Overview

Description

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a freestanding, absolute NNN, Kerry’s Car Care investment property located in Gilbert, Arizona (Phoenix MSA). The tenant recently signed a brand new 20-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Based in Glendale, Kerry’s Car Care is a full-service automotive repair center operating out of 6 locations across Arizona.

Kerry’s Car Care is strategically located at the signalized, hard corner intersection of East Queen Creek Road and Power Road which serves over 36,000 vehicles per day. Furthermore, the site is located less than 3 miles northwest of Queen Creek Marketplace, a 785,000 SF power center that’s home to Target, Kohl’s, Ross, Burlington, PetSmart, TJ Maxx, Trader Joes, Dave & Busters, Dollar Tree, and more. Other nearby national/credit tenants include Costco, Lowe’s, Home Depot, Sprouts, Home Goods, Safeway, Fry’s, Walgreens, Esporta Fitness, 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 located near multiple single-family residences and multi-family complexes including The Bridges at Gilbert (1,300 Single family homes), San Clemente at Power Ranch (336 units), MAA Sky View (232 units), and more, providing a direct residential consumer base from which to draw. Located 23 miles from downtown Phoenix, the 5-mile subject trade area is supported by more than 202,000 residents and 36,000 daytime employees. Residents within a 3-mile radius boast an extremely affluent average household income of more than $158,000.

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