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S Glenburnie RdNew Bern, NC 28562
Advance Auto Parts | New Bern, NC | 6.35% Cap
Asset ClassRetail
Cap Rate6.35%
Advance Auto Parts | New Bern, NC | 6.35% Cap
overview of deal

Overview

Atlantic Capital Partners has been exclusively engaged to solicit offers for the sale of an Advance Auto Parts in New Bern, NC. Advance recently extended their lease for an additional 10 years and has (6) - five (5) year options. The Asset is well positioned directly off of S. Glenburnie Rd.

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Investment Highlights

Corporate Guaranty from Strong Credit Tenant

  • Advance Auto Parts is a publicly traded company (NYSE: AAP) with a market cap. of $3.9B and annual revenue of $11.28B
  • Credit Rating: S&P BBB-

Long Operating History with Recent Extensions

  • Tenant has been operating at this location for almost 15 years
  • Tenant recently signed a 10 year extension, showing commitment to the site

Rare Abs. NNN Lease Structure

  • 10 Year Abs. NNN Lease
  • Six (6) - five (5) year options
  • Zero LL responsibility

Highly Accessible Location

  • Located on S. Glenburnie Rd (20,000 VPD) with two points of ingress and egress and turn lane into the site

Good Visibility on Retail Corridor

  • More than 20K cars travel on S. Glenburnie Rd
  • Over 2.5MSF of retail is located in a 1-mile radius
  • Nearby national tenants include: Target, Publix, HomeGoods, Five Below, Academy Sports, and Hobby Lobby

Below Market Rents

  • Current tenant is paying approximately 40% below market rent
  • Low rent allows for next owner to “mark-to-market” rents and increase in NOI
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S Glenburnie RdNew Bern, NC 28562

Sales Team

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Listing provided by Revere CRE