KLNB Selected for Disposition of Advance Auto Parts Ground Lease in Blackstone, Va.
January 24, 2018
Washington, D.C. — KLNB, the multi-service commercial real estate brokerage, announced today that its Single Tenant Net Lease Group has been selected as the exclusive agent to lead the sale of a corporately guaranteed Advance Auto Parts ground lease, located at 1412 S. Main Street in Blackstone, Va. The 7,000-square-foot property is available for a purchase price of $1,333,231. Peter Snell, founding partner of KLNB’s Single Tenant Net Lease Investment Sales Group, will handle the offering.
The property is ideally located along VA Route 40, a highly trafficked main retail corridor, and is surrounded by residential communities and synergistic, national retailers such as Food Lion, Walmart, Subway, Wendy’s, Pizza Hut and H&R Block. Blackstone is located in southern Virginia just 35 miles southwest of Petersburg and 50 miles south of Richmond. Blackstone offers an active historic, downtown district with unique restaurants and retail.
Advance Auto Parts (NYSE: AAP) has a BBB- credit rating according to Standard and Poor’s. Advance Auto Parts reported $9.57 billion in sales in 2017 with over 6,400 locations and 74,000 employees. Advance Auto Parts is the largest automotive aftermarket parts provider in North America and has occupied the location for 15 years. The company recently extended its lease for an additional eleven years, with the primary term expiring December 31, 2023 and also added two, five-year options. Snell says the tenant’s commitment to the space makes it an even stronger investment opportunity. “Credit-backed net lease assets like this are in high demand among investors. Advance Auto Parts commitment to this location paired with the minimal landlord responsibilities and strategic location make this a prime investment opportunity and we anticipate our marketing campaign will generate multiple offers in a short period of time.”
To discuss investment opportunities, contact Peter Snell (firstname.lastname@example.org). To learn more about KLNB’s services, click here.
KLNB is a dominant provider of commercial real estate services throughout the mid-Atlantic region. An independently owned and operated commercial brokerage and real estate services firm, KLNB provides a variety of services including tenant and landlord representation, leasing, consulting, investment sales, property management and financing services. 80 full-time brokerage professionals work across KLNB’s four offices strategically located throughout the Washington, D.C. / Baltimore region. http://klnb.com