Verizon Parking Lot Ground Lease

International Parkway Lake Mary, FL 32746

  • 2.6 Square Feet
  • Retail Office
  • For Sale

Summary Description

LOW RISK, LONG-TERM INVESTMENT WITH UPSIDE POTENTIAL

  • NNN Ground lease with very little landlord responsibilities.
  • Corporately guaranteed by GTE Corporation, a subsidiary of Verizon Communications, Inc. (NYSE: VZ). GTE Corporation has a net worth in excess of $5 billion as of December 31, 2015.
  • Verizon Communications, Inc. is rated BBB+ by S&P and Baa1 by Moody’s Investment Grade.
  • Roughly fourteen (14) years remaining on an initial fifteen (15) year lease with five (5) five (5) year options.
  • Eight percent (8%) rent increases every five (5) years in the initial term and six percent (6%) rent increases each option period
  • The site is entitled for up to 32,000 SF of office space creating excellent upside potential if Verizon decides not to renew after their initial term.
  • Buyer will have the first right to purchase the adjacent retail center upon completion in 2018.

HIGHLY SOUGHT AFTER SUBMARKET WITH VERY AFFLUENT DEMOGRAPHICS

  • Heathrow is considered one of the most exclusive communities in Central Florida, and the 4th best place to live according to CNN Money.
  • International Parkway is home to numerous corporate headquarters and Fortune 500 company offices such as AAA, Deloitte, Veritas, ABB, NCR, Aramark, Chase, and more.
  • Average household income of $103,000 within a 1-mile radius, and avergae household net worth of over $1M.
  • Infill location - The last developable parcel of land with frontage on International Parkway between Lake Mary Boulevard and H E Thomas Jr Parkway.
  • The site is surrounded by dozens of national retailers, upscale restaurants, hotels, and I-4.

CONTINUED GROWTH AT BOTH THE LOCAL AND GLOBAL LEVEL

  • The site serves as an overflow parking lot for Verizon Corporate office, a state-of-the art 220,000 SF building with over 1,300 employees.
  • Verizon's corporate office continues to create more jobs, boding well for the longevity of their need for more parking to accommodate their growing workforce.
  • Verizon Communications, Inc. is a global leader in wireless communications with over $125 billion in revenue in 2016.
  • The company employs over 162,000 people worldwide and continues to grow in both presence and profit.

Property Status: For Sale

Price: $4,736,842.00

Area Available: 2.6 Square Feet

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