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Advance Auto Parts, Corpus Christi, TX

Advance Auto Parts

TX, United States

Price $2,322,700
Cap Rate
NOI
Lease Term 15 Years
Lease Type
Rental Increases 10% Rental Increases in First Option and 8% Increases in Every Subsequent Option
Year Built 2016
Building Size 9,500 sq. ft.
Lot Size 1.14 Acres (49,816 sq. ft.)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

HIGH-QUALITY, INVESTMENT-GRADE SINGLE TENANT
» 100% leased to Advance Stores Company, Inc. for 15 years
» Corporate guaranteed lease by investment-grade tenant rated “BBB-” by S&P
» Advance Auto Parts operates over 5,200 stores in the United States, Puerto Rico, the Virgin Islands, and Canada

RARE STRATEGIC HUB STORE LOCATION
» Larger inventory with wider variety, featuring an additional 15,000 stock keeping units not offered in other stores
» Integral part of supply chain – distributes and stocks inventory for other Advance Auto Parts locations
» One of only 421 hub stores – strategic location that is unlikely to close

BRAND NEW 2016 CONSTRUCTION AT INTERSECTION
» Advance Auto Parts is strategically located at the hard corner intersection of Leopard Street and Oak Park Avenue, with excellent access and visibility
» Building was built in 2016 to tenant’s exact specifications
» Brand new building, limiting near-term deferred maintenance and capital costs

NET LEASE WITH FEE SIMPLE OWNERSHIP
» Tenant is responsible for taxes, insurance, and all maintenance and repair, including the roof, parking lot, and HVAC (landlord is responsible for structure)
» No landlord property management, providing “hands off” ownership for passive investors

CENTRAL CORPUS CHRISTI LOCATION
» Close proximity to major tourist attractions, including downtown Corpus Christi, the Texas State Aquarium, and the USS Lexington Museum
» Corpus Christi is home to the fifth largest U.S. port and the largest helicopter repair facility in the world, located at Naval Air Station Corpus Christi

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located at the corner of Oak Park Avenue and Leopard Street, with excellent access and visibility to 10,900 vehicles per day on Leopard Street. Access to Interstate 37 is near the site; Interstate 37 is the main roadway leading to Corpus Christi’s downtown and boasts a daily traffic count of 48,990 vehicles per day near the property. The site is located in a retail corridor and benefits from its close proximity to multiple national retailers, including H-E-B, McDonald’s, Dollar General, MetroPCS, and others.

The property benefits from its central location in Corpus Christi. Nearby tourist destinations include downtown Corpus Christi, the Texas State Aquarium, and the USS Lexington Museum, which are all within a three-mile radius of the site. Finally, the property is surrounded by a number of residential neighborhoods, which will be served by Advance Auto Parts.

Contact Us About This Property

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