Property History
FRESH 10-YEAR EARLY RENEWAL: In July 2024 the lease was amended to extend the term out to 10 Years through December 2034, communicating not only this locations strength but that this one is a keeper for Advance Auto Parts in spite of the record amount of announced store closures (15% of fleet). This is not surprising due to the store’s strong and stable 6.50% Rent to Sales ratio.
25+ YEAR OPERATING HISTORY: This location has been in operation for over 25 years with a history of renewals, signaling the significant commitment AAP has made with this store as a flagship in the Columbus MSA.
PRICED BELOW REPLACEMENT COST: With the cost of construction rising rapidly, at just under $145 PSF there is significant value in this basis since comparable brand new construction Build-to-Suits have become prohibitively expensive, costing on average $250-325 PSF for merchant developers, driving rents for similar locations to be nearly $23.00 PSF or roughly $160,000-180,000 in basic rent before NNN expenses annually .
POWER-CENTER SHADOW ANCHORED: This Advance Auto Parts location is shadowed by the +250,000 SF Columbus Square Power Center which drives local retail traffic with synergistic tenants like Gordon Foods, Value Home Center and Dollar General.
COLUMBUS MARKET: Columbus is one of the fastest growing and affordable cities in the Midwest with strong employment and drivers such as the new $20B Intel semiconductor manufacturing facility being constructed in the New Albany submarket. Columbus is the home of The Ohio State University (OSU), serves as a major logistics hub nationally, and has been recognized for its business friendly policies among low taxes and incentives for entrepreneurship.
The subject property has full access and excellent visibility to the nearly 25,000 vehicles that pass the store on Cleveland Ave. each day. The store’s strategic location places it at the epicenter of a critical population mass represented by an astounding 125,000 people within a 3 mile radius. While Cleveland Ave. is a major north/south arterial roadway connecting “the Outerbelt” (I-270) to downtown Columbus, the traffic along this section is not fleeting or transient. It is consistent, largely localized and can be directly attributed to the existing, value-oriented consumer base in the market. Cleveland Ave., intersects with State Highway 161 (E. Dublin Granville Rd.) just south of the subject property where there are combined daily traffic counts of 4 ~ 9,000. Immediate area retailers and economic drivers within a 1 mile radius of the site include: Home Depot, Walgreens, CVS, Chase Bank, Fifth Third Bank, Tim Horton’s, Fujiyama Japanese Steak House, Roosters, Columbus Square Shopping Center, Columbus Square Bowling Palace and Harbor Freight Tools to name a few. The “blue collar” demographic that comprises the makeup of the market is Advance Auto Parts’ ideal audience/customer. Average HH incomes within a 3 mile radius of the site exceed $62,000 annually.
- Heavily localized traffic retail throughfare with over 24,904 vehicles per day
- 20+ year operating history with low rent to sales
- Strong tenant commitment to the site demonstrated by recent 5 year lease extension
- Excellent density with 125,000+ population within a 3 mile radius
- Pride of ownership/same owner since Advance Auto’s inception at location
- Original 10 year NN lease has been renewed multiple times
- E-Commerce resistant tenant with a strong and growing demand for aftermarket auto parts
- Avergae HH income in excell of $62,000 within a 3 mile radius
- Corporate quaranty from publicly traded investment grade tenant (”AAP”- NYSE: BBB-)
Loan History
Financial History
Tax History
Contact Information
Ownership Information
Zoning
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Comparable Properties
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