5326 I 55 N
Jackson, MS 39211
Retail Property For Sale

The subject offering affords investors the rare opportunity to acquire an absolute net leased DriveTime Car Sales in Jackson, Mississippi. DriveTime is one of the largest automotive groups in the nation. In 2015, they operated 134 locations and produced an estimated $2.55 Billion in sales revenue. Prior to opening in 2011, DriveTime invested heavily in the site by funding all construction efforts at their own expense. By virtue of the tenant's capital contributions, this property is currently priced below replacement cost. As a continued demonstration of commitment to this site, the tenant executed a 5-year extension earlier this year with no landlord concessions. Additional option periods extend through 2036 with 10% rent increases every 5 years. Located along Interstate 55, traffic counts run in excess of 115,000. Within a three-mile radius of the property there are over 54,000 residents and more than 50,000 daytime employees. Situated on an expansive 2.85 acres, the improvements include 16,690 of rentable square footage. At list price, this translates to an attractive purchase price per square foot on improvements of $83.88. Listed in conjunction with Broker of Record Ann Williams of Marcus & Millichap Real Estate Investment Services of Nevada Inc. (License: MS: B-20181)