Main Content
- Request Info
- Full Offering Memorandum
700 Broadway Avenue East
Agent(s): Kyle Hartung
- Price $1,227,000
- Cap Rate 5.5%
- Status For Sale
- Property Type Investment Sales
About This Property
For sale to qualified investors is the fee simple interest in a brand new, long-term corporate lease with Valvoline in Mattoon, Illinois. The corporately guaranteed lease (NYSE: VVV) features a firm 15 year term plus options, and provides the buyer with 10% increases every 5 years during the initial term and options. This will act as a hedge against inflation and provide future value and revenue growth for the investor. Structured as a ground lease, Valvoline is responsible for all maintenance, repairs, and replacements, rendering this asset as “hands-off” to the investor. The new prototypical facility is located adjacent to Dunkin Donuts and directly in front of the Cross County Mall, a healthy regional shopping center with Rural King, Dunham’s, Marshall’s, and Joann. Mattoon is the primary retail and service destination in the Mattoon-Charleston Micropolitan Statistical Area, which has a trade area population of 101,319 and currently draws from up to 30 miles. Because of this and Mattoon’s central location between Chicago and St. Louis, Lincoln Land of Sports, a $60 Million, 150-acre indoor and outdoor regional sports complex, is opening directly east of Valvoline and estimated to draw 580,000 new customers to the market and add over $23 Million in new direct spending.