Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, freestanding, corporate signed, T-Mobile investment property located in Ahoskie, North Carolina. The tenant, T-Mobile South LLC, recently signed a 10-year lease term with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 10% rent increases every 5 years throughout the base term and renewal options, growing NOI and hedging against inflation. The lease is absolute NN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. The newly-renovated building features a state-of-the-art design with high-quality materials. Sprint Corporation and T-Mobile US merged in 2020 in an all shares deal for $26 billion, making them the highest capacity network in the nation and utilizing T-Mobile’s brand going forward.

The property is located along E Memorial Dr, which averages 18,000 vehicles passing by daily and is a major retail thoroughfare serving the city of Ahoskie. The asset is located near Ahoskie Commons, a 180,000 square foot shopping center with major tenants including Food Lion, Tractor Supply Co, and more. In addition, T-Mobile is located adjacent to New Market Shopping Center, a 106,000 square foot shopping center anchored by Citi Trends and Roses Express. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Belk, Aaron’s, Dollar General, Dollar Tree, and more, further increasing consumer traffic to the site. Strong tenant synergy promotes crossover shopping to the subject property. The 5-mile local trade area is supported by a population of over 9,000 with an average household income of $67,426.

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