GREASE MONKEY - LoopNet€¦ · of automotive preventative maintenance centers, Grease Monkey has over 300 locations in the United States, Latin America, and China. They offer a complete

GREASE MONKEY12060 COLORADO BLVD

THORNTON, CO

OFFERING MEMORANDUM

C O N T A C T S

DREW ISAACSenior Vice President Investments

[email protected]

KAITLIN O’MALLEYDirector of Operations

[email protected]

KENDALL KLINEMarketing Coordinator

[email protected]

NIKKI BRITAMarketing & Operations Associate

[email protected]

BRIAN BAILEYVice President Investments

[email protected]

E 120TH AVE E 120TH AVE C

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WALGREENSWALGREENS

MCDONALD’SMCDONALD’S

WOODGLENWOODGLENELEMENTARYELEMENTARY

STELLARSTELLARELEMENTARYELEMENTARY

AVANA EASTLAKEAVANA EASTLAKEAPARTMENTSAPARTMENTS

MAGNOLIA RIDGEMAGNOLIA RIDGEAPARTMENTSAPARTMENTS

ELMSELMSHAVEN CENTERHAVEN CENTER

NOTT NOTT LAKELAKE

CHERRY PAVILLIONCHERRY PAVILLIONPARKPARK

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify and bears all risk for any inaccuracies. Any projection, opinions, assumptions, or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Incorporated © 2019 Marcus & Millichap.

ABSOLUTE TRIPLE NET (NNN) LEASE WITH NO LANDLORD RESPONSIBILITIES

COMMENCEMENT LEASE EXP. TYPE GUARANTOR

05/09/2016 05/31/2031 NNNGrease Monkey

International Inc.

K E Y L E A S E T E R M S

G R E A S E M O N K E Y

PROPERTY OVERVIEW

Price $1,090,000

NOI $60,000

CAP Rate 5.50%

Address 12060 Colorado Blvd

City, State, Zip Thornton, CO 80602

Lot Size 0.76 AC

Building SF 1,956 SF

Year Built 2009

PROPERTY HIGHLIGHTST H O R N T O N , C O L O R A D O

LOCATED IN THORNTON, A SUBURB OUTSIDE OF DENVER THAT HAS SEEN SUBSTANTIAL GROWTH IN HOUSEHOLD INCOME AND PROPERTY VALUES

THE PROPERTY IS LOCATED ON THE CORNER OF COLORADO BLVD AND 120TH AVE - COMBINED VEHICLES PER DAY REACHES OVER 58,000

INTERNET RESISTANT TENANT - AN ADVANTAGE IN THE CHANGING RETAIL LANDSCAPE

CORPORATELY GUARANTEED LEASE WITH A STRONG CREDIT TENANT

CURRENT LEASE TERM HAS 11 YEARS REMAINING WITH TWO RENT ESCALATIONS LEFT

PROPERTY HIGHLIGHTS

L E A S E A B S T R A C T


START DATE END DATE OPTION MONTHLY AMOUNT ANNUALIZED AMOUNT RENT/SF

05/09/2016 04/30/2021 PRIMARY LEASE TERM $5,000 $60,000 $30.67



05/01/2031 05/31/2036 1 $6,211 $74,532 $38.10

05/01/2036 05/31/2041 2 $6,677 $80,124 $40.96

TENANT NAME GREASE MONKEY

ADDRESS 12060 COLORADO BLVD

CITY, STATE, ZIP THORNTON, CO 80602

INITIAL LEASE TERM 15 YEARS

RENT COMMENCEMENT DATE 05/09/2016

EXPIRATION DATE 05/31/2031

LEASE TERM REMAINING 11 YEARS

LEASED SF 1,956 SF

LEASE TYPE ABSOLUTE TRIPLE NET (NNN)

INCREASES EVERY 5 YEARS, CPI, MIN 7.5%, MAX 12.5%

OPTIONS 2 x 5-YEAR OPTIONS

GUARANTOR GREASE MONKEY INTERNATIONAL INC.

Grease Monkey International Inc. is a Colorado company incorporated in September 1978 for the sole purpose to franchise quick lube centers throughout the United States and selected countries internationally. As one of the nation’s largest franchisers of automotive preventative maintenance centers, Grease Monkey has over 300 locations in the United States, Latin America, and China. They offer a complete line of fluid, filter and other automotive maintenance services. With each full service oil change, Grease Monkey provides a complete review of the vehicles maintenance needs according to the owner’s manual.

In July 2012, Mr. John Adams joined Grease Monkey as President and CEO with over 25 years of experience in the franchise industry. Prior to joining Grease Monkey, Mr. Adams was the President of Big O’ Tires for eight years, where he oversaw growth of the brand from 220 units to 574 units. Mr. Adams added 155 Big O’ Tires locations in 2001 to 2003, significantly stripping the previous run rate of 20 stores per year.

Dallas-based private equity firm, CenterOak Partners, LLC announced in November 2017 that they acquired FullSpeed Automotive, which includes Grease Monkey, SpeeDee, and MonkeyShine car wash. CenterOak’s senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed over 00 acquisitions, representing more than $3.3 billion in transaction value.

G R E A S E M O N K E YT E N A N T & L O C A T I O N O V E R V I E W


Thornton, Colorado is a home rule municipality in Adams and Weld counties in Colorado. Located in the northeast quadrant of the Denver-Aurora-Broomfield metro, Thornton sits just 10 miles from Downtown Denver. According to the most recent United States census estimates, the 2020 population of Thornton is 139,436 and is said to be the 213th most populous city in the United States. Up until 1953, Thornton consisted solely of farmland until Sam Hoffman purchased a lot off Washington Street, about seven miles north of Denver. Today, the city of Thornton has a total area of 27.2 square miles, 26.9 of which is land, and 0.3 water.

Key drivers of the region’s economy include aerospace, bioscience, energy, financial services, healthcare, aviation, technology and software development, and telecommunications. There are more than 400 aerospace companies and suppliers in the metro. With such a rapid rate of growth, the Denver-Aurora-Broomfield metro is set up for great economic growth.

Thornton has experienced an unprecedented growth in property values over the last year. Median Home Value soared by 11% up to $262,100, this growth rate was one of the highest any sub-market in Colorado has seen. Household Income also grew at a notable rate of 5.91% with median income reaching $73,517 which is nearly 20% higher than the national average.

D E M O G R A P H I C S


$95,365Average Household Income

(3-Mile Radius)

33.9Median Age

(3-Mile Radius)

75,401Daytime Population

(3-Mile Radius)

% WHITE POPULATION 79.55% 77.48% 76.05%

% BLACK POPULATION 1.88% 2.09% 1.98%

% ASIAN 4.18% 5.35% 4.92%

% AMERICAN INDIAN, ESKIMO, ALEUT 1.18% 1.14% 0.43%

% HAWAIIAN OR PACIFIC ISLANDER 0.16% 0.15% 0.13%

% MULTI-RACE 4.39% 4.56% 4.31%

% HISPANIC 25.01% 27.26% 31.55%

% OTHER POPULATION 8.66% 9.23% 11.43%

% MALE POPULATION 49.72% 49.42% 49.68%

% FEMALE POPULATION 50.28% 50.58% 50.32%

P O P U L A T I O N B Y R A C E 1 M I LE 3 M I LES 5 M I LES

$200,000 OR MORE 3.70% 4.22% 4.85%

$150,000 - $199,999 7.09% 7.70% 7.13%

$100,000 - $149,999 26.21% 22.94% 21.67%

$75,000 - $99,999 25.18% 21.26% 19.58%

$50,000 - $74,999 19.06% 19.22% 19.31%

$35,000 - $49,999 9.56% 10.40% 11.04%

$25,000 - $34,999 4.47% 6.00% 6.62%

$15,000 - $24,999 1.95% 4.35% 5.07%

$10,000 - $14,999 1.48% 1.84% 2.23%

UNDER $9,999 1.29% 2.06% 2.50%

H O U S E H O L D S B Y I N C O M E 1 M I LE 3 M I LES 5 M I LES

H O U S E H O L D S 1 M I LE 3 M I LES 5 M I LES

2024 PROJECTION 7,896 46,941 88,080

2019 ESTIMATE 7,616 44,505 83,146

GROWTH 2019 - 2024 3.67% 5.47% 5.93%

2000 CENSUS 5,473 27,391 54,239

2010 CENSUS 7,032 39,767 73,628

GROWTH 2000 - 2010 28.49% 45.18% 35.75%

P O P U L A T I O N

2024 PROJECTION 21,110 128,513 243,167

2019 ESTIMATE 20,557 122,412 230,189

GROWTH 2019 - 2024 2.69% 4.98% 5.64%

2000 CENSUS 15,842 77,904 151,326

2010 CENSUS 19,274 110,657 206,052

GROWTH 2000 - 2010 21.67% 42.04% 36.16%

1 M I LE 3 M I LES 5 M I LES

C O N F I D E N T I A L I T Y& D I S C L A I M E R N O T I C E


NON-DISCLOSURE NOTICEThe information contained in the following marketing package is proprietary and strictly confidential. It is intended to be reviewed by only the party receiving it from Marcus & Millichap Real Estate Investment Services and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This marketing package has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this marketing package has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

DO NOT CONTACT TENANTAll property showings are by appointment with the listing broker or landlord only. Under no circumstances, should any prospective purchaser or related entity contact the tenant or any of the employees at these stores. Recipients of this marketing package acknowledge that such contact may damage the tenant’s operation which would impair the financial results. Landlord reserves the right to seek legal redress for any damage that may occur from such interference with landlord’s relationship with tenant.

NET LEASE DISCLAIMERMarcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this marketing package has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty, or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This marketing package is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions, or estimates used in this marketing package are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial, and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee for future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental, or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this marketing package, you agree to release Marcus & Millichap Real Estate Investment Services

and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or

purchase of this net leased property.

GREASE MONKEY12060 COLORADO BLVD

THORNTON, CO

Documents

GREASE MONKEY - LoopNet€¦ · of automotive preventative maintenance centers, Grease Monkey has over 300 locations in the United States, Latin America, and China. They offer a complete