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Midwest Napa Auto Parts Portfolio Sells for $70M
JLL has secured the $70.254 million sale of Napa Auto Portfolio, comprising 41 net-leased retail properties across six Midwest states. JLL facilitated the transaction between the buyer and seller.
The Napa Auto Parts portfolio, strategically located across Michigan, Minnesota, Indiana, Illinois, Wisconsin and Iowa, consists of 41 auto parts retail sites totaling 342,986 square feet. The properties benefit from long-term net leases with approximately 18.5 years of weighted average lease term remaining.
The transaction was led by Senior Managing Director Alex Sharrin, National Co-Lead of JLL’s Corporate Capital Markets & Net Lease Practice. Brokers of record were Jaime Fink, Marcus Pitts and Matt Hazelton.
“This off-market transaction highlights the continued investor appetite for well-positioned, net-leased retail assets with strong tenants,” said Sharrin. “The Napa Auto Parts portfolio offers the purchaser a geographically diverse set of properties in a stable industry sector, making it an attractive long-term investment.”
