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Views: 221 Updated: 08.19.24 Posted: 06.01.24 Status: Sold

Summary

Price $1,125,186
Built/Renov 2003
Tenant Advance Auto Parts
Cap Rate 6.75%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 7,000
Lease Start 01-01-2003
#Units 5,105
Price/SF $160.74
Expiration 12-31-2032
Tenant Type Automotive
NOI $75,950
R. Term 8.3
Ownership Fee Simple
Rent/SF $10.85
Increases 10.0%/8/yrs
Pop 5Mi 232,174
Lot/AC 0.93
Options 2/5yrs/5%
AHHI 5Mi $86,574

Lease Highlights

  • Advance Auto Parts has been operating in this location for 20+ years
  • The tenant has 8+ years remaining on the current lease term with 2 (5-year) options to extend
  • The lease features 10% rental escalations at the start of each option period
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guarantee | Investment grade tenant

Location Description

Advance Auto Parts is strategically located on Mechanicsville Turnpike (US Route 360), the primary retail and commuter corridor, with access to a combined daily traffic count of 31,400 vehicles. The property serves as a pad site to the Oak Hill Plaza, a Food Lion-anchored center, and is surrounded by well-known national tenants such as Walgreens, KFC, Burger King, and more. Additionally, it is...

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Maps

  • 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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