Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NNN leased, corporate signed, freestanding, Ramona Tire & Service Center investment property located in Murrieta, California (Los Angeles MSA). The tenant, Ramona Auto Services, Inc. (Corporate: Sun Auto - 425 Units), recently signed a brand new 20 year lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 15% rental increase every 5 years during the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. The building, which is slated to open in Q2 of 2024, will feature a state-of-the-art design using high quality materials. The lease is corporate guaranteed by Sun Auto a 425 unit operator.

Ramona Tire & Service Center is located along Clinton Keith Road with clear visibility and access to 27,000+ vehicles passing by daily. The asset benefits from direct on/off ramp access to Interstate 215 (110,000 VPD), a major thoroughfare connecting the Los Angeles MSA, making this an ideal, centralized location with easy commutes for both employees and customers. The subject property is ideally situated within The Vineyard Shopping Center, a newly built, 26.3-acre regional shopping center anchored by Costco Wholesale and ALDI. Other nearby national/credit tenants include Target, Tractor Supply Co., Starbucks, Marshalls, Albertsons, Stater Bros, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Additionally, the asset is strategically positioned within an expanding retail corridor with numerous plans for development including a 522 single-family residential project in Murrieta Hills, a 210-unit apartment complex near I-15, a 56,060 SF commercial and retail center 3-miles southeast of the site, and more. Furthermore, the property is within walking distance to several single-family communities and multi-family complexes including Sonoma at Mapleton (193 units), Mitchell Place (230 units), Pacific Landing (325 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by over 208,500 residents and 46,900 daytime employees. Residents within one mile of the subject property boast an affluent annual average household income of $131,546.

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