The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Jiffy Lube located at 1206 Route-130 in Cinnaminson, New Jersey for $1,444,444. \u00a0This was the lowest cap rate for any sold Jiffy Lube property in 2021 according to Costar.<\/p>\n
The 4,000 square foot lowest cap rate Jiffy Lube property is located within a trade corridor immediately off of Route 130 (67,400 VPD), which is a primary east-west thoroughfare. Retailers occupying the corridor include: Walmart Supercenter, Sam\u2019s Club, Caliber Collision, Starbucks, Verizon, Rite Aid, U-Haul, and many more. Cinnaminson High School is also within proximity to the property and has over 800 students enrolled. There are 302,491 people living within five miles of the property earning an average annual household income of $90,890. The affluent area surrounding the property boasts an average annual income of $140,000 within one mile. The property is less than twenty minutes from Philadelphia.<\/p>\n
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 franchised service centers throughout North America and Canada, serving approximately 24 million customers annually.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a Northeast-based individual and buyer was in a 1031 exchange.<\/p>\n
\u201cSingle tenant assets leased to e-commerce resistant tenants like Jiffy Lube continue to garner significant investor interest\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cCorporate guaranteed locations inspire investor confidence.\u201d<\/p>\n