NEW 10-YEAR LEASE EXTENSION • Advance Auto Parts just executed a new 10-year lease extension at this location commencing in August 2021. • The Tenant has been operating successfully at this location for 14 years. • There are 5% rent increases every 5 years during each of the 3, 5-year options. • The Tenant is responsible for taxes, insurance, and utilities and the Landlord for roof, structure, parking lot, and HVAC.
INVESTMENT GRADE TENANT • Advance Auto Parts is a publicly traded (NYSE:AAP) Fortune 500 company with an investment grade credit rating of BBB-. • They currently have over 6,290 stores in the U.S., Puerto Rico, Virgin Islands, and Canada. • Advance Auto Parts has been in business for 88 years and has a current net worth of $3.7 Billion.
ATTRACTIVE LOW RENT & RENT TO SALES RATIO • The Tenant is only paying a low $9.00/SF ($63,000 a year) in rent at this location which equates to a low price point and offers upside should the tenant ever leave. • The store has performed well and consistently maintained a sub 5% rent to sales ratio.
PRIMARY RETAIL CORRIDOR • Strategically positioned at the intersection of U.S. Hwy 74 (12,500 VPD) and King Street (11,000 VPD). • The property is located on the primary retail corridor of Hamlet and is surrounded by national tenants including Burger King, Dollar General, Dairy Queen, Hardees, and more. • In addition, there are multiple housing developments and apartments nearby, and the 5-Mile population is 24,615. • Located 3 Miles from Richmond County Airport that sees an average of 28 aircraft operations per day.
NEAR CHARLOTTE, NC • Hamlet is located at the junction of three major CSX rail lines approximately 70 miles East of Charlotte and 5 miles from downtown Rockingham. • Mackall Army Airfield, a primary training ground for the U.S. Army Special Forces, is located in Rockingham, North Carolina. 270,811 military personnel are assigned to Mackall Army Airfield and Fort Bragg. • Downtown Rockngham is currently being revitalized as part of a ten-year plan named “Shaping Our Future: 2023.”