**Marcus & Millichap Negotiates Sale of Portland O’Reilly Auto Parts for $2.11M**
Marcus & Millichap has successfully brokered the sale of a 7,000-square-foot net-leased O’Reilly Auto Parts property located in Portland, Oregon. The asset was sold for $2.11 million.
“O’Reilly has been at the location for over 20 years and recently extended their NNN lease for another 10 years with additional renewal options,” said Chris Doty, First Vice President of Investments in Marcus & Millichap’s Phoenix office. “The buyer was a repeat client involved in a 1031 exchange following the sale of a single-tenant commercial property in Florida. The acquisition was completed with all cash. We added value to the transaction through our expertise in NNN deals and by proactively supporting the client throughout due diligence and the closing process.”
The buyer, a trust based in Northern California, was sourced by Chris Doty. David Tabata, the Oregon broker of record, assisted in closing the transaction, which included a corporate guarantee, an absolute triple-net lease, and fixed rental increases.
