Goodyear – Leander (Austin), TX
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The 6,066-squarefoot freestanding Goodyear Tire is situated on 1.24 acres in Leander, Texas which is an upscale bedroom community in the Austin MSA (Population: 2 million). Goodyear’s new 15-year NNN lease with four 5-year options and 5% rent escalations every 5 years throughout the term is scheduled to commence on March 1, 2017. The property is ideally positioned with excellent frontage and visibility on Old Farm-to-Market Road 2243 (Traffic Count: 14,290 VPD) less than 0.5 miles west of Highway 183 (Traffic Count: 17,075 VPD) which is the city’s primary thoroughfare and provides direct access to Austin’s CBD (27 miles to the south). The property is also strategically located immediately adjacent to A+ Federal Credit Union and across Old FM 2243 from a shopping center anchored by H-E-B Plus.
Goodyear also benefits from its location in the area’s primary retail corridor with 3.3 MSF of retail space within a 3-mile radius. Other notable retailers with a presence in the immediate vicinity include: Kohl’s, Lowe’s Home Improvement, Ace Hardware, Firestone, Discount Tire, Jiffy Lube, Dollar Tree, AutoZone, O’Reilly Auto Parts, Chase Bank, BBVA Compass Bank, Starbucks, McDonald’s, and Pizza Hut among many others.
Further, the immediate area is seeing explosive new residential development with more than 632 planned new homes within walking distance to the site and a total of 14,369 planned new homes within city limits. A 168-unit luxury senior apartment development (recently completed) and a new 100-acre Austin Community College campus (currently under construction) are both within 1 mile of the site. Additionally, Goodyear benefits from upscale demographics with a population of 35,275 and an average household income of $86,884 within a 3-mile radius.
Tenant: The Goodyear Tire and Rubber Company (S&P: BB; NASDAQ: GT) is one of the world’s leading tire companies with one of the most recognizable brand names in the world. Together with its U.S. and international subsidiaries and joint ventures, Goodyear develops, manufactures, markets and distributes tires for most applications. The company also operates approximately 1,240 tire and auto service center outlets and manufactures its products in 49 facilities in 22 countries. In 2015, the company reported more than $16.44B in revenue, $2.24B in EBITDA and has a net worth in excess of $3.92B.
NNN Lease with Increases: 15-year NNN lease with four 5-year options and 5% rent escalations every 5 years throughout the term is scheduled to
commence in March 2017.
New Construction: Site is currently under construction and is estimated to open in January 2017.