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Take 5 Oil Change Ground Lease, Marietta, GA

Take 5 Oil Change Ground Lease

GA, USA

Price $1,382,000
Cap Rate
NOI $85,000
Lease Term 10 Years
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Utilities, Insurance, and Maintenance, Including Roff, Structure, and Parking Lot
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017 (Remodeled)
Building Size 2,821 SF
Lot Size 0.58 Acres (25,321 SF)
Status Sold
Lead Broker Information 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

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

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

Investment Highlights

ABSOLUTE NNN LEASE WITH SCHEDULED RENTAL INCREASES
» 10-year NNN ground lease with no landlord responsibilities
» 10% rental increases every five years in initial term and option periods, providing a hedge against inflation
» Tenant is responsible for maintaining the entire property, including the roof, structure, foundation, parking lot, and landscaped areas
» Lease guaranteed by Driven Systems, LLC (net worth over $400 million)

HIGH-TRAFFIC LOCATION IN CENTRAL MARIETTA
» Conveniently located at the intersection of Whitlock Place and Whitlock Avenue, one of Marietta’s primary thoroughfares, with excellent visibility and access to 27,900 vehicles per day directly in front of the property
» Within walking distance of several shopping centers featuring well-known retailers, including Kroger, Hibbett Sports, Dollar Tree, Rite Aid, Pep Boys, Chick-fil-A, Pizza Hut, Goodwill, Dunkin’ Donuts, and many more
» Close proximity to Marietta High School (2,050 students), Marietta Middle School (839 students), Burruss Elementary School (443 students), and West Side Elementary School (496 students), creating a significant amount of vehicular traffic in the surrounding area
» Minutes from downtown Marietta, the 633-bed WellStar Kennestone Hospital, Kennesaw State University and Life University, and Dobbins Air Reserve Base

STRONG CUSTOMER BASE WITH ROBUST DEMOGRAPHICS
» 176,807 residents live and 124,253 daytime employees work within a five-mile radius of the property
» The average household income within one mile of the property is $94,145
» Marietta is one of Atlanta’s largest suburbs and is the fourth largest of the principal cities (by population) of the Atlanta MSA
» Cobb County has been ranked among the top 100 wealthiest counties in the nation

DYNAMIC TENANT SERVING A PRACTICAL NEED
» Drive-thru oil change in less than five minutes, with the customer remaining in their vehicle during service
» Subsidiary of Driven Brands, Inc. (2,500+ units with over $2.1 billion in annual sales)
» Poised for explosive growth

NEW 2017 CONSTRUCTION
» Features latest Take 5 Oil Change store designs and concept
» New building, limiting near-term deferred maintenance or capital costs


Property Description

SOLD

The property is conveniently located at the intersection of Whitlock Place and Whitlock Avenue, one of Marietta’s primary thoroughfares, with excellent visibility and access to 27,900 vehicles per day directly in front of the property. The property is located in a prominent retail area near several major shopping centers and notable national tenants. The property is within walking distance of several shopping centers featuring well-known retailers, including Kroger, Hibbett Sports, Dollar Tree, Rite Aid, Pep Boys, Chick-fil-A, Pizza Hut, Goodwill, Dunkin’ Donuts, and many more.

The property is centrally located near several schools, densely populated residential neighborhoods, and major employment centers. The property is a short walk from Marietta High School, which has a total enrollment of 2,050 students. Other schools in the nearby area include Marietta Middle School (839 students), Burruss Elementary School (443 students), and West Side Elementary School (496 students), creating a significant amount of vehicular traffic in the surrounding area. The property is also centrally located just minutes from downtown Marietta, the 633- bed WellStar Kennestone Hospital, Kennesaw State University and Life University, and Dobbins Air Reserve Base. Additionally, the property is supported by a large, affluent customer base; the average household income within one mile of the property is $94,145, and 176,807 residents live and 124,253 daytime employees work within a five-mile-radius of the property, providing an excellent customer base for Take 5 Oil Change.

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