Advance Auto Parts | 7.65% CAP | Cape Cod
Retail | 7.65% CAP | 7,000 SqFt
Marketing description
Atlantic Capital Partners has been exclusively engaged to solicit offers for the sale of Advanced Auto Parts located in East Wareham, Massachusetts. This 7,000 SF asset sits in the major retail node of East Wareham, a gateway submarket to Cape Cod which sees a summertime population swell to almost 5M visitors. The property benefits from its excellent frontage along Cranberry Highway which sees 34,800 vehicles per day.
Located at 3105 Cranberry Highway, Advance Auto Parts signed a 15-year lease in 2006 and recently extended the base term of the lease to expire in October 2031. The lease features 7.5% rental increases every 5 years including throughout its three (3), five (5) year options. Advance Auto Parts is paying $167,000 with the next escalation in November 2025. This offering presents an excellent opportunity to acquire a stable asset in a retail market servicing the coastal communities of Buzzard’s Bay
Investment highlights
RECENT DEVELEOPMENT ACTIVITY
Woodland Cove, the area’s newest development, features 150 mixed-income units, including market-rate and affordable housing. Located directly across from the subject property, this influx of residents is expected to drive demand for service-oriented retailers
HIGH TRAFFIC RETAIL CORRIDOR
The property is steps away from Cranberry Plaza (2.3M Visitors Annually) and is surrounded by national retailers such as Home Depot, Stop & Shop, Ocean State Job Lot, McDonalds, Chili’s, Harbor Freight, Planet Fitness and more
LONG-TERM TENANT COMMITMENT WITH ATTRACTIVE RENTAL GROWTH
The tenant demonstrated long-term commitment by extending their base term by 10 years in 2021, proving both performance and stability at this location, along with 7.5% rental increases every 5 years, and throughout option periods
CONVENIENT ACCESSTO ROUTE 25
The asset is located minutes from Route 25, which sees over 65,000 VPD
STRONG LOCAL & TOURIST DEMOGRAPHICS
Five-Mile Population of nearly 35,000 people earning an average household income of $86,462. Cape Cod’s summertime population swells to nearly 5M annual visitors
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