Investment Highlights
- Brand New, 11-Year, Triple Net (NNN) Ground Lease with Four, Five-Year Renewal Options
- Located on an Oversized, 1.14-acre Parcel on a Hard Corner Lit Intersection
- Brand New Location, Currently Under Construction; Opening in Fall 2020
- Hard Corner Location with Prominent Signage on State Road 70 (54,007 VPD)
- Shared Traffic Signal with Publix-Anchored Shopping Center
- Directly Next door to a Brand New Wendy’s
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a brand-new Take 5 Oil Change in Bradenton, Florida, in the Sarasota metro area. This Take 5 offers a new, 11-year triple net ground lease. This lease has four, five-year renewal options with 10 percent rent increases every five years throughout the base term and option periods. This is a new location under construction with an anticipated opening in Fall 2020.
The subject property is located on an oversized, 1.14-acre parcel on a hard corner off State Road 70, which has a daily traffic count of more than 54,000 vehicles. The property is also at a signalized intersection which allows direct access to a Publix-anchored center, directly across the street. The subject property is located next door to a brand-new Wendy’s which is now open and driving more traffic to the area.
This Take 5 is part of the Sarasota-Bradenton metro area which welcomes an average of four million visitors every year, making tourism a major part of the local economy. The area has very strong demographics with a population over 165,000 within five miles of the subject property. Take 5 is located on State Road 70 in a major retail corridor with surrounding national retailers include Publix, Walmart Supercenter, Lowe’s, Sam’s Club, Walmart Neighborhood Market, Aldi, Big Lots, Beall’s Outlet, Dollar General, CVS, Pet Supermarket, Texas Roadhouse, McDonald’s, Chick-fil-A, Starbucks, Wawa, Bank of America and many more. The property is also within close proximity to Interstate 75, which is a major roadway in the area connecting Bradenton to Tampa to the North, and Cape Coral to the South.
Take 5 Oil Change currently has more than 500 locations across 19 states in the U.S. In 2016, Take 5 was acquired by Driven Brands, a portfolio company of Roark Capital and the nation’s leading automotive franchiser. In 2019, Take 5 Oil Change announced a strategic franchise growth initiative to increase its presence across the United States. In the last 18 months, the brand signed multi-unit development deals for an additional 120 locations. The one-of-a-kind oil change concept has plans to open 30 franchise stores and anticipates inking multi-unit franchise agreements representing the sale of 140 locations. The average Take 5 store reports annual sales of $1.2 million.
