Bloomington, IL - Monro Auto Service

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN, freestanding, Monro Auto Service investment property located in Bloomington, Illinois. The tenant, Monro Muffler Brake, Inc. has approximately 4 years remaining in their current term with 3 (5-year) options to extend. The lease features 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. Monro Auto is one of the nations leading automotive service providers with over 1,300 stores and 9,000 services bays nationwide. With a rapidly growing market share and a focus on sustainable growth, Monro generated approximately $1.4 billion in sales in fiscal 2022 and continues to expand its national presence through strategic acquisitions and the opening of newly constructed stores.

Monro Auto is located near the signalized, hard corner intersection of State Highway 55 and Eastland Drive which serves over 54,000 vehicles per day. State Highway 55 travels directly through the Bloomington retail corridor, making it an ideal, centralized location for easy commutes. The site also benefits from nearby direct access to State Highway 9 (23,900 VPD), providing ease and convenience for customers. Furthermore, the site is ideally positioned less than 3-miles Southeast of both Western University (9,441 students) and Illinois State University (21,039 students), providing a direct consumer base from which to draw. Located in a dense retail corridor, the asset is within close proximity to multiple national/credit tenants including Walmart Supercenter, Target, Lowes, Hobby Lobby, Meijer, Kroger, Ross, TJ Maxx, Home Goods, Walgreens, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the site is within walking distance from Central Illinois Regional Airport, a major economic engine with a total annual output of more than $165 million dollars, which translates to more than 1,300 jobs. Finally, the subject property is ideally positioned near OSF St. Joseph Medical Center (149 beds) and Carle BroMenn Medical Center (221 beds), significantly increasing consumer traffic to the trade area. The dense 5-mile subject trade area is supported by more than 131,000 residents and 103,000 daytime employees who earn a healthy average household income of more than $98,000.