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AAA Ground Lease, Oklahoma City, OK

AAA Ground Lease

OK, USA

Price $2,600,000
Cap Rate 5.00%
NOI $130,000
Lease Term 15 Years
Lease Type 10% Rental Increases Every 5 Years
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2018
Building Size 10,710 SF
Lot Size 1.5 Acres (65,340 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
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

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

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» New 15-year NNN ground lease with no landlord responsibilities
» 10% rental increases every five years, providing an excellent hedge against inflation
» AAA is North America’s largest motoring and leisure travel organization, with over 58 million members
» Location offers auto repair services for all customers and additional insurance and travel assistance for club members

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 34,834 vehicles per day directly in front of the property on North May Avenue
» Close proximity to North May Avenue’s intersections with Northwest 63rd Street (30,122 AADT) and Northwest Expressway (56,902 AADT)
» Convenient access to Lake Hefner Parkway (121,200 AADT)
» Surrounded by large shopping centers featuring national retailers, including Home Depot, Target, Burlington Coat Factory, Bed Bath & Beyond, Sprouts Farmers Market, and more

IRREPLACEABLE INFILL LOCATION WITH STRONG CUSTOMER BASE
» Gateway to Nichols Hills, the most affluent city in Oklahoma, based on per capita income
» Centrally located less than six miles from downtown Oklahoma City
» Near two major hospitals—INTEGRIS Baptist Medical Center (511 beds) and AllianceHealth Deaconess (291 beds)—as well as several schools and recreational areas, including Lake Hefner, which is visited by one million people per year
» Large customer base, with 242,784 residents and 143,485 daytime employees within five miles of the property

NEW 2018 CONSTRUCTION
» High-quality 2018 construction
» Built by tenant at tenant’s expense, demonstrating long-term commitment to the location


Property Description

SOLD

The property is located on North May Avenue, with excellent visibility and access to 34,834 vehicles per day directly in front of the property. North May Avenue intersects with two busy thoroughfares within walking distance of the property: Northwest 63rd Street (30,122 AADT) and Northwest Expressway (56,902 AADT). In turn, these roadways provide convenient access to Lake Hefner Parkway, the primary route through northwestern Oklahoma City, with a traffic count of 121,200 vehicles per day near the property. Located in a dense retail corridor, the property is close to several large shopping centers and major national retailers. Retail centers within the property’s immediate vicinity include French Market, featuring Burlington Coat Factory and Bed Bath & Beyond; Centennial Plaza, anchored by Home Depot; and Mayfair Place, tenanted by Big Lots and PetSmart. The property is also minutes from Penn Square Mall, an upscale regional mall featuring Apple, Coach, Dillard’s, Banana Republic, Michael Kors, Pottery Barn, and an AMC Theatres multiplex cinema with ten screens.

The property is centrally located less than six miles from downtown Oklahoma City. Two major hospitals—INTEGRIS Baptist Medical Center (511 beds) and AllianceHealth Deaconess (291 beds)—are located near the property, as are a number of schools, including Putnam City High School, with 1,782 students. The property is also a short distance from Lake Hefner, a popular recreational destination that is visited by nearly one million people per year. Also nearby is the community of Nichols Hills, the most affluent city in Oklahoma, based on per capita income. Additionally, the property is supported by a large customer base in the surrounding area; 242,784 residents live and 143,485 daytime employees work within a five-mile radius of the property.

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