Academy Sports + Outdoors,
Mooresville, NC Investment Summary
| Price | $9,873,411 |
| Cap Rate | |
| NOI | |
| Lease Term | 15 Years |
| Lease Type | Net, with Tenant Responsible for Taxes, Insurance and Maintenance, Excluding Roof and Structure |
| Rental Increases | 50 Cents Per SF Rental Increases Every Five (5) Years |
| Year Built | 2019 |
| Building Size | 62,918 SF |
| Lot Size | 6.537 Acres (284,752 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
CORPORATE NET LEASE WITH SCHEDULED RENTAL INCREASES
» New 15-year corporate net lease to Academy, Ltd. (290+ locations)
» Rental increases every five years, providing an excellent hedge against inflation
HIGH-TRAFFIC LOCATION IN PRIMARY RETAIL CORRIDOR
» Adjacent to Costco-anchored shopping center
» 23,000 vehicles per day along Brawley School Road
» Featured on 25-foot-high freeway sign along Interstate 77 (64,000 AADT)
» Other major national tenants nearby include Walmart Supercenter, Ollie’s, Belk, Kohl’s, Big Lots, and Olive Garden, among many others
CENTRAL LOCATION NEAR LARGE EMPLOYERS AND ATTRACTIONS
» Minutes from Lake Norman Regional Medical Center (162 beds, 930 employees, $709 million in annual total patient revenue)
» Surrounded by community attractions like North Carolina Racing Hall of Fame, Town of Mooresville Golf Club (18-hole, par 72 course), and Memory Lane Museum
» Two miles from Lake Norman (93,000 average annual visitors, estimated $23 million annual economic impact)
AFFLUENT, GROWING CUSTOMER BASE
» Average household income of $100,768 within a five-mile radius
» Part of the fastest growing Charlotte metro (17.5 percent population increase since 2010)
» 19 apartment complexes within five miles of the property
NEW 2019 CONSTRUCTION
» Ample on-site parking
» New building featuring latest Academy Sports + Outdoors design and concepts
» $35+ million invested in widening surrounding roads
Property Description
SOLD
The property is conveniently located in the Costco-anchored Brawley Crossing Shopping Center at the fourway signalized intersection of Brawley School Road and Talbert Road, with excellent visibility and access to 23,000 vehicles per day directly in front of the property, and 64,000 vehicles per day on nearby Interstate 77. Visibility is increased by four property signs surrounding the location, including a 25-foot-high freeway sign along Interstate 77. The property is minutes from Mooresville’s primary health care provider, Lake Norman Regional Medical Center, which features 162 beds, 930 employees, and generates $709 million in annual total patient revenue.
The location is near several community and tourist attractions, such as the North Carolina Racing Hall of Fame, Town of Mooresville Golf Club (18-hole, par 72 course), Memory Lane Museum, and Lake Norman, which draws 93,000 average annual visitors and generates approximately $23 million in estimated economic impact. The property is supported by an affluent and growing customer base with an average household income of $100,768. Mooresville is part of the fastest growing Charlotte metro, experiencing a 17.5 percent population increase since 2010. Nearby residential development is also booming, with 19 apartment complexes residing within five miles of the location.
