Investment Summary
Price | $5,800,000 |
Cap Rate | |
NOI | |
Lease Term | Various |
Lease Type | Various |
Rental Increases | Various |
Year Built | 2003 |
Building Size | 26,740 SF |
Lot Size | Contact For Details |
Status | Sold |
Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
MULTI-TENANT RETAIL CENTER WITH STRONG SHADOW ANCHOR
» Leased to a strong mix of national, regional, and local tenants
» Shadow-anchored by Walgreens
» Multi-tenant center allows for investment diversification
» NNN leases with management reimbursement and administration fees on CAM charges, limiting landlord expense slippage
HIGH-TRAFFIC LOCATION ON FREEWAY-VISIBLE PARCEL
» Located at the signalized hard corner of East Franklin Boulevard and Cox Road, with excellent visibility and access to 70,000 vehicles per day at the intersection
» Freeway-visible location with access to Interstate 85, with an average traffic volume of 125,000 vehicles per day near the property
» Interstate 85 is a principal transportation corridor which links Gastonia with Charlotte, Concord, Greensboro, and Durham to the northeast and Spartanburg, Greenville, Atlanta, and Montgomery to the southwest
CORE LOCATION IN DENSE RETAIL CORRIDOR
» Located in a densely populated area, with 110,947 residents within a five-mile radius
» Central location in the heart of Gastonia’s dense retail corridor – East Franklin Boulevard is Gastonia’s primary thoroughfare and retail corridor
» Near the 435-bed CaroMont Regional Medical Center, Gaston County’s largest employer, with a workforce of more than 4,000
» Nearby retailers include Walmart Supercenter, Lowe’s, Sam’s Club, Regal Cinemas, Target, PetSmart, Dick’s Sporting Goods, and many others
» Close proximity to Downtown Gastonia, Downtown Charlotte, and Charlotte Douglas International Airport (over 44 million passengers per year)
Property Description
SOLD
The property is conveniently located at the signalized hard corner of East Franklin Boulevard and Cox Road, with excellent visibility and access to 70,000 vehicles per day at the intersection. Cox Road provides immediate access to Interstate 85, which links Gastonia with Charlotte, Concord, Greensboro, and Durham to the northeast and Spartanburg, Greenville, Atlanta, and Montgomery to the southwest. As a principal transportation corridor through the region, Interstate 85 is heavily trafficked, experiencing an average volume of 125,000 vehicles per day near the property. East Franklin Boulevard serves as Gastonia’s primary thoroughfare, and the property is centrally located in Gastonia’s dense retail corridor. The property is shadow anchored by Walgreens and is surrounded by shopping centers with well-known national and regional retailers. The property is within walking distance of Franklin Square, a series of strip centers divided into three phases; tenants in Franklin Square include Walmart Supercenter, Lowe’s, Sam’s Club, Regal Cinemas, Ross, Best Buy, PetSmart, and more. Other notable retailers near the property include Target, Home Depot, Dick’s Sporting Goods, Kirkland’s, Hobby Lobby, and Starbucks.
Located three miles from downtown Gastonia and just over 16 miles from downtown Charlotte, the property is close to major community amenities and benefits from a strong customer base. The property is less than a mile from the 435-bed CaroMont Regional Medical Center. CaroMont is Gaston County’s largest employer, with a workforce of more than 4,000. Additionally, the property is located in a densely populated area; 110,947 residents live within a five-mile radius of the property, providing a large customer base.