Advance Auto Parts: Cuyahoga Falls, OH
Advance Auto Parts | Recently-Extended Net Lease | Akron, OH MSA
Marketing description
The CBRE Net Lease Property Group is pleased to announce for sale the 6,796-square-foot Advance Auto Parts situated on 0.68 acres in Cuyahoga Falls, Ohio — part of the Akron, OH MSA (MSA Population: 697,418). Originally set to expire in 2019, Advance Auto Parts’ net lease has been extended twice, demonstrating its commitment to the location. Most recently, the lease was extended early for an additional 8 years through 2034 and now features ±8.8 years of term remaining with a $1.00 PSF increase in each of the three 5-year renewal options.
Investment highlights
Recently-Extended Net Lease with Renewal Options: Originally set to expire in 2019, Advance Auto Parts’ net lease has been extended twice, demonstrating its commitment to the location. Most recently, the lease was extended early for an additional 8 years through 2034 and now features ±8.8 years of term remaining with a $1.00 PSF increase in each of the three 5-year renewal options.
Long-Term Operating History: Advance Auto Parts has been at this location since 2004, boasting a long-term operating history of 19 years.
Excellent Access & Visibility: Less than 5 miles north of downtown Akron, Advance Auto Parts is situated on a hard corner at the signalized intersection of North Haven Boulevard and State Road (16,576 VPD), where it is <2 miles west of OH-8 (90,633 VPD).
Primary Retail & Commercial Corridor: In total, there are 7.4 MSF of retail, 2.1 MSF of office, 8.6 MSF of industrial, and 9,825 multifamily units within a 3-mile radius.
Substantial Built-In Customer Base: The property is surrounded by a concentration of residential with over 5,800 households within a 1-mile radius, placing a substantial built-in customer base immediately around the site.
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