Specification
Features
1255 E Lafayette St
Offering Memorandum Take 5 Oil Change
Cushman & Wakefield | Boerke is pleased to present for sale Take 5 Oil Change located in Tallahassee, FL. This location executed a fifteen (15) year absolute net lease that terminates on February 6th, 2034 and features zero landlord responsibility. The lease for every location is corporately guaranteed by Driven Systems, LLC. Driven Brands was acquired by Roark Capital in 2015, an Atlanta based private equity firm with approximately $11 billion in equity capital raised since its inception.
- Absolute net structure
- NO landlord responsibility
- Internet resistant tenant
- Driven Systems, LLC ($540,000,000.00 NET WORTH) guaranty
- 10% rental escalations every five (5) years
- Located in Tallahassee, FL
- Location has been rebranded with Take 5 corporate trade dress
Basic Details:
Tenant / Guarantor Take 5 / Driven Systems LLC
Business Type Oil change
Site Size 0.52 AC / 22,651 SF
Initial Lease Term Fifteen (15) years
Extension Options Three (3) – five (5) year options
Lease Commencement 2/7/2019
Lease Expiration 2/6/2034
Rent Increases 10% every five years
Lease Type Absolute triple net
Net Operating Income (NOI) $54,200.63*
Cap Rate 6.00%
Pricing $904,000*
*NOI and Price are based on a rent increase taking place 2/7/2024. Seller will credit the Purchaser the difference in rent at closing.