Fourth Creek Crossing

Sold August 2022

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Sale Price: $6,625,000

Cap Rate: 5.6%

Represented: Buyer (2021) & Seller (2022)

Location: Charlotte, NC

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Highlights:

• Sourced opportunity for client in 2021
• Re-sold 6 months later for $775,000 gain, without any changes to the property
• Excellent national tenant lineup with Starbucks, Jimmy John’s, Edward Jones, State Farm, Kay Jewelers, Lendmark, etc.
• Top tier location in Statesville (Charlotte), North Carolina
• Multiple backup offers

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Please reach out for more information:

Tom Chichester / tom@BLVDreic.com / 714-318-3955

Nick D'Argenzio / nick@BLVDreic.com / 818-281-7893

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MAIN RETAIL CORRIDOR ALONG TURNERSBURG HIGHWAY

- The property is ideally located at a dedicated traffic light on Turnersburg Hwy (31,500 VPD). 

- Nearby national retailers include Publix, Lowes, Home Depot, Walmart, TJ Maxx, Hobby Lobby, Chick-fil-A, etc. 

- Additionally, there is a newly delivered 95 bed Fairfield Inn, 7-Eleven, Aspen Dental and Panera within 250 yards of the site.

EXCELLENT NATIONAL TENANT LINE-UP - ANCHORED BY STARBUCKS WITH DRIVE-THRU

- Starbucks, Kay Jewellers, Lendmark Financial, and Edward Jones are all corporate leases. 

- Fresh Chef, a growing concept in the Charlotte MSA, operates 7 other locations. 

- Additionally, Jimmy John’s and State Farm are nationally recognized brands.

STRONG SCHEDULED RENTAL INCREASES - HEDGES AGAINST INFLATION

- Starbucks, Kay Jewellers, Lendmark Financial Services, and Jimmy John’s all have 10% rent increases stating year 6. 

- Edward Jones has 2% annual rent increases, Fresh Chef has 1.50% annual increases starting year-3 and State Farm has a 60% rent increase in lease year 4 and increases bi-annually by roughly 10% after lease year 4.

THE STATE OF NORTH CAROLINA HAS SPENT OVER $100M IMPROVING THIS RETAIL HUB

- The state of North Carolina has spent $100M+ improving Turnersburg Hwy, its I-40 interchange directly improving the corridor’s ingress and egress. 

- The Subject Property is located at the first exit along I-77/I-40 interchange and the I-77/I-40 interchange, making this a very busy and desirable location for retailers and customers.

DRIVE-THRU BUILDINGS FOR STARBUCKS AND JIMMY JOHN’S

- Both Starbucks and Jimmy John’s are equipped with a drive-thru providing customers with quick service and convenient access as well as increasing the desirability of the tenant space from a leasing perspective, in the future.

NEW CONSTRUCTION (100% LEASED) - NO DEFERRED MAINTENANCE | IDEAL 1031 EXCHANGE PROPERTY

- The subject property was recently built featuring the latest construction quality and materials

- Due to the recent construction, the property features no deferred maintenance or major out of pocket expenses for the investor and makes this a very passive NNN investment

- The property is 100% leased - ease of management / ideal 1031 exchange property

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