FOR SALE - NET LEASED INVESTMENT
AMERICAN TIRE DISTRIBUTORS FACILITY 1 3 0 1
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EXPERIENCE IS OUR STRENGTH
SUMMARY OF OFFERING PROPERTY LOCATION:
The American Tire Distribution Building is located at 1301 South Navigation Boulevard with frontage on S. Navigation, Bear Lane and Cliff Maus Drive in Corpus Christi, Texas, 78405. The site is visible from South Padre Island Drive (S. H. 358) and offers easy access.
PROPERTY DESCRIPTION:
The property is a one (1) story 80,000 SF single-tenant building situated on 5.56 ACRES with a concrete parking lot. Built in 2009, the building’s construction is Concrete Tilt-up with Standing Seam Metal Roof. The property is leased by American Tire Distributors, Inc.
• • • LEGAL DESCRIPTION:
LAND AREA: GROSS BUILDING AREA: AGE: OCCUPANCY: LEASE TERMS:
LEASE COMMENCEMENT DATE:
9 Truck Docks 1 Grade Level Ramp 1,500 SF of Air-Conditioned Office Space
Lot 62 and 1.11 ACRES out of Lot 63, Block 1 Mid-Town Industrial District, Corpus Christi, Nueces County, Texas 255,262 SF (5.56 ACRES) 80,000 SF New Construction — 2009 100% (Single Tenant) The Lease is a 15 year term NNN Lease with tenant paying all operating expenses except for structural, parking lot and for a period of five years after lease commencement, repairs to the HVAC System. March 1, 2009
ANNUAL RENTAL INCOME:
1-5 Management 6-10 11-15
NET OPERATING INCOME:
$ 419,600
OFFERING PRICE: CAP RATE: TERMS:
$ 416,000.00 $ 3,600.00 $ 457,599.96 $ 503,199.96
$ 5,325,000 7.9% Cash to Seller.
TENANT INFORMATION:
American Tire Distributors (www.atd-us.com) was founded in 1935 and is now one of the largest independent tire wholesalers in the US. Offerings include the flagship brands of industry leaders Bridgestone, Continental, Goodyear, and Michelin, as well as budget brands and private-label tires. Tires account for about 90% of the company's sales; American Tire Distributors also distributes custom wheels and tire service equipment. It maintains about 80 distribution centers that serve independent tire dealers, retail chains, and auto service facilities in more than 35 states. Investment firm Investcorp owns the company.
COMMUNITY:
Corpus Christi, located on the Texas Gulf Coast, maintains a healthy and stable economy energized by diversity. A major contributing factor to Corpus’s success is its port, which is the fifth largest deep-water port in the U.S. Another huge factor is that Corpus is home to the largest industrial employer in South Texas, the Corpus Christi Army Depot (CCAD). Corpus boasts an incredible amount of tourism revenue due to its numerous beaches, historical and recreational attractions.
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THE CORPUS CHRISTI AREA Energized by numerous positive factors, Corpus Christi’s economy has gained tremendous momentum in recent years — momentum that has caught the attention of many throughout the country. Forbes, in its most recent “Best Places Survey”, named Corpus Christi among the “Top 20 Best Places To Do Business”. This momentum continues to build, placing Corpus in the enviable position of being poised for significant growth. One major contributing factor to Corpus’s success is its port, which is the fifth largest deep-water port in the U.S. in terms of annual tonnage. Another huge factor is that Corpus is home to the largest industrial employer in South Texas, the Corpus Christi Army Depot (CCAD). The CCAD is part of the Naval Air Station Corpus Christi, a major flight training facility. Other military facilities in the area include Naval Air Station Kingsville, one of the Navy’s premier jet aviation training units and Naval Station Ingleside, which is responsible for providing logistics and base support services to 52 commands. Much has been done in the past few years, and still many new projects are underway. Construction began in 2003 on one of the nation’s most important marine science research institutes, the Harte Research Institute for Gulf of Mexico Studies, at Texas A&M University-Corpus Christi. This thirty million dollar multipurpose arena was successfully completed in 2005. Another impressive completion was in 2006 with the Packery Channel, a huge expansion project that has brought with it homes, retail development and much new growth.
DEMOGRAHICS
WITHIN A THREE MILE RADIUS
2008 Households By Income
Households For 2000, 2008 & 2013
2008 Employed 16+ by Occupation
Other area projects include expansion of the city’s convention center, airport and expressway system, as well as refurbishment of the city’s historic seawall. Some of the city’s major attractions include Whataburger Field ballpark, home to the Corpus Christi Hooks; the Texas State Aquarium; the Ships of Christopher Columbus; the USS Lexington Museum on the Bay and of course the beaches along Mustang and Padre Island! With tourism as one of Corpus Christi’s economic mainstays, residents and visitors can get their fill of swimming, surfing, boating and fishing! There is fun for all ages on the Corpus Christi water fronts! With such a diversified economic climate it’s easy to see why Corpus Christi is One of the Best
Places To Do Business!
EXPERIENCE IS OUR STRENGTH Burris W. McRee, CPM®, CCIM Brookhollow Office Park 6000 S. Staples, Ste. 205 | Corpus Christi, TX 78413 Phone: 361.992.9700 | Fax: 361.992.9790 Email:
[email protected] www.gulftex.com
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