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3/07/23
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A 5.3k sf, single-tenant property occupied by Grease Monkey in Monument, CO, sold for $3.06 mil, or $577/sf. The property is situated on a 0.43-acre parcel at 213 W. Hwy 105, at the hard corner, signalized intersection of Hwy 105 and 2nd St in monument, a town in El Paso County, approximately 50 miles south of Denver.
The building, constructed in 1995 and renovated in 2007, is located just off Interstate 25’s 2nd Street exit, with 73,000 cars per day on Interstate 25. Neighboring tenants include Safeway, Walgreens, 7-Eleven, Starbucks, McDonald’s, Taco Bell, Arby’s, and many more.
We’re told the sale achieved the highest reported purchase price for a Grease Monkey in the past three years. Austin Blodgett and Jonathan Schiffer with RealSource Group, in association with ParaSell Inc, represented the seller, a private investor based in Monument, CO. The buyer was a private real estate investment firm based in Houston.
“We generated multiple offers within the first few weeks of marketing the property for sale and procured an all-cash, non-1031 buyer for a quick closing,” Blodgett said. “The new 10-year initial lease term with 10% rental increases every five years guaranteed by the nation’s largest privately-owned franchisor of oil change centers was very appealing to investors.”
Blodgett reports that the property is unlike anything that was on the market. “In addition to the strong real estate, this site had an express car wash attached to the lube center, which is not only a source of added revenue for the tenant, but also provides bonus depreciation benefits for the buyer. An express car wash is not something you would normally see on an oil change site like this one.”
The property seller once owned an oil change and car wash business on the site. “The seller sold his business to Grease Monkey a few years prior but kept the real estate and signed a new long-term lease with Grease Monkey,” Blodgett remarked. “The seller felt now was the best time to sell the property and exchange it for a longer lease-term property with zero landlord responsibilities for his retirement.”
According to Blodgett, the buyer plans to hold the property in its portfolio as a long-term, cash-flowing investment.
Grease Monkey, along with sister company SpeeDee, are part of FullSpeed Automotive®, one of the largest and fastest-growing quick lube organizations not owned by an oil company. Based in Denver, Colorado, Grease Monkey has been in operation since 1978 and has almost 500 stores in the U.S. and China, Colombia, Mexico, and Saudi Arabia. Founded in 1980, SpeeDee has 185 stores in the U.S. and Mexico.
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