O’FALLON, MO – [December 16, 2021] – Blue West Capital has completed the sale of a single tenant net leased Jiffy Lube property located at 4221 Highway K in O’Fallon, MO for $887,000. Brandon Wright and Zach Wright, of Blue West Capital, exclusively represented the seller and procured the buyer. The seller was a private investor based in Florida and the buyer was a family office located in North Carolina.
The Jiffy Lube property is located within an affluent suburb of St. Louis with average annual household incomes in excess of $145,000 within one mile. The property is positioned within a strong retail corridor that includes QuikTrip, Taco Bell, Dunkin’ Donuts, Waterway Carwash, Culver’s, Popeyes, Wendy’s, and many others. The all-brick building is located along Highway K just north of Interstate 64.
Jiffy Lube has approximately four years remaining on an original 20-year lease. The property is operated by Team Car Care, the largest Jiffy Lube franchisee in the country with over 520 locations. Jiffy Lube is a leading provider of automotive preventative services and has more than 2,000 locations nationally.
“Most lube center properties qualify for accelerated bonus depreciation which has contributed to substantial investor interest in these property types. This is the second lube center property we have sold in as many weeks,” stated Brandon Wright, Associate.
“Single tenant properties featuring older leases and low rents are highly sought after amongst net lease investors,” added Zach Wright, Director & Partner.
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