SULPHUR, LA—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.
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.
About Franklin Street: Franklin Street is a family of real estate companies focused on delivering value-added solutions to meet the evolving needs of our clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its divisions—Real Estate, Capital, Insurance and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please see the company’s website at FranklinSt.com.
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