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© 2019 Greysteel
100% Occupied High Quality Multi-Tenant Retail PortfolioBJ's Wholesale Center is a highly visible 130,512 square foot portfolio adjacent to a Target in Charlotte, North Carolina. Constructed in 2006 on 6.54 acres, the Property is occupied by BJ’s Wholesale Club, PETCO, and My Salon Suite.
Long-Term LeasesBJ’s Wholesale Club (16+ Years), PETCO (9+ Years), and My Salon Suite (8+ Years) have excellent lease structures in-place with rental escalations granting future ownership growing cash flows with virtually zero management responsibilities.
Rare Trophy AssetOffering is exceptionally located in the heart of Charlotte, North Carolina with a very walkable Walkscore of 81.
Dense Residential DemographicThe center serves an extremely dense demographic of 13,000 residents within a one-mile radius, 118,000 residents within a three-mile radius, and more than 269,000 residents within a five-mile radius.
Attractive Rental IncreasesBJ’s Wholesale Club has a 5% rent bump every five years in the primary base term and in the first two renewal options with a 8% increase in options 3 and 4. PETCO has a 4.23% rent bump in the first option and 5% thereafter in the remaining options. My Salon Suite has 10% increases every five years and in their options.
Excellent Loan AssumptionWith an interest rate of 5.02% the current loan assumption allows future investors to realize a cash-on-cash return close to 8.44% in Year 1.
Minimal Landlord ResponsibilitiesBJ’s Wholesale Club boasts an NNN Lease while PETCO and My Salon Suite are NN with landlord responsibilities limited to roof and structure.
BJ’s Wholesale Center(Multi-Tenant Retail Center Located Inside Midtown Crossing)
900 Metropolitan Avenue | Charlotte, NC 28204
OFFERING SUMMARY
© 2019 Greysteel
74
BALD
WIN
AVENUE
ELIZABETH AVENUE
S. TO
RREN
CE STR
EET
3RD STREET
KENILW
ORTH A
VENUE
PEARL PARK WAY
BAXTER STREET
S. KIN
GS DRIV
E
CHARLOTTETOWNE AVENUE
277
PARKING GARAGE
MIDTOWN PARK
CHERRY PARK
BJ'S WHOLESALE CENTER
METROPOLITAN
RETAIL MAP
SALES: FINANCE:
LANCE AHMADIAN MICHAEL STIMLER MIGUEL JAUREGUI MIKE HEHIR JAKE RUPPERTSenior Investment [email protected]
Finance [email protected]
For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO ([email protected] | 202.417.3873)
Greysteel, seller, and their respective representatives make no representations or warranties, express or implied, regarding the accuracy or completeness of the information in this Offering Summary. Prospective purchasers shall be responsible for performing their own independent due diligence with respect to a possible transaction. This offering is subject to prior placement, withdrawal, cancellation or modification without notice. All references to acreage, square footage, and other measurements are approximations and must be independently verified.
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