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8885 Washington StThornton, CO 80229
Grease Monkey
Asset ClassRetail
Deal Size$1.1 M
Cap Rate: 5.77%Retail SF: 1,785Year Built: 1980Access Data Room
Long-Term NNN Lease | Dominant Retail Corridor
overview of deal

Overview

Initial Lease Term: 15 Years

Rent Commencement: 5/9/2016

Expiration Date: 4/30/2035

Lease Term Remaining: 10 Years

Lease Type: Absolute NNN

Roof & Structure: Tenant

Rent Increases: Every 5 Years, CPI Min. 7.5% - Max. 12.5%

Options: 2 x 5-Year

Lease Guarantor: Corporate - Grease Monkey Intl, Inc.

ROFO: Yes, 30 Days

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Investment Highlights

LONG-TERM NNN LEASE WITH ZERO LANDLORD RESPONSIBILITIES

10 years remaining on Absolute NNN lease. The lease is structured with favorable CPI increases every 5 years, ranging from a minimum of 7.50% to a maximum of 12.50%, serving as a continued hedge against inflation. The next increase occurs in May of 2028.

 

ESTABLISHED NATIONAL TENANT

Corporate Guarantee from Grease Monkey International, which operates 375 locations across the United States. Grease Monkey is part of Full-Speed Automotive’s 900+ location network.

 

DOMINANT RETAIL CORRIDOR

Excellent visibility along Washington Street, a dominant retail corridor in Thornton, CO (30,000 VPD). Situated just 10 miles north of Downtown Denver, the subject property is proximate to several national retailers, including Circle K, O’Reilly Auto Parts, McDonald’s, Walgreens, Wendy’s, Taco Bell, and more.

 

STRONG SURROUNDING DEMOGRAPHICS

Robust surrounding population of 148,000 residents within a 3-mile radius, and 316,000 residents within a 5-mile radius. The Average Household Income is $81,417 within a 3-mile radius, and $88,557 within a 5-mile radius

 

SIGNIFICANT ECONOMIC GROWTH & KEY POSITIONING

The redevelopment of the historic Thornton Shopping Center, located directly across from the subject property, has been a pivotal project aimed at revitalizing the immediate area. Thornton’s proximity to major highways, including I-25, I-70, E-470, and Hwy 36 provide businesses with easy access to a dense trade area and enhances retail visibility along key thoroughfares.

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8885 Washington StThornton, CO 80229
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Listing provided by Revere CRE