Johnston, RI - Advance Auto Parts

Description:

SRS Real Estate Partners is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NN leased, corporate signed, Advance Auto Parts investment property located in Johnston, Rhode Island (Providence MSA). The tenant, Advance Stores Company, Inc. recently extended their lease through Dec. 2033 with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 5% rental increase in March 2028 as well as 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is guaranteed by the corporate entity (S&P: BBB) and is NN with landlord responsibilities, limited to roof and structure. Advance Auto Parts operates 5,750 stores and 266 Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands.

The Advance Auto Parts is located near the signalized, hard corner intersection of Putnam Pike and George Waterman Rd with a combined (36,000 VPD). The asset benefits from nearby access to Interstate 295, a major thoroughfare averaging over 70,000 vehicles per day. The subject property is ideally located in a dense retail corridor, with numerous nearby national/credit tenants including Walgreens, CVS Pharmacy, Dollar Tree, Dunkin Donuts, Burger King, McDonald’s and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. In addition, the subject property is located in close proximity to North Providence High School (1,107 students) and Our Lady of Fatima Hospital (100 beds), further increasing consumer traffic to the site. The 5-mile trade area is supported by over 275,000 residents and 149,000 employees, providing a direct consumer base from which to draw. Residents within a 3-mile radius of the subject property have an average household income of $92,875.