Access Holdings - Flagship Carwash SLB - White Plains, MD_Property for Sale

10765 Wawa Lane, White Plains, MD, 20695, US

Access Holdings - Flagship Carwash SLB - White Plains, MD

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

HK$42,905,000

Cap rate

6.65%

NOI

HK$2,854,000

WALT

20 years

Building area net

5,367 sf

Year built

2023

Land area gross

1.12 acres

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