The Boulder Group is pleased to exclusively market for sale a single tenant net leased O’Reilly Auto Parts property located within the Grand Rapids MSA in Allendale, Michigan. The property was a build-to-suit for O’Reilly Auto Parts in 2018. There are over 13 years remaining on the primary lease term. The lease features 6% rental escalations every five years starting in year 11 and has four 5-year renewal options. O’Reilly Automotive is an investment grade rated tenant (S&P: BBB).
The 7,780 square foot property is positioned along Lake Michigan Drive (28,000 VPD), a primary east-west thoroughfare. Allendale, Michigan is a halfway point between Lake Michigan and Grand Rapids. Retailers in the area include True Value, Gerber Collision & Glass, McDonald’s, Taco Bell, Goodwill, PNC Bank, Napa Auto Parts, and more. Other tenants include Spectrum Health Medical Group, Leprino Foods Company, and U-Haul. Less than two miles away is Grand Valley State University which has over 21,500 undergraduate students enrolled. There are 40,721 people living within five miles of the property earning an average annual household income of $82,628.
O'Reilly Automotive, Inc., together with its subsidiaries, operates as a retailer of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States. The company provides new and remanufactured automotive hard parts and maintenance items. Its stores provide do-it-yourself and professional service provider customers a selection of products for domestic and imported automobiles, vans, and trucks. As of December 31, 2020, the company operated 5,616 stores. O'Reilly Automotive, Inc. was founded in 1957 and is headquartered in Springfield, Missouri.