The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased AAP (Advance Auto Parts) property located at 6830 Goodman Road in Olive Branch, Mississippi for $1,770,000.<\/p>\n
The 7,000 square foot net leased AAP property is positioned along Goodman Road (38,000 VPD), a primary retail thoroughfare. Big box retailers in the area include The Home Depot, Walmart Supercenter, Kroger, Lowe\u2019s Home Improvement, and several others. The big box stores are accompanied by dozens of other tenants including McDonald\u2019s, Walgreens, CVS, ALDI, Jersey Mike\u2019s Subs, Popeye\u2019s, Arby\u2019s, and many more. The site has effortless access to US Highway 78 (34,000 VPD). 89,878 people live within five miles of the property earning an average annual income of $72,637 while the annual population growth rate is 1.24%. The property is thirty minutes from downtown Memphis, Tennessee. The tenant recently extended the lease.<\/p>\n
Advance Auto Parts, Inc. (Advance) is an American automotive aftermarket parts provider. Headquartered in Raleigh, North Carolina, it serves both professional installer and do-it-yourself (DIY) customers. As of July 13, 2019, Advance operated 4,912 stores in the United States.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction who was a private Northeast real estate investor. The buyer was based in the east coast and in a 1031 exchange.<\/p>\n
\u201cLong term leases to investment grade tenants, like Advance Auto Parts, continue to trade regularly,\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cInvestors gravitate towards properties with long operating histories.\u201d<\/p>\n