TUCSON, ARIZONA, March 28, 2023 -- The Jiffy Lube commercial property at 4465 W Ina Rd in Marana sold for $1.3 million ($634.15 PSF) in a net leased sale. The 2,177-square-foot building has operated on a .39-acre parcel at this location since 1986. Recently signing a lease renewal with 11+ years remaining and four 5-year options demonstrates the strength and profitability of this location.
Well positioned on Ina Road with 37,700 VPD, it has excellent Interstate 10 access with an additional 111,042 VPD.
Many automotive service-oriented businesses are nearby, including Advance Auto Parts, Pep Boys, Clean Freak Express Car Wash, Big Brand Tire & Service, and Discount Tire. Other nearby retailers include Lowe’s Home Improvement, Target, McDonald’s, Chick-fil-A, Starbucks, and Dutch Bros.
Jiffy Lube is a leading provider of automotive preventive maintenance such as oil changes, tire rotation, and more.
Jiffy Lube net leases offer investors long-term leases with plenty of rental increases. The NOI becomes very significant due to the compounding effect of annual increases. Most Jiffy Lube leases are triple net, leaving the investor with no landlord responsibility. Each location is owned and operated by a franchisee; however, some leases will carry a corporate guarantee. Jiffy Lube's buildings can be difficult to repurpose for other non-automotive care purposes. Even with difficulty repurposing the location if Jiffy Lube should leave, they remain a popular investment because of the solid recession-proof nature of the automotive sector.
Jiffy Lube has been leading the automotive servicing industry for over 35 years. In 1979, Jiffy Lube created the first drive-through service bay to make oil changes quicker for customers. Putting the customer first, Jiffy Lube was the first to introduce the window sticker to remind customers when they are due for their following oil change.
Today, Jiffy Lube helps 20 million customers yearly from more than 2,000 locations. At the same time, Jiffy Lube is headquartered in Houston, Texas. Jiffy Lube is a subsidiary of Pennzoil, which is owned by Shell Oil (NYSE: RDS.A).
Jeremy Schneider and Eric Carlton with Colliers International (Irvine, CA) represented the seller, The Niki Group of San Diego, and the buyer, SAAAX2, LLC of Los Angeles, CA, had legal representation.
To learn more, see RED Comp #10544.