Property details
Lease, Southeast Region
Property Description
Lease with S&P "A-" Investment Grade Tenant on the lease!
Lease is with a strong energy company that is a New York stock exchange member and is the largest natural gas only distributor in the United States with a capitalization of $2.5 billion, annual revenue over $5 billion and net worth of $1.7 billion. The initial lease term is fifteen years. The lease is absolute NNN with the tenant responsible for all lease expenses. The Tenant has two five year renewal lease options at the same terms and conditions. In addition to base rent, the lease has an annual escalation clause where the rent increases each year by the amount of the change in the CPI index. For the last three years the average annual increase has been approximately 2.3%. The current base rent is $271,979 and will increase in March of 2008 to projected rent of $278,779. The lease is a corporate lease and there are no provisions for early termination except for damage by fire or destruction.
The 2.01 acre site contains a 12,925 square foot office building and a covered garage area for truck loading and repairs. The property is located in a newly developed business park that is one of the premier light industrial/office areas in the County. The new business park is located in a high growth area. Properties in the business park are relatively new construction and are similar in appearance and integrity. The building is approximately three years old and is in excellent condition. Land prices in the area have experienced significant gains and rents are increasing at a similar rate.
Lease dates shown are estimates. Actual lease dates are subject to verification.
What does it mean to have a strong Lease ?
Most of our buyers (potential landlords) prefer to have a property where there is a lease in place with a strong tenant (lessee) to minimize the lease risk.
Other property related to Lease
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Highlights
- Status:
- Withdrawn
- Price:
- $4,000,000
- PSF:
- $309
- Cap Rate:
- 7.00%
- Annual Rent:
- $278,779
- Rent Increases:
- Full CPI each Year
Property Information
- Building Size:
- 12,925 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Oil - Gas - Alternative Fuels
- Units/Spaces:
- 1
- Land Area:
- 2.01 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Inquire
- Lease Type:
- NNN
- Lease Commencement:
- 3/1/2005
- Lease Expiration:
- 2/28/2020
- Lease Term:
- 15 years
- Years Remaining:
- 12 years
- Landlord Responsibilities:
- None
- Options:
- 2 Five yr options at same terms
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.