NEW 10 YEAR LEASE EXTENSION • Advance Auto Parts recently exercised an early new 10 year lease extension that commenced in November of 2022 and expires in December 2033. • The early extension speaks to the tenants dedication and confidence in this store and market. • The tenant has been operating successfully at this location for nearly 20 Years. • There are 3, Five year options remaining with a 10% increase in the first option period and 7% increases in the last two option periods. • Tenant is responsible for Roof, Parking lot, HVAC, Taxes, Insurance, and Utilities. • Landlord is only responsible for structure.
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.
ACROSS FROM 135,358 SF WALMART GROCERY ANCHORED CENTER • The subject property is located on US-29 (26,000 VPD) in Danville, VA (Pittsylvania County) • The store is well positioned directly across the street from a 135,358 SF Walmart Neighborhood Market & Big Lots Anchored Shopping Center and surrounded by numerous national retailers including Target, The Home Depot, Walmart, Lowe’s Home Improvement, Hobby Lobby and more. • The 5 Mile Population is nearly 50,000 with an average house hold income of $67,419.
DANVILLE • Danville is located in south VA on the NC/VA state line and is only 45 minutes away from the Triad Region. The Triad is a region in NC that consists of Winston-Salem, Greensboro, and High Point. • Home to multiple Colleges and Universities including Averett University (1,109 Students) and Danville Community College (2,813 Students). • The Danville Regional Airport is an 800 acre airport that supports over 20,000 aircraft operations per year. • National Retail in Danville includes Target, Walmart, Home Depot, Food Lion, Lowe’s Home Improvement and many more. • Virginia’s economy has diverse sources of income, including local and federal government, military, farming and high-tech. The state’s average earnings per job was $63,281, the 11th-highest nationwide.