Advance Auto Parts

XL Store with Distribution Capabilities: As former Rite Aid, this oversized Advance Auto Parts store is part of a rare group — fewer than 10% of locations nationwide — that can stock deeper inventory and virtually function as a “last mile” hub. Beyond serving its immediate community, the expanded format can support surrounding stores, creating efficiency for the tenant.
Strategic Conversion: Advance Auto Parts has been consolidating smaller stores under 8,000 SF in favor of larger formats with expanded inventory capacity. This conversion in 2023 reflects that corporate strategy, underscoring the site’s importance as part of AAP’s next-generation footprint.
Rare Rent Increase Structure: While most new 15-year Advance Auto Parts leases include little to no rent escalation, this location stands out with 10% rent increases every five years — providing rare built-in income growth.
High Traffic Exposure: Positioned along Old Fort Parkway with ±25,400 vehicles per day and less than a mile from I-24’s ±112,700 daily drivers, this site captures both local convenience and regional flow.
Major Retail Hub: Within 2.5 miles, the property sits near some of the biggest retail drivers — Sam’s Club, Kroger, Walmart, Home Depot, Target, and TJ Maxx — alongside two powerhouse centers: the 487k SF Stones River Town Centre and the 811k SF open-air The Avenue, featuring Lululemon, Barnes & Noble, Best Buy, Burlington, World Market, Petco, and more.
Top MSA in the US: Nashville continues to rank among the nation’s fastest-growing metros, fueled by strong in-migration, a dominant healthcare sector, and major corporate relocations like Oracle, Amazon, and AllianceBernstein. With over 16M annual visitors and rising household incomes, the city supports long-term demand for retail, multifamily, and hospitality, positioning assets here as both stable and growth-oriented.
Industry Giant: Even after shuttering underperforming locations over the past year, Advance Auto Parts still operates 4,285+ stores nationwide and generated $9.2B in revenue in 2024 — underscoring its strength as a sector leader.
Freestanding Building on Oversize Parcel: Beyond the strength of the lease, market, and tenant, the property sits on nearly 2 acres with a healthy building footprint — offering investors long-term functionality today and valuable optionality for future redevelopment.

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Hutt Cooke