109 Smith Avenue
Retail | 4.60% CAP | 4,650 SqFt
Marketing description
Trinity Partners is proud to serve as exclusive advisor to ownership and present to the marketplace this net lease retail investment opportunity in Shallotte, North Carolina. Bank of America (NYSE: BAC) is one of the world's leading financial institutions, serving approximately 70 million clients through more than 3,500 retail financial centers, 15,000 ATMs, and award-winning digital banking platforms with over 59 million verified digital users. The company serves clients throughout the United States, its territories, and more than 35 countries worldwide.
The Property consists of ±1.1 acres at the intersection of Main Street and Smith Avenue in the heart of Shallotte's primary retail corridor. The site is positioned at the entrance to Coastal Walk, a brand new 176,200 square foot retail center anchored by Hobby Lobby, Marshalls, Ross, Bealls, PetSmart, Five Below, and ULTA. Additional retailers within the center include Starbucks, Five Guys, Tropical Smoothie Cafe, AT&T, T-Mobile, Aspen Dental, Mattress Firm, and Rack Room Shoes. Walmart is located adjacent to the Property, while Home Depot and Belk are directly across the street, creating the strongest retail concentration in the Shallotte market.
The absolute NNN ground lease is scheduled to commence in August 2026 and includes a 15-year primary term with four 5-year renewal options. Rent commences at $130,000 annually with 10% rental increases every five years throughout the primary term and each option period. The tenant is Bank of America, National Association, the corporate entity on every retail branch lease nationwide.
Centrally located in Shallotte's rapidly growing retail district along US 17, the Property benefits from strong regional connectivity and continued commercial growth throughout Brunswick County. Shallotte serves as the primary retail and service hub for southern coastal North Carolina, drawing residents and visitors from nearby beach communities including Ocean Isle Beach, Holden Beach, and Sunset Beach.
Investment highlights
- 15-year absolute NNN ground lease (zero LL responsibility) commencing August 2026 providing passive ownership and stable long-term cash flow
- Below market rent and 10% bumps every 5 years throughout initial term and 4 option periods providing attractive NOI growth and an inflation hedge
- Investment grade credit tenant (Moody's: Aa2 / S&P: A+ / Fitch: AA) with the same corporate guaranty that's on every retail branch lease
- Bank of America (NYSE: BAC) is one of the world's largest financial institutions with approx. 70 million clients, 3,600 retail financial centers, and 15,000 ATMs
- Outparcel to Coastal Walk Marketplace, a 176,000 SF class-A regional center anchored by Hobby Lobby, Marshalls, Ross, Bealls, PetSmart, Five Below, and ULTA
- Main commercial corridor location positioned at the center of the trade area and corner of the high-profile intersection of Main Street (27,000 VPD) and Smith Avenue
- Popular coastal market in Brunswick County, the fastest-growing county in North Carolina with a 26% annualized growth rate in 2025
- 5-year projected population growth of 14% and median household income growth of 15.5% within a 15-minute drive of the property
- Strategic regional location 36 miles southwest of Wilmington and 39 miles northeast of Myrtle Beach SC along one of the Southeast's primary coastal corridors (US 17).
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