|
|
6/17/22
|
A portfolio consisting of 12 single-tenant retail assets occupied by Napa Auto Parts across 10 states traded hands in a transaction valued at $21.1 mil. The assets, located in Alaska, Arkansas, Florida, Georgia, Mississippi Nebraska, New Mexico, North Carolina, Ohio and Virginia, total 83.2k sf and sold for an average price of $254/sf.
All the locations have been operating since 2007 and are subject to a long-term, absolute net lease master lease which was corporate signed by Genuine Parts Auto Company, the overarching parent company of Napa Auto Parts.
John Redfield with SRS Real Estate Partners’ National Net Lease Group, along with Matthew Mousavi and Patrick Luther of Four Corners Property Trust, brokered the deal on behalf of the seller, a private investor, as well as the buyer.
“It was the right time for the seller to exit this portfolio based on the decrease in cost to prepay the existing loan along with the long-term investment strategy for the seller. The buyer liked the strong credit of the tenant, autopart use, plus the residual value relative to the allocated basis to each site, said Redfield.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
