Net Lease Jiffy Lube Property Sale Arranged Date May 5, 2022
The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net lease Jiffy Lube property located at 317 West North Street in Kendallville, Indiana for $1,425,000.
The 2,302 square foot net lease Jiffy Lube property is located within a trade corridor immediately off of West North Street (18,200 VPD), which is a primary east-west thoroughfare. The property is directly across from Kroger, Dollar General, and Chase Bank. Other tenants occupying the area include CVS Pharmacy, McDonald’s, KFC, Arby’s, Tractor Supply Company, Walgreens, and several others. There are 15,791 people living within five miles of the property earning an average annual household income of $63,344. The property is one half mile from IN-3, a primary thoroughfare connecting to Fort Wayne, Indiana.
Jiffy Lube is an American brand of automotive oil change shops founded in Utah in 1971. It has been a subsidiary of Dutch Shell Oil (S&P: A+) since 2002, and is headquartered in Houston, Texas. Jiffy Lube consists of more than 2,000 service centers throughout North America, serving approximately 24 million customers annually.
Randy Blankstein and John Feeney of The Boulder Group represented both sides in the transaction. The seller was a Texas based real estate fund. The buyer was a Midwest based real estate investor.
“Single tenant assets leased to e-commerce resistant tenants like Jiffy Lube continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “The franchisee added a third service bay in 2016 which increased sales substantially and the site’s long-term viability.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2011-2021, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.comBack