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Take 5 Oil Change Ground Lease, Snellville, GA

Take 5 Oil Change Ground Lease

GA, USA

Price $1,265,000
Cap Rate 6.13%
NOI $77,500
Lease Term 10 Years
Lease Type Absolute NNN Ground Lease, with Tenant Responsible for All Taxes, Utilities, Insurance, and Maintenance, Including Roof, Structure and Parking Lot
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017
Building Size 1,637 SF
Lot Size 1.13 Acres (48,994 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
» New 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 DENSE RETAIL CORRIDOR
» Conveniently located on Scenic Highway, Snellville’s primary thoroughfare, with excellent visibility and access to 36,900 vehicles per day directly in front of the property
» Across from Snellville Exchange, a shopping plaza anchored by Hobby Lobby and AMC Theatres
» The Scenic Highway retail corridor is Snellville’s primary retail area and produces approximately $1 billion in sales each year
» Near several pad spaces that are slated for future retail development

CENTRAL LOCATION WITH STRONG CUSTOMER BASE
» Minutes from Eastside Medical Center, one of the largest hospitals in the region, with 310 beds, 500 board-certified physicians, and 1,200 employees
» Within walking distance of important community amenities, like several schools, Alexander Park, and the Gwinnett County Fairgrounds
» High average household income of $104,997 within one mile of the property
» 193,254 residents live within a five-mile radius

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 on Scenic Highway, Snellville’s primary thoroughfare, with excellent visibility and access to 36,900 vehicles per day directly in front of the property. The property benefits from its prime location in a dense retail corridor; the Scenic Highway retail corridor is Snellville’s primary retail area and produces approximately $1 billion in sales each year. The property is across from Snellville Exchange, a shopping plaza anchored by Hobby Lobby, Gander Mountain, and AMC Theatres. Other notable retail centers in the surrounding area include Presidential Commons—featuring Home Depot, Kroger, Petco, Stein Mart, and several others—and The Shoppes at Webb Gin, tenanted by Barnes & Noble, Chico’s, DSW, H&M, Orangetheory Fitness, Sprouts Farmers Market, Victoria’s Secret, and many more. The property is also near several pad spaces that are slated for future retail development.

The property is centrally located near major employers, important community amenities, and dense residential neighborhoods. Just minutes from the property is Eastside Medical Center, one of the largest hospitals in the region, with 310 beds, 500 board-certified physicians, and 1,200 employees. Important community amenities, like Alexander Park and the Gwinnett County Fairgrounds, are within walking distance of the property. Additionally, the property is supported by a large, affluent customer base; the average household income within one mile of the property is $104,997, and 193,254 residents live within a five-mile radius, providing an excellent customer base for Take 5 Oil Change.

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