Advance Auto Parts

Advance Auto Parts (NYSE: AAP) is a Fortune 500 company with 4,500 locations in the USA. AAP has occupied this 7,000 sf build-to-suit facility since October 2001. Seymour Johnson Air Force Base is located to the southeast of Goldsboro, NC. In the DOD 2005 BRAC recommendations, Grand Forks Air Force Base, ND would distribute the 319th Air Refueling Wing’s KC-135r aircraft to the 916th Air Refueling Wing (AFRC) at Seymour Johnson AFB. The realignment brought hundreds of new personnel and their families to Goldsboro. This facility is located on heavily traveled Grantham Street (Route 70), with proximity to Little River Square (120,000 sf) and is adjacent to local retailers Food Lion, Tractor Supply, Dollar General, McDonald’s and a Honda dealership. CAPEX improvements performed by AAP in 2013 included building and pylon signage, painting and interior re-merchandising. Bedrock Investments Group’s (BIG) acquisition cost for the property was $137.50/sf, approximately 20% below estimated development replacement cost. The owner originally acquired the property as part of a portfolio and liquidated for estate settlement purposes. In early 2016, BIG negotiated a “blend and extend” lease renewal that extended the lease expiration to December 31, 2021.