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3219 Watermill Dr 52,500 SF Retail Building Burlington, NC 27215 $7,234,000 ($137.79/SF) 6.35% Cap Rate

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INVESTMENT HIGHLIGHTS

STRONG PERFORMING STORE
LONG-TERM LEASE COMMITMENT
FAVORABLE CAPITAL MARKETS CONDITIONS

FREESTANDING BIG-BOX ASSET IN REGIONAL HUB
INSTITUTIONAL-QUALITY CREDIT TENANT

EXECUTIVE SUMMARY

Atlantic Capital Partners is pleased to present a freestanding Hobby Lobby in Burlington, NC. This top performing store ranks in the 91st percentile nationally per PlacerAI and the tenant recently executed a long-term extension, ensuring durable cash flow. Strategically located in Burlington’s dominant retail corridor, the property benefits from strong co-tenancy, regional draw, and excellent visibility. This asset benefits from pylon sign rights on I-40 (130k+ VPD), University Dr (40k), and Garden Rd. Hobby Lobby, with 1,000+ stores nationwide and $8 billion in 2024 revenues, represents institutional-quality tenancy that is committed to the location. With long-term lease stability from a high performing national retailer, this asset offers investors a compelling opportunity for secure income in a growing, high demand North Carolina market.

Burlington NC - Hobby Lobby OM - compressed

PROPERTY FACTS

Sale Type

Investment

Sale Condition

1031 Exchange

Property Type

Retail

Property Subtype

Freestanding

Building Size

52,500 SF

Building Class

Year Built

2009

Price

$7,234,000

Price Per SF

$137.79

Cap Rate

6.35%

NOI

$459,359

Tenancy

Single

Building Height

1 Story

Building FAR

0.25

Lot Size

4.78 AC

Zoning

Parking

399 Spaces (24.05 Spaces per 1,000 SF Leased)

Frontage

161’ on Boone Station Dr

Bus Line

Dedicated Turn Lane

Signage

Signalized Intersection

MAJOR TENANTS

Retailer
-
-
May 2024

Hobby Lobby began when founders David and Barbara Green started making miniature picture frames from their home. What started as a small family venture soon grew into a thriving arts-and-crafts retailer. Today, Hobby Lobby is recognized as one of the largest privately owned companies in its industry, operating stores across the United States. The company offers an extensive selection of products, including home décor, seasonal items, tableware, floral arrangements, art and craft supplies, yarn, fabric, jewelry-making materials, and more. Hobby Lobby remains committed to providing quality products and fostering creativity for customers everywhere.