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| Jiffy Lube |
Morgan Hill, California (20 miles southeast of San Jose)
Purchase Price: $2,366,571
• 20 year primary lease
• Four (4) x 5 year option periods
• Triple Net (NNN) Lease
• 10% rent increases every 5 years
Land Area: ± 0.36 Acres, Building Area: ± 3,478 SF |
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Willis Ventures is excited to announce that our brokerage has closed escrow on a Jiffy Lube in Morgan Hill (San Jose), CA. The property sold for $2,366,571 with a 7.0% capitalization rate.
With more than 2,200 service centers in North America, 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. Headquartered in Houston, Jiffy Lube® International is a wholly owned, indirect subsidiary of Shell Oil Company. Jiffy Lube® pioneered the fast oil change industry in 1979 by establishing the first drive-through service bay, providing customers with fast and professional maintenance service for their vehicles.
The subject property is located in a growing retail area of Morgan Hill, California. Originally a farming and ranching area, the city has evolved into a bedroom community for the high-tech industries in Silicon Valley. The city has seen significant growth (11% from 2000 to 2008), leading to a surge in home construction and values. The city has also seen several new shopping centers and retail developments, such as the Morgan Hill Retail Power Center, over the past few years to accomodate the new residential growth in the area.Thoughtful planning has made Morgan Hill one of the most desirable and fastest growing communities in Santa Clara County. Morgan Hill is approximately 20 miles south of San Jose.
As a growing business community, Morgan Hill is home to some recognizable names, such as Ericsson Microelectronics, Specialized Bicycles, Anritsu, Alien Technologies, Intercon Technologies, Sakata Seeds, Hospira, Inc., and The Thomas Kinkade Company, to name a few. Some of the national tenants near the subject property include: Burger King, Carl’s Jr., Chevrolet Dealership, Longs Drugs, Countrywide Home Loans, Holiday Inn, Jack in the Box, McDonald’s, Chevron Gas Station, Kindercare Learning Center, Pizza Hut, Safeway, Shell Gas Station, Starbucks, Subway, Taco Bell, The Home Depot, Trader Joe’s, KFC, and Walgreens.
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