5618 Albemarle Road
Charlotte, NC 28212 ·
51,131 SF · Retail For Sale
Dollar Tree Plaza
|Price||N/A||Property Use Type||Investment|
|Gross Leasable Area||51,131 SF||Year Built||1984|
|Property Type||Retail||Lot Size||4.96 AC|
|Property Sub-type||Neighborhood Center|
|Listing ID: 15184485||Date Created: 06/14/2007||Last Updated: 04/02/2008|
The property is a recently renovated 51,131 SF strip center with Dollar Tree signing a new 10-year lease. Other major tenants include Chuck E Cheese and Subway. Purchase is subject to a 40-year ground lease which commenced in 1984; said ground lease contains 5 option periods of 10 years each.
According to REIS, employment growth picked up again for the Charlotte MSA toward the end of 2006, leading to one of the strongest employment gains in the nation. This has generated strong ongoing population growth, increasing by 2.8% in 2006 according to after similar gains in 2004 and 2005. This is boosting the local economy, with Current Employment Survey data showing a gain of 3.9% in retail trade for the year 2006. forecasts employment growth at around 2.0% per year and population growth at around 40,000 per year through 2011.Albemarle Road (a.k.a. Hwy 24/27) runs east-west through Charlotte. Many national, regional, and local retailers have a store location within a couple miles of the subject property along Albemarle Road. With traffic counts in excess of 35,000 vehicles per day, and daytime population in excess of 100,000 within a three mile radius (growing to 117,000 in 2011), the area is and will remain vibrant for the foreseeable future.
- Charlotte NC Strip Center at 8.0% Cap Rate
- Ability to Enhance Value Through Re-Tenanting
- 3-Mile Population Exceeds 100,000
- Traffic Count Exceeds 40,000 Vehicles Per Day
- Leasehold Interest - Land Not Included
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