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Express Oil Change Ground Lease, Odessa, FL 33556

Express Oil Change Ground Lease

Odessa, FL 33556

Price $2,738,000
Cap Rate 5.35%
NOI $146,500
Lease Term 20 Years
Lease Type Absolute NNN, with Tenant Responsible for all Taxes, Insurance, Utilities, and Maintenance
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built 2018
Building Size 3,753 SF
Lot Size 0.93 Acres (40,405 SF)
Status Available
Lead Broker Information Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288


Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

LONG-TERM ABSOLUTE NNN GROUND LEASE
» New 20-year NNN ground lease with scheduled rental increases, providing a hedge against inflation
» No landlord obligations – ideal low-management investment for an out-of-area investor
» Corporate guaranty from Express Oil, which recently merged with Mavis, creating one of the largest independent automotive service platforms in the U.S., with more than 830 locations

HIGH-TRAFFIC LOCATION NEAR MAJOR RETAILERS
» Located just past the signalized intersection of State Road 54 and Trinity Boulevard, with excellent visibility and access to 79,900 vehicles per day
» Part of Trinity Lakes Crossing, a new retail development which will include notable tenants like Hampton Inn, ABC Fine Wine & Spirits, Starbucks, Burger King, Express Oil Change, Trinity Car Wash, Achieva Credit Union, and more
» Direct access to the Shoppes at Trinity Lakes, a Publix-anchored shopping center that also features Orangetheory Fitness, Moe’s Southwest Grill, Mathnasium, Hair Cuttery, Verizon, and Wendy’s
» Other major retailers located near the property include Walmart Supercenter, CVS, Anytime Fitness, Buffalo Wild Wings, and McDonald’s

HIGH-GROWTH, AFFLUENT TRADE AREA
» Area around the property is developing rapidly, with several commercial and residential projects underway near the site
» Directly across from Starkey Ranch, a 2,500-acre community planned for over 5,000 homes, a 20-mile trail system, 150 acres of parks, a K-8 school, a public library, a community theater, a business park, and a commercial center
» Between 2010 and 2018, the population within one mile of the property grew more than 137%, and more growth is predicted
» Area is expected to have 22,575 new residential units by the end of 2019
» In total, 47,775 residential units are expected to be built out by the end of 2022 within the property’s immediate trade area, increasing the population by an estimated 143,325 people
» Average household income of $94,694 within a three-mile radius of the property

Click Here to Download Offering Memorandum


Property Description

Express Oil Change & Tire Engineers is one of the United States’ largest independent automotive service centers. Founded in 1979 and headquartered in Birmingham, Alabama, Express pioneered a unique operating model offering quick oil changes, automotive maintenance and repair, and tire sales and services, all under one roof. As of 2017, the company was the tenth largest fast lube chain in the United States.

On February 23, 2018, Mavis Discount Tire announced that it has signed a definitive agreement to merge with Express Oil Change & Tire Engineers, a Golden Gate Capital portfolio company, creating one of the largest independent automotive service platforms in the U.S. The merger of Mavis and Express Oil unites two of the leading operators in the automotive service sector with a history of strong organic sales and service center growth. The combined company will operate more than 830 locations in 24 states across the East Coast, South, and Midwest.

Express Oil is owned by Golden Gate Capital, a San Francisco-based private equity investment firm with over $15 billion of capital under management. Representative multiunit consumer sector investments sponsored by Golden Gate Capital include Express Oil Change & Tire Engineers, Bob Evans Restaurants, Red Lobster, Eddie Bauer, California Pizza Kitchen, Pacific Sunwear, Express, and Zales.

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