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INVESTMENT OPPORTUNITYLAND LEASE $1,599,000 1520 Military Cutoff Road
Wilmington, NC 28403
David DivineSenior Vice PresidentDIR +1 919 582 [email protected]
Milos RadojkovicVice PresidentDIR +1 919 582 [email protected]
> Improved property land leased to AAA Care Care Centers of the Carolinas> Current lease rate well below market providing future upside> Automatic 13, one-year renewal options> 1% Annual Rent Escalations> The only AAA Carolinas serving eastern Wilmington and Wrightsville Beach> Convenient to Highway 74 & Highway 76> Located less than two miles from the exclusive Harbor Island Community & Wrightsville Beach> Within one mile of Mayfaire Retail Development
COLLIERS INTERNATIONAL P. 21520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
Colliers International is pleased to exclusively offer the opportunity to purchase the Owner’s 100% fee simple interest in AAA Carolinas Wilmington, located at 1520 Military Cutoff Road in Wilmington, North Carolina.
Property DetailsBuilding Area: 8,482 Square Feet
Acreage: 1.0243 Acres
Year Built: 2000
Remodeled: 2011
Parking Spaces: 38
Frontage: 170’
Zoning: RB (Regional Business)
Lease DetailsType of Lease Agreement: Corporate backed NNN Land Lease
Tenant: AAA Car Care Centers, Inc.
Remaining Renewal Options: Automatic 13, one year renewal options
Rent Escalations: 1% per year
Current Schedule: In 7th year of lease
NOI: $82,800
Asking Price: $1,599,000
First Right of Refusal: Tenant has 30 days to respond
Investment Overview
COLLIERS INTERNATIONAL P. 31520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
Floor & Site Plan
2,352 SF
320 SF
320 SF
2,442 SF
1,207 SF
2,481SF
COLLIERS INTERNATIONAL P. 41520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
Property Photos
COLLIERS INTERNATIONAL P. 51520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
Parcel
Location Map
Local Location Map
SITE
Property Overview
COLLIERS INTERNATIONAL P. 61520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
DemographicsPOPULATION 1 MILE 3 MILES 5 MILES
2010 Total Population 4,602 38,310 101,987
2016 Estimate 5,475 42,387 111,692
2021 Projected 5,968 45,658 120,153
2016 Median Age 44.10 35.0 35.7
HOUSEHOLDS 1 MILE 3 MILES 5 MILES
2016 Estimate 2,518 17,783 47,054
2021 Projected 2,744 18,878 50,696
2016-2021 Annual Rate 8.98% 7.98% 7.74%
2016 Avg Household Size 2.03 2.20 2.29
MEDIAN HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES
2016 Median Household Income $80,846 $52,824 $50,267
2021 Median Household Income $90,387 $58,891 $55,228
2016-2021 Annual Rate 2.26% 2.20% 1.90%
AVERAGE HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES
2016 Average Household Income $111,584 $86,669 $74,195
2021 Average Household Income $121,571 $94,771 $80,823
2016-2021 Annual Rate 1.73% 1.80% 1.73%
PER CAPITA INCOME 1 MILE 3 MILES 5 MILES
2016 Per Capita Income $51,753 $36,838 $31,691
2021 Per Capita Income $56,022 $40,249 $34,423
2016-2021 Annual Rate 1.60% 1.79% 1.67%
COLLIERS INTERNATIONAL P. 71520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
Local Retail Map & Traffic Counts
Eastwood Rd
Milit
ary
Cuto
ff Rd
Oleander Dr
Wrights
ville A
ve
Wrightsville BeachHarbor Island
Lumina Commons
Mayfaire Town Center
BRADLEY CREEK POINT
WINDEMERE
CREEKSIDE YACHT CLUB
SEAGATE VILLAGE
EASTWIND
BRADLEY PARK
GREENWOOD ESTATES
POINTSUMMERSET
CAVALIERWOODS
TIDAL CREEKS
VIRGINIAWOODS
COLONYCLUB
VILLAS ATLANDFALL
PRESTWICKHILLSDALE
CARLETON PLACE
RIDGEWOODHEIGHTS
CAROLINA BAY AT AUTUMN HALL
37,4
27 A
ADT
28,254 AADT
27,000 AADT
29,000 AADT
37,959 AADT
SITE
COLLIERS INTERNATIONAL P. 81520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
Tenant Overview
Source: carolinas.aaa.com
AAA BeginningsThe American Automotive Association was founded in 1902, when the United States had fewer than 23,000 automobiles and almost no highways. Nine individual motor clubs formed a national organization with fewer than 1,000 total members.
AAA grew by advocating for better highways and driver-friendly legislation. AAA’s work in the early days of automobile was instrumental in the phenomenal growth and adoption of car use!
Today, AAA has more 55 million members. They are represented by 57 local clubs throughout the United States and Canada—including this one, AAA Carolinas.
Each local club is required to maintain certain quality standards, such as providing specific services to both local and visiting members. You may be a member of our local club, but you can get help anywhere—even outside the Carolinas!
About AAA CarolinasAAA Carolinas was founded in 1922 by Coleman W Roberts. They are an autonomous, not-for-profit organization based in Charlotte, North Carolina. With more than 1.9 million members throughout the Carolinas, and are one of the largest and fastest-growing clubs.
They have 60 branches that offer a full suite of services, ranging from insurance sales to travel planning services to automotive repair. They are adding new branches every year, so there’s always a AAA center near you.
In 2004, AAA Carolinas created TowMark, a AAA-owned towing company designed to provide even quicker, higher-quality roadside assistance. Their fleet of tow trucks and committed employees provide the best roadside service available.
PhilanthropySince 2013, AAA has been committed to raising awareness and supporting local organizations throughout the community. It’s their way of showing their members, customers and employees that their purpose of caring extends beyond the roadways and into the communities where we all live, work and play. AAA has created a "fleet" of specially designed tow trucks—each one representing a different charitable organization. These unique tow trucks hit the roads working as usual, while also generating awareness and support for the charities they represent.
COLLIERS INTERNATIONAL P. 91520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
Wilmington offers eclectic shopping, vibrant nightlife, theatrical productions, coffeehouses and outstanding restaurants that feature fresh local seafood and regional specialties. Inland, you’ll find an expansive art museum, excellent golf courses, department stores, parks, enter-tainment complexes, amusements, plantations, a uni-versity campus and restaurants galore. Nicknamed “Hollywood East,” Wilmington is also home to a thriving film community.
Downtown Wilmington features nearly two miles of riverwalk along the storied Cape Fear River and is within easy walking distance of more than 200 down-town shops, restaurants, attractions, and tours. Also gracing the river is the 230+ block National Register Historic District displaying period gardens and prime examples of architecture dating back to the 1700s. The brick-paved and cobblestone streets of downtown take you back in time as you tour the merchant and residen-tial districts via a horse-drawn carriage, motorized trol-ley, or Segway.
Wrightsville Beach is an island that retains its village-like feel. A clean, breathtaking stretch of white sand and sparkling water along the beach and Intracoastal Water-way just begs for watersports activities, swimming, sunbathing, beachcombing, fishing, and surfing. A small history museum, narrated harbor cruises, a waterbird sanctuary, and unique events enhance the coastal experience. As North Carolina’s most accessible beach from Interstate I-40, getting here is easy.
Mayfaire Town Center is an mixed-use development with over 80 shops and restaurants. Constructed in three phases beginning in 2002, it will total approxi-mately 700,000 SF when Phase III is completed in Summer 2017.
Recent Accolades:
• Marinas.com (Sept. 2016) - Wilmington City Docks is among the 2016 Boaters’ Choice Award for Best Marinas
• USA TODAY 10Best (2014) - Wilmington, North Carolina voted as America’s Best Riverfront
• Jetsetter.com (May 2016) ranks Wilmington, N.C. among “America’s Coolest Southern Towns
• U.S. News & World Report online travel (April 2016) includes Wilmington & Beaches in a roundup of charming under-the-radar Southern cities worth exploring
• Wilmington’s AAA 4-Diamond Recipients in 2016: Graystone Inn B&B (17 years); The Verandas B&B (14 years)
• Where To Retire mag’s (May/June 2015 issue) includes Wilmington, N.C. among its roundup of “8 Coastal Camelots in the Carolinas”
Local Area OverviewFAST FACTS ABOUT WILMINGTON
Consists of three island beaches: Carolina, Kure, WrightsvilleMore than 20 marinasMore than 7,000 guest rooms and suitesOver 50 area championship golf courses / year-round playHeadquarters for the NC State Ports AuthorityReferred to as “Hollywood East,” the region boasts nearly 400 film/TV credits and its own movie studioLocated midway between New York and Florida off of I-95 and I-40; and state highways 17, 74/76, 117 and 421Sports teams include UNCW Seahawks; Wilmington Hammer-heads Professional Soccer; Wilmington Sharks Baseball
Source: wilmingtonandbeaches.com, mayfairetrown.com
COLLIERS INTERNATIONAL P. 101520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
David DivineSENIOR VICE PRESIDENT - INVESTMENTSRaleigh-Durham | Eastern North Carolina
EDUCATION
University of North Carolina, Chapel HillBS Communications
AFFILIATIONS
ICSC; International Council of Shopping Centers
TCAR; Triangle Commercial Association of Realtors
SELECT CLIENT LIST> Capmark Bank> Yadkin Bank > Stabilis Corporation> CLMG Corporation> Direct Invest USA> DDR Corporation> Oberlin Investors
CONTACT DETAILSMOBILE +1 919 669 4931DIRECT +1 919 582 3114 MAIN +1 919 832 1110
Colliers International702 Oberlin RoadSuite 400Raleigh, NC 27605
www.colliers.com/rdu @ColliersRDU
SERVICE & EXPERTISE With over 15 years of office and retail investment sales experience, David Divine has a proven track record of maximizing values and returns for his clients. His clients include individual property owners, institutional owners, developers, banks, REIT’s, and special servicers.
Delivering the Colliers’ promise of global teamwork and local expertise, David’s mission is to help clients achieve the highest and best return on their real estate investment in order to accelerate their success.
With his experience in brokerage, development, construction and real estate investment, David has a unique understanding of the complex dynamics in the industry and provides his clients with creative solutions. David’s success is built upon placing his client relationships and their goals for success first and foremost. With his committment to excellence and his spirit of enterprise, he provides clients with the highest quality service in the commercial real estate industry. Prior to joining Colliers, David was Vice President of Brokerage for York Properties and was a Partner at Divine Stoltz Building & Development.
HONORS & RECOGNITION> 2014-2013 Top Producer, Colliers International RDU> 2014 Colliers International Everest Club, Top 10% of Colliers in production, nationwide> 2014-2012 Triangle Commercial Association of Realtors Million Dollar Sales Club
NOTABLE INVESTMENT SALES TRANSACTIONS> Interstate Commerce Park, Greensboro, NC - 250,000 SF warehouse/distribution property> Nelson Drive, Morrisville, NC - 75,000 SF income producing, warehouse property> Golden Gate Shopping Center, Greensboro, NC - 150,000 SF Food Lion/Staples anchored > Marketfair Mall, Fayetteville, NC - 250,000 SF Power Center anchored by H.H. Gregg, Gander Mountain and Carmike Cinema
COMMUNITY INVOLVEMENT> 2012 - 2007 Board of Directors, Raleigh Rescue Mission> 2010 - 2006 Young Life Committee> 2011 - 2009 Member of Board of Directors, The Ministry Incubator
FAMILY & HOBBIESMr. Divine is a dedicated family man with three children. His hobbies include coaching his childrens’ sports teams and playing golf, tennis, fishing, traveling and attending UNC sporting events.
COLLIERS INTERNATIONAL P. 111520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
Milos Radojkovic VICE PRESIDENT | RETAIL INVESTMENT SERVICES RALEIGH - DURHAM
EDUCATION Sorbonne University Paris VIII - Paris, FranceNorth Carolina Real Estate Broker
AFFILIATIONSInternational Council of Shopping Centers (ICSC)
FLUENT LANGUAGESEnglish French Serbian
BASIC LANGUAGESSpanish Russian
CONTACT DETAILS
MOB +1 919 828 4000 DIR +1 919 582 3118FAX +1 919 834 4488
Colliers International702 Oberlin RoadSuite 400Raleigh, NC, 27605
www.colliers.com/rdu
AREA OF EXPERTISEMilos Radojkovic is a multi-lingual broker with a more than a decade of experience in both international finance and real estate. Milos has been continuously involved in real estate, first as a passive investor and then as an active investor, creating unique financing strategies for several condo development projects in downtown Belgrade (Serbia).
His experience has translated into a multi-faceted understanding of the industry; his broad knowledge base spans Real Estate Investment, Development, Construction, Sales and Corporate Investment Banking. Having been on all sides of the trade, Milos has the advantage of fully understanding how to represent both buyers and sellers.
Milos specializes in retail and industrial sales, especially the sale of portfolios and distressed/special assets. He also has experience working with multifamily properties and land sale opportunities.
Prior to joining Colliers International in the Raleigh-Durham market, Milos worked as a commercial real estate broker for HPW Commercial and was a partner at Triumph Investment Properties.
CLIENTS• Biscuitville• Mad Science• WIS International• Highland Builders• Catholic Charities
FAMILY & HOBBIESMilos loves spending his free time traveling with his wife and two lovely daughters. He is a Krav Maga instructor and enjoys running and sparing with his friends.
COLLIERS INTERNATIONAL P. 121520 MILITARY CUTOFF ROAD | INVESTMENT OPPORTUNITY
› DISCLAIMER AND NOTICE TO BUYER
› The information herein is provided “ONLY AS AN INTRODUCTION TO THE PROPERTY.” All
parties interested in purchasing should base their final decision on the results of their own
independent inspection of the property. All parties should satisfy themselves as to the condition
of the property with respect to the legal, environmental or physical conditions of the property
and title thereto. All financial data provided is given for information purposes and is not
guaranteed. All parties should perform their own market feasibility study to determine the
soundness of the financial data provided and the physical condition of the property. The Owner,
Agent and all parties acting on behalf of the Owner or Agent hereby make no representations as
to the accuracy or completeness of the information included in this property profile. Unless
provided to the buyer under separate cover, no environmental study has been done for this
property. This information is believed to be accurate. We are not responsible for misstatements
of facts, errors or omissions, prior sale, changes of price or withdrawal from the market without
notice.
›
› CONFIDENTIALITY STATEMENT
› The following information is furnished solely for the purpose of a review by a prospective
purchaser of the property and is not to be used for any other purpose or made available to any
other person without the prior written consent of Colliers International Raleigh-Durham. This
property profile and its contents are of a confidential nature and will be held and treated in the
strictest confidence. No portion of this profile may be copied or otherwise reproduced or
disclosed without the prior written authorization of Colliers International Raleigh-Durham.
COLLIERS CONTACTS:
David DivineSenior Vice PresidentDIR +1 919 582 [email protected]
Milos RadojkovicVice PresidentDIR +1 919 582 [email protected]
Colliers International 702 Oberlin RoadSuite 400Raleigh, NC 27605+1 919 832 1110www.colliers.com/rdu