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| Advance Auto Parts, 1380 East Napoleon Street, Sulphur, LA |
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SULPHUR, LA (Aug. 27, 2013)—Franklin Street Real Estate
Services announces the sale of a 7,050-square-foot Advanced Auto Parts for
$970,000 at $137.58 per square foot.
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| Bryan Belk |
The seller, a developer out of South Carolina, and the
buyer, a Real Estate Investment Trust out of California, were both exclusively
represented by Bryan Belk, Director of Franklin Street Real Estate
Services.
“Our challenge in this case was negotiating between two
parties,” Belk said. “However, we were able to renegotiate a 10-year lease
extension with Advance Auto Parts, while also negotiating with the purchaser to
an agreeable price.
“At the end of the day, we were able to net the seller a
higher price and the buyer got the lease term they desired.”
The buyer is planning a long-term hold for the current
single-tenant asset and is interested in purchasing additional locations.
“This was quite a high price for a property, particularly in
Louisiana,” Belk said. “However, the location is strong and the store has
robust sales.”
The Advanced Auto Parts is located at 1380 E. Napoleon St.
in Sulphur, Louisiana a suburb of Lake Charles, a major cultural, industrial,
educational center home to McNeese State University, Sowela Technical
Community College, and a retail hub with hundreds of tourists each year.
For a complete copy of the company’s news release, please
contact:
Kelsy Pazur
813-839-7300, ext. 337
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