Indiana Jiffy Lube Portfolio Changes Hands for $2.5M
- Jun 26, 2017
The Boulder Group sold a Jiffy Lube portfolio in Indiana, the two properties fetching a combined $2.4 million. The company’s President Randy Blankstein and Vice President John Feeney represented both the seller—a global real estate fund—and the buyer—a U.S.-based private investment group—in the transaction.
One Jiffy Lube site is located at 317 W. North St. in Kendallville, Ind. It is part of the city’s main retail corridor, which counts several other well-known national retailers such as CVS Pharmacy, Walgreens, McDonald’s, Chase Bank and O’Reilly Auto Parts. The property sits across from a Kroger grocery store.
The other Jiffy Lube is at 640 N. Wayne S. in Angola, Ind., adjacent to Trine University. The facility is situated at a heavily trafficked, signalized intersection, which is part of an active retail corridor that houses a CVS Pharmacy, Walmart Supercenter, Walgreens, Aldi, Wells Fargo Bank and a McDonald’s restaurant.
Both properties are newly renovated and have triple-net leases, which feature annual rental escalations in the primary term and in each of two five-year renewal option periods. The leases expire in 2032.
“Jiffy Lube properties with solid real estate fundamentals continue to be in strong demand,” said Blankstein, in prepared remarks. “Properties featuring long-term leases with multiple rental escalations throughout the primary term remain in the forefront of investor demand,” added Feeney.
Image courtesy of The Boulder Group