1970 Covington Pike
Memphis, TN 38134
AutoNation Collision Facility · Retail Property For Sale
Investment Highlights
- 14 Year Triple Net Lease
- Extreme Barriers To Entry - It Is Virtually Impossible For AutoNation To Relocate Their Honda New Car Show Room
- Mission Critical Lot - The subject property acreage is needed to keep the adjacent AutoNation Honda new car showroom operating in compliance with Cor
Property Facts
Amenities
- Bus Line
- Pylon Sign
- Signage
About 1970 COVINGTON PIKE , MEMPHIS, TN 38134
Fortis Net Lease is proud to present 1970 Covington Pike, 1946 Covington Pike and 1917 Lundar Dr. in Memphis, TN, a freestanding single-tenant Auto Dealership, Sales, and Service property leased to Penske Automotive Group and sublet to AutoNation, Inc., America’s largest automotive retailer. As of December 31, 2016, AutoNation, Inc. owns and operates 371 new vehicle franchises from 260 stores located in the United States. The property is comprised of 2 buildings totaling 45,248 square feet and was built-out in 1989. This is a strategically positioned location in a very dense retail corridor. This property is encumbered by a 14-year triple net lease guaranteed by Roger Penske and subleased to AutoNation. This location is mission-critical for AutoNation's adjacent Honda new car showroom to stay in compliance with Honda Corporate Guidelines. The tenant has occupied property since 1999. AutoNation owns and operates 4 dealerships in Memphis as well as many service centers that include AutoNation Ford Memphis, AutoNation Nissan Memphis, AutoNation GMC Mendenhall, AutoNation Ford Wolfchase, and AutoNation Memphis Service Center.
Property Taxes
| Parcel Number | 08-8040-0-0068 | Improvements Assessment | $534,000 |
| Land Assessment | $288,160 | Total Assessment | $822,160 |
Property Taxes
