Marcus & Millichap has brokered the sale of O’Reilly Auto Parts, a 7,000-square-foot net-leased property located in Portland, Oregon. The asset sold for $2.11 million.

“O’Reilly has been at the location for over 20 years and recently extended their NNN lease for another 10 years with additional renewal options,” shared Chris Doty, first vice president of investments in Marcus & Millichap’s Phoenix office. “The buyer was a repeat client who was in a 1031 Exchange with the sale of a single-tenant commercial property in Florida. O’Reilly was purchased for all cash. We were able to add value to the transaction through our expertise in NNN transactions and proactively assisting the client through the due diligence processes and closing.”

The buyer, a trust out of Northern California, was procured by Doty. Oregon broker of record, David Tabata, assisted in closing this transaction that included a corporate guarantee, absolute triple-net lease and fixed rental increases.