DEALS

Deals

Northeast Plaza – Lumberton, NC

THE OPPORTUNITY

  • Food Lion anchored center where the grocer dominates this side of the market
  • Recent Food Lion five-year renewal without any landlord conditions
  • Minimal retail competition in this submarket of Lumberton, NC
  • Strong Food Lion sales at $9,400,000 ($285psf) putting the grocer at a health ratio of 3.25%
  • 13% Food Lion sales increase from 2017 to 2019
  • Anchor tenant has been in the center for over 20 years
  • Food Lion lease is backed by Ahold Delhaize, Ahold Delhaize boasts a credit rating of BAAA1
  • Recent lease with WellCare shows the leasing demand for the market

THE DEAL POINTS

  • Square Feet: 53,867 SF
  • NOI: $452,800
  • Asking Cap Rate: 8.31%
  • Asking Price: $5,450,000
  • Year Built: 2000
  • Occupancy: 89.74%

THE HIGHLIGHTS

  • 72% of the GLA is made up of National Tenants
  • 75% of the Revenue is made up of National Tenants
  • Northeast Plaza is the only pure play grocery anchored center in the submarket
  • One of three Food Lions in the Lumberton market
  • E-Commerce resistant tenant mix with 100% of the leased GLA made up of grocery, service, medical and restaurants
  • Asset presents stable NOI for an investor with great upside through the lease up of 5,525sf of existing vacancy
  • High occupancy levels in the immediate area small shop vacancies at <5%

 

Click Here to View Northeast Plaza Virtual Deal Room