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Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the fee-simple interest in a single-tenant Home Depot (the “Property”) located in Durham, NC. The built-to-suit Home Depot opened for business in 1997 and Home Depot, USA, Inc. (the “Tenant”) signed a long-term lease with 25 years in the primary term. The Tenant just executed a 10-year extension to 2033, with six separate 5-year extension options remaining. The absolute net ground lease features a truly passive income structure, with zero landlord responsibilities and scheduled rent increases. Home Depot provides rare investment grade (S&P ‘A’), pandemic and e-commerce resistant tenancy, boasting 27% revenue growth over the past two years. The Property presents a generational investment opportunity to acquire a rare, A-credit ground lease in the fast-growing Durham market.
Alex Geanakos and Alex Sharrin are Limited Nonresident Commercial Real Estate Brokers
- Corporate ground lease structure with zero landlord responsibilities
- 11 years remaining with six, 5-year renewal options and scheduled rent increases
- Investment-grade (S&P 'A'), pandemic-resistant tenancy from Home Depot
- Rapid growth Durham market (second-fastest growing large city in the US)
- Home Depot achieved over $150 Billion in FY2021 revenue (14.42% YoY growth)
- Located 1.5 miles from downtown Durham and Duke University