Autozone Ground Lease and Office Condos Change Hands

WARMINSTER, PA-In separate transactions totaling nearly $4.1 million, two different unidentified buyers acquired a ground lease at 520 West Street Rd. and the three-building office complex located at 601, 605, and 607 Louis Dr. here. Both properties were listed by the Philadelphia office of Marcus & Millichap, which brokered both sales.

Autozone, the nation’s leading auto parts retailer, occupies the land for which the ground lease was sold. The price was just over $1.3 million. There are 14 years remaining on the Autozone lease with an option for an additional 14 years. Autozone has more than 3,300 retail units nationwide and 2003 annual revenues in excess of $5 billion.

Sale price for the trio of single-story, condo-style office properties was nearly $2.8 million. One of the buildings is fully leased to a bank; multiple tenants occupy another; and the third is “significantly vacant,” according to Marcus & Millichap.