The Boulder Group, a net leased investment brokerage firm, has completed the sale of a newly constructed single tenant net leased O’Reilly Auto Parts store located at 1300 South Main Street in Blackstone, Virginia for $1,296,624.
O’Reilly Auto Parts is the sole occupant of the recently constructed 6,400 square foot building. The property is located along South Main Street, the primary thoroughfare of the region. O’Reilly Auto Parts is located within a dominant retail corridor that features a Walmart Supercenter and Food Lion. There are 19 years remaining on the O’Reilly’s lease that expires in December 2033.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction. The purchaser was a West Coast based private investor in a 1031 Exchange.
O’Reilly Auto Parts has nineteen years remaining on their lease that expires December 2033. The lease features 6% rental escalations every five years beginning in lease year eleven. O’Reilly Auto Parts is an investment grade tenant (S&P: BBB) and is publicly traded with a market capitalization in excess of $19 billion. “The market for new construction net leased auto parts stores remains active as these assets are in high demand among private investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties featuring long term leases with multiple rental escalations throughout the primary term remain in the forefront of investor demand.”
