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).
New 20 Year Lease – Rent Growth – New Construction – O’Reilly’s new 20-year lease commenced July 2017 and features 6% rent increases starting in Year 11 of the Primary term and every 5 years thereafter, including the four (4) 5-year Option periods.
This building is a new build to suit for O’Reilly Auto Parts, constructed in 2017. The Landlord has minimal management responsibilities and is only responsible for the structure and parking lot. The tenant pays taxes and insurance and is responsible for the repair and replacement of the roof membrane, sidewalks and HVAC.
Located on Outparcel to 128,900-SF College Square Shopping Center – Strong Co-Tenants – The property sits on an outparcel to College Square Shopping Center, a Save-A-Lot anchored shopping center with co-tenants including Dollar Tree, Anytime Fitness, Kem’s Hardware, Subway, AutoZone, Walgreens, Pizza Hut, and Kentland Bank.
Stand-Alone Retail Building – Located on Major Retail/Commuter Corridor – Synergy with a Multitude of National Tenants – The property is a stand-alone retail building that sits on one of the area’s major retail/commuter corridors, with a multitude of nearby retailers including McDonald’s, Marathon Gas, Arby’s, Walmart, Tractor Supply, and Dollar General. Additionally, the site is within one mile of Con-Agra and Donaldson, two of the area’s major employers.
Hard Corner Signalized Location with Excellent Visibility & Access – The subject property is located on the hard corner of S. College Avenue/SR 231 and Kannai Avenue, which is a main artery to Downtown Rensselaer. The site offers excellent visibility to 11,000+ cars per day and multiple in/out access from South College Ave & Kannal St.
Located Near Lafayette – Home of Purdue University – Diverse Economy – The subject property is located in Rensselaer, which is the county seat of Jasper County and the home of the County Courthouse. Rensselaer is located approximately 41 miles northeast of Downtown Lafayette, which is centrally located 63 miles northwest of Indianapolis and 105 miles southeast of Chicago.
Much of the economy of the city of Lafayette and the surrounding area is centered around the academic and industrial activities of Purdue University. Purdue is a member of the Big Ten Conference and enrolls the second largest student body of any university in Indiana, as well as the fourth largest international student population of any university in the United States.
However, private industry and commerce independent of the university also exist in the community. Some notable examples include Alcoa, a producer of aluminum tubes; Caterpillar’s Large Engine Division; Wabash National, the world’s largest manufacturer of semi-truck trailers; Subaru of Indiana; Tate & Lyle, a manufacturer of Splenda; and, Cargill, the soybean oil mill.