Farm Stores Lafayette,Louisiana

$799,000
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $799,000
  • GLA: 640 SF
  • Annual Rent: $58,282
  • Lease Term: 20 Years
  • Lease Exp: 9/30/2039
  • Lease Type: NNN
  • Rental Increases: 12% in Yr 6; 2.5% Annually Thereafter
  • Options to Renew: 2, 5-Year Options

Description

700 Westgate Road
Lafayette, LA 70506

Miami has a drive through grocery store and because of coronavirus business is booming: Link to Article

Drive through Farm Stores grocery store is keeping busy due to Covid-19 concerns: Link to Article

Investment Highlights

  • Brand New Construction; Store Opened August 2019
  • Long-Term, 20-Year Absolute Triple Net (NNN) Lease With Over 19 Years Remaining
  • 12% Rental Increases in Year 6; 2.5% Rental Increases Annually Thereafter
  • 2, 5-Year Tenant Renewal Options, Bringing the Potential Lease Term to 30 Years
  • Prime Positioning to Target Markets| Population Exceeds 116,720 Within a Five-Mile Radius and 244,422Individuals Within a Ten-Mile Radius
  • High Visibility and Ease of Access | Westgate Road and Cameron Street | Average Daily Traffic Counts of 16,170 and 19,775 Vehicles, Respectively
  • Strong Academic Presence | The University of Louisiana at Lafayette | Total Enrollment Exceeds 19,300 Students | Located Within a Five-Mile Radius
  • Prime Location to Brand New West Village Mixed Use Development | 143-Acre master-planned, mixed-use development featuring 400 single family homes, a 173-unit luxury apartment complex, and 30-acres of varying commercial space 

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a brand-new Farm Stores located at 700 Westgate Road in Lafayette, Louisiana. The newly constructed site consists of roughly 640 rentable square feet of building space on estimated 0.73-acre parcel of land. The subject property opened in August of 2019.

The Farm Stores property is subject to a brand new 20-year triple-net lease, which has over 19 years remaining. The initial annual rent is $58,282 and will increase by twelve percent in year six, and then two and one-half percent annually thereafter, throughout the term of the lease and in each option period. There are two, five-year tenant renewal options, extending the total possible lease term to 30 years.


Chris Shaheen
Broker of Records
Baton Rouge, LA
(901) 620-3600
License: BROK.0095692662-ACT

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