Advance Auto Parts | NNN Lease
Recent 10-Year Extension | 7.50% Cap
Investment highlights
Lease & Location Highlights
● Constructed in 2011 as a built-to-suit for Advance Auto Parts.
● Tenant recently executed an early 10-year lease extension through October 2036—reflecting long-term operational commitment.
● Approximately ±11 years remaining on the extended term of a NNN lease.
● Kalkaska is a gateway to Lake Michigan, and provides opportunity for outdoor activities in all seasons such as camping, ATVs, snowmobiles, and mountain biking.
● Healthy average household income of $73,945 in a 5-mile radius.
● Nearby national tenants include Arby’s, Burger King, Taco Bell, McDonalds, Dollar General, Ace Hardware, and more.
● 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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