The Boulder Group, a net leased investment brokerage firm, completed the sale of a net leased Lowe’s property located at 940 Concord Parkway in Concord, North Carolina for $15,150,000.
The Property is situated on a large, 20 acre parcel in an emerging suburb of Charlotte, NC; one that has seen a growth rate of nearly 14% in the past decade. Currently, there are more than 100,000 people within a 5-mile radius of the premises. Lowe’s recently executed a 10-year lease extension. In addition, a new roof was installed in the spring of 2019, which will include a 20-year warranty. Further, the exterior of the building will be completely repainted this spring, showing Lowe’s commitment to this location. The NN Lease, still has four, five year options remaining and 10% increases every 10 years within the option periods.
Lowe’s Companies, Inc. is a FORTUNE® 50 home improvement company serving more than 17 million customers a week in the United States, Canada and Mexico. The company is headquartered in Mooresville, NC, which is just 20 miles from the Property, demonstrating a strong branding presence in the area. Lowe’s offers an array of products designed for maintenance, remodeling and redecorating, all while boasting an investment grade credit rating of ‘BBB+ Stable’ from S&P. The town of Concord, a member of Cabarrus County, is in the middle of an industrial renaissance. Since, 2000, the population has grown by more than 50% within the county. This exponential growth is attributed to the large, national companies such as Amazon and Stanley Black & Decker, who have established more than 2 million square feet of industrial space in the area. Additionally, there are several development projects that have started in the area. Concord is currently undergoing a master-planned city-center redevelopment totaling over $650 million in investments to create vibrant live-work-play destinations.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction. The buyer was a Midwest based investor in a 1031 exchange and the seller was a private real estate company in Texas.
“Properties with long lease terms continue to be in high demand amongst investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net lease properties in growing markets continue to garner significant interest amongst private investors.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $5 billion of single tenant net lease real estate transactions. From 2012-2018, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
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Address:3520 Lake Avenue Suite 203
Country: United States