Main Street Station
Retail | 57,597 SqFt
Marketing description
CBRE's National Retail Partners is pleased to offer for sale Main Street Station, a 57,597 SF necessity-based center located in the heart of Fuquay-Varina, NC — one of the fastest-growing communities in the greater Raleigh–Durham MSA. The center is shadow-anchored on either side by Walmart and Home Depot, which receive over 2.9M combined visits annually and are both the #1 foot-trafficked location for each brand within a 15-mile radius (1/6 for Walmart and 1/4 for Home Depot).
The tenancy, highlighted by Staples and PetSmart (86th and 71st percentile, respectively, for visits/SF among all stores chainwide), has a weighted average operating history of over 15 years and offers a staggered expiration schedule with mark-to-market opportunities contributing to a 4.48% 10-year CAGR.
Investment highlights
- Highly trafficked shadow anchors contributing to significant cross-shopping
- Staggered expiration schedule with mark-to-market opportunities contributing to a 4.40%+ CAGR
- 25% of GLA terms out in next 5 years
- 25% Average MLA Growth Potential
- Strong historical occupancy combined with sustained annual rent growth
- NER PSF (2013) $15.55 Baseline
- NER PSF (2026 Proj.) $21.63 Projected
- Total Rent Growth +40% 2013 - 2026
- Strategically located at the central hub for all commercial activity for the Fuquay-Varina trade area
- Main Street Station benefits from its positioning on E Broad St / US-401, Fuquay-Varina's principal commercial artery
- The center is shadow-anchored on either side by Walmart and Home Depot, which receive over 2.9M combined visits annually
- Walmart: 2.1M annual visits, 78th percentile statewide in visits/SF among all locations, #1 location out of 6 within 15-mile radius
- Home Depot: 791.3K annual visits, 95th percentile statewide in visits/SF among all locations, #1 location out of 4 within 15-mile radius
- Staples: 86th percentile statewide in visits/SF among all locations, only location in 10-mile radius, +3.2% in visits Yo3Y
- PetSmart: 71st percentile nationwide in visits/SF, #1 of 6 locations within 15-mile radius in visits/SF
- Main Street Station: 3.7M annual visits, 30 mins avg. dwell time, +2.1% visits Yo3Y
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