Overview

Description

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN, freestanding Take 5 Oil Change investment property located in Avondale, Arizona (Phoenix MSA). The tenant, Take 5 Properties SPV LLC, recently signed a brand new 15 year lease with 4 (5-year) options to extend, demonstrating their long-term 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 guaranteed by an affiliate of Driven Brands and is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Founded in 1984, Take 5 has over 800 company-owned and franchised service centers throughout the United States and Canada.

Take 5 is strategically located near the signalized, hard corner intersection of East Van Buren Street and North Dysart Road which supports over 78,000 vehicles per day. The site also benefits from nearby access to North Litchfield Road (35,700 VPD) and Interstate 10 (218,900 VPD), making this an ideal, centralized location with easy commutes. The site is ideally positioned as an outparcel at Coldwater Creek Plaza, a 444,000 SF power center that’s home to Sam’s Club, Home Depot, Ashley HomeStore, Walgreens, and more. Other nearby national/credit tenants include Walmart Supercenter, Target, Lowe’s, Sprouts, Kohl’s, Ross, Big Lots, Total Wine, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Furthermore, the asset is within walking distance from The Desert Sage Apartments (208 units), Newport Apartments (204 units), and 1408 Casitas at Palm Valley (168 units), providing a direct residential consumer base from which to draw. Located just 17 miles from downtown Phoenix, the 5-mile subject trade area is supported by more than 226,000 residents and 53,000 daytime employees who boast an affluent average household income of more than $104,000.

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