IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $1.23 million sale of a single-tenant property occupied by Jiffy Lube (top left photo).
Built in 2005, the 1,947 square foot property is located at 115 E. Van Buren Street in Avondale (Phoenix area).
Jeff Conover (middle right photo), senior managing director with Faris Lee Investments represented the seller, Los Angeles-based Camden Holdings. The buyer who paid all-cash was Graham Real Estate Two LLC from Tacoma, WA and was represented by Steve Brown of Lake Chelan Real Estate.
“Faris Lee’s marketing strategy for this NNN leased property was to obtain mass market exposure across the nation through our proprietary database of buyers and sellers,” said Conover. “We identified an all-cash investor from out of state and made the sale at 99 percent of list price. The transaction also sold at a high price per square foot of $632.”
Jiffy Lube is the largest system of franchised and company operated service centers in the fast-lube industry, servicing approximately 27.5 million customers each year, with more than 2,000 service centers in North America. The tenant (Phoenix Lubrication Services, Inc.) and its affiliates, own/operate 50 plus Jiffy Lube facilities throughout the Phoenix metro area.
“The property has more than ten years remaining on its long-term lease and with rental increases every five years, which helps the owner hedge against inflation,” said Conover. “Single tenant properties in densely populated areas such as this offer an investor a passive return as they can own a tangible asset and feel they are taking on less risk than other more variable investments such as stocks and bonds.”
The property is located at the very busy intersection/southeast corner of Van Buren St. and Central Ave. (over 44,000 vehicles per day). Jiffy Lube is strategically located adjacent to a Circle K and a car wash and has unobstructed street visibility on Van Buren Street.
A 99¢ Only-anchored shopping center and Wells Fargo Bank are located directly across the street. The densely populated market area has more than 72,000 people plus another 44,000 daytime/employee population within three miles of the Jiffy Lube property.
Conover also noted that Faris Lee Investments has recently put two more oil change properties on the market in Arizona including Valvoline Oil Change located in Lake Havasu for $1,454,000 and Jiffy Lube in Avondale (Phoenix) for $1,300,000.
Contact:
Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
