Mavis
Retail | 5.85% CAP | 5,866 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a brand-new Mavis investment property located at 2607 South Main Street in High Point, North Carolina (the “Property”). The building has been redeveloped for Mavis and contains 5,886 square feet. The building was completed, and Mavis opened in April of 2023. Mavis has 17+ years remaining on their lease with four (4), 5-year renewal options.
The Property is situated along South Main Street in a heavily developed commercial district that is centered around US Highways 29 and 70 in the south- end of High Point. The Property is across the street from a Walmart Supercenter and adjacent to an Aldi and enjoys outstanding visibility and frontage along South Main Street, the area’s primary commercial corridor. The Property is 0.5-miles from US Highways 29 and 70, 2-miles from Interstate 74 and 2.5-miles from Interstate 85. The trade area is surrounded by national retailers and manufacturing and warehouse properties that drive significant traffic to the area as well as a growing number of residential neighborhoods, providing a strong customer base.
Investment highlights
LONG TERM CORPORATE LEASE: The Property was redeveloped for Mavis and they opened at this location in April of 2023. Mavis has 17+ years remaining on their lease with four (4), 5-year renewal options.
FIXED RENT INCREASES: The Lease calls for attractive 10% rent increase every five years throughout the primary lease term and at the start of each of the renewal options, providing a fixed increase in income and an attractive hedge against inflation.
MINIMAL LANDLORD RESPONSIBILITIES: Mavis is solely responsible for all operating expenses including real estate taxes, insurance, common area maintenance, and repairs, making it an attractive investment for the passive real estate investor. The Landlord is responsible for the roof and Structure. The Property features a new roof with a 15-year transferable warranty.
STRONG CORPORATE TENANT: Mavis is a national leader in tire and automotive services, boasting a family of brands which include Mavis Discount Tire, Mavis Tires & Brakes, Midas, Express Oil Change & Tire Engineers, Brakes Plus, Tire Kingdom, NTB (National Tire & Battery), Town Fair Tire, and Tuffy. From tires, oil changes, brakes, alignments, and batteries, to suspensions, exhaust work, and state inspections. With more than 3,500 owned and franchised retail locations across the U.S. and Canada, Mavis serves millions of drivers each year.
STRATEGIC LOCATION: The Property is situated along South Main Street in a heavily developed commercial district that is centered around US Highways 29 and 70 in the south-end of High Point. The Property is across the street from a Walmart Supercenter and adjacent to an Aldi and enjoys outstanding visibility and frontage along South Main Street, the area’s primary commercial corridor. The Property is 0.5-miles from US Highways 29 and 70, 2-miles from Interstate 74 and 2.5-miles from Interstate 85.
AREA DEVELOPMENT: The property adjacent to Mavis is being redeveloped and includes a new 3,138 square foot free-standing Bojangles (already constructed) and a Sam’s Xpress Car Wash (under construction). The property includes two additional lots that are expected to be developed in the near future.
RECESSION RESISTANT INVESTMENT: Auto Repair, auto parts, and tire stores remain in high-demand among Net Lease investors. The U.S. auto fleet is expected to grow by more than 10% over the next 3 years, resulting in more than 300 million vehicles (with an average age of 11 years) on the road by 2025. More cars on the road, an aging fleet and more miles driven are all predictors for a healthy automotive parts and automotive repair industry.
RETAIL TRADE AREA: Area retailers and businesses driving traffic to the area include Walmart Supercenter, Food Lion, Aldi, Roses Discount Store, Walgreens, Advance Auto Parts, AutoZone, O’Reilly Auto Parts, Napa Auto Parts, Dollar General, Dollar Tree, Family Dollar, Chipotle, McDonald’s, Burger King, Wendy’s, KFC, Taco Bell, Arby’s, Sonic, Bojangles, Biscuitville, and Subway.
TRAFFIC COUNTS: More than 23,100 vehicles pass the Property each day along South Main Street.
DEMOGRAPHICS: More than 38,900 people within 3-miles of the property. An impressive 97,000 people live within 5-miles of the Property with an average household income of $77,587. Additionally, there are more than 49,300 employees within 5-miles of the Property.
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