Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a fully leased NNN retail investment property located in Albemarle, North Carolina. The building has recently been renovated with new HVAC units, new roof, remodeled facade, and new paint. The four tenants recently signed five and ten year leases. The NC DMV Tag Office and Envalence (a solar energy company) are on 10 year leases with 10% rent increases every five years. M&M Factory Services (servicer of Lowes warranty work on appliances) is on a 5 year lease and EXP Realty - St. Germain Group recently exercised their 5 year option to extend their 5 year lease to 10 years. 3 tenants have one 5 year option to renew their lease with the rent scheduled to increase 10% at the beginning of the option period. All tenants are on NNN leases and pay their utilities separately.

The building is a pad site in Albemarle Crossing, a 326,000 SF shopping center and one of the major shopping centers in the community. Lowe’s shadow anchors the subject property and provides crossover shopping to the building. Other adjacent tenants in Albemarle Crossing include: Belk, Walgreens, ALDI, Verizon, Pet Sense, Taco Bell, Pizza Hut and more. The property is strategically located along NC Highway 24/27 Bypass E one of the major thoroughfares through the community. The building is also located near the signalized, hard-corner intersection of NC Highway 24/27 and E. Main Street, averaging a combined (38,500 VPD). NC Highway 24/27 and E. Main Street are the two major retail thoroughfares serving the city of Albemarle. The site is adjacent to Centre Pointe Plaza, a 300,000 SF shopping center anchored by Big Lots and Harbor Freight. The 5-mile trade area is supported by 23,000 residents and 14,000 employees and benefits from an average household income of $77,859.

---