Newport Beach-based SRS Real Estate Partners’ National Net Lease Group (NNLG) has completed the $21 million sale of 12 Napa Auto Parts retail assets across 10 states, including Florida, Ohio and Georgia. The square footage of all properties totals 83,000 for a per square foot sale price of approximately $250.

All the locations have been operating since 2007 and are subject to a long-term, absolute net lease master lease signed by Genuine Parts Auto Company, the parent company of Napa Auto Parts. 

“It was the right time for the seller to exit this portfolio based on the decrease in cost to prepay the existing loan along with the long-term investment strategy. The buyer liked the strong credit of the tenant and the residual value relative to the allocated basis to each site,” said John Redfield of SRS NNLG who led the transaction on behalf of the seller as well as the buyer.