Advance Auto Parts - Pittsfield, MAPittsfield, MA U.S.-1 Ventures closed on a new construction Advance Auto Parts as part of their growing retail investment portfolio. The location site, which sits at a signalized traffic intersection, is 6,912 s/f and opened in October.
Construction on the property was completed in late August to accommodate its sole tenant, AAP. U.S.-1 Venture’s Christine Diarbakerly was particularly attracted to the offering because of AAP’s current expansion plan and strong investment credit rating. AAP, a “BBB” credit rated tenant, and one of the largest automotive retailers working with the distribution of aftermarket parts, equipment, accessories, tools, and supplies in the U.S., the company serves both classes of the do it yourself type and professional service provider markets.
The ground lease is backed by a corporate guarantee from AAP for a 15-year NNN lease, with three, five-year renewal options with rent increases. The store, coming off brand new construction that was completed in August, officially opened in October.
U.S.-1 Ventures was represented by Tom Georges of Stan Johnson Company, an investment sales brokerage firm focused exclusively on single-tenant net lease assets. Georges is a lead broker and associate direct with the company’s New York City office where he specializes in the area of 1031 exchange-buyer representation.