Net Leased Advance Auto Parts Sold

The Boulder Group has completed the sale of a single tenant Advance Auto Parts located at 164 Temple Ave in Newnan, GA for $1,570,000. The Boulder Group’s Brandon Wright and Zach Wright represented the seller in the transaction. The seller was a private Colorado-based investor and the purchaser was a Georgia-based family office in a 1031 exchange. The all-cash transaction quickly closed in only 24 days.

The Advance Auto Parts property is located at the hard corner of a signalized intersection. The property is in an affluent area with average annual household income of $97,000 within a mile. The Advance Auto Parts property out-positions nearby competitors AutoZone and O’Reilly Auto Parts. Newnan is located within the Atlanta MSA and approximately 35 miles southwest of Downtown Atlanta.

Advance Auto Parts has a long operating history at this location and recently extended their lease early demonstrating commitment to this location. Advance Auto Parts is a publicly traded company (NYSE: AAP) with a $2B market capitalization.

“The average age of a vehicle in the U.S. is currently a record-high 12.6 years old. The aging fleet of vehicles will continue to create strong demand for auto parts moving forward. As a result, many net lease investors continue to be bullish on the auto parts space and are acquiring well-located auto parts properties,” stated Zach Wright, Vice President.

“Net lease properties with low overall rents and price points that are located in business-friendly states and growth markets are at the forefront of investor demand,” said Brandon Wright, Associate.

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