Absolute NNN Investment Opportunity · 2020-03-26 · performance of the property, competitive...

SINGLE TENANT GROUND LEASE Absolute NNN Investment Opportunity

1003 N. SPENCE AVENUE

GOLDSBORO NORTH CAROLINAACTUAL SITE

REPRESENTATIVE PHOTO 2 NATIONAL NET LEASE GROUP

ANDREW FALLONExecutive Managing DirectorSRS National Net Lease Group

1765 Greensboro Station Place Tower 1, Suite 900McLean, VA 22102 M [email protected] DC License No. SP200204411

Broker in Charge: Patrick Nutt, SRS Real Estate Partners – SOFLO LLC | NC Licence No. 281618

EXCLUSIVELY MARKETED BY

ACTUAL SITE 3 NATIONAL NET LEASE GROUP

PYLON SIGN


Parcel Map

OFFERING SUMMARY Offering

Property Specifications

PRICING $3,060,000

NET OPERATING INCOME $150,000

CAP RATE 4.90%

GUARANTY Corporate

TENANT Sheetz, Inc.

LEASE TYPE Absolute NNN - Ground Lease

LANDLORD RESPONSIBILITIES None

RENTABLE AREA 7,089 SF

LAND AREA 1.90 Acres

PROPERTY ADDRESS 1003 N. Spence Avenue Goldsboro, NC 27534

YEAR BUILT 2013

PARCEL NUMBER 63519374394

OWNERSHIP Leased Fee (Land Ownership)


13 Years Remaining | Corporate Guaranteed• Corporate guaranteed by Sheetz Inc.• Over 13 years remaining in their initial term with 4 (5-year) option periods to

extend, demonstrating their long-term commitment to the site• Founded in 1952, Sheetz Inc. currently operates over 600 convenience stores

across 6 states

Absolute NNN | Leased Fee Ownership | Zero Landlord Responsibilities

• Tenant pays for CAM, taxes, and insurance• No landlord responsibilities• Ideal, management-free investment for a passive investor

Located Along N. Spence Ave. | Quick Access to U.S. Hwy 70 |Excellent Visibility & Access

• Sheetz is located along N. Spence Avenue, a major retail and commuter thoroughfare averaging 18,000 vehicles passing daily

• Nearby on/off ramp access to U.S. Highway 70 (36,000 VPD), a major cross-country east/west commuter thoroughfare traveling through Goldsboro

• The site is equipped with a large pylon sign, creating excellent visibility along N. Spence Avenue

Outparcel to North Plaza | Dense Retail Corridor | Strong National/Credit Tenants

• Sheetz is located directly across from Pinewood Square, a 181,791 SF shopping center anchored by Walmart Supercenter and Dollar Tree

• Close proximity to multiple shopping centers including Berkeley Commons (134,548 SF), Ashley Plaza (160,356 SF), and Berkeley Mall (458,000 SF)

• Nearby national/credit tenants including Sam’s Club, Target, Dollar Tree, Lowe’s Home Improvement, Dick’s Sporting Goods, Staples, Verizon Wireless, and more

• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for Sheetz

Strong Demographics in 5-Mile Trade Area• More than 47,000 residents and 36,000 employees support the trade area• $54,000 average household income

INVESTMENT HIGHLIGHTS

8 NATIONAL NET LEASE GROUP

Location

Parking

Access

Parcel

Traffic Counts

Year Built

Improvements

Zoning

Located inGoldsboro, North Carolina

Wayne County

There are approximately 64 parking spaces

on the owned parcel. The parking ratio is

approximately 8.19 stalls per 1,000 SF of leasable area.

N. Spence Avenue 2 Access Points

Parcel Number: 63519374394 Acres: 1.90

Square Feet: 82,725 SF

N. Spence Avenue 18,000 Cars Per Day

U.S. Highway 7036,000 Cars Per Day

2013

There is approximately 7,089 SF of existing building area

SC: Shopping Center

PROPERTY OVERVIEW


U.S. HIGHWAY 70 BUSINESS

U.S. HIGHWAY 70 BUSINESS

U.S. HIGHWAY 70 & 13/STATE HIGHW

AY 111

U.S. HIGHWAY 70 & 13/STATE HIGHW

AY 111

ROYALL AVE.ROYALL AVE.

BERKELEY COMMONSBERKELEY COMMONS

BERKELEY BERKELEY PLAZAPLAZA

BERKELEY MALLBERKELEY MALL

ASHLEY PLAZAASHLEY PLAZA

MEMORIAL COMMONSMEMORIAL COMMONS

WAYNE UNC WAYNE UNC HEALTH CAREHEALTH CARE

NORTH DRIVE NORTH DRIVE ELEMENTARY SCHOOLELEMENTARY SCHOOL

WAYNE COMMUNITY COLLEGEWAYNE COMMUNITY COLLEGE

CARS PER DAY18,000

CARS PER DAY36,000

CARS PER DAY11,000


U.S. HIGHWAY 70 & 13/STATE HIGHWAY 111

U.S. HIGHWAY 70 & 13/STATE HIGHWAY 111

CARS PER DAY36,000

NORTH PLAZANORTH PLAZA

PINEWOOD SQUAREPINEWOOD SQUARE

CARS PER DAY18,000

N. S

PENC

E AV

E.

N. S

PENC

E AV

E.


N. S

PENC

E AV

E.

N. S

PENC

E AV

E.

CARS PER DAY18,000

NORTH PLAZANORTH PLAZA

CARS PER DAY36,000

PINEWOOD SQUAREPINEWOOD SQUARE


PYLON SIGN

N. S

PENC

E AV

E.

N. S

PENC

E AV

E.

CARS PER DAY18,000


RALEIGH61 min 55 miles

ROCKY MOUNT54 min 52 miles

WILSON34 min 29 miles

GREENVILLE57 min 40 miles

LOCATION MAP

2019 ESTIMATED POPULATION

1 Mile 4,112

3 Mile 31,874

5 Mile 47,673

2019 AVERAGE HOUSEHOLD INCOME

1 Mile $68,469

3 Mile $53,863

5 Mile $54,074

2019 ESTIMATED TOTAL EMPLOYEES

1 Mile 9,267

3 Mile 27,890

5 Mile 36,134


Goldsboro, North Carolina

Goldsboro is a city in Wayne County, North Carolina, United States. The City of Goldsboro had a population of 35,599 as of July 1, 2019. It is the principal city of and is included in the Goldsboro, North Carolina Metropolitan Statistical Area. The nearby town of Waynesboro was founded in 1787 and Goldsboro was incorporated in 1847. It is the county seat of Wayne County. The city is situated in North Carolina’s Coastal Plain and is bordered on the south by the Neuse River and the west by the Little River, about 43 miles southwest of Greenville and 55 miles southeast of Raleigh, the state capital and 87 miles northwest of Wilmington in Southeastern North Carolina. Goldsboro is best known as home to Seymour Johnson Air Force Base.

The Cliffs of Neuse State Park, which is in the neighborhood, occupies an area of 751 acres. It is located along the southern banks of the Neuse River. The park has several hiking trails, picnic areas, a swimming area, fishing areas, and a nature museum. Herman Park has tennis courts, a recreational center, picnic shelters, miniature train, a turn-of-the-century park house, goldfish pond, gazebo, children’s playground, and a fountain.

Wayne Memorial Hospital (North Carolina), a medical facility located in Goldsboro, is the county’s second largest employer. Cherry Hospital is a psychiatric hospital which first started in 1880 as a facility to treat mentally ill African Americans. A museum depicting its history is also part of the hospital campus. O’Berry Neuro-Medical Center is a North Carolina Department of Health and Human Services hospital providing rehabilitative services to the mentally retarded and people with developmental disabilities.

Wayne Community College is the local higher education institution. Other institutions located further away are Pitt Community College and East Carolina University.

The closest civilian airport is Wayne Executive Jetport, but is only used for general aviation. The nearest public commercial airport is Kinston Regional Jetport (IATA: ISO) in Kinston about 28 miles east of Goldsboro, although most residents use Raleigh-Durham International Airport for domestic and international travel.

Wayne County is a county located in the U.S. state of North Carolina. As of the July 1, 2018, the population was 123,248. Its county seat is Goldsboro and it is home to Seymour Johnson Air Force Base. Wayne County comprises the Goldsboro, NC Metropolitan Statistical Area.

AREA OVERVIEW


1 MILE 3 MILES 5 MILES

2019 Estimated Population 4,112 31,874 47,673

2024 Projected Population 4,194 32,395 48,299

2010 Census Population 4,023 31,383 47,298

Projected Annual Growth 2019 to 2024 0.40% 0.32% 0.26%

Historical Annual Growth 2010 to 2019 0.24% 0.17% 0.09%

2019 Estimated Households 1,983 13,662 19,776

2024 Projected Households 2,018 13,863 20,002

2010 Census Households 1,945 13,479 19,672

Projected Annual Growth 2019 to 2024 0.35% 0.29% 0.23%

Historical Annual Growth 2010 to 2019 0.21% 0.15% 0.07%

2019 Estimated White 52.83% 41.00% 44.35%

2019 Estimated Black or African American 38.81% 50.92% 47.61%

2019 Estimated Asian or Pacific Islander 3.48% 2.19% 1.87%

2019 Estimated American Indian or Native Alaskan 0.29% 0.38% 0.44%

2019 Estimated Other Races 1.53% 2.30% 3.25%

2019 Estimated Hispanic 5.59% 6.32% 7.24%

2019 Estimated Average Household Income $68,469 $53,863 $54,074

2019 Estimated Median Household Income $48,451 $38,907 $39,310

2019 Estimated Per Capita Income $32,383 $23,256 $22,816

2019 Estimated Total Businesses 545 2,000 2,438

2019 Estimated Total Employees 9,267 27,890 36,134

AREA DEMOGRAPHICS


For financing options and loan quotes:Please contact our SRS Debt & Equity team at [email protected].

RENT ROLL

Lease Term Rental Rates

TENANT NAMESQUARE

FEETLEASE START

LEASE END

BEGIN INCREASE MONTHLY PSF ANNUALLY PSFRECOVERY

TYPEOPTIONS

Sheetz, Inc. 7,089 3/28/2013 6/30/2033 Current - $12,500 $1.76 $150,000 $21.16 Absolute NNN 4 (5-Year)

(Corporate Guaranty)10% Increase at Beg.

of Each Option

1Tenant has 15-day Right of First Offer

FINANCIAL INFORMATION

Price $3,060,000

Net Operating Income $150,000

Cap Rate 4.90%

Lease Type Absolute NNN - Ground Lease

PROPERTY SPECIFICATIONS

Year Built 2013

Rentable Area 7,089 SF

Land Area 1.90 Acres

Address 1003 N. Spence Avenue Goldsboro, NC 27534


COMPANY TYPE LOCATIONS WEBSITE

Private 600+ sheetz.com

Sheetz

Established in 1952 in Altoona, Pennsylvania, Sheetz, Inc. is one of America’s fastest-growing family-owned and operated convenience store chains with more than 20,000 employees. The company operates over 600 store locations throughout Pennsylvania, West Virginia, Virginia, Maryland, Ohio and North Carolina. All Sheetz convenience stores are open 24 hours a day, 7 days a week, 365 days a year.

BRAND PROFILE

RETAIL PROFESSIONALS

275+

OFFICES

25+

LARGEST REAL ESTATE SERVICES FIRMin North America

exclusively dedicated to retail

#1

RETAIL TRANSACTIONS

in 2019 company wide

2100+

PROPERTIES SOLD

in 2019 NNLG

485

TRANSACTION VALUE in 2019 NNLG

$1.5B

SRS NATIONAL NET LEASE GROUP IS THE EXCLUSIVE NET LEASE CAPITAL MARKETS TEAM OF SRS REAL ESTATE PARTNERS.

This marketing material has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made

available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this marketing material is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions

presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this marketing material. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified

purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.

*Statistics are for 2019

SRSRE.COM/NNLG

Absolute NNN Investment Opportunity · 2020-03-26 · performance of the property, competitive...

Documents

Transcript of Absolute NNN Investment Opportunity · 2020-03-26 · performance of the property, competitive...