Northlake Village
Fully Occupied Staples-Anchored Retail Center | NNN Leases with Minimal Landlord Responsibilities
Marketing description
RIPCO Real Estate is pleased to offer for sale 7010-7014 Smith Corners Boulevard, a 31,802 SF, four tenant commercial property located in Northlake Village, a planned development in Charlotte, NC. The property is located in the northeast quadrant of the I-77 and Harris Boulevard interchange, surrounded by a diverse lineup of hotels, retailers, and office buildings. The property is 100% occupied by a mix of local and national tenants, with Staples anchoring the center. All the current tenants have NNN leases, providing investors with stable cash flow throughout their hold period. Staples occupies 64.1% of the total GLA and has 7.3 years remaining in their lease term. This stretch of I-77 and Harris Boulevard where the property is located has an AADT of 74,500 and 44,000, respectively. Within 1 mile of the subject property, there is a daytime population of 15,894 and an average household income of $98,470.
The asset would be an attractive investment opportunity for investors looking for a value-add retail center with mark to market opportunity, located in one of the top 10 fastest growing
cities in the United States, with strong local and national tenants, and minimal landlord responsibilities.
Investment highlights
CREDIT RATED / NATIONAL TENANTS
The center is occupied by four tenants: Two tenants occupying 72% of the GLA are national tenants and the remaining two tenants are local/regional tenants
Staples, Inc. has investment grade ratings from Moody’s and Standard and Poor’s of (B3, B-), respectively
Leslie’s Poolmart, Inc. has investment grade ratings from Moody’s and Standard and Poor’s of (B2, B-), respectively
Carter Lumber is a large, family-owned business with over 170 locations across 13 states and has been operating since 1932. While privately held, its significant size, long operating history and client base of professional builders indicate a stable financial base, providing security to an investor
STABLE CASH FLOW WITH MINIMAL LANDLORD RESPONSIBILITIES WITH UPSIDE
Small shop space tenants paying below market rent, providing investors the opportunity to increase cash flow with mark to market opportunities as leases roll over
100% occupied by four tenants, of which Staples has occupied for nearly 20 years
Weighted average lease term remaining of 5.6 years for the current tenants
All tenants currently have NNN leases, providing stable cash flow and minimizing landlord responsibilities
STRATEGIC LOCATION
Charlotte, N.C., ranked the Top Performing Retail Market in the U.S., outperforming all other markets when looking at asking rent growth (+7.4%) and total return (11.6%), according to the latest data from CoStar Group
The property is located in the northeast quadrant of the I-77 and Harris Boulevard interchange
This stretch of I-77 and Harris Boulevard where the property is located has an AADT of 74,500 and 44,000, respectively
The center shares a parking lot with four different hotels and several QSRs, providing strong traffic flow to the center
STRONG DEMOGRAPHICS
15,894 daytime population within a 1-mile radius
$98,470 average household income within a 1-mile radius
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
