Home Depot 1919 Wells Rd

RIPCO REAL ESTATE is pleased to offer for sale 1919 WELLS ROAD — a 108,578 SF single tenant, absolute net lease asset 100% OCCUPIED BY THE HOME DEPOT. The Home Depot has occupied the location since it was built in 1992, and has approximately 3 years left on their 35-year primary lease, with ten, five (5) year options remaining.
The Home Depot property was built in 1992 and sits on 11.37 acres along Wells Road at Blanding Boulevard, the primary east-west retail corridor in Orange Park. The property sits adjacent to a 178,999 SF shopping center consisting of At Home, Petsmart/Banfield Animal Hospital/Crunch Fitness, and directly across from the street from the Orange Park Mall, a 529,766 SF regional shopping mall anchored by Dillard’s, Dick’s Sporting Goods, JCPenny, Old Navy, and AMC theater.
In 2005, Home Depot entered into a Sublease Agreement with a subtenant for approximately 0.92 acres on the southwest side of the parcel.
The subtenant pays Home Depot $79,860 annually, along with CAM Costs and Real Estate Taxes. The subtenant carries and maintains their own property and liability insurance. The current term of the sublease expires September 30th, 2027, and the subtenant has five (5) 5-year renewal options remaining with 10% increases each option. The property is currently leased to Panda Express and AYR Cannabis Dispensary. This building does not currently provide any additional rent to the landlord, but will revert to the landlord if Home Depot vacates the site.