Tractor Supply Co (NASDAQ: TSCO) – Strong National Tenant ($1.3B Net Worth) – Corporate Guaranty – Headquartered in Brentwood, Tennessee, Tractor Supply Company (NASDAQ: TSCO) is the largest operator of rural lifestyle retail stores in the United States, operating over 1,600 retail stores in 49 states, and employing more than 24,000 team members. Tractor Supply is a leading-edge retailer, reporting annual revenues of approximately $6.8 billion with a $1.3 billion Net worth and zero debt.
New Long Term Lease – New Build to Suit Construction – Rare San Luis Obispo Net Lease Investment – The subject property is a build-to-suit for Tractor Supply built in 2016. The tenant’s 15-year lease commenced in December 2016 and has over 12 years remaining, offering a long-term investment for a buyer. The subject property provides an investor with the rare opportunity to acquire a single tenant net leased asset located in San Luis Obispo, a market that has a very high barrier to entry.
Part of San Luis Obispo’s New Public Market at Bonetti Ranch – Outstanding Synergy – The Tractor Supply Co is located within a new development called the San Luis Obispo Public Market at Bonetti Ranch (https://slopublicmarket.com). This project will total 82,242 SF and feature five buildings, four of which will include historic farm buildings and a public market building. Locals and tourists will find a variety of indoor and outdoor shops, eateries and entertainment areas. A produce stand, a wine and cheese shop, and a brewery are among the spaces planned to fill this new community space.
Located on Major Retail/Commuter Corridor (35,000+ CPD) – Excellent Visibility & Access – The subject property is located at the signalized hard corner intersection of Tank Farm Rd & S. Higuera St, offering excellent visibility to combined traffic counts of 35,000+ cars per day. This corridor features major retailers including Food 4 Less, Trader Joe’s, US Bank, 1st Capital Bank, and Kelly-Moore Paints, as well as restaurants/fast food tenants such as Starbuck’s, Round Table Pizza, Lahainas, and Taco Rico.
Proximity to Highways 101 & 1 – Quick Access to Pacific Ocean & Nearby Beach Cities – The property is located about a half-mile from Hwy 1/101 for quick access to the Pacific Ocean, just 10 miles to the west, and nearby beach cities such as Morro Bay, Avila Beach, Pismo Beach, as well as Santa Maria only 28 miles south.
Located in San Luis Obispo – Outstanding Tourism Destination – Home of Cal Poly State University – Massive Growth & New Development – The subject property is located within the highly desirable city of San Luis Obispo, California. Centrally located between Los Angeles and San Francisco, San Luis Obispo serves as the commercial, governmental and cultural hub of California’s Central Coast and is home to California Polytechnic State University (“Cal Poly”), a public institution founded in 1901 which ranks highly in the nation’s top colleges, ranking #11 in Regional Universities West, #1 in Top Public Schools, #7 in Best Undergraduate Engineering Programs.
San Luis Obispo is seeing massive new growth and has more than 65 projects currently under review or construction including commercial projects, a new hotel downtown, and a large number of residential projects and housing plans that will add a total of 2,200 residential units to San Luis Obispo within the next few years, resulting in an 11% increase in total housing in the city. The goal of many of these projects are neighborhood preservation, economic development, and a shift to bicycle, pedestrian and bus transportation