JLL Capital Markets facilitates sale of 41-property portfolio across six states
News release
10 December 2024
Napa Auto Parts Portfolio sells for $70.254M in Midwest
Investment
Investment sales and advisory
Retail
Business and professional services
MIAMI, Dec. 11, 2024 – JLL Capital Markets announced today that it 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 portfolio bolsters the buyer’s strong foothold in the auto repair and parts industry, which is known for its recession-resistant characteristics and resilience against e-commerce disruption and consumer spending cyclicality.
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."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.