Investment Property Available on Broad St.Posted by: Corporate Realty on August 6, 2013 | No Comments
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Corporate Realty is pleased to offer for sale to qualified buyers this NN leased Advance Auto Parts property located on the emerging Broad Street corridor in New Orleans, LA. The store was opened in 2011, at which time Advance Auto Parts began operating under a new 10 year lease with four (4), five (5) year renewal options. As of July 2013, there are still over 8 years left on the existing lease. Rent increases of an average of 6.5% are scheduled in each option period.
This 8,900 SF asset is well located near the signalized intersection of Broad and Orleans Street. With two points of ingress/egress onto the property and prominent frontage on Broad Street the Advance Auto Parts store will benefit from traffic counts of more than 27,000 vehicles per day. Broad Street has been designated as part of Louisiana’s main street revitalization program designed to promote the historic and economic redevelopment of traditional commercial districts in Louisiana. The main street program has already helped bring a new 60,000 SF development just a few blocks away which will feature a new Whole Foods. Other national retailers within this commerce area include Rite Aid, Dollar General, Auto Zone, and Family Dollar.
This is a HUB location for Advance Auto, which is a larger footprint store with a warehouse component that serves the other smaller locations in the area. This makes 901 North Broad a very important location. As of December 28, 2012, Advance Auto Parts, Inc. had total revenue of $6.2 billion, net income of $387.6 million and a net worth in excess of $1.2 billion. The company holds an S&P rating of BBB-, which makes it one of the most “credit worthy” and desirable retail tenants in the US. Great 1031 exchange property.