116 Hilltop Way
Forest City, NC 28043
Aaron's · Retail Property For Sale

The subject property is a freestanding NNN Corporate Aaron’s located on Hilltop Way as an out-parcel to a Walmart Supercenter in Forest City, NC. Forest City is strategically located about 60 miles west of Charlotte and 60 miles southeast of Asheville. The Aaron’s is also an outparcel to Staples, CATO, Burkes, Hibbett Sports, and Murphy USA. Other retailers in the immediate trade area include: Lowe’s, ALDI, BigLots!, Tractor Supply, Belk, several car dealerships including Honda, Chrysler, Nissan, and Chevrolet and several restaurants including Chili’s, Bojangles, Zaxby’s, McDonald’s, Fatz Café, and Sonic. This Aaron’s property, built in 2005, was sold as a sale-leaseback in May 2006 at Aaron’s depreciated book value at the time. It was sold with a 15-year true NNN lease with ten percent increases every five-years and one (1), five (5) year option to extend. As this property was sold at Aaron’s cost, this created a relatively low price/sf and rent/sf. Currently, the rent/sf on the 7,912 sf is $12.42/sf. In 2018, Aaron’s, Inc. (NYSE: AAN) reported revenue of $3.8 billion, net income of $200 million, and a net worth of $1.7 billion. Aaron's, Inc. operates as an omnichannel provider of lease-purchase solutions to underserved and credit-challenged customers. It operates in three segments: Progressive Leasing, Aaron's Business, and DAMI. The company also engages in the sale, lease ownership, and specialty retailing of furniture, consumer electronics, home appliances, and accessories. As of March 31, 2019, it operated through 1,599 Aaron's stores, including 1,230 company-operated stores; and 369 franchised stores in the United States and Canada, as well as its e-commerce platform, aarons.com. The company was founded in 1955 and is headquartered in Atlanta, Georgia.