122 Avalon Dr
Salisbury, NC 28146
Avalon Square · Retail Property For Sale

***CLOSING TIMEFRAME IS 40 DAYS. PURCHASER SHALL HAVE TWO OPTIONS TO EXTEND CLOSING DATE BY 15 DAYS EACH, FOR A TOTAL CLOSING PERIOD OF 70 DAYS, AS SPECIFIED IN THE PURCHASE CONTRACT AND ADDENDUM.*** Seller holds an interest under a contract for deed whereby upon a closing of a sale of the property, seller shall retain title to convey to buyer. Property tours are available by appointment ONLY. Please contact John Varol (704-644-4589 or jvarol@providencegroup.com) or Molly Morgan (704-365-0820 or mmorgan@providencegroup.com) for details. Investment Highlights: Strip center located on a premium retail corridor Long-term tenant base ñ8,500 SF restaurant addition built in 2005 Situated adjacent to Rite Aid, F & M Bank, and National Tire & Battery Close proximity to Interstate 85 High Traffic on E Innes Road (Route 52) with ñ12,428 cars per day Investment Overview: Avalon Square (the "Property") is a ñ15,700 SF retail strip center located in Salisbury, North Carolina. Located at 122 Avalon Drive, Avalon Square is centrally located in the heart Salisbury's main retail corridor. The center is well positioned off Avalon Drive and Innes Street, only a couple miles east of The center is well positioned off Avalon Drive and Innes Street, only a couple miles east of the city's downtown area. It is situated adjacent to Rite Aid, F & M Bank, and National Tire & Battery, and across the street from the high traffic Lowes center, which includes Food Lion, Cold Stone Creamery, Cinemark Theaters, Old Navy, Staples, and other national retailers. Originally built in 1995, an additional ñ8,500 SF, now the location of the Firewater restaurant, was added in 2005. The Property is comprised of seven suites ranging from approximately 1,200 SF to 8,500 SF, which are appropriately sized to accommodate a variety of necessity-based tenants commonly found in these types of centers. Currently ñ92.36% leased at approximately $10.18 PSF, the only remaining vacancy is Suite F, which is ñ1,200 SF. The majority of leases have end dates within 2019, with only one of the existing tenants having contractual options remaining beyond 2021, creating major rent growth potential for new ownership within a 4 year hold period. The Property also provides investors an excellent investment opportunity in a location primed for redevelopment. Several other redevelopment projects are und