Advance Auto | RARE Abs NNN Lease | 10% Bump in 2028
Recent Lease Extension | 5-Mile Pop. 118,546 Residents
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
- 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)
- ±7.1 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-Mart, 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.
- 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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