DEALS

Deals

Northern Tool + Equipment – Glen Allen, VA

THE OPPORTUNITY

  • Absolute NNN Lease
  • Zero Landlord Responsibilities
  • Northern Tool has become an industry leader in the sale of light industrial equipment and do-it-yourself supplies
  • 12 Year Initial Term through 4/30/2030
  • Rare opportunity to acquire an STNL Northern Tool + Equipment deal
  • 122+ locations in 21 states
  • 1.4 Billion revenue
  • No rent relief requested throughout 2020
  • 10% Rent increase at year 7 during the initial term
  • Two 5-year options
    • $9,000 Rent escalations in the options

THE HIGHLIGHTS

  • Property is located on the primary commercial corridor in the Glen Allen market
  • Strong traffic counts with over 41,375 cars daily
  • Property located in the center of the Glen Allen retail core
  • Glen Allen is one of the fastest-growing communities within the Richmond MSA
  • Site benefits from ample parking and access to W Broad St
  • Strong synergy within the immediate retail development with 125,000sf of adjacent retail

THE DEAL POINTS

  • Square Feet: 18,000 SF
  • Asking Cap Rate: 5.50%
  • Asking Price: $4,090,909
  • Year Built: 2018
  • NOI: $225,000
  • Lease Structure: Absolute NNN

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