CONN’S/GABE’S GAStONiA - Foundry Commercial · Homeplus and Gabe’s, in conjunction with a new...
Transcript of CONN’S/GABE’S GAStONiA - Foundry Commercial · Homeplus and Gabe’s, in conjunction with a new...
C O N N ’ S / G A B E ’ S G A S t O N i AC H A R L O T T E M S A , N O R T H C A R O L i N A
Dual Anchored, Long-Term Leased Shopping Center Along High-Traffic Retail Corridor
Conn’s/Gabe’s Gastonia | 2 CNL Commercial Real Estate – Cushman & Wakefield | Thalhimer
Executive Summary
THE iNvESTMENT OppORTuNiT y9 6 , 9 6 7 S F R E T A i L C E N T E R
On behalf of the Owner, CNL Commercial Real Estate and Cushman & Wakefield | Thalhimer are pleased to present a unique opportunity to acquire a 96,967-square-foot retail property located in the Charlotte MSA in Gastonia, North Carolina. The property features stable tenancy of two national retailers, Conn’s Homeplus (NASDAQ: CONN) and Gabe’s, both with long-term leases expiring in 2025 and 2026, respectfully. Well-positioned in the growing submarket of Gastonia along Highway 74, which sees more than 40,000 vehicles per day, the property offers investors an attractive, stable asset in the rapidly expanding Charlotte MSA. Originally constructed in 1978, the property was previously occupied by Target and was fully renovated in 2015 with a new roof, HvAC and electrical throughout the building. The tenants bear operating costs associated with the property, including real estate taxes, insurance, utilities and common area maintenance. The property is 96% leased, offering stable returns with the benefit of having a value-add component with leasing the 3,899-square-foot in-line shop space.
iNvESTMENT SuMMARy
pROpERTy CONN’S/GAbE’S GASTONiA
pROpERTy ADDRESS 197 S. New Hope Road, Gastonia, NC 28054
RENTAbLE buiLDiNG AREA 96,967 SF
TOTAL ACRES ± 7.66
yEAR buiLT / RENOvATED 1978 / 2015
pERCENT OCCupiED 96%
kEy TENANT ROSTER Conn’s Homeplus, Gabe’s
Conn’s/Gabe’s Gastonia provides the opportunity to acquire a dominant
retail position in the growing Charlotte MSA. The asset provides stable
cash-flow with long-term leases and no landlord responsibilities in a newly
developed project.
Conn’s/Gabe’s Gastonia | 3 CNL Commercial Real Estate – Cushman & Wakefield | Thalhimer
Stabilized Asset With Value-Add Opportunity
•The property benefits from stable in-place income from national tenants on long-term leases.
•The property provides a value-add component upon leasing the additional 3,899-square-foot in-line shop space.
Minimal Landlord Responsibilities
•Current long term triple-net lease structures for both Conn’s Homeplus and Gabe’s, in conjunction with a new roof, HvAC systems and electrical throughout the building, as well as a new exterior including parapet, offer the owner the ability to collect long-term rental income without the expectations of future capital expenditures.
Strong Tenant Mix
•Conn’s Homeplus (NASDAQ: CONN) operates as a specialty retailer of durable consumer goods and related services. The company provides home appliances, home furniture and home office products, as well as service agreements and installment credit plans. it was founded in 1890 and operates approximately 90 stores throughout the united States and is based in The Woodlands, Texas.
•Gabriel brothers inc., operating as Gabe’s, headquartered in Morgantown, West virginia, has grown to approximately 53 stores in nine states, as well as 59 Rugged Warehouse stores. The store offers famous brands at discounted prices including clothing, footwear, accessories, housewares, small electronics and snack food. Gabe’s differentiates itself from competitors by providing a fresh variety of inventory daily.
Easy Access Via East Franklin Boulevard With High-Profile Signage
Conn’s HomePlusGabe’s
Conn’s/Gabe’s Gastonia | 4 CNL Commercial Real Estate – Cushman & Wakefield | Thalhimer
•Located at the heavily traveled signalized intersection of Highway 74 (Franklin boulevard) and South New Hope Road, the property is situated on a prominent and active retail corridor (+40,000 vpD) in the Gastonia submarket of the Charlotte MSA.
•The property features an exceptional location within the local submarket with more than 53,000 people in the 3-mile radius, as well as strong regional connectivity to interstate 85, Eastridge Mall and surrounding retail development along Highway 74.
•The property benefits from easy access and high visibility with excellent building and pylon signage.
•Gastonia is a suburban community located within the Charlotte MSA, 18 miles west of downtown Charlotte and is Charlotte’s second largest suburb.
•The Charlotte region, boasting more than 2.3 million residents, experienced the most rapid urban population growth in the nation from 2000-2010. The region’s highly diversified economy, pro-business environment, low cost of doing business, and robust educational and cultural amenities attracts people and companies from across the world seeking to thrive in the global economy.
•As one of the most active retail corridors in the region, Highway 74 and South New Hope Road continue to evolve as national credit tenants wish to penetrate the market. Recent projects along the corridor include the redevelopment of the Gaston Mall (Super Target, Dick’s Sporting Goods, TJ Maxx), Hobby Lobby, petco, Chipotle and Sprint.
High Visibility and Easy Accessibility in Mature Trade Area
Gaston Mall Redevelopment
Prominent Location in Active Retail Corridor
Gaston County MapCounty Level
P.O. Box 2339, Gastonia NC 28053 T: 704.825.4046 www.gaston.org
Cherryville High Shoals
Center City Charlotte
Charlotte International Airport
Gastonia Municipal Airport
Dallas
Gaston
Stanley
Spencer Mountain
Mount Holly
McAdenville
Bessemer City
Cramerton
Belmont
Lowell
85
85
74
74
iNTERSTATE 85 / SEN. MARSHALL ARTHuR RAuCH HiGHWAy
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21,000 VPD 18,000 VPD EAST FRANkLiN bOuLEvARD / uS ROuTE 74
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EAStRiDGE MALL
CAROMONt REGiONAL MEDiCAL CENtER
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i N V E S t M E N t A D V i S O R S
BiLL SiMERViLLEManaging Director, principalCNL Commercial Real Estate(704) 319 [email protected]
BRiAN CRAVER, CCiMSenior vice presidentCNL Commercial Real Estate(704) 319 5072 [email protected]
CAtHARiNE SPANGLER Senior AssociateCushman & Wakefield | Thalhimer(804) 344 7140 [email protected]
BASiL HALLBERGAnalystCushman & Wakefield | Thalhimer(804) 648 [email protected]
F i N A N C i A L A N A LY S t
DEMOGRAPHICS (2015) 1 MIlE 3 MIlES 5 MIlES
Population 5,572 53,787 100,910
Households 2,396 21,414 39,321
Avg. Household Income $54,345 $54,008 $55,308
109,000 VPD