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Meineke, Cedar Park, TX (Austin MSA)

Meineke, Cedar Park, TX (Austin MSA)


Investment Summary

Price $1,637,000
Cap Rate 5.50%
NOI $90,000
Lease Term 15 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 10% rental increases every five (5) years
Year Built 2013 (Renovated in 2024)
Building Size 2,240 SF
Lot Size 0.50 acres (21,780 SF)
Status Available
Lead Brokers Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Russell Train
Brokerage
202.210.2379
russell.train@cushwake.com
CA RE License #02087816

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE TO STRONGEST MEINEKE OPERATOR IN THE U.S.
» New 15-year absolute NNN lease to Meineke, a leading international automotive repair chain that offers services from oil changes and brake repairs to steering and suspension
» Tenant is PARC AUTO, a subsidiary of Atlanta-based PE firm Kian Capital ($825MM under management)
» Operator has 15 stores open with another 20 locations in the pipeline and significant growth plans for 100 stores
» In January of 2021 the parent company of Meineke, Driven Brands, launched an IPO and began trading on NASDAQ (“DRVN”)
» The collective power and support of the nation’s leading automotive aftermarket company creates a secure investment opportunity
» Meineke ranks #114 on the Franchise Times Top-400 list
» With 70% brand recognition, Meineke serves as the high-quality, technology-focused one-stop center for car owners across the country

FULL SERVICE LOCATION NEXT TO 117-ACRE MIXED USE DEVELOPMENT ANCHORED BY 250,000-SF NEBRASKA FURNITURE MART
» 117-acre development to be anchored by 250,000-SF Nebraska Furniture Mart (NFM) retail store, 700,000-SF of NFM warehouse space, 250-room hotel, and 30,000-SF convention center
» Trophy setting directly west of major Texas thoroughfares, including State Route 29, Interstate 35, and U.S. Route 79, allowing the site to capture a tremendous amount of commuter traffic
» Excellent proximity to major national tenants such as Costco, Walmart Supercenter, H-E-B, Target, In-n-Out Burger, Chick-fil-A, Whole Foods Market, Harbor Freight Tools, Tractor Supply Co., Anytime Fitness, and many more
» Two miles from Cedar Park Regional Medical Center, the second-largest employer in Cedar Park (126 beds, 700 employees) and 1.5 miles from Leander High School (2,218 students)

DENSELY POPULATED AND GROWING DEMOGRAPHICS WITHIN FAST-GROWING AUSTIN MSA
» 181,762 residents live within five miles of the property, creating a reliable customer base for the site
» Excellent average annual household income of $143,621 within a five-mile radius
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Meineke and Cedar Park for steady concurrent growth
» Common gateway to Downtown Austin (The Austin-Round Rock-San Marcos MSA added more than 50,000 residents between 2022 and 2023)
» Texas is an income tax-free state

Property Description

» This Meineke has a premiere location along U.S. Route 183/North Bell Boulevard, a primary north-south thoroughfare connecting directly to Austin, TX 24 miles to the south (29,889 AADT)
» The property is ideally located directly west of major Texas thoroughfares, including State Route 29, Interstate 35, and U.S. Route 79, allowing the site to capture a tremendous amount of commuter traffic
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Costco, Walmart Supercenter, H-E-B, Target, In-n-Out Burger, Chick-fil-A, Whole Foods Market, Harbor Freight Tools, Tractor Supply Co., Anytime Fitness, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity two miles from Cedar Park Regional Medical Center, the second-largest employer in Cedar Park (126 beds, 700 employees)
» 181,762 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Meineke and Cedar Park for steady concurrent growth

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