Advance Auto Parts

FRESH 10-YEAR EARLY RENEWAL: In July 2024 the lease was amended to extend the term out to 10 Years through December 2034, communicating not only this locations strength but that this one is a keeper for Advance Auto Parts in spite of the record amount of announced store closures (15% of fleet). This is not surprising due to the store’s strong and stable 6.50% Rent to Sales ratio.
25+ YEAR OPERATING HISTORY: This location has been in operation for over 25 years with a history of renewals, signaling the significant commitment AAP has made with this store as a flagship in the Columbus MSA.
PRICED BELOW REPLACEMENT COST: With the cost of construction rising rapidly, at just under $145 PSF there is significant value in this basis since comparable brand new construction Build-to-Suits have become prohibitively expensive, costing on average $250-325 PSF for merchant developers, driving rents for similar locations to be nearly $23.00 PSF or roughly $160,000-180,000 in basic rent before NNN expenses annually .
POWER-CENTER SHADOW ANCHORED: This Advance Auto Parts location is shadowed by the +250,000 SF Columbus Square Power Center which drives local retail traffic with synergistic tenants like Gordon Foods, Value Home Center and Dollar General.
COLUMBUS MARKET: Columbus is one of the fastest growing and affordable cities in the Midwest with strong employment and drivers such as the new $20B Intel semiconductor manufacturing facility being constructed in the New Albany submarket. Columbus is the home of The Ohio State University (OSU), serves as a major logistics hub nationally, and has been recognized for its business friendly policies among low taxes and incentives for entrepreneurship.

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Matt Wallace