Investment Highlights
6 National Credit Tenants / Corp. Executed Leases: Hobby Lobby, Academy Sports, Ross, Five Below, West Marine, ULTA Beauty
Long Term Leases / 100% Leased / Ease of Management / Low Cost PSF Investment at $167 PSF
Coastal Trophy Asset / Affluent Trade Area - Over $89,000 AHHI
Very Attractive Interest Only 4.9% (I/O) Loan Assumption/High Yield Investment 7.1%
Annual Rental Increases for All Tenants Throughout The Lease Term Plus Option Periods
Located On Super Regional Retail Corridor: Corridor Tenants Include: Harris Teeter Supermarket, Home Goods, ALDI, Walgreens, Publix, Target
Executive Summary
NORTH CAROLINA BROKER OF RECORD - DARREN WOOD - License No. 9359Faris Lee Investments proudly presents a premier investment opportunity at 3553-3561 Dr. Martin Luther King Blvd., New Bern, NC 28562. Positioned within a bustling super-regional retail corridor, this coastal trophy asset stands out with its modern storefronts and exceptional visibility. With high traffic counts on Dr. Martin Luther King Blvd. (?30,000 VPD) and easy access to major thoroughfares like S. Glenburnie Rd., Trent Rd., and Hwy. 17, the property enjoys continuous exposure to a diverse customer base, solidifying its status as a lucrative investment in a thriving market. The investment proposition is bolstered by a favorable interest-only (I/O) loan assumption offering 10 years of interest-only payments at an attractive 4.992% interest rate. With a projected cash-on-cash return of 7.14%, investors can anticipate strong financial performance and capital appreciation. These quantitative metrics, combined with the property?s strategic location and stable tenant base, underscore its potential for attractive returns and long-term growth in the dynamic retail market landscape. Spanning 166,834 square feet, this property boasts a stellar tenant lineup of six national credit tenants, including Hobby Lobby, Academy Sports, Ross, West Marine, Five Below, and ULTA, all secured under long-term leases ranging from 10 to 15 years. Their commitment is further reinforced by rental escalations to hedge against inflation, ensuring stable cash flow for investors. Aligning with renowned brands like Harris Teeter Supermarket, Aldi, Walgreens, Publix, Target, Food Lion, CVS, TJ Maxx, Belk, and Walmart, the property thrives within the esteemed New Bern Marketplace, attracting over 200,000 monthly visitors. This investment opportunity presents a rare chance to acquire a prime commercial property within a thriving retail landscape. With exceptional visibility, strategic location, quality tenants, and robust economic growth prospects, this property offers unparalleled potential for investors seeking stable cash flow and long-term appreciation in a dynamic retail market environment.
