Goodyear Tire & Rubber (NASDAQ: GT) is a Fortune 500 company and S&P 500 component. The 5,371 sf building is a freestanding 9-bay facility with brick exterior and CBS construction. The property was acquired with nearly 3.5 years remaining on the original “build-to-suit” lease. The acquisition cost ($155.51/sf) is 38% below estimated freestanding building replacement cost ($250.00/sf). The contract rent of $12.24/sf is 30% below current trade area market rents of $20.00/sf. The rent to sales ratio of 5.48% is very healthy. Bedrock Investments Group (BIG) acquired a tenant in common (TIC) interest in this property to facilitate a 1031 exchange requirement with one of their investor partners. The improvements sit on 0.69 acres just north of the intersection of Del Prado Boulevard and SE 22nd Terrace, directly across from Coralwood Center, a 250,000 sf shopping center. Del Prado Boulevard in Cape Coral, Florida is a major traffic corridor. The facility is surrounded by national retailers such as LA Fitness, JC Penney, Bealls, Wells Fargo, BB&T, Suntrust, KFC, Dollar General and Applebee’s. The owner sold due to immediate financial demands for disabled family member.
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