Verizon Wireless

A first glance, Auburndale appears top be a quiet city with a "hometown quality". A lingering look reveals a firmly established, steadily growing community with a population of 15,999 residents. Teamwork abounds in every aspect _ business and industry, education, sports and recreation. The vital element in our success is the spirit of community, which is one of Auburndale's main attractions. Auburndale is a city in Polk County, FL. It is part of the Lakeland-Winter Haven Metropolitan Statistical Area. Auburndale was founded in 1880 by Frank Fuller seeking refuge from chilly winters in the Northeast United State. The place was originally named Sanatoria, from a hotel located there. When the railroad arrived, it was renamed Auburndale at the suggestion of settlers from Auburndale Massachusetts, which itself took its name from the opening line of the poem The Deserted Village by Oliver Goldsmith. Early on, the city became a refuge for man of America's most prominent artists.Fortis Net Lease is pleased to present this 2015 built-to-suit, 3,913sf Verizon Wireless store located in the growing city of Auburndale, Florida. The property offers a 3.75 years remaining on a double net property with minimal landlord responsibilities. The lease contains two, (5) Yr. Options to renew, each with a 5% rental rate increase. The lease is guaranteed by Cellular Sales of Knoxville, Inc. Cellular Sales of Knoxville, Inc. is one of the largest private Verizon Wireless franchisees in the nation with over $650 million in annual revenue. The store is currently open with rent having commenced in October 2015. This Verizon Wireless is highly visible as it is strategically positioned on US Highway 92W which sees over 39,000 cars per day. US Highway 92 is also home to many retailers including Walmart, Lowes, Aldi and many other national tenants. The five mile population from the site is 67,427 with a projected population of 74,768 by 2026. The average household income within three miles is $61,979 per year. This area is experiencing great growth with the 5 mile population growth rate projected at 2.2%. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of a Verizon Wireless located in an income tax free state with strong population growth and excellent traffic visibility. List price reflects a 6.00% cap rate based on NOI of $116,785.