November 19, 2019 – Todd Tremblay and Robert Horvath of Horvath & Tremblay have successfully completed the sale of O’Reilly Auto Parts in Johnston, Rhode Island. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,585,000, a 5.60% cap rate.
O’Reilly Auto Parts is located at 72-76 Putnam Pike in Johnston. The newly constructed, stand-alone building consists of 7,225 square feet and sits on a 0.73-acre lot. O’Reilly Auto Parts operates under a new 20-year double net lease with four, 5-year renewal options. The lease calls for a 6.0% rent increase in year 11 of the base term and 6.0% rent increases in each of the option periods. The property is well located along Putnam Pike (RI Route 44), which is the primary corridor in Johnston and is just seconds from Interstate 295. Additionally, O’Reilly Auto Parts benefits from strong demographics with over 243,000 people within a 5-mile radius with an average household income in excess of $72,000.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.