Wednesday, December 3, 2014

Industrial - $1.97 M - 10 Yr Lease - Below Replace Cost - Tenant is Industry No. 1

Safelite AutoGlass - Mobile, AL

The Offering
  • An industrial building located in Mobile, Alabama leased to Safelite Fullfillment, Inc. through February 28, 2025
Price – $1,971,200 Cap Rate – 6.75%

Lease / Tenant
  • Safelite AutoGlass is the largest auto glass replacement company in the U.S. Over 10 years remaining on the lease
Real Estate
  • Low rent
  • Low price per square foot
Interstate 65 frontage – 81,190 average car traffic count per day

Area Strengths
• Mobile has a dynamic economy with 70 aerspace companies and the largest deepwater port along the Central Gulf Coast 

A one story, 23,467± square foot (per the lease) concrete block vehicle glass repair/replacement facility, including storage and warehouse use for SAFELITE AUTOGLASS.
New Improvements — The owner recently spent approximately $225,000 for a new roof, new skylights, exterior painting, parking area slurry coat and restriping, and other improvements.

Leased to SAFELITE FULLFILLMENT, INC. from June 19, 2013 until February 28, 2025. The current annual net rent of $133,056 increases to $143,040 on March 1, 2020. The lease is net with the tenant responsible for all taxes, insurance and maintenance. The landlord is responsible for roof and structure. There are two 5-year options to renew with 5% rental increases each option period. 

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