5151-5159 Ramsey St
Fayetteville, NC 28311
Verizon | Duck Donuts | Mattress Warehouse · Retail Property For Sale

Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer the fee simple interest in The Shops at Ramsey, a newly constructed 9,632-square-foot three-tenant strip in Fayetteville, North Carolina (the “Offering”). This Offering presents an investor the opportunity to acquire a low management shopping center featuring three national retailers with fresh ten years lease terms, at a blossoming signaled corner location. The tenants, Verizon Wireless, Mattress Warehouse and Duck Donut are shadow-anchored by Aldi in this upper income area of Fayetteville. Verizon Wireless, Mattress Warehouse and Duck Donuts are subject to new 10-year NNN leases that feature a 10% rental increase in year six, and every five years during the renewal options. Cellco Partnership, Verizon’s corporate entity for leases, is 51 percent of the base rental revenue and has an exceptionally strong credit rating of BBB+ as a wholly owned subsidiary of Verizon Communications. This Verizon Wireless location is a relocation from North Gate Plaza, formerly anchored by Walmart, located 1.3 miles from the Shops of Ramsey. Mattress Warehouse is a privately held regional mattress retailer that operates 225 locations in eight states and is continuing to develop more than 25 stores per year. Duck Donuts is a rapidly expanding concept. Established in North Carolina in 2007, Duck Donut presently has 75 locations, primarily along the east coast with four locations in Texas and California. The franchisee on this location has three Duck Donuts stores, with plans to build four more in the surrounding counties, and eventually expanding into the Tampa area with up to ten new stores The Property is located along Ramsey Street (U.S. Route 401), a heavily traveled north-south US highway that averages 32,000 vehicles per day. The Property significantly benefits from being at a signalized intersection which lured Verizon to relocate to this site from its previous location one-mile south on Ramsey Street. The property is situated adjacent to a newly constructed Aldi that serves as a shadow-anchor and is a significant driver to the site. This submarket is experiencing residential and commercial growth; just a few blocks south two mid-block retail strip centers were constructed to meet retailer demand. It is clear that the market is moving northwards to this property as Walmart recently relocated one-half mile south along Ramsey Street. This is an indication that the property is well positioned for the future as growth and redevelopment continue. Fayetteville is the seat of Cumberland County, and the largest metropolitan area in southeastern North Carolina. It is home to Fort Bragg, the largest U.S. Army base by population serving 52,200 active duty soldiers, 12,600 Reserve components and temporary duty students, 8,750 civilian employees, 3,500 contractors, and 63,000 active duty family members. There are 98,500 Army retirees and family members in the area. Fayetteville has a stable economy supported by Fort Bragg and the Department of Defense, it’s largest employer, both which provide a steady base of jobs.