This Retail Property is Off-Market.

3363 Cloverleaf Parkway
Kannapolis, NC 28083 ·

23,500 SF · Retail For Sale

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OfficeMax

Price N/A Property Use Type Net Lease Investment with 5 years left on lease
Building Size 23,500 SF Cap Rate 8.50%
Property Type Retail Tenancy Single
Property Sub-type Free Standing Bldg Year Built 1998
Listing ID: 15695048 Date Created: 05/05/2008 Last Updated: 10/08/2008

Description

The subject property is a 23,500 +/- sq. ft. freestanding OfficeMax located in Kannapolis, NC, approximately 25 miles northeast of Charlotte and approximately ½ mile off Interstate 85.

OfficeMax (NYSE:OMX) signed a 15-year NNN Lease that commenced rent on September 14, 1998 (approximately 5 years remaining). The Lease contains three (3), five (5) year options to extend with 5% increases in each option period. OfficeMax Incorporated distributes business-to-business and retail office products. It markets and sells office supplies and paper, technology products and solutions, and office furniture directly to large corporate and government offices, as well as through office products stores. OfficeMax currently operates 981 stores in the United States and Mexico, 3 distribution centers in the United States, and 2 small distribution centers in Mexico. In 2007, OfficeMax reported revenues of $9.08 Billion and a net worth of $2.27 Billion.

The subject property lies off Cloverleaf Parkway and is directly adjacent to a Home Depot and a vacant Target. Target recently vacated the premises in order to expand into a SuperTarget. They relocated approximately 4 miles south. Charlotte's prospects for sustainable, long-term economic growth support a positive outlook for its retail market. The metro's large banking and financial services employers could feel some of the effects of the slowing national economy; however, overall employment growth remains quite strong. Forecasts call for another year of above-average employment gains, led by the educational and health services sector.

Highlights

  • Approximately 5 years remaining on a NNN Lease with OfficeMax (NYSE:OMX)
  • OfficeMax currently operates over 980 stores and has a Net Worth over $2.2 Billion
  • OfficeMax reported revenues of $9.08 Billion in 2007
  • The subject property is adjacent to Home Depot and is approximately 1/2 mile off I-85
  • Kannapolis is located approximately 25 miles northeast of downtown Charlotte
  • Offered free and clear of existing financing: 9.43% Cash on Cash with proposed new financing

Research

3363 Cloverleaf Parkway, Kannapolis, NC 28083 (Cabarrus County)

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