400
VPD
ARMOUR PARK
894
116,000 VPD
1 MILE
HONEY CREEK
ELEMENTARY SCHOOL
MILWAUKEE HAMILTON
HIGH SCHOOL
SOUTH60THSTREET
13,500VPD

7. NET LEASED INVESTMENT OFFERING
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SITE PLAN
SITE PLAN
S 60TH STREET
W
FORESTHOM
E
AVENUE

8. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
MAPS
MAPS

9. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
AutoZone is a leading automotive aftermarket retailer in the United States based off both sales and store count.
AutoZone sells automotive parts, accessories, batteries and other maintenance items. AutoZone is a Fortune
500 company and is ranked #320. AutoZone is headquartered in Memphis, Tennessee and operates more than
5,000 stores throughout 49 states, Puerto Rico, Mexico and Brazil. AutoZone sales have increased 6.6% from
fiscal year 2011 to $8.6 billion. AutoZone is a publicly traded company on the New York Stock Exchange (AZO)
and has a market cap of $15 billion.
Website: www.autozone.com
Number of Locations: 5,000+
Stock Symbol: AZO: NYSE
Credit Rating: BBB (S&P)
Market Capitalization: $15 billion
Number of Employees: 70,000+
TENANT PROFILE
TENANT PROFILE

10. NET LEASED INVESTMENT OFFERING
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Population 1-mi 3-mi 5-mi
Total Population 19,108 150,624 375,756
Total Households 8,672 65,379 152,932
Income
Median Household Income $43,465 $42,156 $41,351
Average Household Income $51,590 $51,843 $53,130
DEMOGRAPHIC COMPARISON REPORT
DEMOGRAPHIC COMPARISON REPORT

11. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
Milwaukee is the largest city in Wisconsin and the 28th most populous city in the United States.
Milwaukee is located on the southwestern shore of Lake Michigan. According to the 2010 U.S.
Census, the City of Milwaukee had a population of 594,833 and the Milwaukee MSA had a
population of 1,751,316.
Milwaukee and its suburbs are the home to the international headquarters of 13 Fortune 1000 companies,
including Johnson Controls, Northwestern Mutual, Manpower Inc., Jefferson Wells, Kohl’s, Harley-Davidson,
Rockwell Automation, Fiserv, Inc., Hal Leonard, Wisconsin Energy, Briggs & Stratton, Joy Global, Bucyrus
International, A.O. Smith, GE Healthcare Diagnostic Imaging and Clinical Systems and MGIC Investments. The
Milwaukee metropolitan area ranks fifth in the United States in terms of the number of Fortune 500 company
headquarters as a share of the population.
www.city.milwaukee.gov
LOCATION OVERVIEW
LOCATION OVERVIEW

12. NET LEASED INVESTMENT OFFERING
www.bouldergroup.com
666 Dundee Road, Suite 1801
Northbrook, IL 60062
Randy Blankstein
President
847.562.0003
rblank@bouldergroup.com
Jimmy Goodman
Partner
847.562.8500
jimmy@bouldergroup.com
CONTACT INFORMATION
CONTACT INFORMATION