The Boulder Group, a net leased investment brokerage firm, completed the sale of a net lease Lowe\u2019s property located at 940 Concord Parkway in Concord, North Carolina for $15,150,000.<\/p>\n
The net lease Lowe’s 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\u2019s 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\u2019s commitment to this location. The NN Lease, still has four, five year options remaining and 10% increases every 10 years within the option periods.<\/p>\n
Lowe\u2019s Companies, Inc. is a FORTUNE\u00ae 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\u2019s offers an array of products designed for maintenance, remodeling and redecorating, all while boasting an investment grade credit rating of \u2018BBB+ Stable\u2019 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.<\/p>\n
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.<\/p>\n
\u201cProperties with long lease terms continue to be in high demand amongst investors\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cNet lease properties in growing markets continue to garner significant interest amongst private investors.\u201d<\/p>\n