2108 North Centennial Street
High Point, NC 27265 ·
9,750 SF · Retail For Sale
|Gross Leasable Area||9,750 SF||Cap Rate||8.35%|
|Property Sub-type||Strip Center||Tenancy||Multiple|
|Property Use Type||Net Lease Investment with 10+ years left on lease||Lot Size||1.09 AC|
|Listing ID: 15948361||Date Created: 10/17/2008||Last Updated: 03/11/2009|
We are pleased to offer for sale a 9,750 square foot strip center located in the city of High Point, North Carolina. Centennial Square is currently 100% occupied with a mix of regional and local tenants. All leases are NNN in nature, with tenant reimbursing for Taxes, Insurance, and CAM. Additionally, Landlord bills Tenants for deficient CAM, Taxes and Insurance which is not covered by monthly payment. This amount for 2007 was $8,702.59. The entire roof was replaced in October of 2006, with a new ten year warranty. This cost will be a non-issue for a new investor.
- Landlord Replaced the Entire Roof in 10/2006 - 10 Year Warranty
Situated along a major retail corridor, the center resides near the intersection of North Centennial Street and Eastchester Drive. Traffic counts are very strong along this major thoroughfare with over 27,000 vehicles that pass the center daily. US Route 311 is located less than one mile east of the subject property that runs through High Point northwest to Winston Salem (15 miles away).
The Center is located across the street from the Oak Hollow Mall (anchored by Sears, JC Penny, and Dillards) as well as a new Target and Circuit City.
- 100% Occupied Strip Center
- Leases Require Monthly Payments between $1.25 to $1.50 per square foot CAM, Insurance and Tax Charge
- $2 Dollars Below Market Rents at $13.64/SF
- Located Across from Oak Hollow Mall, Target, and Circuit City
- City Population of 100,000+ (31% Increase since 1990)
- The City's High Point Market Attracts over 200,000 Exhibitors/Buyers Annually from around the World
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