This document provides an offering memorandum for a net leased Advance Auto Parts property located in Jenison, Michigan. Key details include: - The 7,000 square foot property was built in 2005 and is leased to Advance Auto Parts through 2020 with renewal options. - It has an assumable loan that matures in 2017 with a remaining balance of $890,276. - The property is located along a major retail corridor with over 28,000 vehicles per day and near retailers like Meijer, Target, and Walgreens. - Advance Auto Parts is a publicly traded, investment grade company operating over 3,600 stores across the US.

1. NET LEASED INVESTMENT OFFERING
Advance Auto Parts
600 Baldwin Street
Jenison, MI 49428 (Grand Rapids MSA)
CONFIDENTIAL OFFERING MEMORANDUM
www.bouldergroup.com

2. TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Assumable Financing Overview
5) Aerials
6) Site Plan
7) Maps
8) Tenant Profile
9) Demographic Comparison Report
10) Location Overview
11) Contact Information
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3. CONFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY
CONFIDENTIALITY & DISCLAIMER
The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is
intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to
any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been
prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary
level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or
representation. The information contained in this Offering Memorandum has been obtained from sources we
believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information
contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no
warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All
potential buyers must take appropriate measures to verify all of the information set forth herein.
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4. EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant net leased Advance Auto Parts property
located in the Grand Rapids MSA. Grand Rapids is the second largest city in Michigan and the largest city in Western
Michigan. Grand Rapids has an unemployment rate of 7.4%, as compared to Detroit’s unemployment rate of 10.8% and
the United States’ unemployment rate of 8.3%. Grand Rapids is home to Spectrum Health (the area’s largest employer),
Meijer (#19 on America’s largest private companies list) and Johnson Controls (Fortune 500 Company).
The 7,000 square foot Advance Auto Parts was built in 2005 and is benefitted by its location in the primary retail trade
area of Jenison as an outparcel to a Meijer. Advance Auto Parts is located along Baldwin Street, a major retail
thoroughfare within the trade area. Baldwin Street has traffic volumes in excess of 28,000 vehicles per day and has
direct access to the Interstate 196 Interchange (less than one mile away). The property is situated on a hard corner and
at the entrance to a Meijer, which creates constant traffic flow at the site. Other nearby retailers include Target, GFS
Marketplace, Walgreens, Aldi, Chase, McDonald’s and Fifth Third Bank.
Advance Auto Parts’ original lease term was for 15 years with three 5-year renewal options and the lease expires in
December 2020. The base rent increases 10% in 2015 and 5% in each option period. Advance Auto Parts is a publicly
traded company on the New York Stock Exchange (AAP), with a market capitalization of $6 Billion. Advance Auto Parts is
an investment grade company with a Standard & Poor’s rating of BBB-.
The subject property must be purchased with existing non-recourse financing. The loan matures March 2017 with a
remaining balance of $890,276. The equity requirement at the estimated time of purchase is $594,645. The loan
balance at maturity equates to a 15.90% cap rate.
INVESTMENT HIGHLIGHTS
• Located within the Grand Rapids MSA
(7.4% unemployment)
• Standard & Poor’s investment grade rating of BBB-
• 10% rental escalation in 2015
• Traffic volumes in excess of 28,000 vehicles per day
along Baldwin Street
• Less than one mile from I-196 Interchange
• Outparcel to a Meijer
• Positioned on a hard corner
• Nearby retailers include Target, Meijer, Walgreens,
Chase, Fifth Third Bank McDonald’s and Aldi
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5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price: $1,640,000
Cap Rate: 7.84%
Rent Schedule: NOI Escalation Date
$128,647
$141,512 12/13/2015
$148,588 12/13/2020 (Option 1)
$163,446 12/13/2025 (Option 2)
$179,791 12/13/2030 (Option 3)
Renewal Options: Three 5-year options
Lease Commencement Date: December 13, 2005
Lease Expiration Date: December 12, 2020
Tenant: Advance Auto Parts
Credit Rating: BBB- (Standard and Poor’s)
Year Built 2005
Lease Type: NN (Roof, Structure & Parking Lot)
Rentable Square Feet: 7,000 SF
Land Size: 1.03 acres
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6. ASSUMABLE FINANCING OVERVIEW
NET LEASED INVESTMENT OFFERING
ASSUMABLE FINANCING OVERVIEW
Assumable Financing Overview
The purchaser must assume the in place financing detailed below.
Loan Balance (June 2012): $1,046,261
Maturity Date: March 1, 2017
Interest Rate: 5.72%
Term: 10 year
Amortization: 25 year
Loan to Value: 63%
Equity Investment: $594,645
Loan Balance at Maturity: $890,276
Cash on Cash Return: 6.76% (Full Year 1)
Assumption Fee: 1% of Outstanding Balance
Recourse: None
2017
Cash on Cash Return: January 2012 – December 2017
2012 2013 2014 2015 2016 2017
Net Operating Income $ 128,647 $ 128,647 $ 128,647 $ 129,719 $ 141,512 $ 141,512
Mortgage Payments $ (88,449) $ (88,449) $ (88,449) $ (88,449) $ (88,449) $(88,449)
Cash Flow $ 40,198 $ 40,198 $ 40,198 $ 41,271 $ 53,063 $ 53,063
Cash on Cash Return 6.76% 6.76% 6.76% 6.94% 8.92% 8.92%
The above are shown on a full year basis.
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7. AERIALS
NET LEASED INVESTMENT OFFERING
AERIALS
AERIALS
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8. AERIALS
NET LEASED INVESTMENT OFFERING
AERIALS
AERIALS
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9. SITE PLAN
NET LEASED INVESTMENT OFFERING
SITE PLAN
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10. MAPS
NET LEASED INVESTMENT OFFERING
MAPS
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11. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
Advance Auto Parts (NYSE: AAP) is a leading automotive aftermarket retailer in the United States based off both
sales and store count. Advance Auto Parts sells automotive parts, accessories, batteries and other maintenance
items. Currently, Advance Auto Parts is a Fortune 500 Company and is ranked #387. Advance Auto Parts is
headquartered in Roanoke, Virginia and operates more than 3,600 stores across 39 states, Puerto Rico and the
Virgin Islands. Advance As of October 2011, Auto Parts occupies over 26 million square feet of space on a retail
basis. Advance Auto Part's Autopart International unit operates more than 190 locations and primarily serves
commercial customers, including garages, service stations, and auto dealers. Commercial customers account for
about 30% of AAP's revenues while do-it-yourselfers generate the balance.
Website: www.advanceautoparts.com
Number of Locations: 3,645
Stock Symbol: AAP : NYSE
Standard & Poor’s Rating: BBB-
Market Capitalization: $6 Billion
Employees: 55,000
2011 Net Income: $393 Million
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12. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 3-mi. 5-mi. 7-mi
Total Population 46,626 114,924 223,473
Total Households 17,277 42,969 78,886
Income
Median Household Income $65,642 $62,901 $59,536
Average Household Income $73,430 $70,220 $65,773
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13. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
Jenison is an unincorporated community in Ottawa County in Michigan. Jenison is
governed by Georgetown Charter Township. The 2010 population of the Georgetown
Township was approximately 47,000. As of July 2011, Ottawa County had a population of
264,910.
www.georgetown-mi.gov/
Grand Rapids is located in Kent County, Michigan. At the time of the 2010 US Census,
Grand Rapid’s population was 188,040. The Grand Rapids metropolitan area had a
population of 774,160 in 2010. Grand Rapids is the second largest city in Michigan and
the largest city in Western Michigan. Grand Rapids is home to five of the world's leading
office furniture companies and is nicknamed the "Furniture City". The city and surrounding
communities are economically diverse, and contribute heavily to the health care,
information technology, automotive, aviation, and consumer goods manufacturing
industries, among others. The largest employers in Grand Rapids include Spectrum
Health (16,000), Meijer (9,785), Steelcase (5,400) and Johnson Controls (5,000).
Spectrum Health is headquartered in Grand Rapids and is the largest employer in West Michigan with 16,000 staff
and 1,500 physicians. Spectrum Health's Meijer Heart Center, Lemmen-Holton Cancer Pavilion, and Butterworth
Hospital are located on the Grand Rapids Medical Mile which has world-class facilities focusing on the health
sciences.
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14. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road Suite 1801
Northbrook, IL 60062
Randy Blankstein Jimmy Goodman
President Partner
847.562.0003 847.562.8500
rblank@bouldergroup.com jimmy@bouldergroup.com
www.bouldergroup.com