BRICE PARK

North Carolina 55, Durham, NC, USA
$120,000

Cap Rate
10.5%
GRM
147,800
NOI
1173818

INVESTMENT HIGHLIGHTS

  • NATIONAL TENANCY: Brice Park is currently 92.7% leased to a high-quality roster of national tenants including Ashley Furniture, Michaels, Foot Locker, Dollar Tree, and Family Dollar. Approximately 87% of the Property’s leased square footage and 84% of its base rental revenue is derived from national tenants.
  • HIGH GROWTH, DENSELY POPULATED MARKET: The Property is located in one of the fastest-growing cities in the country. From 2010-2020, the population in the city of Columbus grew by 15%, which was the 17th largest population increase in the U.S. over that period of time. Over that same period, Columbus ranked fifth among the 70 Midwest metros of any size in population growth.
  • VALUE-ADD OPPORTUNITY: Brice Park offers a new investor the rare opportunity to improve an existing shopping center located in a dense and established trade area. With significant new leasing activity in the last 3 years, including the addition of Dollar Tree, Foot Locker, and City Gear, a new investor has an opportunity to capitalize off this recent leasing momentum and lease-up the remaining 10,735 SF of vacancy.
  • RENT ROLL STABILITY: Brice Park features a seasoned and stable roster of tenants with nearly 55% of the tenancy having been in-place for over 10 years, including Michaels, Ashley Furniture, and Family Dollar who together make up nearly 43% of the total GLA.
  • RECENT LEASING MOMENTUM: The Property is experiencing compelling leasing momentum with nearly 110,000 square feet of leasing activity since 2017, including the addition of seven new tenants totaling 40,000 square feet and the renewal of six existing tenants totaling 70,900 square feet.
  • HEAVILY TRAFFICKED MARKET DOMINANT CENTER: Brice Park benefits from a high-traffic location at the intersection of Brice Rd and Tussing Rd, which is one of the busiest intersections in the trade area with traffic counts of more than 35,000 vehicles per day.
  • LOW RENT PSF ASSET OFFERED WELL-BELOW REPLACEMENT COST: Brice Park presents an investor with the opportunity to acquire a well-located asset in a high-growth market that is being offered well-below replacement cost with an Annual Base Rent of $9.06 PSF.

North Carolina 55, Durham, NC, USA

Broker of Record

  • Kyle Matthews
  • License No. REC.2020005555 (OH)
  • (310) 919-5757
  • Matthews Retail Group, Inc.
  • 841 Apollo Street. Suite 150,
    El Segundo, CA 90245
LEAD LISTING AGENT

Sajib Hossain

Associate


License No. 02120158
ADDITIONAL LISTING AGENT

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