Single Grease Monkey property sells for $3 million
The owner of the property occupied by the Grease Monkey quick-lube service station on Highway 105 in Monument, Colo., got his palm greased rather well this week.
The unnamed owner of the site, who once operated his own oil change and car wash business on 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 the brokers at RealSource Group who handled the sale.
“The express car wash attached to the lube center is not only a source of added revenue for the tenant, but also provides bonus depreciation benefits for the buyer,” said Austin Blodgett, RealSource’s senior VP of investment sales. “A car wash is not something you would normally see on an oil change site like this one. We generated multiple offers within the first few weeks of marketing the property.”
The 5,309-sq.-ft. building on a 0.43-acre parcel was built in 1995 and renovated in 2007. Just off the 2nd Street exit of Interstate 25, some 73,000 cars pass it each day. Neighboring tenants include Safeway, Walgreens, 7-Eleven, Starbucks, McDonald’s, and Taco Bell.
Grease Monkey, along with sister company SpeeDee, are part of FullSpeed Automotive, one of the largest quick lube operations not owned by an oil company. Based in Denver, Grease Monkey has been in operation since 1978 and runs close to 500 stores in the United States, China, Colombia, Mexico, and Saudi Arabia. SpeeDee was founded in 1980 and operates 185 stores in the U.S. and Mexico.
The unnamed buyer of the property owns other Grease Monkey-occupied properties and was a believer in the business’s stability and growth potential, 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 EVs may not need engine oil, they still need brake fluid, coolant, and tires, all of which Grease Monkey provides.”