Advance Auto Parts | Recent Lease Extension
Syracuse, NY MSA | 8.00% Cap
Investment highlights
Lease & Location Highlights
● Constructed in 2007 as a built-to-suit for Advance Auto Parts.
● Tenant recently executed an early lease extension through November 2032 —reflecting long-term operational commitment.
● Chittenango is positioned within the Syracuse MSA, and features close proximity to I-90, which sees ±36,300 vehicles daily.
● Strong retail synergy with surrounding national tenants including Burger King, Best Buy, Home Depot, Dick’s Sporting Goods, Marshalls, Dollar General and more.
● Strong average household income of $121,032 in a 5-mile radius.
● Advance Auto Parts adjusted the rent commencing in the extended term, boosting store profitability and ensuring long-term success at this location.
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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