Overview
Tenant: QAS III, LLC (Franchisee)
Lease Guarantor: Valvoline, Inc. (Corporate)
Lease Type: Absolute NNN Ground Lease
Initial Lease Term: 15 Years
Commencement Date: 5/15/2025
Expiration Date: 5/31/2040
Term Remaining: 15 Years
Rent Increases: 10% Every 5 Years
Options: 4 x 5-Year
ROFR: Yes, 10 Days
Investment Highlights
OUTPARCEL TO NEW KING SOOPERS MARKETPLACE
King Soopers Marketplace is a large-format supermarket concept that, in addition to traditional groceries, offers a diverse range of products and services including apparel, home goods, Murray’s Cheese counter, Starbucks café, fresh sushi, a drive-thru pharmacy, and fuel center, providing a comprehensive one-stop shopping experience.
BRAND NEW 15-YEAR ABS NNN GROUND LEASE VALVOLINE
- Rent is set commence on May 15th, 2025 with store opening slated for June 25th, 2025
- The Lease features 10% rent increases every five years and four five year options
CORPORATE GUARANTY FROM RAPIDLY GROWING VALVOLINE, INC - 2,045 LOCATIONS
- Announced $630M acquisition of Oil Changers, Inc. in Feb. 2025. Will increase footprint to over 2,200 locations upon closing
- 155 net store growth since Q1 2024
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