With lease agreements varying from five to fifteen years, the most employed general Advance Auto Parts structuring tends to be the fifteen year NN term. While the difference between NN and NNN terms are usually covered by rental price increases, you will find landlord responsibilities are often non-existent on sites leased strictly by NNN terms. Typically, landlords are to maintain the structure for the life of the lease. With NN structuring, rental increase occurs during year eleven, while NNN is based on a flat rental fee over life of the lease.

Tenant Description

As a leading after-market provider of automotive parts in North America, Advance Auto Parts is based out of Roanoke, VA and began operations in 1929. Serving the commercial industry, independent operators, and professional DITM (Do It for Me) as well as DIY (Do It Yourself) customers, they continue increasing retail store locations while expanding operational strategies for new growth. 

With 4102 stores, the majority of them consist of purely free-standing structures that range from 6000 to 8500 sq. ft., with an average building size of 7500 sq. ft. In fact, Advance Auto is actually comprised of Advance Auto Parts, Worldpac, and Carquest. Given the variety of branding, these retail locations have grown rapidly over the past 10 years, from 2872 locations in 2005 to 5135 inside the U.S.A. since 2015.

Advance Auto Parts offer a broad range of items in the automotive aftermarket parts industry, fulfilling the needs of domestic and imported vehicles for their customers. Future plans include the initiative to introduce new retail stores in heavily-populated locations as well as smaller rural areas to serve communities.