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Advance Auto Parts (Super Hub Location), Mobile, AL

Advance Auto Parts (Super Hub Location)

AL, United States

Price $3,667,548
Cap Rate
NOI
Lease Term 15 Years
Lease Type
Rental Increases 5% Rental Increases Every 5 Years in Option Periods
Year Built 2017
Building Size 19,800 SF
Lot Size 1.26 Acres (54,886 SF)
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 PROPERTY
» 15-year, corporate guaranteed lease to 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 SUPER HUB STORE LOCATION
» Integral part of supply chain – distributes and stocks inventory for regional Advance Auto Parts locations
» Larger inventory with wider variety, featuring 15,000 additional stock-keeping units not offered in other stores
» Includes a 2,000 SF machine room, featuring 30+ pieces of equipment and floor mount crane for commercial use
» One of only 421 hub stores – strategic location that is unlikely to close

RELOCATION SITE
» Advance Auto Parts and Carquest have operated successfully in market for decades
» Proven and established customer base

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 MOBILE LOCATION
» Close proximity to major commercial centers, including downtown Mobile, the Port of Mobile, and the Mobile Aeroplex at Brookley
» The Port of Mobile is one of the largest ports in the U.S., with an annual economic impact of over $8 billion
» The Mobile Aeroplex at Brookley is the largest industrial and transportation complex in the region, with approximately 70 companies employing about 3,600 people
» Mobile is the cultural and economic center of the central Gulf Coast and the largest municipality between New Orleans, Louisiana and St. Petersburg, Florida

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is conveniently located just off the intersection of Azalea Road and Government Boulevard, with excellent visibility and access to 31,400 vehicles per day. Access to Interstate 65, which experiences a traffic count of 80,570 vehicles per day, is just over a mile from the property down Government Boulevard. Access to Interstate 10, traveled by 98,200 vehicles per day, is also near the property. The property benefits from its close proximity to Mobile’s main shopping district. Several large shopping centers are located near the property, including McGowin Park, which opened in 2015 and is anchored by Costco, Hobby Lobby, HomeGoods, and Ashley Furniture. The Shoppes at Bel Air, a super-regional shopping mall, is also nearby. The mall has over 1.3 million square feet of retail space and is one of the largest enclosed malls along the Gulf Coast.

The property is centrally located near major education and employment centers. Downtown Mobile and the Port of Mobile are less than seven miles from the property. The Port of Mobile is one of the largest ports in the nation and has a statewide economic impact of over $8 billion annually. Additionally, the property is located just over three and a half miles from the Mobile Aeroplex at Brookley, the largest industrial and transportation complex in the region, with approximately 70 companies employing about 3,600 people. The University of South Alabama is located less than five miles from the property. The university is the second largest employer in the Mobile metro area and has an enrollment of over 16,000 students. In total, there are 146,162 residents and nearly 100,000 daytime employees within a five-mile radius of the property.

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