The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant CARQUEST property located at 809 Mitchell Street in Kinston, NC for $635,000.
The 6,000 square foot CARQUEST property is centrally located within the town of Kinston, North Carolina. The property benefits from its location in a strong retail corridor. The property is located approximately one and one-half miles from Vernon Park Mall, which is anchored by Sears, Belk and Goody’s. Retailers located in the immediate proximity of the property include Food Lion, McDonald’s, Rite Aid, First Citizens Bank, and Family Dollar.
Jordan Kaufman of The Boulder Group exclusively represented the seller in the transaction; a North Carolina based private partnership. The purchaser was a private investor in a 1031 Exchange from California.
CARQUEST has approximately three years remaining on their absolute net lease that expires on November 30, 2017. The lease features a 15% rental escalation in its first renewal option. CARQUEST is a wholly owned subsidiary of Advance Auto Parts, a publicly traded company that is also investment grade rated (S&P: BBB-).
“Despite only having approximately three years remaining on the primary term of the lease, we received significant interest in this property amongst investors searching for higher yield” said Jordan Kaufman, Vice President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “As there are a limited amount of core assets in the market, some investors are seeking higher yielding assets such as properties with short term leases that are located in secondary markets.”
