Sales Price: $2,145,362
Cap Rate: 5.50%
Guarantor: Investment Grade Credit: BBB-
Term Remaining: 9 years
Rate Increases: 5% per option
A repeat client had purchased this Advance Auto Parts over four (4) years ago, after refinancing another property and adding cash. Given changing market conditions, NLX advised the client to consider a sale, since the cash would be more valuable to them as better opportunities present themselves in the next year. NLX broadly marketed the property and was able to secure a buyer who performed without any issues. Client recouped their initial investment after having enjoyed a passive income stream over the last few years. Investment grade credit tenants in strong growth markets continue to preserve their value for investors.
- 9 years remaining on an original fifteen (15) year lease. The lease is double-net, which obligates LL to certain responsibilities. The first rent increase of 5% occurs at the option. The property is outparcel to a Lowes, and current rent is below market.