|Gross Leasable Area (GLA)||2,706 Sq. Ft.|
|Price Per Square Foot (GLA)||$505.91|
|Lot Size||3.66 Acres|
Marcus & Millichap is pleased to offer for sale this three property portfolio of quick service oil lube facilities located in well-positioned markets across the Tampa, Florida MSA. These properties are well-positioned within their submarkets with frontage on major thoroughfares, easy ingress/egress, and exposure to both the local demographics and their respective commuter population.
This opportunity provides an investor with a passive management-free cash flow stream on long term leases averaging over 13 years remaining, while also diversifying their investment across three major Tampa market locations. There are 10 percent rent increases every 5 years throughout the initial lease term on all three locations with the next increases approaching in 2018. Including rent bumps, the blended average return is 7.61 percent on the base term of the leases.
The tenant backing all three locations is Driven Florida Lubes, Inc., a 65-unit subsidiary of Driven Brands, which operates 1,700 units worldwide. In addition, Driven Brands is an auto-related portfolio company of Roark Capital Group, a large private equity company operating 58 franchise brands that generate approximately $23 billion in revenue from 26,000 unit-level locations. An investor can rest easy knowing that their investment is not only diversified across three separate locations, but also managed by an experienced company operating their assets at an extremely high level from the ground up.
This Driven Brands operated portfolio offers investors an opportunity to acquire three management-free, stabilized assets with long-term appreciation value in thriving sub-markets of the booming Tampa MSA.