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Hickory Retail Center, Hickory, North Carolina

Hickory Retail Center, Hickory, North Carolina


Investment Summary

Price $3,500,000
Cap Rate 6.35%
NOI $222,300
Lease Term Various
Lease Type Net, with tenants responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases Various
Year Built 2018
Building Size 7,000 SF
Lot Size 0.92 acres (40,075 SF)
Status Available
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

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

100% LEASED MULTI-TENANT ASSET WITH SCHEDULED RENT INCREASES
» 100% leased multi-tenant asset to Casa Aguilar (with a dedicated drive-thru lane), Apotheca CBD & Hemp Market, SportClips, and Tailored Smoke Cigar Lounge
» Scheduled rent increases provides a long-term passive income generator

HARD CORNER LOCATION IN HIGH-TRAFFIC RETAIL CORRIDOR
» High-visibility location at the signalized intersection of North Center Street & 29th Avenue Northeast, with access to a combined 42,901 vehicles per day directly in front of the site
» Outparcel to a Lowes Foods-anchored shopping center featuring 15+ different tenants
» Surrounded by major national brand retailers such as Publix, Lowes Foods, Walgreens, Mavis Tire & Brakes, Food Lion, Lowe’s, McDonald’s, Pet Supplies Plus and many others
» 71,143 residents live within five miles of the site, establishing a stable customer base for the site
» High Average Annual Household Income of $95,108 within one mile of the site
Projected population and AAHI increases within 1-, 3- and 5-mile radii over the next five years poise Hickory and the site for steady concurrent growth

CENTRAL LOCATION NEAR MAJOR SCHOOLS, EMPLOYERS AND RECREATIONAL HUBS
» Microsoft has committed to investing $1B to develop the data centers across the three cities (Conover, Maiden & Hickory), of which $365M will be invested in Hickory
» Centrally located less than three miles from downtown Hickory

» Surrounded by single-family housing developments such as the Hawks Landing (144-unit luxury apartment community) and 29 North Apartments (101 units)
» Close proximity to multiple schools, including Lenoir-Rhyne University (2,686+ students), Hickory High School (1,028 students), and Northview Middle School (502 students)
» Near Hickory’s industrial region and several major employers, such as Merchants Distributors (headquartered in Hickory with 1,500 employees) and Frye Regional Medical Center (355 beds; 1,612 employees)
» Beneficial proximity to several popular tourism and recreational areas, including Highland Recreation Center, Lake Hickory, South Mountains State Park, and the 5,062-seat L.P. Frans Stadium
» Tourism has a large economic impact on Catawba County, with visitors spending over $252M per year in the county

Property Description

» High-Visibility Location: The site has a high-visibility location at the signalized intersection of North Center Street & 29th Avenue Northeast, with access to a combined 42,901 vehicles per day directly in front of the site
» Outparcel to Shopping Center: Outparcel to a Lowes Foods-anchored shopping center featuring tenants such as Pet Supermarket Talbots, Mavis Tires & Brakes, Take 5 Oil Change, Fleet Feet Hickory, Chico’s, Great Clips, and Hickory Tavern
» Beneficial Proximity to Hickory’s Industrial Region: Located near Hickory’s industrial region and several major employers, including Merchants Distributors, which is headquartered in Hickory and employs 1,500 people
» Beneficial Proximity to Popular Tourist Hubs: Tourism has a large economic impact on Catawba County (with visitors spending $252M+ per year in the county), and the site maintains beneficial proximity to several parks, Lake Hickory, South Mountains State Park, and the 5,062-seat L.P. Frans Stadium
» Surrounded by Residential Communities: The site is within walking distance of communities such as the Hawks Landing Luxury Apartments (144 units) and 29 North Apartments (101 units)
» Strong Demographics: The average annual household income within one mile of the site is $95,108, providing an affluent customer base for the site
» Stable Customer Base: 71,143 residents live within five miles of the site, establishing a stable customer base for the site

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