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Take 5 Oil Change Ground Lease, Houston, TX

Take 5 Oil Change Ground Lease

TX, United States

Price $1,143,000
Cap Rate
NOI
Lease Term 10 Years
Lease Type
Rental Increases 10% Rental Increases Every 5 Years
Year Built 2017
Building Size 1,657 SF
Lot Size 0.61 Acres (26,571 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

ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» New 10-year NNN lease with no landlord responsibilities
» 10% rental increases every five years in initial term and option periods, providing a hedge against inflation

HIGH-TRAFFIC LOCATION IN DENSE RETAIL AND COMMERCIAL CORRIDOR
» Excellent access and visibility to 62,534 vehicles per day on Highway 6, one of Houston’s primary arterials
» Prime retail location near West Oaks Mall, Houston’s largest regional mall
» Located in Houston’s Energy Corridor, the third largest employment center in the region, with over than 78,000 employees and more than 300 international, national, and local companies
» Immediate proximity to Shell Technology Center Houston, Shell’s largest technology hub, with 2,000 employees

EXCELLENT INFILL LOCATION IN HOUSTON MARKET
» 357,617 residents and 118,964 daytime employees within a five-mile radius
» Less than 17 miles from downtown Houston
» Houston is the fourth largest city in the U.S. and has the 26th largest economy in the world

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. (2,000+ units with 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 a highly-visible parcel with frontage along Highway 6, with excellent visibility and access to 62,534 vehicles per day. Located in a dense retail corridor, the property is surrounded by major national retailers and large shopping centers, including West Oaks Mall, Houston’s largest regional mall, which lies less than a mile north of the property. The 1.1 million square foot mall is anchored by Macy’s, Sears, a Dillard’s clearance center, Palais Royal, Fortis College, and a 14-screen Edwards Theatres multiplex. The Villages at West Oaks, another large shopping center located near the property, features over 30 stores and services and is anchored by Academy Sports & Outdoors, Best Buy, Bed Bath & Beyond, and Ross. Other major national tenants within the immediate proximity of the property include Walmart, Aldi, Payless, Chase Bank, Golden Corral, and Pizza Hut.

In additional to being a dense retail corridor, Highway 6 is Houston’s primary north-south artery through the Alief suburban community, the Alief Independent School District, and the Energy Corridor, one of Houston’s largest business districts. As of 2012, the Energy Corridor is the third largest employment center in the region, with over 78,000 employees and more than 300 international, national, and local companies. Shell Technology Center Houston, the largest of Shell’s three technology hubs, is located diagonally across from the property and employs approximately 2,000 people. The property is surrounded by several schools and is located in the Alief school district, which has a total enrollment of approximately 47,000 students. The property also benefits from its prime location in a densely populated area; 357,617 people live within a five-mile radius of the property, providing a large customer base for Take 5 Oil Change.

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