Service Street #2

Highlights:

• High profile auto repair tenant / Multi- unit operator | approx. 8 locations in the state of TN
• Brand new 20 year absolute NNN lease with growing rental increases
• 2023 grand opening - full renovation
• Excellent visibility & access from state highway 11 (Kingston pike) (±26,000 VPD) with direct access from us HWY 75 and us HWY 140
• Strong presence in fast-growing Knoxville market | top 10 metros in the us for net inbound migration rates
• Affluent demographics in the immediate trade area | 140,000 residents with over $110,000 AHHI within a 5-mile radius
• National credit tenants in the immediate trade area: include Lowe’s, Kroger, Subaru (Dealership), Best Buy, Walgreens, Dicks Sporting Goods, Joann Fabric, Harbor Freight Tools and more

Description:

Faris Lee Investments is pleased to present a brand new STNL freestanding, Corporate Service Street Auto Repair on a new long term 20 years absolute NNN Lease (land and building). The subject property has rental increases of 10% every 5 years through the initial term and option periods, which hedges against inflation and increases the return on investment. Service Street has multiple options to renew the lease term for a potential term of 40 years. The property underwent a full renovation in 2023. The Tenant, MWGS, LLC, has approximately 8 Locations in Tennessee and is doing business as Service Street Auto Repair. Silver Oak Services Partner’s goal is to grow the Service Street concept to 100 locations. Service Street Auto Repair is a subsidiary of Drive Automotive Services, a leading full-service operator of automotive repair shops that operates multiple brands in high-growth metro markets across the United States. Drive Automotive Services operates the following brands: Service Street, Kerry’s Car Care, & Elite Auto Repair. There are over 34 locations under Drive Automotive and growing.

The subject property is ideally located on State Highway 11 (Kingston Pike) with excellent visibility and access. State Highway 11 is near the intersection of US Hwy 75 and US HWY 140. The demographics in the immediate trade area include an average household income over $110,000 and an estimated population of approximately 140,000 within a 5-mile radius. Service Street has a strong brand presence in the Knoxville market, which is among the top 10 metros in the US for net inbound migration rates. The city of Knoxville is home to the University of Tennessee, which is one of the largest Universities in the State of Tennessee and has a student population of approximately 33,000.