SNL Sells Take 5 Oil Change at Aggressive Cap Rate
Kyle Varni Facilitates Successful Deal with a 1031 Buyer
July 23,2024 – Secure Net Lease, recognized for its expertise in investment real estate, facilitated the sale of a Take 5 Oil Change in San Angelo, Texas. This property was sold at an aggressive cap rate to a private investor from Illinois.
“This particular Take 5 was priced very competitively. We ended up working with a buyer’s broker we’ve partnered with on multiple transactions, and he connected us with a qualified 1031 exchange buyer who secured a small amount of financing, and the transaction went smoothly,” Varni said.
This 1,421 square-foot building sits on 0.4 acres on a high traffic corner right off of US-67. The property is located in an affluent area of San Angelo, TX with nearly 95,500 people living within 5 miles. It is also adjacent to the biggest high school in San Angelo, Central High School, and only 1.5 miles from Angelo State University. Combining that with the close proximity to Downtown, a strong and consistent consumer base is conveniently provided.
“Compared to other deals in secondary markets in Texas, we closed at a more aggressive cap rate. Overall, working with the buyer’s broker and loan broker was seamless, and the deal was completed without any major issues. The broker’s buyer control and experience helped us find a solid 1031 exchange buyer,” the agent concluded.
The successful sale of the Take 5 Oil Change in San Angelo highlights Secure Net Lease’s continued ability to close deals at competitive cap rates, even in a dynamic market. With the collaboration between brokers and a well-qualified 1031 exchange buyer, the transaction was completed efficiently.
With over 1,000 locations and $1.29M in annual sales, Take 5 Oil Change has been awarded the #1 spot in customer satisfaction for aftermarket quick oil changes two years in a row. Also, over the last two years their brand has doubled in size and has hundreds of franchised locations in their pipeline.
About Secure Net Lease
Secure Net Lease is a nationally recognized brokerage firm with offices in Dallas, TX and Los Angeles, CA that specializes in the acquisition and disposition of investment real estate. With over 100 years of collective experience, over $7.4B in sales, and transaction history in 48 states, Secure Net Lease consistently ranks among the top 10 of all brokerage firms nationally within their niche. Secure Net Lease works with developers, tenants, private and institutional owners to achieve market-setting cap rates for single- and multi-tenant net lease investments across the nation. Historically, 88% of Secure Net Lease offerings are new construction leased to nationally known tenants with 10+ years remaining on the primary term.
Compared to other deals in secondary markets in Texas, we closed at a more aggressive cap rate.
