|Gross Leasable Area (GLA)||4,200|
|Price Per Square Foot (GLA)||$269.84|
|Lot Size||0.337 Acres|
Marcus & Millichap is pleased to announce the sale of this net-leased Midas automotive center located in Orange Park (Jacksonville – MSA), Florida. With approximately three and one-half years remaining on the corporately guaranteed lease and two, five year options remaining, an investor has the opportunity to obtain an attractive cap rate for a national tenant.
The property is located on Blanding Boulevard, less than five miles south of the Interstate 295 beltway with a population of approximately 130,000 within a five mile radius. Blanding Boulevard is one of three routes that connect Jacksonville with its surroundings west of the St. Johns River. As a result, a substantial traffic count of over 77,500 cars per day pass in front of the subject property. The rent increases bi-annually and is calculated by the lesser of a four percent increase of the current base rent or 300 percent of the CPI index. A hedge against inflation risk and little to no landlord responsibilities make this opportunity attractive.
Orange Park is considered part of the Jacksonville MSA and is located just 20 miles south of the Jacksonville Urban Core. The significant market growth in Jacksonville has sparked re-invigorated interest in retail development along main corridors throughout surrounding sub-markets including Blanding Boulevard. To further improve this area, the Florida Department of Transportation approved a $4.9 million project to be completed in Spring 2015 that includes paving, drainage, sidewalk repairs, signal upgrades and a median modification to Blanding Boulevard.