Corporate Lease – O’Reilly Auto Parts (NASDAQ: ORLY) – Investment Grade Credit Tenant (S&P BBB-) – The building is leased by O’Reilly Auto Parts (S&P: BBB-), one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States. O’Reilly Auto Parts was one of the S&P 500 Top Gainers in November 2017 (source: Market Realist).
Located 200 Feet from Hwy 395 On-Ramp/Exit (74,000 CPD) – Hard Corner Signalized Location (39,000 CPD) – The subject property is located on the hard corner signalized intersection of Selmi Drive & Clear Acre Ln, offering excellent visibility to combined traffic counts of 39,000+ cars per day. In addition, it is conveniently located just 200 feet from the exit / on-ramp to Highway 395, providing for quick access to downtown Reno just 3 miles to the southwest.
20 Year Operating History – Multiple Early Lease Extensions Reflects Profitability & Commitment to Site – This location was a build-to-suit for O’Reilly Auto Parts, which has operated here since 1997 (20 years). There are over 9 years remaining on the initial lease term and the tenant just renewed early for another two (2) 5-year lease extensions, reflecting their commitment to the site and long term profitability.
Rare and Hard to Replicate Stand-Alone Retail Building in Irreplaceable Location – Located in Dense Retail Corridor – Synergy with a Multitude of National Tenants – The property consists of a rare hard to replicate stand-alone retail building that sits in an irreplaceable location within the trade area. These fundamentals ensure an investor that the property will always be in high demand with the potential to push rents upwards in the future. Nearby retailers include Home Depot, WinCo Foods, Burger King, Port of Subs, Chevron, Sonic, Tires Plus, Shell, Jimbo’s Tacos, Baskin-Robbins, Anytime Fitness, Party City, Starbucks, Wendy’s, CVS, and many more.
Income Tax Free State – Located in City Limits of Reno – Strong, Diverse Economy – Home to Major Employers – The property is located in the City of Reno, which is the largest city in Northern Nevada with a population of 235,000. Reno’s economy is principally based in the trade and service sector, employing approximately 65% of the work force. Although gaming and other recreational activities represent a significant portion of the economy, the City is experiencing a diversification of its business base with the expansion of distribution, warehousing, and manufacturing facilities. Nevada’s business climate is a big draw to major employers such as Cisco Systems, Microsoft Licensing, Charter Communications, Kendall Jackson (distribution), and Washoe Medical Center.
Site of New Tesla Gigafactory – Expected to Employ More than 10,000 People by 2020 – Tesla Motors broke ground on its battery “Gigafactory” in 2014. The current structure has a 1.9 million square-foot footprint and about 4.9 million square feet of operational space. It represents only 30 percent of the total finished Gigafactory. Tesla says it currently employs over 1,000 full-time employees at the plant and that it is adding hundreds more every month. Its manufacturing partners on location also employ hundreds more, like Panasonic, with over 200 employees, and German battery can maker, H&T Battery Components, who expects to employ over 100 employees at the Gigafactory. More than 10,000 employees are expected to work at the plant once it reaches full production, which is expected in 2020 according to the company.
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