CrownPoint Partners Acquires Take 5 Oil Change Ground Lease in Panama City Beach

CrownPoint Partners has completed the acquisition of a Take 5 Oil Change ground lease located in Panama City Beach, Florida. The firm represented a West Coast-based buyer, a repeat client, in the transaction. The acquisition fulfilled the buyer's 1031 Exchange requirement following the sale of two rental properties in Southern California.

The property features a new 1,430-square-foot Take 5 Oil Change building situated on 1.33 acres at a signalized intersection. The site is secured by a 20-year absolute ground lease with a corporate guarantee, including 10% rental increases every five years and four five-year renewal options. This location is part of a new development that also includes a McDonald's, Panera Bread, and PenAir Federal Credit Union.

Positioned along U.S. Highway 98, which sees approximately 50,000 vehicles per day, the property offers significant visibility in a rapidly growing coastal market. The surrounding area includes national retailers and serves a large population of residents and tourists. Take 5 Oil Change operates as part of the Driven Brands platform, which has expanded to over 1,000 locations nationwide.

Shannon Bona, Managing Partner at CrownPoint, noted the continued growth in Panama City Beach, citing a 10% population increase between 2020 and 2024. "It was easy for me to convey this location's strength to my client... because I am witnessing this rapid expansion to the local economy day in and day out," Bona stated. The acquisition highlights CrownPoint Partners' expertise in net lease investments.