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AFFILIATED BUSINESS DISCLOSURE
Newmark Knight Frank (the “Agent”) has been engaged as the exclusive sales representative for the sale of 1103 RR 620, Lakeway, TX (the ”Property”) by ‘Ownership’ (the “Seller”).
This Memorandum does not constitute a representation that the business or affairs of the Property or Seller since the date of preparation (6/10/2020) of this Memorandum have remained the same. Analysis and verification of the information contained in this Memorandum are solely the responsibility of the prospective purchaser.
Additional information and an opportunity to inspect the Property will be made available upon written request of interested and qualified prospective purchasers. Seller and Agent each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with any party at any time with or without notice. Seller reserves the right to change the timing and procedures for the Offering process at any time in Seller’s sole discretion. Seller shall have no legal commitment or obligations to any party reviewing this Memorandum, or making an offer to purchase the Property, unless and until such offer is approved by Seller, and a written agreement for the purchase of the Property has been fully executed and delivered by Seller and the Purchaser thereunder.
This Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not forward, photocopy or duplicate it, that you will not disclose this Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Seller or Agent, and that you will not use this Memorandum or any of the contents in any fashion or manner detrimental to the interest of Seller or Agent.
TABLE OF CONTENTS
EXECUTIVESUMMARY
01PROPERTY
DESCRIPTION
02FINANCIALANALYSIS
03AREA
OVERVIEW
04
1103 RR 620 | LAKEWAY, TX 2
THE OFFERING
Newmark Knight Frank (NKF) Capital Markets,
as exclusive advisor, is pleased to present the
opportunity to acquire Lamb’s Tire & Automotive
at 1105 RR 620 (the Property), a 3,879-square-foot
retail project in Lakeway, Texas.
GB Auto Service Driver’s Edge, LLC consists of
a single tenant on a NNN lease. Built in 1998, the
property is approximately 3,879 square feet siting
on 0.74 acres, with frontage on Ranch Road 620. In
addition, the asset benefits from visitors to the Oaks
at Legacy Mall just a few blocks away. GB Auto
offers an investor the rare opportunity to acquire a
well-maintained, stable asset in a rapidly growing
part of Austin, Texas.
1103 RR 620 | LAKEWAY, TX 4
OFFERING PRICE $2,880,000
CAP RATE 6.25%
NOI $180,000CORPORATE GUARANTEE GB Auto Service, Inc
PROPERTY SUMMARY OFFERING SUMMARY
GB AUTO SERVICE DRIVER’S EDGE, LLC1105 RR 620Lakeway, TX 78734
3,879 SF Total Building Area
1998 Year Built
0.74 ACLot Size
523148Parcel Number
PDZoning
NNNLease Type
11+ YearsLease Term Remaining
10% per 5 yrsRent Increases
1103 RR 620 | LAKEWAY, TX 5
GUARANTOR OVERVIEW
PARENT COMPANY OVERVIEW
GB Auto Service, Inc has over 130 retail locations in the Southwestern United
States and is a leading provider of aftermarket automotive repair service. The
chain operates under various brands including: Tire Works Total Car Care,
BRAKEmax, Ramona Tire, Evans Tire, Lamb’s Tire, Driver’s Edge and Wilhelm
Automotive. GB Auto employs ASE-certified technicians that offer expertise in
the latest parts and products available in the automotive industry. The company
prides itself on maintaining its local feel by providing competitive prices for parts
and services, as well as excellent customer service.
Greenbriar Equity Group, LP is an investment firm made up of some of the
world’s largest foundations, university endowments, family offices, and insurance
companies. Since its founding over 20 years ago, the group has established
headquarters in Rye, New York and raised over $3.5 billion of committed capital
across four funds, acquiring 31 platform companies (including GB Auto Service,
Inc) and 51 add-on acquisitions to date.
Tenant's Name GB Auto Service Driver’s Edge, LLC
Ownership Private
Number of Locations 132
Guarantee Corporate
Guarantor GB Auto Service, Inc
Parent Company Greenbriar Equity Group, LP
Parent Company Name Greenbriar Equity Group, LP
Ownership Private
Investments 31 Platform Companies
Headquarters Rye, New York
Website www.greengriarequity.com
INVESTMENT HIGHLIGHTS INCLUDE:
• Ample On-Site Parking
• Lease Guaranteed by GB Auto Service, inc
• Over 11 years remaining on existing NNN Lease
• Regional Retailer with 7 Operating Brands
• Frontage on Ranch Road 620
1103 RR 620 | LAKEWAY, TX 8
LEASE SUMMARY
Tenant's Name GB Auto Service Driver’s Edge, LLC
Company Type Private
Lease Guarantor: GB Auto Service, Inc
Lease Type: NNN
Rent Commencement: March 8, 2017
Original Term: 15 Years
Lease Expiration: March 31, 2032
Lease Term Remaining: 11+ Years
NOI: $180,000
Rent Increases: 10% every 5 years beginning 4/1/2022
Options To Renew: Two (2), Five (5) Year Options
LEASE ABSTRACT
1103 RR 620 | LAKEWAY, TX 11
AREA OVERVIEW: LAKEWAY, TEXAS
3 MILE RADIUS | AT-A-GLANCE
31,941Residents
12,239Households
43.8Median Age
$171,602Average Income
Located 15 miles outside of Austin, Lakeway is a city located on Lake
Travis, a major tourism and recreation destination for one of the fastest
growing cities in the country. In 2019, Austin’s population grew by 52,030
residents, a 2.4% increase, drawn by a rapidly growing tech industry and
a high quality of life. Recent major corporate expansions include Apple,
Google, PIMCO, Katerra, Amazon and Allergan. In addition, Austin is also
home to over 100,000 university students across UT-Austin, Concordia
University Texas, St. Edward’s University and Austin Community College
District.
With a median age and net worth of 34.3 and $121,161, Austin is a young,
active and affluent metro with disposable income to pursue recreational
activities such as boating, camping, diving and off-roading. Situated along
the 620 S and TX-71 between Austin and Lake Travis, GB Auto is ideally
positioned to benefit from the nation-leading population growth and wealth
creation of the metro by servicing the increasing stream of RV’s, off-road
vehicles and automobiles of lake-goers.
1103 RR 620 | LAKEWAY, TX 13
AUSTIN
LAMB’S TIRE & AUTO BY GB AUTO
1103 RR 620 | LAKEWAY (AUSTIN) , TX
HOUSTON
DALLASFORT WORTH
SAN ANTONIO
1103 RR 620 | LAKEWAY, TX 14
EXCLUSIVELY LISTED BY
Newmark Knight Frank (the “Agent”) has been engaged as the exclusive sales representative for the sale of 1103 RR 620, Lakeway, TX (the ”Property”) by ‘Ownership’ (the “Seller”). The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.
CHASE DORSETT Associate
602.952.3844 [email protected]
STEVE JULIUS Senior Managing Director
602.952.3845 [email protected]
JESSE GOLDSMITH Senior Managing Director
602.952.3846 [email protected]
EVA HORTON Managing Director
Lic# 714610