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| AutoZone |
16210 Perris Boulevard, Moreno Valley, CA
Purchase Price: $2,391,000
• 20 year primary lease
• Five (5) x 5 year option periods
• Double Net (NN) Lease
• 10% rent increases every 5 years
Land Area: ± 0.73 Acres, Building Area: ± 7,400 SF |
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Willis Ventures has just closed escrow on another single tenant net leased retail property, AutoZone in Moreno Valley, California. The property sold for $2,391,000 at a 6.65 capitalization rate. This is a corporate NN lease for twenty years plus option periods. National tenants near this property include: Fresh & Easy Neighborhood Market, Shell Gas Station, Walgreens, Del Taco, Carl’s Jr., Arco Gas Station and AmPm, Kentucky Fried Chicken, and The Home Depot.
AutoZone is the nation’s leading retailer of automotive parts and accessories with over 3,700 stores in the United State, Puerto Rico, and Mexico. Each store carries an extensive line of products for cars, trucks, SUV’s, and vans including new and remanufactured parts, maintenance items and accessories. The company stock is traded on the New York Stock Exchange (NYSE: AZO) and is listed on the Fortune 500.
The subject property is a part of Iris Plaza, a new 79,252 SF premier Supermarket & Drug Store Anchored Neighborhood Shopping Center located in the ethnically rich middle class community of Moreno Valley, Riverside County, CA. Moreno Valley is approximately 50 miles west of Palm Springs and 70 miles east of Los Angeles.
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