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Take 5 Ground Lease, Lubbock, TX (82nd Street)

Take 5 Ground Lease

Price $840,000
Cap Rate
NOI
Lease Term 10 Years
Lease Type Absolute NNN, With Tenant Responsible For All Taxes, Utilities, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases Every Five (5) Years
Year Built Q4 2019
Building Size 1,450 SF
Lot Size 0.61 Acres (26,572 SF)
Status Under Contract
Lead Broker Information Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

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

LONG-TERM ABSOLUTE NNN CORPORATE GROUND LEASE
» 10-year absolute NNN corporate ground lease with 10% rental increases in initial term and options, providing a hedge against inflation
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management, providing an ideal investment opportunity for an out-of-area investor
» Leased to corporate entity with more than 450 units

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» 30,696 AADT directly in front of the property along 82nd Street
» Convenient access to West Loop 289 (67,254 AADT) and U.S. Highway 62 (14,096 AADT)
» 2.5 miles from South Plains Mall (1.2 million SF of retail space, 140+ stores, 10 million annual visitors)
» Quick access to Walmart Supercenter

NEAR LARGE SCHOOLS AND EMPLOYERS IN HIGHLY POPULATED AFFLUENT AREA
» Minutes from Texas Tech University (38,200 students, 5,677 employees, $1 billion annual economic impact)
» $112,288 AHI within a one-mile radius of the property
» 140,981 residents live within a five-mile radius of the property

DYNAMIC TENANT SERVING A PRACTICAL NEED
» Drive-thru oil change in less than five minutes, with the customer remaining in their vehicle during service
» Take 5 is experiencing explosive growth and recently announced franchising plans
» Q4 2019 construction
» Located in an income tax free state


Property Description

SOLD

The property is conveniently located on 82nd Street, which experiences a high traffic count of 30,696 vehicles per day. The site benefits from nearby access to West Loop 289 (67,254 AADT) and U.S. Highway 62 (14,096 AADT). The property resides in a growing retail corridor and is within minutes of South Plains Mall, which welcomes more than 10 million visitors annually. The mall features 1.2 million SF of retail space, a 16-screen Premiere Cinemas theatre, and 140+ stores, including J.C. Penney, The Home Depot, Barnes & Noble, Dillard’s, Forever 21, Chick-fil-A, LensCrafters, Foot Locker, and more. Benefitting from its centralized location in a major retail hub, the site is strategically placed within walking distance of Walmart Supercenter.

The property is close to several highly attended schools and is supported by a robust customer base in a densely populated residential area; 140,981 residents live within a five-mile radius of the property, providing a sizeable customer base for Take 5 Oil Change. The location is minutes from Texas Tech University, which has 38,200 students, 5,677 employees, and generates an annual economic impact of $1 billion. The site is also supported by a large and affluent customer base with a population of 140,981 and an average household income of $112,288 within a one-mile radius of the property.

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