NNN Ground Lease The HUB Pickleball at OP Country Club
Retail | 8.00% CAP | 39,200 SqFt
Marketing description
THE OFFERING: THE HUB PICKLEBALL CLUB
Cushman & Wakefield Retail Capital Advisors is pleased to present the opportunity to acquire an absolute net-leased investment in The HUB Pickleball Club,
located at 2525 Country Club Boulevard, Orange Park (Jacksonville MSA), Florida. The property is secured by a NNN ground lease guaranteed by HUB JAX, LLC, with an initial 20-year lease term scheduled to expire April 30, 2045. The current annual base rent is $156,000 (NNN) with scheduled rental increases throughout the lease term as outlined below:
Scheduled Rent Increases
• May 1, 2028 — $192,000
• January 1, 2030 — $201,600
• January 1, 2035 — $211,680
• January 1, 2040 — $222,264
The tenant holds one 10-year renewal option, extending the lease through April 30, 2055.
During the renewal period, base rent increases to $233,377 beginning May 1, 2045, with an additional increase to $245,046 on May 1, 2050.
INVESTMENT HIGHLIGHTS
• Absolute NNN Ground Lease
Tenant is responsible for all operating expenses including real estate taxes, insurance, utilities, repairs, and maintenance.
• Long Term Lease Security
Approximately 19+ years remaining on the initial lease term.
• Strong Rent Growth
23% base rent increase in May 2028, followed by 5% escalations in 2030, 2035, and 2040.
• Extension Option
One 10-year renewal option with 5% rental increases every five years during the extension term.
• Attractive Investment Pricing
Purchase Price: $1,950,000
Current Cap Rate: 8.00%
Upon the May 1, 2028 rent increase, annual base rent rises to $192,000 NNN, resulting in an effective cap rate of 9.85% based on the current asking price.
Investment highlights
PROPERTY STRENGTHS
• Prime Location
Located within The Grove at Orange Park Country Club, a 365-acre gated residential community with more than 1,000 homes The Grove
• Resort-Style Amenities within the Community, including: The Grove Restaurant (Fine Dining), Citrus Club Bar & Sport Lounge, Founders Room featuring
golf simulators and interactive games, driving range and putting green, 4,000 SF fitness center, two swimming pools, and six event and gathering spaces
• Limited Competition
The closest comparable golf club facility is located approximately 30 minutes away
• Strong Area Demographics
Within a 5-mile radius: Population of 165,000 residents & Medium Household Income of $98,000
• Residential Growth
Surrounding residential properties have experienced approximately 11% year-over-year appreciation
TENANT
The HUB Pickleball is an experienced and growing pickleball operator with multiple facilities in operation.
• Operates four pickleball clubs
• Largest pickleball facility in the Jacksonville MSA
• 24 courts total, including 16 covered courts
• Reciprocal program offers access to 60+ clubs in the U.S. and Canada
• Corporate Headquarters: 23 Corporate Plaza Drive, Suite 150, Newport Beach, CA 92660
Website: thehubpickleball.com
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