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Dothan, AL - Home Depot
3489 Ross Clark Circle | Dothan, AL 36303
Description
SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN leased, investment grade (S&P: A), corporate signed Home Depot investment property located in Dothan, Alabama. The tenant, Home Depot U.S.A, recently exercised a 5-year option and has 5 (5-year) options remaining to extend, demonstrating their commitment to the site. The lease features variable rental increases throughout the initial term and 5.00% rental increases at
the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. The Home Depot is the world’s largest home improvement specialty retailer. The tenant is paying well below market rent at $4.31 PSF.
Location
The Home Depot is located near the signalized, hard corner intersection of Montgomery Hwy and Ross Clark Circle, combining to average over 73,800 vehicles passing by daily. Ross Clark Circle is a major retail thoroughfare serving the city of Dothan. The Home Depot is part of Northside Mall, a 360,000+ square foot shopping center, anchored by Publix and Hobby Lobby. The nearest Home Depot is located over 70 miles away. The property is located less than a mile to Wiregrass Commons Mall, a 766,000+ square foot mall, complete with tenants including Dillard’s, Belk, JCPenney, and more. Additionally, the asset is located directly across from a 147,000 square foot Sam’s Club. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Target, Best Buy, PetSmart, TJ Maxx, Academy, Big Lots, Chipotle, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by a population of over 66,300 with an average household income of $87,513.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215