Walmart Neighborhood Market Ground Lease,
Hickory, NC Investment Summary
| Price | $3,645,800 |
| Cap Rate | |
| NOI | $175,000 |
| Lease Term | 20 Years |
| Lease Type | Absolute NNN Ground Lease |
| Rental Increases | 5% Rental Increases Every 5 Years in Option Periods |
| Year Built | 2015 |
| Building Size | 41,839 |
| Lot Size | 6.4 Acres (278,784 SF) |
| Status | Sold |
| Lead Brokers | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Cushman and Wakefield Inc. LIC. # 00616335 This property is listed in conjunction with North Carolina-licensed real estate broker New South Properties. |
Investment Highlights
ABSOLUTE NNN LEASE TO CORPORATE TENANT
» Rare Walmart Neighborhood Market ground lease requiring no landlord management, ideal for an out-of-area investor
» Walmart Neighborhood Market is responsible for all taxes, insurance, utilities, and maintenance, including roof and structure
» New building, built by tenant at tenant’s own expense, demonstrating long-term commitment to the location
ICONIC TENANT WITH EXCELLENT FINANCIALS
» Walmart is the world’s largest retailer, with 11,695 stores in 28 countries and e-commerce websites in 11 countries
» Ranked #1 on the Fortune Global 500 list in 2016
» Annual revenue of $485.9 billion
» Investment grade tenant, rated “AA” by Standard & Poor’s
» Employs 2.3 million associates globally and serves 260+ million customers a week
HIGH-TRAFFIC LOCATION WITH LARGE CUSTOMER BASE
» Excellent access and visibility to 40,000 vehicles per day at the signalized intersection of Spring Road Northeast and McDonald Parkway Northeast
» Anchor location in St. Stephens Village Shopping Center, a new retail center featuring notable national tenants
» Within a ten minute drive of five of Catawba County’s ten largest employers
» Close proximity to Valley Hills Mall, the largest retail destination in the area surrounding Hickory
» Less than three miles from Lenoir-Rhyne University (2,300+ students)
Property Description
SOLD
The property anchors St. Stephens Village Shopping Center, located at the signalized intersection of Springs Road Northeast and McDonald Parkway Northeast, with excellent access and visibility to 40,000 vehicles per day at the intersection. McDonald Parkway Northeast connects the greater submarket to Interstate 40 and Highway 127, both major thoroughfares and dense retail corridors. Additionally, both Springs Road Northeast and McDonald Parkway Northeast are main roads carrying constant, substantial traffic, providing a large customer base for Walmart Neighborhood Market. Several national tenants are located in the property’s immediate vicinity, including Arby’s, Sheetz, Walgreens, Zaxby’s, McDonald’s, Dunkin’ Donuts, O’Reilly Auto Parts, and Taco Bell.
The site benefits from its close proximity to several large retail centers, employers, and educational institutions. McDonald Parkway Northeast connects the site to Hickory’s main retail corridor, which includes Valley Hills Mall. The 936,000 square foot mall features over 100 stores, services, and restaurants and is the largest retail destination in the area surrounding Hickory. Additionally, several major employers are located within a seven minute drive of the property, including Corning Cable Systems and the Catawba Valley Medical Center. Springs Road Northeast connects the property to Hickory’s downtown, industrial region, and to Lenoir-Rhyne University, which has a total enrollment of over 2,300 students.
