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Advance Auto Parts, Richmond, TX

Advance Auto Parts

TX, United States

Price $2,775,200
Cap Rate
NOI
Lease Term 15 Years
Lease Type NNN, with Tenant Responsible for Taxes, Insurance, and All Maintenance and Repair, Including the Roof, Parking Lot, and HVAC (Landlord is Responsible for Structure)
Rental Increases 10% Rental Increases in First Option and 8% Rental Increases in Subsequent Options
Year Built 2017
Building Size 6,912 SF
Lot Size 0.906 Acres (39,465 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
» 100% leased to Advance Stores Company, Inc. for 15 years
» Corporate guaranteed lease to investment grade tenant rated “BBB-” by S&P
» Advance Auto Parts operates over 6,400 stores in the United States, Puerto Rico, the Virgin Islands, and Canada

SUBURBAN INFILL LOCATION NEAR MAJOR DEVELOPMENTS
» Located just off of Grand Parkway, Houston’s outer beltway, which is spurring rapid development in the surrounding area
» Close proximity to several major retail developments, including the first Target store to feature the company’s “next generation” store design
» Surrounded by multiple large housing communities, including Aliana, one of the fastest growing communities in the nation

AFFLUENT, RAPIDLY GROWING LOCATION
» Fort Bend County is the wealthiest county in Texas, and ranks seventh in the nation for purchasing power
» Average household incomes well over $100,000 within one-, three-, and five-mile radii of the property
» Fort Bend County has seen a population increase of 26% in the last six years, and was ranked the fastest growing large county in the U.S. in 2016
» Several nearby schools opened within the past few years, including Travis High School (2,501 students) and Adolphus Elementary (750 students), highlighting the continued growth in the immediate trade area

NEW CONSTRUCTION AT HARD CORNER LOCATION
» New 2017 construction
» Excellent hard corner location, providing easy access to vehicle traffic

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located at the hard corner of South Mason Road and Lewisville Drive, located just off of Grand Parkway, which experiences a high traffic count of 43,700 vehicles per day. As Houston’s outer beltway, Grand Parkway is a primary retail, commercial, and transportation corridor. Several major retailers are located near the property, including Walgreens, Ace Hardware, Sonic Drive-In, Subway, and Bank of America. Two large shopping centers are located to the north of the site, across Grand Parkway. The shopping centers are anchored by Kroger, Goodwill, and Aldi, and feature notable tenants, such as Starbucks, McDonald’s, Great Clips, and Jack in the Box.

The area around Grand Parkway is experiencing rapid development, and several major projects are under construction near the property. Waterview Town Center, located less than a mile from the site, is a 130-acre mixed-use development that is expected to include big box retail, restaurants, a health club, and approximately 600 apartment units when the development is complete. Waterview Town Center is adjacent to the Market Center at Aliana, which will be anchored by the first Target to feature the company’s most ambitious store re-design to date. These retail developments are near several large communities, including Aliana, one of the fastest growing areas in the United States. Other nearby communities include Harvest Green, with 2,000 homes; the Lakes of Bella Terra, with 1,300 homes; and Long Meadow Farm, with 2,800 single and multi-family homes, plus commercial and retail developments.

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