Sold

Eagle River, AK - O'Reilly Auto Parts

12205 Old Glenn Hwy | Eagle River, AK 99577

$2,964,000

Price

Cap Rate

8,100 SF

± SF Building Size

0.89

± AC Lot Size

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, investment grade (S&P: BBB) O’Reilly Auto Parts investment property located in Eagle River, AK (Anchorage MSA). The tenant has approximately 9.5 years remaining on its current lease term with 4 (5-year) options to extend. The lease features 6% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is signed by by O’Reilly Auto Enterprises, LLC, a subsidiary of O’Reilly Automotive, Inc. (NASDAQ: ORLY | S&P: BBB), and is NNN with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Founded in 1957, O’Reilly Auto Parts is one of the largest speciality retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, with over 5,750 locations and nearly 85,000 employees.

Location

The subject property is strategically located near the signalized, hard-corner intersection of Old Glenn Hwy. and N. Eagle River Loop Rd., which averages a combined 31,300 vehicles passing by daily The site benefits from excellent visibility via significant street frontage and a large pylon sign along Old Glenn Highway. In addition, the asset is centrally located in the heart of Eagle River’s retail corridor, with numerous established tenants nearby including Walgreens, Carrs (Safeway), Walmart Supercenter, Starbucks, Midas, Fred Meyer, and more. Strong tenant synergy significantly increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The 5-mile trade area is supported by over 26,000 residents and 6,000 employees, providing a direct consumer base from which to draw. Residents within 5 miles of the subject property boast an affluent average household income of $134,000. Eagle River is an affluent, family-friendly suburb of Anchorage, the largest city in Alaska.

Documents & Links

	View	Email
Offering Memorandum

Contact

Patrick Luther
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226