Single-tenant net-leased auto parts stores are an attractive alternative retail investment to fast-food and bank single-tenant net-leased investments
CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that Senior Vice President Jeremy McChesney completed the sale of two single-tenant NNN-leased properties occupied by O’Reilly Auto Parts in separate transactions with the same buyer to complete 1031 exchanges. The combined purchase price for both properties was $5,537,500.
McChesney represented the seller in the sale of a single-tenant corporate-leased O’Reilly Auto Parts store in Contra Costa County, Calif. Built in 1981 on .78 acres, the 8,037-square-foot store is located on a signalized-hard corner at 100 E. Cypress Road in the city of Oakley. The purchase price was $2,822,500, representing a cap rate of 5.25%. The buyer, a local private investor, was represented by Dan Diehl of Keller Williams Realty in Brentwood, Calif. The O’Reilly Auto Parts store in Oakley had over 11 years remaining on the primary lease term with increases every five years with options to extend.
In Taylor, Michigan, in association with JDS Real Estate Services, Inc., McChesney represented the seller of the O’Reilly Auto Parts in Wayne County. Built in 2007, the 8,000-square-foot single-tenant NNN-leased property occupied by O’Reilly Auto Parts store is located on 1.77 acres at 13224 Telegraph Road. Telegraph Road, also known as Highway 24, is a six-lane highway and is Taylor’s Main North/South thoroughfare with an average car count in excess of 66,000 cars per day. Over 185,000 people reside within five miles of the property with an average household income exceeding $56,000.
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