River Hills
River Hills | Asheville, NC | High Barrier to Entry Market
Marketing description
Berkeley Capital Advisors is pleased to exclusively present the opportunity to
acquire River Hills in Asheville, NC. The shopping center features a unique anchor
lineup, including Dick’s Sporting Goods, Haverty’s, Ashley HomeStore, La-Z-Boy,
Dollar Tree, and Michael’s. Additionally, the shadow anchor Target provides ample
traffic to the subject property’s retailers.
River Hills is well positioned on the main retail corridor in the Asheville market, S
Tunnell Road, which sees around 17,000 VPD. Additionally, the asset sits adjacent
to I-240 (52,000 VPD).
The property has a dedicated rent roll with the center’s anchors operating for an
average of 15 years, proving the location of the asset and ideal positioning in the
market.
The asset benefits from Asheville’s strong demographic trends, with the population
projected to grow by 3.65% within a 10-minute drive over the next 5-years.
Investment highlights
Prime Retail Corridor - River Hills sits in the midst of Asheville’s primary retail district which features prominent national tenants such as Whole Foods, Belk, Old Navy, Best Buy, Target, Lowe’s Home Improvement, Walmart, and more.
Busy Shadow Anchors - The center benefits from the draw of Target (ranking 17/52 in NC), a major national retailer. The orientation of the center makes Target the farthest tenant from the road, requiring patrons to drive through the bulk of River Hills to access it. Additionally, AMC is adjacent to the center attracting over 200K visitors annually (+5% YoY).
Affordable Rent Roll in High Barrier Market - River Hills offers investors a rare opportunity to acquire a
well-priced rent roll at a weighted average rent of $11.54/ SF, meaningfully below replacement cost. In a market constrained by challenging topography and limited new supply, the asset is positioned to deliver a 10-year CAGR of 2.53%.
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