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3044 S Mckenzie Street - Office Depot, Foley, AL

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3044 S Mckenzie Street - Office Depot

Foley, AL 36535-3460 - Baldwin County Submarket

Property Type:Retail Sub Type:Freestanding Status:Existing Year Built:2001
Building Size:20,488 SF Land Area:2.02 AC (87,991 SF)
For Sale Price:$3,475,781 Price/SF:$169.65
Cap Rate:7.25 %
Parking:Free Surface spaces are available; Ratio of 3.9/1,000 SF
Features:Freeway Visibility, Pylon Sign, Signage, Signalized Intersection

Sale Notes:
Marcus & Millichap is pleased to present this Store of The Future Office Depot in Foley, Alabama, which is 50 miles south of Mobile and 30 miles west of Pensacola, Florida. Office Depot has been operating at this location for more than 15 years. The tenant has demonstrated commitment by extending their lease early two times. Additionally, this location has been selected by Office Depot, Incorporated to be upgraded to their brand new Store of The Future concept. Only 5 percent of all office depot locations have been selected for this upgrade in 2017. The work is scheduled to be completed during the fourth quarter of 2017.

Office Depot has 11 years remaining on a double-net (NN) lease with minimal landlord responsibilities and a 10 percent rent increase in 2023. The lease is guaranteed by Office Depot, Incorporated, which is a Fortune 500 company that did more than $11-Billion in revenue across 1,441 locations in 2016. There are four, five-year renewal options remaining with ten percent rent increases in each option.

This asset is located at the signalized intersection of South McKenzie Street and Miflin Road. South McKenzie Street is a major north-south artery through Foley, and is also a major retail corridor with more than 1-Million square feet of retail in less than one mile of the subject
property. A quarter a mile north of this asset are the Tanger Outlets with more than 80 retailers featuring tenants such as Coach, J. Crew, Michael Kors, Kay Jewelers, Under Armour, Nike, Brook' s Brothers, Banana Republic, Fossil, Reebok, and many more.

Marcus & Millichap Inc
Daniel Corcoran
(212) 430-6145

Preet Sabharwal
(212) 430-5195

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