Advance Auto Parts

2040 East Harbor Road, Port Clinton, OH 43452

$1,615,000

Cap Rate 6.35%

Views: 125 DOM: 65 Updated: 10.24.24 Posted: 09.10.24 Status: Active

Summary

Price $1,615,000	Built/Renov 2005	Tenant Advance Auto Parts
Cap Rate 6.35%	Lease Type Double NN	Guarantor Corp T and Rated
Size/SF 6,749	Lease Start 12-01-2019	#Units 5,105
Price/SF $239.29	Expiration 12-31-2034	Tenant Type Automotive
NOI $102,550	R. Term 10.1	Ownership Fee Simple
Rent/SF $15.19	Increases 0.0%/0/yrs	Pop 5Mi 12,120
Lot/AC 1.02	Options 3/5yrs	AHHI 5Mi $98,407

Lease Highlights

Advance Auto Parts has been operating in this location since 2005
The tenant has 10+ years remaining on the current lease term with 3 (5-year) options to extend
The lease features $1.00/PSF rental increases at the start of each option period
Corporate guaranteed lease (NYSE: AAP)

Location Description

Advance Auto Parts is strategically located at the hard corner intersection of East Harbor Road and S Gill Road, with access to a combined daily traffic count of 30,121 vehicles. The property is close to the OH-2 on-ramp, which sees 12,945 VPD, providing convenient access to Toledo and Cleveland. Positioned as an outparcel to a Kroger-anchored shopping center, the surrounding area features...

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Key Features

Hard corner intersection
In location for years
Near major nationals
Shopping Ctr out-parcel
Top 100 MSA
Affluent suburb location
Recently extended lease
Long 10+ yr lease
Traded and rated company
Corporate Guarantee

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Links

Advance Auto Parts Wikipedia Advance Auto Parts Wikipedia Port Clinton, Ohio Zip Code 43452 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Advance Auto Parts
Guarantor:Corp T and Rated
Company:Advance Stores Co, Inc
# Units:5,105
Tenant S&P: BB+
Moody’s: Ba2
Stock: NYSE: AAP

About Tenant

Advance Auto Parts, Inc. (Advance) is an American automotive aftermarket parts provider that serves both professional installers and do-it-yourself (DIY) customers. Advance is a publicly traded...

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Listing Broker

Chris Bosworth

CBRE: NLPG Atlanta

Contact

132 Listings
15231 Views
62 Sold

Brian Pfohl

CBRE: NLPG Atlanta

Contact

132 Listings
15404 Views
60 Sold

Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Thomas Carr

CBRE: NLPG Atlanta

Contact

134 Listings
15385 Views
63 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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