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JLL is pleased to exclusively offer the opportunity to acquire a single tenant property corporately leased to Valvoline in Roanoke, VA. The tenant, who built the building in 2020, has 14.5 years of term remaining on its original fifteen (15) year NNN ground lease. The corporately guaranteed ground lease calls for ten percent (10%) increases every five years throughout the primary term, and those increases rise to twelve percent (12%) in each of the three, five-year options. Valvoline is an essential retailer who has adjusted accordingly by incorporating ‘stay in your car’ oil changes to safely accommodate their consumers’ needs.
The newly constructed Valvoline at Hunting Hills is located in the single most strategic and favorable position for an automotive service provider in the growing and expansive trade area of Southern Roanoke. The property has prime visibility from Route 220, which is home to over 32,000 vehicles per day. Valvoline is situated along the main entrance of Hunting Hills, a well-performing, 167,875 square foot Kohl’s and PetSmart anchored shopping center. As an outparcel to the shopping center, it provides cross-shopping opportunities to over 1.37 million customers annually, who predominately travel to Hunting Hills by vehicle. The property is also shadow anchored by a 140,000 square foot Lowe’s and 130,000 square foot Home Depot which generate significant traffic to the Valvoline’s immediate submarket.
Valvoline (NYSE: VVV) is a leading worldwide marketer and supplier of premium branded lubricants and automotive services with sales in more than and 140 countries. Established in 1866, Valvoline ranks as the No. 3 passenger car motor oil brand in the DIY market by volume. It also operates and franchises the No. 2 quick-lube chain by number of stores in the United States with more than 1,300 Valvoline Instant Oil Change centers. In 2019, Valvoline reported $2.4 billion in sales, a 5% increase from the previous year and same store sales grew by 10.1%.
- The newly built Valvoline is on a 15-year NNN ground lease, with ten percent (10%) rental increases every five (5) years throughout the primary term and twelve percent (12%) increases each option period
- Valvoline (NYSE: VVV) is an essential retailer and leading worldwide marketer and supplier of premium branded lubricants and automotive services. In 2019 Valvoline reported $2.4 billion in sales, a 5% increase from the previous year and same store sales grew by 10.1%
- Valvoline’s roadside visibility allows it to capture much of the roughly 32,000 VPD along Franklin Road SW (Route 220), a major thoroughfare in Roanoke, VA
- The number of households within a 1-mile radius of the Property has grown over 10% since 2010, with the affluent population earning an average income of $112,867 annually
- Valvoline is in close proximity with nationally recognized retailers such as Lowe’s, The Home Depot, Belk, T.J. Maxx, Big Lots, Chick-fil-A, Outback Steakhouse, Starbucks, IHOP, Texas Roadhouse and Bojangles, helping drive more consumers to the area
- Valvoline, the number 2 chain by number of stores in the United States, benefits from being an outparcel to the Hunting Hills, which is visited over an estimated 1,370,000 times annually and features other well-known retailers such as Kohl’s, Dollar Tree, Taco Bell and PetSmart (placer ai)