Advance Auto Parts | RARE Absolute NNN Lease
10% Rent Increase in 2028
Investment highlights
Tenant Highlights
● Advance Auto signed a brand new 15-year lease in 2020, confirming their commitment to the location and market
● RARE Absolute NNN lease for Advance Auto Parts
● Attractive 10% rent increase in 2028 (cap rate increase to 7.70%, assuming a purchase at list price)
● ±7.50-Years remaining on the base term of an initial 15-year lease
● ±17,400 Vehicles daily in front of the store along Western Avenue
● 5-Mile population of ±118,546 residents
● “Do it Yourself” demographics based on an average household income of $78,815 annually
● Positioned within a thriving retail corridor surrounded by national retailers including Wal-Market, Target, Walgreens, Dunkin, Dominos, and many more.
● West Peoria is centrally located in Peoria County along the Illinois River, offering convenient access to riverfront parks, recreational trails, and nearby outdoor amenities.
Location 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 operations and rent payments, including throughout the COVID-19 pandemic.
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