Overview

Description

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, recently built, corporate signed, Tidal Wave Auto Spa investment property located in Marietta, Georgia (Atlanta MSA). The tenant signed a brand new 20-year lease in January 2023 with 4 (5-year) option periods to extend, demonstrating their long-term commitment to the site. The lease features 2% annual rental increases throughout the initial term and options, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor. Founded in 1999, Tidal Wave Auto Spa is an industry-leading conveyor car wash company with over 115 locations across 17 states. The recently constructed building features state-of-the-art materials, high-tech tunnel design, and dozens of outdoor dryers.

Tidal Wave is strategically located along Powder Springs Road with clear visibility and access to an average of 21,300 vehicles passing by daily. The asset benefits from nearby access onto State Highway 5 (39,300 VPD), a thoroughfare connecting the major interstates across Atlanta’s western suburbs. The property is ideally situated within a dense retail corridor with access to numerous shopping centers including Regal Pavilion (136K+ SF), Heritage Hills (352K+ SF), East West Commons (399K+ SF), and others. The surrounding tenants include Walmart Supercenter, Dunkin’, Target, Lowe’s Home Improvement, PetSmart, and many others. The strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure. In addition, the property is down the street from Wellstar Cobb Hospital (387 beds), a well-established, regional healthcare facility dedicated to providing world-class care. Furthermore, the asset is within proximity to numerous single-family communities and multi-family complexes including Chroma Park West (150 units), Chroma Park (210 units), Cortland Austell (324 units), and many others. The 5-mile trade area is supported by over 153,000 residents and 33,200 daytime employees with a healthy annual average household income of $104,316.

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