Marcus & Millichap is pleased to offer on the behalf of the ownership, a Car-X Tire & Auto located in Appleton, Wisconsin. The lease is a double net structure with 1.8 years left on the initial 5-year term. With 3 5-year options to extend. There is an increase in the maximum rent in each of the 3 5-year options. The rent is set each year based on 10% of the gross sales, which the tenant reports to the landlord, at the location with a minimum and maximum rent in place. The Appleton location has hit it’s maximum rent cap each year with annual sales growth.
In 2015 Monro Muffler & Brake purchased the Car-X trade name and franchise rights to 146 locations in Illinois, Wisconsin, Iowa, Minnesota, and Texas, as such Monro Muffler & Brake is the guarantor of the lease. Monro Muffler & Brake operates more than 1170 auto service locations with sales of $1.128 billion in 2018.
The company provides services on passenger cars, light trucks and vans for brakes; mufflers and exhaust systems; steering, drive train, suspension and wheel alignment. It also provides other products and services including tires and routine maintenance services including state inspections.
Monro Muffler & Brake operates under several regional brands, most acquired in the past 15 years, including: Monro Muffler Brake & Service, Mr. Tire Auto Service Centers, Tread Quarters Discount Tire Auto Service Centers, Autotire Car Care Centers, Ken Towery’s Tire & AutoCare, Curry’s Auto Service, The Tire Choice & Total Car Care, Tire Warehouse Tires for Less, Tire Barn Warehouse, and Car-X.
- Corporate Guarantee
- Tenant Reports Sales
- Surrounded By National Retailers
- More Than 26,000 VPD on Wisconsin Ave
- Located Just off I-41
- Max Rent Increases in Options