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KINSTON, N.C. — The Taylor McMinn Retail Group, a retail investment sales team within Marcus & Millichap, has brokered the $1.2 million sale of a 7,000-square-foot store in Kinston leased to Advance Auto Parts. The retailer, which has operated at the store since it was built in 2003, recently signed a new 10-year lease at the property. The Advance Auto Parts is situated on a 0.7-acre site at 302 W. Vernon Ave., about 85 miles north of Wilmington, N.C., via I-40. Don McMinn of Taylor McMinn represented the undisclosed seller in the transaction. The buyer was an out-of-state 1031 investor.
“Investment-grade tenants with lower rents and price points continue to receive strong demand in an environment where debt is a challenge,” says McMinn.