Investment Grade Credit Tenant – Nationally Recognized Brand – Corporate Guarantee – The lease has a corporate guarantee from Advance Auto Parts, Inc., which has an investment grade credit rating of BBB- by Standard & Poor’s. Advance Auto Parts is the largest automotive aftermarket parts provider in North America, with 5,200 stores in the United States, Puerto Rico, the U.S. Virgin Islands, and Canada.
New Build to Suit Construction – 15 Year Transferable Warranty – The subject property is a new build-to-suit project constructed in 2016. It features the latest prototype design for an Advance Auto Parts store, and includes a 15 year transferable roof warranty.
New Long Term Triple Net (NNN) Lease – Rent Growth in Option Periods – The new 15-year lease has 14 years remaining and features (4) 5-year options, providing an investor with a long-term passive income stream and a hedge against inflation. In addition, the option periods offer solid rent growth with 10% rent increases in each option.
Excellent Frontage & Visibility Along Colonial Blvd – Main Retail/Commuter Corridor To/From I-75 – The property is situated along Colonial Blvd which is the main east/west arterial for Ft. Myers and Cape Coral. This corridor is highly trafficked (combined 77,500 cars per day) and provides easy access to Interstate 75.
Extremely High Growth Area – Targeted Demographics – Abundant Rooftops – The subject property benefits from the surrounding community which grew by more than 40% between 2000 and 2010 and is projected to grow at an average of 18% per year, making it one of the fastest-growing regions in the nation (Source: LeeCountyBusiness.com). The site is also surrounded by a multitude of residential housing communities (50,000 units within a 5-mile radius) with average household incomes of $62,000 and 125,000 people within a 5-mile radius.
No Income Tax – Top Ranked State for Doing Business – Fort Myers’s favorable tax climate boasts no personal state income tax and regional employers are supported by an abundant stock of educated talent. In 2014, Chief Executive Magazine ranked Florida the 2nd Best State for Business, and the Tax Foundation places Florida #5 on its 2015 State Business Tax Climate index.