Garner Plaza
Retail | 57,863 SqFt
Marketing description
Bryant Capital Advisors is pleased to present the exclusive offering of Garner Plaza, a 57,863 SF, 100% leased neighborhood retail center located along U.S. Highway 70 in Garner, NC, within the Raleigh MSA. Positioned along a primary retail corridor with traffic counts exceeding 40,000 vehicles per day, the property benefits from a service-oriented, daily-needs tenant mix that supports durable occupancy and recurring consumer traffic.
The asset offers stable in-place income with meaningful embedded NOI growth potential. Current rents average ~$13.37 per SF, representing an estimated ~31% discount to market rents of $17.82 per SF. As leases roll to market, this spread supports projected NOI growth of ~25% over a five-year hold period without requiring significant capital investment. The majority of leases are structured as NNN, providing predictable expense recoveries and stable net income, while staggered lease expirations reduce rollover risk.
Garner Plaza is located within one of the Triangle's fastest-growing retail corridors, supported by strong demographic growth and major infrastructure investment. The trade area includes more than 125,000 residents within a five-mile radius, with projected population growth of ~13% and household incomes expected to increase 18% to ~$115,000.
Additional demand drivers include proximity to Downtown Raleigh, Research Triangle Park (60,000+ employees), WakeMed's planned 195-bed hospital, the NC-540 expansion, and the nearby 225-acre E-District mixed-use development.
Investment highlights
- In-place rents average approximately $13.37/SF, representing a ~31% discount to estimated market rents of $17.82/SF based on recent leasing comparables. As leases roll to market, this spread equates to total NOI growth of ~29% over a 5-year analysis period. This provides a clear path to revenue expansion without reliance on vacancies or significant capital investment.
- Most leases are structured as NNN, providing consistent expense recoveries and predictable net income. Seven of eight tenants feature contractual rent escalations, creating embedded annual growth, while staggered lease expirations reduce rollover concentration and support an estimated ~4.5% CAGR over a 5-year hold period.
- Located less than 15 minutes from Downtown Raleigh, Garner has emerged as a rapidly expanding submarket driven by sustained population growth, increasing residential density, and proximity to major employment centers. At the same time, elevated construction costs and limited infill availability have constrained new retail supply, resulting in vacancy rates near historic lows of approximately 2.34% as of 2025 YTD.
- Garner Plaza benefits from excellent frontage along a primary retail corridor with traffic counts exceeding ~40,000 vehicles per day. Garner is supported by 125,000+ residents within a five-mile radius, median HHI of ~$82,000, with population projected to grow approximately 13% and household incomes expected to increase 18% to $115K+, reinforcing long-term retail demand.
- Located 15 minutes from Downtown Raleigh, 25 minutes from Research Triangle Park (60,000+ employees), and 5 minutes from WakeMed's planned 195-bed hospital, the property benefits from direct access to major regional employment drivers. Additional growth is supported by the NC-540 expansion (targeted for 2027) and the nearby 225-acre E-District mixed-use development, expected to begin delivering in 2026, both poised to drive long-term tenant demand and rent growth.
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