Lee & Associates – North San Diego County Negotiates the $1.7 Million Sale of O’Reilly Auto Parts
RENO, NV—March 10, 2016— Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has completed the $1,710,000 sale of the property located at 7540 Longley Lane in Reno, Nevada. The property, consisting of a 6,600 square foot building on a 41,253 square foot parcel, is occupied by O’Reilly Auto Parts, the largest specialty retailer of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States.
O’Reilly Auto Parts, whose original lease commenced in 1996, recently executed its third amendment to said contract, extending its lease until December of 2026. Additionally, two five-year options to renew still remain.
Ryan Bennett and Ryan Barr of Lee & Associates – North San Diego County and Lyle Chamberlain of Lee & Associates – Reno represented the seller, Francis Realty in the transaction.
“O’Reilly Auto Parts has a long and successful operating history in this location, renewing its lease early twice, including the recent ten-year extension,” noted Barr. “An additional two options to extend include rent increases.”
“We were able to assist the seller in capitalizing on these points, generating multiple offers, and ultimately selling the property above the asking price,” concluded Bennett.
Barr & Bennett Net Leased Investment Group, of Lee & Associates-North San Diego County, specialize in the acquisition and disposition of net leased assets nationwide.
About Lee & Associates
Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Vancouver BC and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.