SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN lease, freestanding, Big O Tires investment property located in Mason City, IA. The tenant, NTW, LLC, has approximately 11 years remaining in the initial lease term and 1 (4-year, 5-month) and 3 (5-year) option periods to extend. The lease features 10% rental increases every 5 years throughout the initial term and scheduled increases during the option period, steadily growing NOI and hedging against inflation. The lease is guaranteed by TBC Corporation, the corporate entity of Big O Tires and several other automotive service brands, which has more than 3,200 franchised and company-operated locations nationwide. The lease is also absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity.
The Big O Tires is located near the signalized, hard corner intersection of State Highway 122 and Village Green Drive. State Highway 122 is the east/west primary retail and commuter thoroughfare serving the city of Mason City, averaging 20,500 vehicles passing by daily. The asset is an outparcel to a Menard’s anchored center also featuring ALDI and is located directly across from Target, Staples, T.J. Maxx, and Fleet Farm, promoting crossover shopping to the site. Moreover, the site is located near Plaza West Shopping Center, featuring Hobby Lobby and Hy-Vee, as well as a 24-hour Walmart Supercenter, increasing consumer draw to the subject area. The 5-mile trade area is supported by more than 28,600 residents and nearly 24,000 employees. The more immediate 1-mile trade area features a healthy average household income of $77,264.