SOLD – Northeast Plaza

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 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%