SOLD – Walkertown Commons

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 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