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INVESTMENT HIGHLIGHTS
Extremely Long Operating History Firestone has successfully operated at this location for almost five decades (47 years). The tenant has amended the lease four separate times in order to extend their lease term and completely remodeled the building at their own expense in 2016, further demonstrating their strong long-term commitment to the site.
Investment Grade Credit & Strong Corporate Backing The lease benefits from the backing of Bridgestone, Firestone’s parent company, and a global leader in the tire and rubber business that boasts a strong investment-grade credit rating of A/Stable (S&P). Bridgestone operates the largest network of company-owned (non-franchised) auto service shops in the world. Bridgestone Retail Operations operates over 2,200 tire & vehicle service centers under the Firestone, Tires Plus, and Wheel Works brands.
Below Market Rents With an annual rent of $63,000 and a rent per square foot of only $15.91, Firestone benefits from very low operating costs further adding to their long-term commitment to the site. The upcoming 7.00% rental increase will bring the cap rate to a 6.95% cap with rents still well below market, making this an excellent long-term investment with the ability to increase future rents.
Recent Renovations The roof for this Property was completely resealed last year, and is subject to a brand new 20-year transferable roof warranty. Additionally, the parking lot was repaved and restriped in July of 2023. These renovations heavily reduce the risk of any future landlord responsibilities making this a passive ownership investment.
Heavily Trafficked & High Visibility Location Strategically located directly on Wolcott Street, Firestone benefits from a daily traffic volume exceeding 25,000 vehicles per day.
Very Active Local Market with Strong Demographics The Property is surrounded by a substantially dense population of over 155,000 within a 5-mile radius.
Dominant Commercial Corridor The Property is located within a dominant commercial corridor of Waterbury, CT that is home to many nationally recognizable retailers who not only help to drive consumers into the trade area, but also demonstrate the quality of the underlying real estate. Some nearby tenants of the site include; Walmart, McDonald's, ShopRite, Walgreens, Planet Fitness, Harbor Freight Tools, TD Bank, Arby's, Wendy's, Mattress Firm, and Wells Fargo, among several others.
