Firestone

Firestone

1917 Hoffmeyer Rd
Florence, SC

Price: $2,509,500
Cap: 5.50%
NOI: $138,000
Building Size: 10,256
Lot Size: 0.73 AC

Investment Highlights

RENEWED 10-YEAR CORPORATE NNN LEASE WITH INCREASES
• Newly executed 10-year corporate NNN lease with Bridgestone Retail Operations, LLC.
• The lease is absolute NNN and the tenant is responsible for all taxes, insurance, CAM, roof & structure.
• There are attractive 10% rental increases every 5 years during the initial lease and each of the three, 5-year option periods.
• Firestone has been operating at this location for 50 years. This Firestone occupies a 10,256 square foot building with 12 service bays.

“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.

OUTPARCEL TO FLORENCE MALL
• This Firestone sits as an outparcel to the 329,903 SF Florence Mall anchored by TJ Maxx, Stein Mart, and Shoe Carnival.
• There is 2M SF of national retail within a 1-mile radius which includes Walmart, Lowe’s, Sam’s Club, The Home Depot, Food Lion, ALDI and more.

HIGH TRAFFIC LOCATION NEAR I-90 & I-20
• Well-located at a signalized pin-corner of a 5 point intersection of Hoffmeyer Rd. (12,800 VPD), Palmetto St. (18,400 VPD), and State Hwy S-29 (11,400 VPD).
• This Firestone sits just over two miles away from the intersection of I-95 (57,100 VPD) and I-20 (28,100 VPD).
• Interstate 95 is a major East Coast artery and runs from Miami, FL through Maine and into Canada. Interstate 20 is a major East-West interstate running from Kent, TX to Florence, SC.

FLORENCE
• Florence is the 10th largest city in South Carolina and is the county seat of Florence County.
• The city is well known for being the location where Interstate 95 and Interstate 20 intersect, as well as Interstate 20’s eastern terminus.
• Florence retains its status as a major hub in the coastal plain region of SC both for industry and infrastructure while establishing itself as a regional center for business, medicine, culture and finance.
• Companies with regional operations and headquarters in Florence include: BB&T, Monster.com, CSX Railway, Wells Fargo, Bank of America, and more.

Don McMinn
OFFERING MEMORANDUM

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