110 Mccullough Dr
Charlotte, NC 28262
Retail Property For Sale

Marcus & Millichap is pleased to present a 5,678 square foot single-tenant Verizon Wireless property located at 110 McCullough Drive, in Charlotte, North Carolina. The subject property sits on approximately 1.1+/- acres, positioned at the signalized intersection of N. Tryon and McCullough Dr. The property was constructed in 2000 as a Bob Evans Restaurant and was updated in 2008 for Verizon Corporate (Cellco Partnership). The initial 10-year, double-net (NN) lease commenced in January 2008 and it had a 7-year kickout (which the tenant did not exercise). After the initial 10-year term, the tenant recently exercised a five-year renewal with a 10-percent rental increase (as stated in the lease) and there is one additional five-year option remaining. The property is located on the recently widened North Tryon Street (28,000 vehicles per day) and benefits from excellent visibility and easy access from a signalized corner. The property will soon benefit from a Blue Line Extension of the LYNX light rail. The new McCullough stop is within walking distance of the property and is projected to open in March 2018. The entire University area is expecting growth due to the LYNX Blue Line Extension Project which will connect the Northeast Corridor (UNC Charlotte campus) and Uptown through the LYNX BLE. Nearby retailers include Walmart, Home Depot, McDonald’s, Burger King, Bojangles, IHOP, PNC Bank, Walgreens, Dollar Tree and more. Other traffic generators in the area are numerous hotels (Country Inn and Suites, Extended Stay, Microtel Inn & Suites, Hampton Inn, Homewood Suites), office spaces (insurance, law firm, realty companies, medical, government, etc.) and Carolinas Medical Center-University. The property is located only 5 miles from Interstate 85 which connects the area to Charlotte’s other major interstates, I-77 & I-485. The area has a dense population of more than 190,000 people within five-miles, with close proximity to the University of North Carolina Charlotte campus(approximately one mile). There has been tremendous population growth in a 5-mile radius with 59-percent growth since 2000 and is projected to grow by another 11-percent in next five years.