NEW 10 YEAR LEASE EXTENSION • Advance Auto Parts exercised an early 10 year lease extension that commenced in Nov 2022 and expires in Dec 2032. • The tenant has been operating successfully at this location for nearly 20 Years. • There are 2, Five year options remaining with a 10% rent increase in option 1 and a 7% rent increase in option 2. • Tenant is responsible for Taxes, Insurance, Utilities and HVAC repairs under $500. • Landlord is responsible for Roof & Structure, Parking Lot. HVAC repairs/replacement equal to or greater than $500 will be split 50/50 with the tenant (Landlord Reimburses).
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.
LOCATED ON BUSY HWY 258 (2 ,000 VPD) • The subject property is located on Hwy 258 (29,000 VPD) in Kinston, NC (Lenoir County). • The store is well positioned in a retail corridor and is surrounded by numerous national retailers including Walmart, Lowe’s Home Improvement, Food Lion, ALDI and more. • The 5 Mile Population is 27,480 with an average household income of $55,347.
KINSTON • Kinston is the county seat of Lenoir County and is located in the coastal plains region of eastern North Carolina. • Home to Lenoir Community College that has 2,693 students and 200 employees. • Kinston is served by UNC Lenoir Health Care, a 261 bed hospital with over 100 physicians and 880 employees. • Kinston Regional Jetport has one of the longest runways in the southeastern United States servicing 21,000 flight operations per year. • National Retail in Kinston includes Walmart, Food Lion, Lowe’s Home Improvement, Tractor Supply and more.