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Alabama
Credit Properties Property #pnnns 17:21:55
Credit Properties Tenant:
Circuit City
Tenant Industry Type: Retail
State Located: Alabama
Size of Building: 32,034 Square Feet Building
Land Area: 3.16 Acres
Lease Term: 20-Year Primary Lease term.
Options: There are 2 Options Renewal
Periods. Each option is for 10 years.
Lease Type: NNN - ABSOLUTE TRIPLE NET with
NO Landlord responsibilities to the buyer. Tenant is responsible for ALL expenses, including
property taxes, maintenance, repairs, all insurance, roof and structure, and all other costs.
Rent Commencement Date: December 27, 2001
Annual Rental Income (NOI): From years 1
through year 20 $540,000
Rental Increases: 10% each option period
Price: $6,171,429
Capitalization Rate (CAP): 8.75%
Lease Guarantor (Primary Signatory): Circuit City
Terms of Sale: Cash at Closing
Remarks: Circuit City, the #2 U.S. Electronics
retailer, has about 630 stores across the U.S. For the year ended 2000, the company had $12.6
billion in sales and 198 million in net income.
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