Meineke

Highlights:

• Over 19 years remaining on an absolute net lease featuring a personal guaranty from the operator
• 10% rental increases every 5 years providing a hedge against inflation
• Internet & recession resistant industry – consumers defer new vehicle purchases during economic downturns and instead spend on maintenance/repairs to keep existing cars on the road longer
• Largest Meineke operator in the country – 58 units currently with plans in place to expand to 100+
• Dense residential trade area – 107,000 residents within a 5-mile radius of the subject property
• Steady population growth projected over the next 5 years in a 3, 5, and 10-mile radius
• Surrounding residents own an average of 2 cars per household, with the 5-mile population spending roughly $35.8M on auto repair annually (per CoStar)

Description:

This Meineke, located in Kalamazoo, MI, has over 19 years remaining in the base term and 10% rental increases every 5 years and an absolute net structure requiring zero landlord expense or maintenance obligations. The tenant is the largest Meineke operator in the country with 58 locations currently in their system and plans in place to expand to 100+ units.

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