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.
