Castle Hayne, NC - Tractor Supply

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a corporate guaranteed (NASDAQ: TSCO), investment grade (S&P: BBB) Tractor Supply investment property located in Castle Hayne, North Carolina (Wilmington MSA). The tenant recently signed a brand new 15 year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 5% 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 NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor.

The subject property benefits from excellent visibility and access along Castle Hayne Road (16,000 VPD) with a central location near multiple highways, including Interstate 140 (26,600 VPD) and Interstate 40 (61,500 VPD), which connect the site directly to downtown Wilmington, just 11 miles South. The tenant has access to a broad consumer base within the Wilmington MSA, which has over 467,000 residents. Additionally, the surrounding residential communities feature a low residence-to-yard coverage ratio (more yard space), representing an ideal consumer demographic for the tenant. The 5-mile trade area includes over 42,300 residents and 15,900 employees, with an average household income of $78,281. Nearby retailers such as Food Lion, Circle K, and McDonald’s help drive further consumer traffic to the area. The asset is also located just 4 miles north of Wilmington International Airport, one of the busiest airports in the state, serving over 1.3 million passengers annually. Furthermore, there is over 5.8 million square feet of industrial space within 4 miles of the site, occupied by tenants such as FedEx and GE Aerospace Wilmington.