Artesia , New Mexico
5.6 Years Remaining
- Absolute NNN Lease
- Corporate Guarantee
- 10% Rent Increase in March 2020 that brings the Cap to 8.97%
- Average Household Income Exceeds $86k
- Located on Artesia’s Main Retail Corridor
- National Tenant’s nearby include Walmart, Dollar Tree, Taco Bell, Burger King, Hampton Inn and more
Marcus and Millichap is pleased to exclusively present an Aaron’s in Artesia, NM. The property is subject to an Absolute NNN lease with 5.6 years remaining on the base term. There are four 5 year option periods available. The lease calls for rental increases of 10% every 5 years. The next rental increases is coming up in March of 2020 and will bring the cap rate up to 8.97%.
Aaron’s is a leading omnichannel provider of lease-purchase solutions for specialty furniture, home appliances, electronics, accessories and more. Aaron’s was founded in 1955 and has been publicly traded since 1982. Headquartered in Atlanta, Aaron’s owns the Aaron’s & Progressive Leasing brands. Aaron’s operates more than 1,600 stores in 47 U.S. States and Canada as well as its e-commerce platform Aarons.com.
Artesia is a city in Eddy County, New Mexico, centered at the intersection of U.S. Route 82 and U.S. Route 285. The two highways serve as city’s Main Street and First Street. The subject property is located on Main Street which is Artesia’s main retail corridor. The property is surrounded by many national tenants including Walmart, Taco Bell, Burger King, Pizza Hut, O’Reilly Auto Parts and more. The average income in the area exceeds $86k.