Advance Auto Parts | NNN Lease | Long Term Extension
10% Rent Bump in 2028 | 37,751 Vehicles Daily
Marketing description
Advance Auto Parts, Inc. is a leading automotive aftermarket parts retailer with a nationwide presence serving both professional installers and do-it-yourself consumers. As one of the largest operators in the auto parts retail segment, the company benefits from strong brand recognition, a diversified customer base, and a long operating history dating back to the early 20th century. Its scale, established supply chain, and dual-channel retail strategy position it as a key participant in a resilient industry driven by ongoing vehicle maintenance needs.
Founded in 1932 and headquartered in Raleigh, North Carolina, Advance Auto Parts is a publicly traded company listed on the New York Stock Exchange under the ticker AAP. The company operates approximately 4,300-4,800 locations across the United States, Canada, Puerto Rico, and the U.S. Virgin Islands, including both corporate stores and independently operated locations. Advance Auto Parts employs over 62,000 individuals and maintains a significant footprint through its Advance Auto Parts and Carquest brands. The company is generally rated below investment grade, with an approximate S&P credit rating of BB+ (non-investment grade), and does not maintain a widely published Moody's rating.
Investment highlights
- 1999 build-to-suit construction for Advance Auto Parts
- The store was remodeled to their newest prototype in 2017
- Advance Auto signed a brand new lease in 2020, proving their commitment to the location and market
- Strong 10% rental increase will take place in September of 2028
- Corporately guaranteed lease from Advance Auto
- NNN lease structure, with landlord responsible for structure only (Standard AAP NNN Lease)
- Hard signalized corner lot with traffic counts in excess of 37,751 vehicles daily
- 5-Mile population of 42,587 residents
- Affluent demographics with an average household income of $99,227 annually
- 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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