Overview

Description

SRS Real Estate Partners is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding building leased to Gannett Co., in the Charlotte MSA. The tenant has just under 11 years remaining on the initial lease term with 2 (10-year) options to extend. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. The lease also features annual rental increases of 2.1% (see rent roll), providing a growing NOI and hedging against inflation.

Gannett Co. is ideally situated on Remount Road just off Interstate 85 (125,000 ADT), directly across the freeway from Eastridge Mall (~1 million square feet of retail anchored by Belk, Dillard’s, American Eagle and Bath & Body Works), and Franklin Square Shopping Center (a 563K square foot community retail center anchored by Walmart, Home Depot, Lowe’s and Sam’s Club). The 5-mile trade area is supported by a population of over 108,000 with an average household income over $68,000.

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