Lloyd Superblock
1380 NE Multnomah St, Portland, OR, 97232, US
18,332 m²
Asset Description
Jones Lang LaSalle Americas, Inc.(“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a single-tenant Flagship Carwash facility located at 10765 Wawa Lane, White Plains, MD (“Property” or “Asset”). The Asset features a corporate guaranty from the Flagship Holding Company, LLC, the #1 market-leading car wash brand in the DC Metro with 37 locations and over 125,000 active subscription members.
Upon close, ownership will execute a new 20-year lease agreement with Flagship Holding Company, LLC (the “Tenant”) and receive $366,667 in annual rent, contractual rent escalations of 1.50% annually, zero landlord expense responsibilities, and 4, 5-year renewal options.
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Attributes
Asking price
A$8,488,000
Cap rate
6.65%
NOI
A$565,000
WALT
20 years
Building area net
499 m²
Year built
2023
Land area gross
0.45 ha
Media
Investment Highlights
- Optimal Lease Economics: Subject to a 20-Yr Absolute NNN Lease with 1.50% rent bumps every year, and (4) 5-Yr renewal options
- This Property shares access to a highly-trafficked Wawa Convenience Store
- 37+ unit corporate guaranty from Flagship Holding Company, LLC that has 125,000 active recurring members
- Strategically positioned near two additional Flagship locations, creating a "competitive moat" to greater Waldorf, MD
- Accelerated tax savings through cost segregation study -- 60% in 2024
- Property is directly exposed to 68,700 VPD at the intersection of US-301 N and Billingsley Rd
- Submarket growth of 28.9% since 2010
Contact brokers
Access Holdings - Flagship Carwash SLB - White Plains, MD (0 Properties)
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Last updated
21 Oct 2024
