Millenia Partners | Wright Investment Group
Commercial Real Estate
Exclusive Investment Opportunity
Net Lease Investment | Morrow, GA
Asking Price:
$3,550,000
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Table of Contents
Virginia I. Wright, CCIM
Executive Summary
3
Investment Overview
4
Lease Abstract
5&7
Rent Schedule
6&8
Tenant Overview
9 &10
Maps & Aerials
11-12
Location Overview
13
Market Overview
14
Principal & Director | Atlanta Office
Demographics
15-17
Broker Profile
18
Confidentiality Agreement
19
Millenia Partners | Wright Investment Group
Atlanta Office (470) 239-7769
VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
GA License #295964
Atlanta Office
11175 Cicero Drive, Suite 100
Alpharetta, GA 30022
Pg. 2
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Executive Summary
Tidal Wave Car Wash, with its first location in Jonesboro, GA, operates auto spas throughout
the Southeastern United States including spas in South Carolina, Florida, and Georgia. Tidal
Wave was selected small business of the year in 2009 with a strong and respected business
model. Grease Monkey International, Inc. is the nation's largest independent franchisor of
automotive oil change centers serving more than 2 million customers each year.
The subject property, located at 6163 Jonesboro Rd, Morrow, GA 30260, consists of two
buildings totaling 4,578 sq ft and sits on 1.155 acres off Interstate 75. The property is occupied
by two tenants; Tidal wave operates a 3,078 sq ft building while Grease Monkey operates the
neighboring 1,500 sq ft building. The property benefits from easy access off Interstate 75,
165,000+ residents in a 5-mile radius, and the limited competition in the area.
Tidal Wave is signed to a 15-year absolute NNN lease that commenced in January 2014.
There are 7.5% rental increases every five years, and four (4) - 5 year options. Tenant is
responsible for all expenses related to the property including CAM, taxes, insurance, and
HVAC.
Grease Monkey is signed to a new 15-year absolute NNN lease that commenced in June 30,
2015. There are 10% rental increases every 5 years, and two (2), 5-year renewal options.
representative photo
Pg. 3
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Investment Overview
Investment Highlights
Property Summary
Address
6163 Jonesboro Rd,
Morrow, GA 30260
County
Clayton
APN
12143C B009
Building Area
4,578 Sq Ft
Land Area
1.155 +/- Acres
Year Built
1969
‣ Tidal Wave Selected Small Business of the Year
in 2009
‣ Grease Monkey is the Nation's Largest
Independent Franchisor of Automotive Oil
Change
‣ Tidal Wave Shows Constant Growth in
Southeast, While Grease Monkey Operates
Over 300 Centers in US Alone
‣ 15 Year Absolute NNN Lease with Options
‣ Rent Increases Every 5 Years and in Options
Location Highlights
‣ Surrounded by National and Regional
Restaurants and Retailers
‣ Less than 1/2 a Mile From Clayton State
University
‣ Southeast Region Branch of the U.S. Archives
‣ Located 1/2 a Mile off Interstate 75
Financial Summary
Sale Price
$3,550,000
Price / Land Sq Ft
$73.52
Current NOI
$231,190
Cap Rate
6.50%
S&P
NA
Market Highlights
‣ Strong Demographics
‣ Population of Over 165,000 Within 5 Miles
‣ Booming Retail Industry and Thriving University
Campus Life
‣ Steady Growth in Population and Business
‣ Commercial and Retail Base Generates
Considerable Sales Tax Revenue
Pg. 4
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Lease Abstract
Lease Summary
Estimated Operating Information
Tenant Trade Name
Tidal Wave
Lease Guarantor
Tidal Wave
Lease Term
15 Years
Income
Gross Potential Rent
Effective Gross Income
Lease Term Remaining
13 Years
Lease Commence
January 1, 2014
Lease Expiration
Dec 31, 2028
Lease Type
NNN
Renewal Options
Four (4) - Five Year
Rent Increases
7.5% Every Five Years and
in Options
Current Annual Rent
144,000.00
Rent / Sq Ft
$46.78
Repairs & Maintenance
Paid by Tenant
Property Tax
Paid by Tenant
Insurance
Paid by Tenant
Roof & Structure
Paid by Tenant
$144,000.00
$144,000.00
Less: Expenses
Net Operating Income
$144,000.00
Pg. 5
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Rent Schedule
Lease Year
Date
Annual Rent
Monthly Rent
1-5
Thru 12/31/2018
$144,000.00
$12,000.00
6 - 10
1/1/2019 - 12/31/2023
$154,800.00
$12,900.00
11 - 15
1/1/2024 - 12/31/2028
$166,410.00
$13,867.50
1/1/2029 - 12/31/2033
$178,890.75
$14,907.56
1/1/2034 - 12/31/2038
$192,307.56
$16,025.63
1/1/2039 - 12/31/2043
$206,730.62
$17,227.55
1/1/2044 - 12/31/2048
$222,235.42
$18,519.62
Option 1
16 - 20
Option 2
21 - 25
Option 3
26 - 30
Option 4
31 - 35
Pg. 6
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Lease Abstract
Lease Summary
Estimated Operating Information
Tenant Trade Name
Grease Monkey
Lease Guarantor
Grease Monkey of Georgia,
LLC
Lease Term
15 Years
Lease Term Remaining
14.5 years
Lease Commence
June 30, 2015
Lease Expiration
June 30, 2030
Lease Type
NNN
Renewal Options
Two (2) - 5 Year Options
Rent Increases
10% Every 5 Yrs and in
Options
Current NOI
$87,190.00
Rent / Sq Ft
$49.68/ Sq Ft
Repairs & Maintenance
Paid by Tenant
Property Tax
Paid by Tenant
Insurance
Paid by Tenant
Roof & Structure
Paid by Tenant
Income
Gross Potential Rent
$87,190.00
Current Annual Rent
$74,520.00
Additional Rent
$12,670.00
Net Operating Income
$87,190.00
representative property
Pg. 7
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Rent Schedule
Lease Year
Date
Annual Rent
Monthly Rent
1-5
Thru 6/30/2020
$74,520.00
$6,210.00
6 - 10
7/1/2020 - 6/30/2025
$81,970.00
$6,830.00
11 - 15
7/1/2025 - 6/30/2030
$90,160.00
$7,510.00
7/1/2030 - 6/30/2035
$99,170.00
$8,260.00
7/1/2035 - 6/30/2040
$109,080.00
$9,090.00
Option 1
16 - 20
Option 2
21 - 25
*Additional rent: $1,055.83 per month representing a fixed price for certain monthly costs Pg. 8
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Tenant Overview
History
In 2004, Scott Blackstock opened his first Tidal Wave Auto Spa on Riverdale Road, just south of
the Hartsfield-Jackson Atlanta International airport. The rest is car wash history. His car wash
business, which stared with two part-time employees and one location, rapidly grew to over 100
full and part-time employees and 11 car washes by 2009.
Blackstock’s success may also be credited to careful site selection - the right traffic counts,
demographics, and other criteria - and an unstinting commitment to professional landscaping and
attractive construction.
Stores
Within months of opening, Tidal Wave was one of the busiest car washes in the entire Southeast.
Since then, Tidal Wave has opened auto spas throughout the Southeastern United States
including spas in South Carolina, Florida, and Georgia.
Financial
Scott Blackstock’s company, which
includes Tidal Wave and other entities,
saw sales grow from $271,000 in 2004
to more than $12.8 million by 2015.
With rapid growth, Tidal Wave adopted
a unique business model and
employment opportunity for aggressive,
business-minded people who want the
experience and rewards of owning their
own wash, without the capital to start
their own business. Tidal Wave's Site
Leader Program allows the Site Leader
to control their own wash, including
managing expenses, payroll, insurance,
and hiring.
In September of each year, Tidal Wave Auto Spas designate the third Friday as Charity Day.
100% of all proceeds from all sales made that day are donated to special needs charities. Last
year Tidal Wave donated over $26,000 to these charities.
Pg. 9
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Tenant Overview
History
Initially, Grease Monkey International, Inc. operated as a subsidiary of Grease Monkey Holding
Corporation. On December 31, 2013, Grease Monkey Holding Corporation was merged into Grease
Monkey International (GMI), with GMI being the surviving corporation.
In September 2013, Grease Monkey announced it acquired the assets and franchise contracts of
LubePro’s International, a 30-store chain of fast lubrication and automotive maintenance centers
located in Illinois, Minnesota, Tennessee and Wisconsin
Stores
Headquartered in Denver Colorado, Grease Monkey currently has more than 300 centers operating
in the United States, Latin America, and China.
Financial
Grease Monkey is not tethered to a
specific oil company such as quick-lube
sites operated, for instance, by Valvoline.
Grease Monkey International makes its
revenue stream from franchise and royalty
fees, which allows them to use private
branded oil if they choose. This provides a
big savings over name-brand lubricants.
Preventive Maintenance Center/Car Wash
Businesses, like Grease Monkey and Tidal
Wave, can be an extremely profitable
venture with the cross-over and referral
representative property
business between the two businesses.
The marriage of capabilities between the
two centers creates a certain synergy
resulting in a higher level of customer
satisfaction for both, as well as a uniquely streamlined and efficient management process. By
combining the two businesses, offering complementing services to the same customer base, these
operators are maximizing their profitability and the potential for higher returns on their investment.
Pg. 10
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Retail Map
6163 Jonesboro Road,
Morrow, GA 30260
Pg. 11
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Location Maps
6163 Jonesboro Road,
Morrow, GA 30260
Pg. 12
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Location Overview
The City of Morrow, Georgia
Now a city with over 6,000 residents, a
booming retail industry and a thriving university,
Morrow started out simply as Morrow Station, a
stop on the line between Jonesboro and Atlanta
back in 1846.
In 1968, Clayton Junior College opened within
the city. It later received senior college status in
1986, and was renamed Clayton State College.
Now known as Clayton State University, the
institution offers many career training courses
and community service activities in addition to
four year degrees in a variety programs.
Clayton State University is known for its
innovative uses of technology in higher education. The City of Morrow has been a partner with the
university and continues to be very supportive of the institution's effort to bring student housing to the
commuter campus.
Today, the city of Morrow blends its appreciation of history and heritage with an excitement for the
future. Though it boasts fewer than 10,000 residents, the city claims state-of-the-art Clayton State
University, a branch of the U.S. Archives, the main
campus of the Georgia Archives, a wooded
preserve and a world-renowned acoustically
stunning performance facility, Spivey Hall.
The City of Morrow has transformed from rural
railroad acreage to a modern arena for lovers or
art, music, history and outdoor recreation.
Pg. 13
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Market Overview
The population in Morrow grew slowly at first, hitting 580 in 1960. Then, the growth picked up speed as
the city was transformed from a farming community to a center for business and retail. Growth has not
slowed in the city of Morrow, which is now home to over 6,000 residents.
Concurrent with this increase in residential growth, the city has developed an industrial and commercial
base for the city, including Morrow Industrial Park, Southlake Mall, and a string of new retail and
restaurant developments along Mt. Zion Road. All of these operations are within the city limits and are
considered by many to be the economic engine for the Southern Crescent. The commercial and retail
base generates considerable sales tax revenue, enough that the city council was able to wipe out
property taxes altogether several years ago.
2015 Demographics (STDB)
1 Mile
Population
8,639
Households
3,106
Average Household Income
$45,125
3 Mile
Statistics
Morrow,GA
Population
67,605
Population
6,715
Households
23,875
Median Age
35.0
Average Household Income
$43,228
Median Home Value
$81,248
Median Household Income
$47,364
Population
165,007
Average Household Size
2.78
Households
58,900
Area
3.39 Sq Mi
Average Household Income
$46,168
5 Mile
Pg. 14
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Demographics
Pg. 15
Virginia I
Wright,
CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Millenia Partners | Wright Investment Group
Commercial Real Estate
Demographics
Pg. 16
Virginia I
Wright,
CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Millenia Partners | Wright Investment Group
Commercial Real Estate
Demographics
Pg. 17
Virginia I
Wright,
CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Millenia Partners | Wright Investment Group
Commercial Real Estate
Broker Profile
Virginia I. Wright
Virginia is Principal and Director of the Atlanta office of Millenia Partners
Capital Group, bringing over 25 years of marketing, communications, finance,
sales, and operational management experience to the firm. Specializing in
the single tenant net lease retail segment, she is also experienced in
industrial and medical as well as sale leasebacks. Throughout her real estate
career, Virginia has developed exceptional underwriting and negotiation skills
while closing over $150MM in net lease transactions in 8 states.
She provides advisory, acquisition and disposition services to numerous
corporate, institutional and private clients, private equity groups, preferred
developers, franchisees, REITS, and build-to-suit specialists nationwide, with
a focus on assisting buyers and sellers through the intricacies of 1031
exchanges.
Recent Transactions Include:
Lowe’s
(Charlotte, NC)
$7,700,000
Arizona’s Steakhouse
(Lithonia, GA)
$2,730,000
Buddy’s Rents-Leaseback
(Portfolio of 9 stores)
$11,908,235
Rader Building
(Duncan, SC)
$3,295,000
Lear Building
(Duncan, SC)
$10,750,000
Medical Building
(Austell, GA)
$5,610,000
FedEx Ground
(Crestview, FL)
$6,125,000
Golden Corral
(Austell, GA)
$3,300,000
Holiday Inn
(Atlanta, GA)
$6,100,000
CVS Pharmacy
(Lawrenceville, GA)
$2,600,000
Walgreens
(Anderson, SC)
$3,800,000
As a result of her extensive transaction experience and knowledge, Virginia
has established herself as a premier broker that is committed to providing
superior client service, while embracing a philosophy of integrity and
professionalism. This has enabled her to cultivate and foster long lasting
relationships with her clients.
As a Certified Commercial Investment Member (CCIM) of the CCIM Institute,
Virginia has achieved the highest designation in the field of commercial real
estate. Only 6% of commercial real estate broker/agents nationwide have the
CCIM designation.
Virginia is also a member of various professional
organizations including the National and Atlanta Commercial Board of
Realtors, the International Council of Shopping Centers, and the CCIM
Georgia Chapter.
A Michigan native who relocated to Atlanta in 1994, Virginia received her BA
in International Business from American InterContinental University.
Professional Affiliations:
‣ Certified Commercial
Investment Member (CCIM)
‣ GA CCIM Chapter Member
‣ International Council of
Shopping Centers (ICSC)
‣ GA Real Estate License
‣ FL Real Estate License
‣ SC Real Estate License
Virginia I. Wright, CCIM
Principal & Director | Atlanta Office
Millenia Partners | Wright Investment Group
Atlanta Office (470) 239-7769
Mobile: (770) 833-5825
VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Atlanta Office
11175 Cicero Drive, Suite 100
Alpharetta, GA 30022
Pg. 18
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.
Millenia Partners | Wright Investment Group
Commercial Real Estate
Confidentiality Agreement
This Confidentiality Agreement (“Agreement”) is made and agreed to for the benefit of the undersigned party
(“Prospect”), the owner of the subject property (the “Seller”) and undersigned agent Millenia Partners, LLC
(“Broker”). Now therefore in consideration of the privileges granted to Prospect with respect to receiving
certain confidential information, and other good and valuable consideration, the Prospect hereby agrees to
the following:
I. Confidential Information:
Prospect will receive confidential information regarding property referred to as 6163 Jonesboro Road,
Morrow, GA 30260. Prospect agrees to not disclose to any person that the Property or the note may be
available for sale or lease, or that discussions or negotiations are taking place concerning a possible
purchase of the Property or the note, nor any terms, conditions, or other facts with respect to the Property or
the note, including but not limited to tenant information, lease rates, lease expirations, income and expenses,
and any such possible purchase, including the status thereof. The term “person” used in this agreement shall
be interpreted broadly and shall include, without limitation, any corporation, company, partnership or
individual other than parties to which Broker approves in writing. Prospect agrees to not contact the Seller,
the management, the tenants, the lender, the vendors, the insurers, the employees or the customers of any
business at the site.
II. Acting as a Principal
Prospect hereby warrants that it is acting as a principal only, and not as a broker or agent, regarding this
contemplated transaction. Prospect acknowledges and agrees that Millenia Partners, LLC., will act in an
agency capacity representing the Seller, and will be used as the sole broker or agent in connection with the
purchase of the property. Millenia Partners, LLC, will be paid a commission by the Seller. Prospect agrees to
not be involved in any arrangement to lease or purchase the property, in whole or in part, as a lender,
partner, buyer of the note, buy in foreclosure, buy from bankruptcy court, or in any other manner acquire an
investment in or control of the property, unless Millenia Partners, LLC is included as the selling agent and is
compensated as described herein. Prospect reserves the right to involve any lender, underwriter, equity
partners, attorney or other advisor in the transaction provided said party is paid by the Prospect, and said
party has agreed in writing to this confidentiality agreement.
III. Governing Law
This Agreement shall be governed and construed in accordance with the laws of the State of Georgia.
Accepted and agreed to this _______ day of ___________________, 20____.
Signature______________________________________
Printed Name___________________________________
Title___________________________________________
Phone_________________________________________
Fax___________________________________________
Company Name_________________________________
Address________________________________________
Email__________________________________________
Virginia I Wright
GA License #295964
Millenia Partners, LLC
Principal & Director | Atlanta Office
Office. (470) 239-7769
VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Pg. 19
Virginia I Wright, CCIM | Office: (470) 239-7769 | VWright@Millenia-Partners.com
www.WrightInvestmentGroup.com
Information contained herein may have been provided by outside sources and while deemed to be reliable, may be estimated, projected, subject to change, and/or
limited in scope, and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due diligence period.