Property Highlights
Atlantic Capital Partners has been engaged to offer a free-standing, single-tenant, Advance Auto Parts in the booming area of Wilmington, NC. Advance Auto has successfully operated at this location for over 20 years and recently extended their lease, further showing their commitment to the location. AAP is currently paying below market rent, and with Wilmington seeing significant growth and interest from out of state investors & tenants, market rents are expected to increase even more over the remaining 5 year lease term.
- Long Term Tenant – Advance Auto has been successfully operating at this location for over 20 years and recently extended for an additional 5 years
- Below Market Rent – Advance Auto is currently paying below market rents, giving a potential investor the opportunity to easily backfill the property should Advance Auto Parts leave | Market Below Market Rent for Future Upside at the Property – Advance Auto is currently paying $10/SF and surrounding retail comps suggest market rent of $16/SF
- Located in Fastest Growing Part of Wilmington – The population of the area of Myrtle Grove, NC (bordered by Carolina Beach Road to the east and Piner Road to the north) has seen it’s population grow by more than 53%
- Strong Corporate Guarantee – Advance Auto Parts has over 5,200 locations and generated over $10b in revenue in 2020 | Net sales for the third quarter of 2021 were $2.6 billion, a 3.1% increase versus the third quarter of the prior year
- E-Commerce & Pandemic Resistant Tenant – Consumers have shifted toward personal mobility over public and shared transportation due to the impacts of COVID-19 resulting in increased demand for auto services
- Huge Rent Increase During Option Periods – Advance Auto will realize a rent increase of almost 25% in their first option | 13% rent increase in option 2
- Dense, Affluent, & Growing Area – Over 90,000 people lie within a 5-mile radius of the property | Average Household Income of over $89,000 within a 3-mile radius | Positive population growth expected within a 1, 3, and 5 mile radius
- Excellent Visibility on Heavily Trafficked Road – Carolina Beach Rd realizes 28,500 VPD | S College Rd realizes 31,000 VPD
- Surrounded by top Regional & National Retailers – Including Walmart Supercenter, Lowes Home Improvement, Home Depot, Lowes Foods, Chick-fil-A, Starbucks, & McDonalds’s