The owner of the property occupied by the Grease Monkey quick service station on the 105 Freeway in Monument, Colo., got his palm pretty well greased this week.
The unnamed owner of the site, who once operated his own oil change and car wash business at the site, sold the property this week for a total of $3,062,555. It’s the highest price paid for a Grease Monkey center in three years, according to RealSource Group brokers who handled the sale.
“The express car wash attached to the lube center is not only a source of additional income for the renter, but also provides additional depreciation benefits for the buyer,” said Austin Blodgett, Senior Vice President of Investment Sales from RealSource. “A car wash is not something you would normally see at an oil change location like this. We generated multiple offers in the first few weeks of marketing the property.”
The 5,309 sq.ft. building on a 0.43 acre lot was built in 1995 and renovated in 2007. Right next to the 2n.d Exiting Interstate 25, about 73,000 cars pass by every day. Neighboring tenants include Safeway, Walgreens, 7-Eleven, Starbucks, McDonald’s and Taco Bell.
Grease Monkey, along with sister company SpeeDee, is part of FullSpeed Automotive, one of the largest speed lubrication operations not owned by an oil company. Based in Denver, Grease Monkey has been in business since 1978 and has nearly 500 stores in the United States, China, Colombia, Mexico and Saudi Arabia. SpeeDee was founded in 1980 and operates 185 stores in the US and Mexico.
The anonymous buyer of the property owns other properties occupied by Grease Monkey and believed in the stability and growth potential of the business, according to Blodgett.
“While electric vehicles are slowly gaining market share, it may be decades before they make up the majority of cars on the road,” he said. “And while electric vehicles may not need motor oil, they still need brake fluid, coolant and tires, all of which Grease Monkey provides.”
