The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Advance Auto Parts located at 5414 Rowlett Road in Rowlett, Texas for $2,500,000.<\/p>\n
The new Advance Auto Parts property is located just off of the heavily trafficked signalized intersection of Rowlett Road and Highway 66, two primary thoroughfares in the area. The signalized intersection experiences traffic counts in excess of 57,700 vehicles per day. The property is positioned in a retail corridor that features Walmart Supercenter, Target, The Home Depot, Ross Dress for Less, Big Lots!, Walgreens, CVS Pharmacy and a number of quick service restaurants and national banks. There are approximately 69,000 people living within a three-mile radius of the property earning an average household income of $96,950 per year.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; an East coast based real estate development and investment company.\u00a0 The buyer was a Midwest based real estate investment firm.<\/p>\n
There are approximately 15 years remaining on the Advance Auto Parts lease which expires in July 2032. The lease features rental escalation in each of the three 5-year renewal option periods. Advance Auto Parts is the largest retailer of automotive replacement parts and accessories in the United States and is an investment grade rated company (S&P: BBB-).<\/p>\n
\u201cThe market for net lease properties in major MSAs remains active as these assets are in high demand among investors.\u201d said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, \u201cThe market for new construction net leased auto parts stores remains active as these assets offer investors long term leases to investment grade rated tenants.\u201d<\/p>\n