Charlotte, NC - Pike Nurseries

Description:

14 Years Remaining | Interstate 485 Frontage (82,800 VPD) | Adjacent to Major New Residential Growth SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Pike Nurseries investment property located in Charlotte, North Carolina. The tenant, Pike Nurseries has 14 years remaining on their lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor.

Pike Nurseries occupies a prominent freestanding position with direct frontage and visibility along Interstate 485 (82,800 VPD), just off the Prosperity Church Road interchange at the hard-corner intersection of Prosperity Church Road (10,400 VPD) and Craven Thomas Road (13,500 VPD) — a combined 106,700+ VPD. Prosperity Church Road and the surrounding Highland Creek district serve as the major retail thoroughfare for the affluent North Charlotte submarket. Pike Nurseries is positioned within the Shoppes at Highland Creek retail node, anchored by Harris Teeter and Publix, which also features national/credit tenants including Starbucks, Chick-fil-A, Aldi, Wells Fargo, AT&T, Bojangles’, IHOP, Slim Chickens, Great Clips, Mavis Tire, Hollywood Feed, and Dollar Tree. The property sits in the center of a primary retail corridor and is minutes from the Concord Mills power node — anchored by a 24-hour Walmart Supercenter, Lowe’s, Academy Sports + Outdoors, and BJ’s Wholesale Club, alongside the Concord Mills super-regional mall (Dick’s, TJ Maxx, Ross, HomeGoods, Petco, Ulta, and more) — further increasing consumer traffic to the site. The subject is also in close proximity to a Novant Health medical facility and is served by highly regarded public schools, including Mallard Creek High School (2,120 students) and Ridge Road Middle School (905 students). In addition, the site benefits from significant surrounding rooftop density, with over 1,200 existing multifamily units and another 270 units under construction directly across I-485 at Prosperity Junction. The 5-mile trade area is supported by a population of over 171,800 with an average household income of approximately $126,044.

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