Advance Auto Parts | 7.75% Cap | Recent Lease Extension
Located just off of Hwy 8 which sees over 91,500 vehicles daily
Investment highlights
Lease & Location Highlights
● 2012 conversion from a former CarQuest to Advance Auto Parts
● ±9.75-Years remaining on the base term with two additional 5-year extension options
● Advance Auto has recently extended their lease early, providing their commitment to the location and market
● Located just off of Hwy 8 which sees over 91,500 vehicles daily
● 5-Mile population of ±282,736 residents
● Affluent demographics with an average household income of $123,839 annually
● Bridgeport is positioned along the Long Island Sound in southwestern Connecticut, offering direct access to waterfront parks, beaches, and a working harbor
● Bridgeport is located approximately 60 miles northeast of New York City, providing convenient access to the greater NYC metropolitan area
Tenant Highlights
● Advance Auto Parts (NYSE: AAP) is one of the nation’s largest automotive aftermarket parts providers, serving both professional installers and do-it yourself customers.
● Lease is corporate guaranteed by Advance Stores Company, Inc. (S&P Rated BB)
● Considered an essential retailer, Advance Auto Parts has maintained consistent operations and rent payments, including throughout the COVID-19 pandemic.
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