Corona Del Mar, Calif. — Corona Del Mar-based Hanley Investment Group Real Estate Advisors has arranged the $25 million sale of 11 newly constructed single-tenant retail properties tenanted by Strickland Brothers 10 Minute Oil Change over the past five months. Strickland Brothers occupies each of the buildings on a 15-year absolute triple-net-lease with 10 percent rent increases every five years.
Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller and developer, Southlake, Texas-based N3 Real Estate, in 10 transactions across Alabama, Missouri, North Carolina, Texas and Virginia. Additionally, Lefko and Asher, in association with ParaSell Inc., represented another private seller in a separate transaction for the sale of a Strickland Brothers property located in the Midwest. Hanley Investment Group has sold $783 million in auto parts- and service-related properties over the past 48 months, including 36 single-tenant transactions involving Strickland Brothers, Valvoline and Jiffy Lube properties.
Operating under Accelerated Brands, Strickland Brothers 10 Minute Oil Change was founded in 2016 and has more than 250 locations across 27 states.