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Meineke, Jeffersonville, IN

Meineke, Jeffersonville, IN


Investment Summary

Price $1,571,000
Cap Rate 6.25%
NOI $98,174
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 Renovated in 2024
Building Size 2,550 SF
Lot Size 0.31 acres (13,504 SF)
Status Under Contract
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 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
» New high-quality 2024 renovation to latest Meineke prototype, building could be easily re-purposed if desired and location has the capability to perform services on EV’s

FIVE-BAY FULL SERVICE LOCATION WITHIN THE FAST-GROWING LOUISVILLE MSA
» Ideal location along East 10th Street, a primary north-south thoroughfare connecting to multiple Interstate highways and Downtown Louisville (25,766 AADT)
» Trophy setting at the confluence of Interstates 64, 65, 71, 264, and 265, allowing the site to capture a tremendous amount of commuter traffic
» Interstate 65, between Interstate 265 and the Ohio River, has an average of approximately 970,000 AADT per year
» Excellent proximity to major national tenants such as Kroger, ALDI, Meijer, Kohl’s, McDonald’s, Arby’s, Dunkin’, Wendy’s, Burger King, and many more

DENSELY POPULATED AND GROWING DEMOGRAPHICS
» 167,621 residents live within five miles of the property, creating a reliable customer base for the site
» Average annual household income of $86,758 within a five-mile radius
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise Meineke and Jeffersonville for steady concurrent growth
» Jeffersonville’s comprehensive plan anticipates growth of 10% to 12% by 2030 for both population and housing

Property Description

» This Meineke has a premiere location along East 10th Street, a primary north-south thoroughfare connecting to multiple Interstate highways and Downtown Louisville (25,766 AADT)
» The property is centrally located at the confluence of Interstates 64, 65, 71, 264, and 265, allowing the site to capture a tremendous amount of commuter traffic
» Interstate 65, between Interstate 265 and the Ohio River has an average of approximately 970,000 AADT per year
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Kroger, ALDI, Meijer, Kohl’s, McDonald’s, Arby’s, Dunkin’, Wendy’s, Burger King, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity 2.5 miles from Mission Regional Medical Center, one of Mission’s largest employers with 1,000 employees and 297 beds
» 167,621 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise Meineke and Jeffersonville for steady concurrent growth

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