NEW 15-YEAR CORPORATE NNN LEASE WITH INCREASES • The subject property has a new 15-year lease guaranteed by Bridgestone Retail Operations, LLC (Corporate). • The lease is absolute NNN and the tenant is responsible for all taxes, insurance, CAM, roof and structure. • There are attractive 5% rental increases every 5 years during the initial lease and each of the five, 5-year option periods.
“A” RATED INVESTMENT GRADE TENANT • The lease is guaranteed by Bridgestone, parent company of Firestone, which is the world’s largest manufacturer of tire and rubber products. • Bridgestone/Firestone has an investment grade credit rating of “A” by S&P, giving it the highest credit rating in the auto-service sector. • Founded in 1900 Firestone is a wholly-owned subsidiary of the Bridgestone Retail Operations, LLC, which has four retail brands and over 2,200 locations nationwide. • In 2018, Bridgestone (NYSE: BRDCY) had revenue in excess of $33.1 billion and ranked #365 on the Fortune 500 list.
BRAND NEW BUILD-TO-SUIT • Brand new 5,789 SF build-to-suit Firestone Complete Auto Care with 8 service bays. • This store opened in November 2019.
LOCATED ON PRIMARY RETAIL CORRIDOR • This store is well located on Commercial Way/US Hwy 19 (40,500 VPD), a major north/south thoroughfare running from Tampa to Georgia and offers great visibility and access. • There are two full access points along the frontage road and additional access points on Hwy 19 both to the north and south of the site. • This property is located on the primary retail corridor next to Home Depot and across the street from Lowe’s Home Improvement. • Additional surrounding national retailers include Target, Publix, Goodwill, Walgreens, Outback, CVS, Wendy’s, Staples, IHOP, Dollar Tree, Napa, and More.
TAMPA-ST PETERSBURG-CLEARWATER MSA • Spring Hill is located within Hernando County, and is part of the Tampa-St Petersburg- Clearwater MSA. • As of 2015 its population is estimated at 103,197 with an estimated population in the MSA of 3,091,399. • Spring Hill is home to one of the five Pasco Hernando State College Campuses, offering both bachelor and associate of arts degrees. • Florida is one of 7 U.S. States that has no State Income Tax.