Advance Auto Parts - Jacksonville, FL_Property for Sale

1008 Edgewood Ave N, Jacksonville, FL, 32254, US

Advance Auto Parts - Jacksonville, FL

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple interest in a freestanding single-tenant Advance Auto Parts located at 1008 Edgewood Ave N in Jacksonville, FL (“Property” or “Asset”). The Property is occupied by Discount Auto Parts Inc. (“Tenant”) and guaranteed by Advance Stores Company, Inc. (“Guarantor”) which operates on an NNN lease with ±3.6 years of term remaining, 5.0% rent escalations every 5-years and three, five-year renewal options.

Located in West Jacksonville, the Property is conveniently situated just north of the signalized intersection of Edgewood Ave N and Commonwealth Ave, with direct visibility to nearly 32,000 vehicles per day. The Property is positioned as an outpad to Commonwealth Shopping Center that is anchored by a Rowe’s IGA Supermarket and generates 883K visits annually

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Attributes

Asking price

CA$2,079,000

Cap rate

7.25%

NOI

CA$151,000

WAULT

3.6 years

Building area net

638 sm

Land area gross

0.59 ha

Year built

2007

Media

Investment highlights

Operating on a net lease with ±3.6 years of primary lease term and three, five-year renewal options
Located in West Jacksonville at a signalized intersection with direct visibility to nearly 32,000 vehicles per day.
Strong sales of $1.87 million, a 5.8% health ratio
Advance Auto Parts is a Big 3 automotive retailer with 2024 net sales of $9.1 billion
Positioned as an outpad to Commonwealth Shopping Center that generates 883K visits annually
Less than 1 mile from the Property is Coca-Cola Florida’s Jacksonville Territory with over 500 employees
Strong demand characteristics driven by 5-mile population of 168K