Investment Summary
Price | $2,600,000 |
Cap Rate | 5.00% |
NOI | $130,000 |
Lease Term | 15 Years |
Lease Type | 10% Rental Increases Every 5 Years |
Rental Increases | 10% Rental Increases Every 5 Years |
Year Built | 2018 |
Building Size | 10,710 SF |
Lot Size | 1.5 Acres (65,340 SF) |
Status | Sold |
Lead Brokers | Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
ABSOLUTE NNN GROUND LEASE WITH SCHEDULED RENTAL INCREASES
» New 15-year NNN ground lease with no landlord responsibilities
» 10% rental increases every five years, providing an excellent hedge against inflation
» AAA is North America’s largest motoring and leisure travel organization, with over 58 million members
» Location offers auto repair services for all customers and additional insurance and travel assistance for club members
HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 34,834 vehicles per day directly in front of the property on North May Avenue
» Close proximity to North May Avenue’s intersections with Northwest 63rd Street (30,122 AADT) and Northwest Expressway (56,902 AADT)
» Convenient access to Lake Hefner Parkway (121,200 AADT)
» Surrounded by large shopping centers featuring national retailers, including Home Depot, Target, Burlington Coat Factory, Bed Bath & Beyond, Sprouts Farmers Market, and more
IRREPLACEABLE INFILL LOCATION WITH STRONG CUSTOMER BASE
» Gateway to Nichols Hills, the most affluent city in Oklahoma, based on per capita income
» Centrally located less than six miles from downtown Oklahoma City
» Near two major hospitals—INTEGRIS Baptist Medical Center (511 beds) and AllianceHealth Deaconess (291 beds)—as well as several schools and recreational areas, including Lake Hefner, which is visited by one million people per year
» Large customer base, with 242,784 residents and 143,485 daytime employees within five miles of the property
NEW 2018 CONSTRUCTION
» High-quality 2018 construction
» Built by tenant at tenant’s expense, demonstrating long-term commitment to the location
Property Description
SOLD
The property is located on North May Avenue, with excellent visibility and access to 34,834 vehicles per day directly in front of the property. North May Avenue intersects with two busy thoroughfares within walking distance of the property: Northwest 63rd Street (30,122 AADT) and Northwest Expressway (56,902 AADT). In turn, these roadways provide convenient access to Lake Hefner Parkway, the primary route through northwestern Oklahoma City, with a traffic count of 121,200 vehicles per day near the property. Located in a dense retail corridor, the property is close to several large shopping centers and major national retailers. Retail centers within the property’s immediate vicinity include French Market, featuring Burlington Coat Factory and Bed Bath & Beyond; Centennial Plaza, anchored by Home Depot; and Mayfair Place, tenanted by Big Lots and PetSmart. The property is also minutes from Penn Square Mall, an upscale regional mall featuring Apple, Coach, Dillard’s, Banana Republic, Michael Kors, Pottery Barn, and an AMC Theatres multiplex cinema with ten screens.
The property is centrally located less than six miles from downtown Oklahoma City. Two major hospitals—INTEGRIS Baptist Medical Center (511 beds) and AllianceHealth Deaconess (291 beds)—are located near the property, as are a number of schools, including Putnam City High School, with 1,782 students. The property is also a short distance from Lake Hefner, a popular recreational destination that is visited by nearly one million people per year. Also nearby is the community of Nichols Hills, the most affluent city in Oklahoma, based on per capita income. Additionally, the property is supported by a large customer base in the surrounding area; 242,784 residents live and 143,485 daytime employees work within a five-mile radius of the property.