| Early Renewal Execution – AutoZone just exercised its first renewal option despite having 9 years still remaining on the base term |
| Close to AutoZone HQ – The subject AutoZone is located within a 25-minute drive of AutoZone’s global headquarters in downtown Memphis |
| Strong Rent Growth – The renewed lease now includes two 10% rent increases in 2029 and 2034, providing predictable income growth |
| Memphis MSA – Although located just across the Mississippi–Tennessee border, Horn Lake is fully integrated into the Memphis MSA |
| Walmart and Kroger Anchored – The trade area is anchored by a Kroger center directly adjacent to the property and a Walmart Supercenter |
| Robust Trade Area – The Horn Lake Rd & Goodman Rd intersection (38,000 VPD) is a proven retail node anchored by Walmart, Kroger, and ALDI |
Conrad Sarreal
Matthews Real Estate Investment Services
