Overview

Description

CIRE Partners in association with Broker of Record Brian Brockman and Bang Realty is pleased to present a multi-tenant net-leased investment opportunity in Hickory, North Carolina. The property consists of ±15,692 SF retail building comprised of six (6) units ranging from 1,400–6,492 square feet situated on approximately 1.64 Acres (±71,438 SF) and conveniently positioned at hard corner signalized intersection. Mattress Warehouse is the anchor tenant and accounts for over 41%of the center. The property is currently 91% occupied with longer term leases, majority of which have annual increases. The cap rate is based on current income and represents a 6.25% cap rate, so there is additional upside with leasing the 1,400 SF vacant unit and ability to bring the investment to a 7% proforma cap rate. Landlord has made recent upgrades to the property which include improvement of the façade, slurry sealed parking lot, updated landscaping, improved roof and drainage, as well as split stores to more convenient leasing size.

The property is easily accessible and benefits from its strategic location and excellent visibility with ±402 feet of frontage along US Highway 70 SE (23,000+ ADT), Lenoir Rhyne Boulevard (±37,000 ADT), and Interstate-40 (±70,500 ADT), has three (3) points of ingress/egress has plenty of on-site parking (±81 surface spaces or 5.16/1,000 SF). US Highway 70 is the main business corridor in the region and home to the vast majority of retail that runs parallel to I-40, the major east-west regional interstate highway. Moreover, the property is located across the street from the Convention Center, six hotels totaling 798 rooms, next to the Valley Hills Mall which consist of ±930,000 square feet of retail and shadow anchor to The Home Depot, all creating great draw to the immediate area and synergy for the subject property. In addition, neighboring tenants include Chipotle, Chick-Fil-A, Five Guys, First Watch, Wendy’s, Arby’s and many more.

Hickory, which is less than an hour from Charlotte, has long been recognized as the “Furniture Capital of the World” due to its prominent furniture manufacturing industry. While furniture manufacturing has been a key driver of Hickory's economy, the city has actively pursued economic diversification in recent years with efforts to attract businesses in various sectors, such as information technology, telecommunications, healthcare, and logistics, in order to create a more resilient and balanced economy. The city is business-friendly and has actively supported startups and small businesses, providing resources, mentorship programs, and business incubators to foster growth and innovation in the local economy.

Broker of Record: Brian Brockman, NC LIC #298998 | Bang Realty-North Carolina Inc, NC LIC #C28862

Highlights

• Prime Location on Highway 70 SE, immediately adjacent to intersection with±60,000 cars daily
• Upside Potential: Current 6.25% cap rate and Proforma 7%+ cap rate
• Long-term leases with strong rental increases
• Across from the Convention Center, 6 hotels, The Home Depot, Chick-Fil-A, Chipotle, Wendy’s, Arby’s and many more
• The property is conveniently situated on the hard corner signalized intersection of US Highway 70 SE, the major business corridor in the region, and 17th St Dr SE, providing direct access to the Convention Center and hotels, as well as the Target anchored shopping center
• The property enjoys direct access from US Highway 70 SE, 17th St Dr SE as well as Lenoir Rhyne Blvd
• Less than an hour from Charlotte, NC, with dynamic population and economic growth
• Recently remodeled strip center with excellent visibility, parking, ingress and egress
• Founded in 1989, Mattress Warehouse has been in business for 33 years and is a leading independent mattress retailer with over 300 locations. In 2022, private equity firm Wynnchurch Capital, with over $4 billion under management, invested in Mattress Warehouse as they strive toward a goal to reach over 500 locations

Documents

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