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Take 5 Oil Change Ground Lease (Evans Way Court), Columbus, OH

Take 5 Oil Change Ground Lease (Evans Way Court)

OH, United States

Price $675,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017
Building Size 1,980 SF
Lot Size 0.69 Acres (30,056 SF)
Status Sold
Lead Broker Information Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» New 15-year, corporate, absolute NNN lease with no landlord responsibilities, ideal for an out-of-area investor
» 10% rental increases every five years, providing a hedge against inflation
» Building built at tenant’s expense, demonstrating long-term commitment to the location

HIGH TRAFFIC LOCATION WITH IMMEDIATE ACCESS TO INTERSTATE 70
» Located just off of Hilliard Rome Road, with excellent visibility to 47,806 vehicles per day
» Convenient access to Interstate 70 – 108,204 AADT
» Central location less than ten miles from downtown Columbus

CLOSE PROXIMITY TO LARGE RETAIL CENTERS AND MAJOR EMPLOYERS
» Property is near several large retail centers, anchored by Walmart Supercenter, Target, Kohl’s, Meijer, Sam’s Club, and Giant Eagle Supermarket
» Located near industrial facilities for several major companies, including Big Lots, Buckeye Partners, Marathon Petroleum Corporation, IBM, and Hollingsworth Logistics Group

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. (over $2.1 billion in annual sales)
» Poised for explosive growth

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located on Evans Way Court, just off of the intersection of Evans Way Court and Feder Road, which experiences a traffic count of 24,110 vehicles per day. Hilliard Rome Road is just behind the site, providing excellent visibility to nearly 48,000 vehicles per day. Additionally, the property is located immediately off of Interstate 70, which runs through downtown Columbus and boasts a traffic count of over 108,000 vehicles per day. The property is flanked on either side by Steak ‘n Shake and Bob Evans. Several large retail centers are across Interstate 70 from the property. The centers are anchored by Walmart Supercenter, Target, Kohl’s, Meijer, Sam’s Club, and Giant Eagle Supermarket, and feature notable national tenants, including Old Navy, Michaels, Dick’s Sporting Goods, Marshalls, PetSmart, Bed Bath & Beyond, and many others.

The property benefits from its close proximity to major employers, residential neighborhoods, and new developments. The property is located near the industrial operations of several major companies, including Buckeye Partners, which employs approximately 1,430 employees at its Columbus facility. Big Lots, Inc. also has a large facility located near the property; Big Lots employs approximately 1,300 people at this location. The property is located close to existing residential neighborhoods and new developments. The Attleigh, a 120-unit apartment complex, is being built directly next to the site. The Attleigh is expected to deliver in the second quarter of 2017. Additionally, the property is located in a densely populated area, with 179,973 people living within a five-mile radius of the site, providing a large customer base for Take 5 Oil Change.

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