The 7,000 sf Advance Auto Parts (NYSE: AAP) in Pittston, PA is a corporate operated store. This location was acquired with five (5) years remaining on the existing term plus two 5-year option periods. AAP has occupied this “build-to-suit” facility for over 13 years. The purchase price ($108.00/sf) is 25% below replacement cost for this freestanding building and at a capitalization rate 100 basis point higher than similar national AAP sales comparables at time of acquisition. The location on State Route 11 is in short proximity to I-81 & I-476. The Big K and Walgreens center is located directly across the freeway from the site on Route 11. The AAP store is less than one mile to Avoca Regional Airport. Building design with excess land provides numerous re-use or expansion possibilities. The property was originally acquired in 2002 for $1,200,000.00. The owner at time of purchase sold the property to secure funds to acquire another multi-property portfolio.
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