Capital Rivers Commercial completes the development of a new O’Reilly Auto Parts store in Taft, CA and subsequently sells it to a Bay Area investor for $2.2M. The Seller was represented by both Capital Rivers Commercial (Greg Aguirre) and Hanley Investments (Jeff Lefko) and the Buyer was represented by Capital Rivers Commercial (Ben Prater).
This is one of many projects Capital Rivers has done in the City of Taft which includes the prior development of a Dollar General and they are currently under construction on a Grocery Outlet that will open in June 2021. This makes Capital Rivers the most active developer in the area.
O’Reilly’s continues to be an attractive investment for investors due to their long term leases, periodic rent increases, and investment grade rating. The automotive sector remains in demand with investors both during and post COVID since they have proven to be successful in good and bad economic times. Given the high demand for quality investments and lack of supply O’Reilly net lease investments remain in high demand and are a great option for investors looking for a price point in the sub $2M to $3M price range. The auto parts industry continues to thrive as the age of vehicles on the road continues to increase and we don’t see this changing anytime soon. In fact we are doing a lot of work with Caliber Collision as well and they fall into the same category.
This is one of multiple recent development projects by Capital Rivers Commercial and there are more to be announced in the very near future.