LINCOLN PARK, MI – [December 29, 2022] – Blue West Capital has completed the sale of a single tenant net leased Advance Auto Parts property located at 2230 Fort Street in Lincoln Park, MI for $1,884,336. Zach Wright and Brandon Wright, of Blue West Capital, exclusively represented the seller and directly procured the purchaser. The seller was a repeat client that is a Florida-based partnership. The purchaser was a Midwest-based REIT.
The Advance Auto Parts property is positioned within a strong retail trade area that includes Kroger, ALDI, Walgreens, CVS, Save A Lot, McDonald’s, and many others. The surrounding area is densely populated with over 21,000 people within one mile and over 132,000 people within three miles. The property is located along Fort Street (M-85), the area’s primary north-south thoroughfare with traffic counts of 31,500 VPD.
The Advance Auto Parts property features an upgraded high-end all-brick building that was constructed in 2010. The triple net lease is corporately guaranteed and features three 5-year options. Advance Auto Parts is an investment grade rated tenant (S&P: BBB-) and is a publicly traded company (NYSE: AAP) with an $8billion market capitalization.
“Net lease investors continue to favor single tenant properties located in major MSAs with investment grade rated tenants and upgraded high-end constructed buildings. We received significant interest in the property from various investor profiles including private investors, 1031 exchange investors, private investment funds, and publicly traded REITs.”Zach Wright, Director & Partner
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