JIFFY LUBE - Secure Net Lease
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FILE PHOTO
15-Year Corp. Abs. NNN Lease
JIFFY LUBE 10% Rent Increases Every 5 Years
$3,178,000 | 5.60% CAP
Excellent Visibility Along at Intersection of
Interstate 43 and Highway 141
4656 Calumet Street Manitowoc, WI 54220 (Green Bay) Suburb 40 Mi from Green Bay. Interstate 43 Serves
as Primary Route to the City.
FILE PHOTO
Jiffy Lube International, Inc. ("Jiffy Lube"), with more than 2,500 franchised service
centers in North America, serves over 20 million customers each year. Jiffy Lube
pioneered the fast oil change industry in 1979 by establishing the first drive-through
service bay, providing customers with fast, professional service for their vehicles.
Headquartered in Houston, Jiffy Lube is a wholly owned, indirect subsidiary of Shell Oil
Company. Visit www.JiffyLube.com to learn more about Jiffy Lube and vehicle care.
2 | SECURE NET LEASE
INVESTMENT OVERVIEW
JIFFY LUBE | MANITOWOC, WISCONSIN
$3,178,000 | 5.60% CAP CONTACT FOR DETAILS
MATTHEW SCOW
EXECUTIVE VICE PRESIDENT
$177,964 ±4,042 SF ±0.75 ACRES
NOI BUILDING AREA LAND AREA (214) 915-8888
mscow@securenetlease.com
2020 100% ABSOLUTE NNN
YR BUILT OCCUPANCY LEASE TYPE JOE CAPUTO
MANAGING PARTNER
(424) 220-6432
joe@securenetlease.com
15-Year Corporate Absolute NNN Lease. Rare NNN lease with 10% rent increases
every 5-years, starting year 6 in primary term and year 16 in options.
TIM WIMMER
Jiffy Lube is the largest and most well known fast lube company in North America ReMax Excel
with over 2,200 locations. License #: 56224-90
Strategically located at the Intersection of Interstate 43 and Calumet Ave/US Highway
151. Interstate 43 is the primary route to North to Green Bay and South to Sheboygan
and Milwaukee. This information has been secured from sources
we believe to be reliable but we make no
Excellent visibility along dense retail corridor with national retailers including Lowe's, representations or warranties, expressed or implied,
Meijer, Harley-Davidson, AMC, Walmart, Festival Foods, OfficeMax, Kwik Trip, O'Reilly as to the accuracy of the information. Buyer must
verify the information and bears all risk for any
Auto Parts, ALDI, Taco Bell, Jimmy John's and numerous hotels. inaccuracies.
Manitowoc is located along Lake Michigan and is desired and growing suburb of
Green Bay.
FILE PHOTO
SECURE NET LEASE | 3
TENANT OVERVIEW FILE PHOTO
JIFFY LUBE | MANITOWOC, WISCONSIN
JIFFY LUBE (jiffylube.com)
LESSEE: JIFFY LUBE INTERNATIONAL, INC., A DELAWARE CORPORATION
Jiffy Lube service centers are 100% franchise-operated, independently owned and
operated by 252 entity groups. The company was ranked first on National Oil and Lube
News 2011 Tops in the Fast Lubes Industry Rankings. Also, Jiffy Lube was ranked
number 15 in Entrepreneur Magazine’s 2012 Franchise 500 and number 73 on
Franchise Times 2011 Top 200 Franchise Chains by Worldwide Sales.
$1.7B The core offering of Jiffy Lube remains the Jiffy Lube Signature Service® Oil Change, a
service that offers customers more than just a standard oil and filter change. In June
REVENUE 2011, Jiffy Lube introduced a new program called Oil Change Schedule (OCS). The new
program allows Jiffy Lube customers to choose how often they have their oil changed
based on a number of variables including vehicle manufacturer recommendations,
driving habits, and road conditions. The OCS program moves away from the old model
of changing oil every 3,000 miles and provides a schedule that is unique for each
driver.
24MM+
CUSTOMERS
ANNUALLY
2,200+
TOTAL LOCATIONS IN U.S. & CANADA
4 | SECURE NET LEASE
IN THE NEWS
JIFFY LUBE | MANITOWOC, WISCONSIN
JIFFY LUBE CONTINUES TO INCREASE JIFFY LUBE , THE LEADING FAST LUBE
FOOTPRINT PROVIDER IN THE U.S., REMAINS FOCUSED ON
October 09, 2018 (Markets Insider) GROWTH
February 20, 2019 (CISION PR Newswire)
SRE Group is accelerating its growth with the opening of new Jiffy Lube service
centers in Utah, Montana and Nevada. SRE Group recently opened a new store Jiffy Lube, the industry leader in the fast lube category, is accelerating its
in Provo, Utah, marking its 29th Jiffy Lube location. The 4-bay Jiffy Lube growth in 2019, expanding into new markets and communities. Based on
Multicare facility provides expanded services including brakes, tires and engine current development plans, Jiffy Lube will open more new stores this year than
diagnostics as well as the brand's Jiffy Lube Signature Service Oil Change. the brand has opened in any given year over the past decade. Ten new
locations are slated to open in the first quarter of 2019.
Over the past 32 months SRE Group has opened six locations with plans
to open two additional by the end of 2018. SRE Group's commitment
"Our strategic growth plan aligns with one of our key brand attributes,
around growth stems from their belief in the value of the Jiffy Lube brand
which is convenience," said Patrick Southwick, President of Jiffy Lube
as well as the iconic brand's new business model, which expands service
International, Inc. "We want to ensure that Jiffy Lube meets consumers'
offerings through Jiffy Lube Multicare. "There is long-term business
needs by offering the services they need to maintain their vehicle at a
potential with the Jiffy Lube brand," said Kelly Kent, Co-CEO, SRE Group.
location convenient to their home or place of work." Chris Dykes, Director
"And, Jiffy Lube International, Inc. provides incentives and resources to
of Network Development for Jiffy Lube International, Inc. added,
help us accelerate our growth. The ability to increase our return is key in
"Whether existing or prospective Jiffy Lube franchisees are looking to
our growth decisions."
self-develop new locations, acquire locations or participate in a turn key
program, we offer several incentive programs and provide numerous
resources to support new growth."
SRE Group leadership, including Kelly Kent, Kelly Thompson and Matt Johnson,
is highly motivated to beat the competition to market to gain the long-term
business potential and return on investment that Jiffy Lube brings to its In January, three franchise-owned Jiffy Lube service centers opened in the
business owners. Southwest including Maricopa, AZ; Las Vegas, NV; and Thornton, CO.
Additionally, a new location opened in the Northeast in Allentown, PA.
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SECURE NET LEASE | 5
LEASE OVERVIEW FILE PHOTO
JIFFY LUBE | MANITOWOC, WISCONSIN
INITIAL LEASE TERM 15 Years, Plus Four, 5 - Year Options to Renew
PROJECTED RENT COMMENCEMENT January 2021
PROJECTED LEASE EXPIRATION December 2036
LEASE TYPE Corporate Absolute NNN Lease
RENT INCREASES 10% bumps every 5 years, In Primary Term & Options
ANNUAL RENT YRS 1-5 $177,964
ANNUAL RENT YRS 6-10 $195,760
ANNUAL RENT YRS 11-15 $215,336
OPTION 1 $236,870
OPTION 2 $260,557
OPTION 3 $286,613
OPTION 4 $315,274
* Rent is based on a formula that includes a of total project costs and will be adjusted accordingly upon building completion Annual
Rent shown above are estimates Consequently, the Purchase Price may change but the agreed upon CAP rate will not
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
6 | SECURE NET LEASE
FRANKLIN
ELEMENTARY
SCHOOL HALVORSEN
(402 STUDENTS) PARK
SOUTHBROOK
APARTMENTS
(144UNITS)
YORKSHIRELANE
APARTMENTS
(56 UNITS)
SECURE NET LEASE | 7
SITE OVERVIEW
JIFFY LUBE | MANITOWOC, WISCONSIN
2020
YR BUILT
±4,042 SF
BUILDING AREA
±0.75 ACRES
LAND AREA
INT
ER
NEIGHBORING RETAILERS
ST
AT
E4
Lowe's ALDI
3
Kohl's Arby's
T.J. Maxx Taco Bell
Panda Express Buffalo Wild Wings
Meijer Jimmy John's
Menards O'Reilly Auto Parts CALUMET AVENUE
Goodwill Popeyes Louisiana Kitchen
Walmart Supercenter Dollar Tree
Culver's Maurices
OfficeMax Hobby Lobby FILE PHOTO
Petco Walgreens
This information has been secured from sources we believe
to be reliable but we make no representations or warranties,
expressed or implied, as to the accuracy of the information.
Buyer must verify the information and bears all risk for any
inaccuracies.
8 | SECURE
SECURE
NET LEASE
NET LEASE | 8
LOCATION OVERVIEW
JIFFY LUBE | MANITOWOC, WISCONSIN
DEMOGRAPHICS 1-MILE 3-MILE 5-MILE
POPULATION 1,136 22,498 35,616
HOUSEHOLDS 505 10,142 16,271
AVG. HH INCOME $69,758 $60,766 $67,613
TOTAL HH EXPENDITURE $27.73 M $503.97 M $869.07 M
VIEW MAP
ECONOMIC DRIVER’S (# of Employees)
Bellin Health (3,015) Georgia-Pacific (1,760) JBS Green Bay (1,257)
Humana (2,788) UnitedHealthcare (1,741) Festival Foods (1,250)
Oneida Nation (2,739) HSHS St. Vincent Hospital (1,621) Wal-Mart Stores, Inc. (1,232)
Schneider (2,732) American Foods Group (1,548) Associated Banc-Corp. (1,125)
Aurora Health Care (2,268) Prevea Health (1,308) Green Bay Packaging, Inc. (1,125)
SECURE NET LEASE | 9
LOCATION OVERVIEW
JIFFY LUBE | MANITOWOC, WISCONSIN
MANITOWOC
WISCONSIN
33,736
POPULATION
$41,280
MEDIAN HOUSEHOLD INCOME
Manitowoc is the county seat of Manitowoc County. Manitowoc is known as Wisconsin's seat of Brown County. It is located at the head of Green Bay, a sub-basin of Lake Michigan,
maritime capital in honor of its shipbuilding past and present, located along 20 miles of at the mouth of the Fox River. With a population of more than 104,000 people, Green Bay is
western Lake Michigan coastline. The city is located on Lake Michigan at the mouth of the the third largest city in the state of Wisconsin. Green Bay is located approximately 110 miles
north of Milwaukee. Green Bay is the principal city of the Green Bay MSA, which covers
Brown, Kewaunee and Oconto counties with a population of 306,000 people. Green Bay is
Manitowoc is known as Wisconsin's maritime capital in honor of its
home to the National Football League Green Bay Packers, making it by far the smallest
shipbuilding past and present, located along 20 miles of western Lake
metropolitan area to host a major professional sports franchise. Green Bay is an industrial
Michigan coastline.
city with several meatpacking and paper plants and has a port on Green Bay. It is home to
the National Railroad Museum, the Neville Public Museum, with exhibitions of art, history,
and science and the University of Wisconsin–Green Bay. Other sites of interest include City
Manitowoc River. Since the late 1990s, several new shopping centers have opened in the city, Stadium and Lambeau Field, Heritage Hill State Park, Bay Beach Amusement Park, Wildlife
mostly on the southwest side of the city along Interstate 43, including the new Harbor Town Sanctuary and Fox River State Recreational Trail.Manitowoc is known as Wisconsin's
Center shopping complex. The downtown area has also seen a resurgence, with several new maritime capital in honor of its shipbuilding past and present, located along 20 miles of
restaurants opening, and the recent announcement of new $100,000+ condominiums on the western Lake Michigan coastline.
Manitowoc River, along with a completion of the riverwalk trail. The bulk of the
redevelopment in the city has been undertaken by the public/private partnership the GREEN BAY IS KNOWN
GREEN BAY RANKED
AS "TITLETOWN USA"
Manitowoc County Economic Development Corporation. Green Bay is a city in and the county 9TH THE 9TH HAPPIEST
CITY IN AMERICA BY
12 NFL BECAUSE THE PACKERS
LAY CLAIM TO 12 NFL
SENIORLIVING IN 2019.
TITLES.
10 | SECURE NET LEASEIN THE NEWS
JIFFY LUBE | MANITOWOC, WISCONSIN
SHEBOYGAN, MANITOWOC REGIONS RANK 15 BEST THINGS TO DO IN GREEN BAY
NATIONALLY FOR CORPORATE FACILITY (The Crazy Tourist)
PROJECTS IN 2017
March 7, 2018 (in Wisconsin) Green Bay in Wisconsin is known for being the state’s oldest settlement and in
the 1600s this area was famous for beaver pelts, paper production, and a
Two regions of Wisconsin – Sheboygan and Manitowoc – have received thriving shipping industry.
national recognition for their economic development successes in Site
To this day, these industries are still at the forefront of employment in Green
Selection magazine’s annual ranking of top metro areas in the U.S. for corporate
Bay, but visitors can also travel back to the days of old to see these firsthand at
facility investment projects in 2017.
Heritage Hill State Park.
The Sheboygan area, which had 11 projects last year, is ranked No. 6 nationally
Green Bay is also known for the Green Bay Packers, its resident football team,
among metro areas with populations of less than 200,000, a dramatic jump
from its No. 31 ranking in 2016.
As well as heritage features, this city is also home to a vibrant shopping,
dining, and nightlife scene, as well as a plethora of interesting and
Manitowoc, which had eight corporate investment projects in 2017, was educational museums.
tied for seventh place in the magazine’s 2017 ranking of the top
micropolitan areas in the U.S.
and tours of the team’s home stadium are popular here.
A micropolitan statistical area is one or more adjacent counties that have at
Other attractions include taking in the gorgeous outdoor scenery that
least one urban core area of at least 10,000 but less than 50,000 population.
surrounds Green Bay, and hiking, skiing, and snowshoeing are all popular
“I congratulate the economic development and community leaders of the pursuits in line with the changing of the seasons.
Sheboygan/Manitowoc area, as well as the companies that have made the
If you like your history then you will love this 48 acre park in Green Bay that sits
commitment to establish or expand operations in the region,” said Mark R.
nestled on the east bank of the Fox River.
Hogan, secretary and CEO of the Wisconsin Economic Development
Corporation (WEDC), the state’s lead economic development agency. “The Aside from the lush parkland, the big draw here is the heritage village which is
state of Wisconsin had a record year for economic development in 2017, and made up of twenty five restored buildings that date back to the 17th century
one of the reasons for that success is the growth that has taken place in the and are dotted all over the park
region.”
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SECURE NET LEASE | 11GREEN BAY
JIFFY LUBE | MANITOWOC, WISCONSIN
DANE COUNTY REGIONAL
AIRPORT
METRO STATISTICS
TOTAL POPULATION 306,241
GDP $20.5 B
MILLER PARK
STADIUM
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DALLAS OFFICE
10000 N. Central Expressway
Suite #200
Dallas, TX 75231
(214) 522-7200
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El Segundo, CA 90245
(424) 220-6430
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