DEALS

Deals

Walkertown Commons – Walkertown, NC

THE OPPORTUNITY

  • Lowes Foods anchored center in the Piedmont Triad area
  • Leading grocer in the submarket
  • 100% occupied, with strong lease-up history
  • Unrivaled location at the lighted intersection of Reidsville Rd and Old Hollow Rd, which features a combined 24,000 VPD
  • Lowes Foods has been in the center since it was built in 2004, and their headquarters is located within the Winston-Salem market
  • Barriers to entry are high with every corner of the intersection having already been developed
  • Well maintained Shopping Center in great physical condition

THE DEAL POINTS

  • Square Feet: 81,432 SF
  • Occupancy: 100%
  • Asking Cap Rate: 8.00%
  • Asking Price: $13,000,000
  • Year Built: 2004

THE HIGHLIGHTS

  • Ability to immediately obtain upside through subdivision and sale of 6,000 SF multi-tenant building
  • E-Commerce resistant tenant mix with 100% of GLA made up of non-soft goods retail
  • 73% of GLA is made up of National and Regional tenants
  • The leases are staggered and expire incrementally through 2025
  • The center has four access points, two from Reidsville Rd and two from Old Hollow Rd
  • Over the past ten years, population within a three and five mile radius grew 7% and 5% respectively
  • Average rents are 18% below market rents
  • Center has multiple outparcels, including Advance Auto, Wendy’s, Sheetz, Monsoon Car Wash, Biscuitville, and Bojangles’ (owned by others)
  • 80 unit multifamily development located behind the shopping center where residents have to drive through shopping center to access their residence. There is a 198 unit multifamily development across the street and new apartments going up on Reidsville Rd

 

Click Here to View Walkertown Commons Virtual Deal Room