Safelite AutoGlass 5469-5479 N US Highway 41

Franklin Street is pleased to present this single tenant Safelite location in Apollo Beach, Florida. Apollo Beach is part of Tampa-St Petersburg-Clearwater metropolitan with 3.2M+ residents. The market is one of the fastest growing large markets in the country with the population increasing 5.6% in the last 5 years. Tampa Bay is one of the fastest growing markets due to a diverse economy. The bay's port is the largest in the state, responsible for over $15 billion in economic impact. Safelite was purchased from J.P Morgan & Co in 2007 by Belron, the world's leading vehicle glass repair, replacement, and recalibration group which operates in 37 countries and across 6 continents. Safelite was founded in 1947 and has grown to be the largest auto glass specialist company in the United States with over 10,000 employees and 850 locations nationwide. Safelite serves 6.2 million customers every year. The Apollo Beach location is located on a heavily traveled north south thoroughfare along US Hwy 41, that is surrounded by new growth and development including major retailers, schools, hospitals, employers and thousands of new homes. The immediate area has continued to see increased density and significant population growth. The property offers a passive investment, guaranteed by one of the largest international companies while located in an excellent market within Florida.
Average cap rate of 6.02% over initial 10 year lease term
Rare new 10 year corporate guaranteed lease with with 3% annual increases
Strong corporate guarantee (Safelite Fulfillment, Inc.) - Over 850 locations and 15,000 employees in North America
Property originally constructed in 2006 - Tenant renovated in 2024
Building was originally a multi-tenant building with subdivided units including separate storefronts, water and electric submeters, and infrastructure
Well located property within the Apollo Beach submarket, one of the most active submarkets surrounding Tampa Bay, featuring an exploding population
Within a 15 minute drive of the subject property the population is expected to increase by 32% (2023 to 2028)
Location provides easy access to neighboring communities including Apollo Beach, MiraBay Village, Waterset, Covington Park and many others
Surrounded by strong national retailers including Publix, Winn Dixie, Walmart Supercenter, McDonald's, TGH Urgent Care, CVS, West Marine, First Watch, Dollar Tree, Advance Auto Parts and Burn Boot Camp
Other notable properties in the area: BayCare's 360k SF St. Joseph's Hospital South (2015), Amazon's 1.1m SF Fulfillment Center (2014), Home Depot's 500,000 SF Distribution Center (2021), Walmart submitted construction plans for a 171,000 sf Supercenter just 0.3 miles north of the subject property, and HCA Healthcare's recently acquired 11 acres directly adjacent to the subject property
Florida is an attractive pro business state with no state income tax