L O G A N M C A N A L L E N , C C I M PA R K E R M C A N A L L E N810.206.3504 810.206.3501
[email protected] [email protected]
R E P R E S E N TAT I V E P H OTO
A D V A N C E A U T O P A R T S8 0 4 S 1 1 T H S T , N I L E S , M I 4 9 1 2 0
R E TA I L P R O P E R T Y F O R S A L E
2LEGACY INVESTMENT PROPERTY GROUP // 2300 GENOA BUSINESS PARK DRIVE SUITE 160 // BRIGHTON, MI 48114 // 810.206.3500 // LEGACYIPG.COM
INVESTMENT OVERVIEW
Sale Price: $1,498,000
NOI: $112,350
Cap Rate: 7.5%
Building Size: 7,000 SF
Lot Size: 0.695 Acres
Price / SF: $214.00
Year Built: 2004
LEASE SUMMARY
Lease Type: Triple Net (NNN)
Taxes / Insurance / CAM: Tenant Responsibility
Roof / Structure: Roof - Tenant Responsibility | Structure - LandlordResponsibility
Term Remaining: 5 Years
Original Lease Term: Fifteen (15) Years
Commencement Date: May 28, 2004
Current Term Expiration: December 31, 2024
Options: (3) 5-Year
Increases: See Rent Schedule
Guarantor: Advance Stores Company, Inc
INVESTMENT HIGHLIGHTS• Triple Net (NNN) Lease with Minimal Landlord Responsibilities | Landlord Only Responsible
for Foundation & Structure
• Strong Annual Sales | Long-Term Occupancy with Recent 5-Year Lease Extension
• High Exposure Location at Signalized Intersection and Along M-51 (20,800+ VPD)
• Excellent Retail Demographics | 5-Mile Population in Excess of 40,000 | 5-Mile AverageHousehold Incomes of $50,000+
• Neighboring Retailers Include Walgreens, McDonald's, KFC, Wendy's, Taco Bell, Big Lots,Lowe's, Walmart Supercenter and Tractor Supply Among Many Others
P R I C E$1,498,000
C A P R AT E7.5%
N O I$112,350
E X E C U T I V E S U M M A R Y
3LEGACY INVESTMENT PROPERTY GROUP // 2300 GENOA BUSINESS PARK DRIVE SUITE 160 // BRIGHTON, MI 48114 // 810.206.3500 // LEGACYIPG.COM
A D V A N C E A U T O P A R T S
TENANT OVERVIEW
Advance Auto Parts is an American automotive aftermarket partsretailer serving both the professional installer and the do-it-yourselfcustomer. As of Summer 2019, Advance operated 4,912 stores and150 Worldpac Locations in the United States & Canada. The Companyalso serves 1,250 independently owned Carquest branded storesacross these locations in addition to Mexico, the Bahamas, Turks andCaicos and the British Virgin Islands.
The Company's stores and branches offer a broad selection of brandname, OEM, and private label automotive replacement parts,accessories, batteries and maintenance items for domestic andimported cars, vans, sport utility vehicles and light & heavy-dutytrucks.
ADVANCE AUTO PARTS
Locations: 4,912
Total Revenue: $9.6 Billion
Traded As: NYSE: AAP | S&P 500 Component
Headquarters: Raleigh, NC
RENT SCHEDULE
TERM ANNUAL RENT MONTHLY RENT
Opt. 1 (Yr. 16 - 20)* $112,350* $9,362.50*
Opt. 2 (Yr. 21 - 25) $148,647.36 $12,387.28
Opt. 3 (Yr. 26 - 30) $156,079.68 $13,006.64
Opt. 4 (Yr. 31 - 35) $163,883.64 $13,656.97
*Current Term
4LEGACY INVESTMENT PROPERTY GROUP // 2300 GENOA BUSINESS PARK DRIVE SUITE 160 // BRIGHTON, MI 48114 // 810.206.3500 // LEGACYIPG.COM
A E R I A L M A P
5LEGACY INVESTMENT PROPERTY GROUP // 2300 GENOA BUSINESS PARK DRIVE SUITE 160 // BRIGHTON, MI 48114 // 810.206.3500 // LEGACYIPG.COM
PROPERTY OVERVIEW
Legacy Investment Property Group is pleased to present a single-tenantnet-leased Advance Auto Parts located in Niles, MI. The Subject Property offers apassive investment with very limited landlord responsibilities while providingthe security of a corporately guaranteed lease. Built in 2004, Advance Auto Partsis well-established at this location and has experienced a consistently strongannual sales track record.
The approx. 7,000 square foot building was a build-to-suit location for AdvanceAuto Parts in 2004 and is situated on approximately 0.695 acres, The Tenant isresponsible for nearly all of the property maintenance, repair, and replacementsas the Landlord responsibilities only include the structure and foundation.
The Property is located at the signalized intersection of S 11th Street (M-51) &Silverbrook Avenue, directly across the street from Walgreens. 11th Street is thearea's major retail corridor with traffic accounts in excess of 20,800 VPD and ahigh concentration of national retailers including Walgreens, McDonald's, KFC,Wendy's, Taco Bell, Big Lots, Lowe's, Walmart Supercenter and Tractor SupplyAmong Many Others
NILES, MICHIGAN
Niles is a city in Berrien and Cass counties, near South Bend, Indiana. With apopulation of 11,600, it is the larger, by population, of the two principal cities inthe Niles-Benton Harbor MSA, an area with 156,813 people.
Niles lies on the banks of the St. Joseph River, at the site of the French Fort St.Joseph, first built in 1697 to protect the Jesuit Mission established in 1691. Pointsof interest include The Riverfront Park, which stretches about a mile and a halfof the St. Joseph River. The park and the immediate surrounding downtownarea is the main stage for many of the city's seasonal cultural events.
L O C AT I O N O V E R V I E W
6LEGACY INVESTMENT PROPERTY GROUP // 2300 GENOA BUSINESS PARK DRIVE SUITE 160 // BRIGHTON, MI 48114 // 810.206.3500 // LEGACYIPG.COM
R E G I O N A L M A P
7LEGACY INVESTMENT PROPERTY GROUP // 2300 GENOA BUSINESS PARK DRIVE SUITE 160 // BRIGHTON, MI 48114 // 810.206.3500 // LEGACYIPG.COM
POPULATION 1 MILE 3 MILES 5 MILES
Total Population 6,295 27,255 42,497
Average age 34.7 37.8 39.7
Average age (Male) 32.8 35.6 37.5
Average age (Female) 37.4 39.7 41.9
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 2,453 11,078 17,071
# of persons per HH 2.6 2.5 2.5
Average HH income $40,945 $46,446 $50,712
Average house value $109,595 $123,612 $142,971
* Demographic data derived from 2010 US Census
D E M O G R A P H I C S M A P & R E P O R T
8LEGACY INVESTMENT PROPERTY GROUP // 2300 GENOA BUSINESS PARK DRIVE SUITE 160 // BRIGHTON, MI 48114 // 810.206.3500 // LEGACYIPG.COM
LOGAN MCANALLEN, CCIM
Managing Principal
[email protected]: 810.206.3504 | Cell: 517.282.2861
PROFESSIONAL BACKGROUNDLogan McAnallen is the Founder and Managing Principal of the Legacy Investment Property Group. Prior to the launch of Legacy, Logan’s real estatecareer included time spent with Encore Real Estate Investment Services, as well as NAI Mid-Michigan. Both platforms offered differing specializationsand allowed for a wide range of commercial real estate experience. Logan’s background includes investment property sales, as well as the sale andleasing of retail, office, industrial, and multifamily properties.
Logan acquired the Certified Commercial Investment Member (CCIM) designation in the Spring of 2016. CCIM is the most prestigious designation in theindustry, as it provides industry-leading tools, practical proven experience, and in-depth market knowledge.
Before his career in real estate, Logan studied business and entrepreneurship at the University of Michigan where he was also a four-year letter winneron the Michigan Baseball Team and member of the Leadership Council.
RECENT TRANSACTIONS• The Wilsontown Shopping Center - $23,000,000
• Times Square & Central Park Retail Portfolio - $5,143,000
• Ashley Furniture HomeStore - $4,850,000
LEGACY INVESTMENT PROPERTY GROUP2300 Genoa Business Park Drive Suite 160
Brighton, MI 48114810.206.3500
L O G A N M C A N A L L E N , C C I M
