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701 Francis King St 51,342 SF 100% Leased Retail Building Greensboro, NC 27410 $9,956,000 ($193.92/SF) 5% Cap Rate
INVESTMENT HIGHLIGHTS
- STRONG LEASE FUNDAMENTALS & LONG OPERATING HISTORY.
- SOUGHT AFTER CORPORATE BACKED GROCER.
- LOW VACANCY RETAIL TRADE AREA.
EXECUTIVE SUMMARY
SOUGHT AFTER CORPORATE BACKED GROCER
- Harris Teeter currently operates more than 262 stores across the Southeast and portions of the Northeast
- Harris Teeter is owned and backed by Kroger, which carries a credit rating of BBB
- In 2024, Kroger’s total revenue exceeded $147 billion
NEARBY MARKET DRIVERS
- The site is positioned just 0.8 miles north of Guilford College, which has more than 1,100 students and 300 employees
- Less than 5 miles west of the site is Piedmont Triad International Airport, which handles over 1.2 million passengers annually across more than 102,000 flights
- The property is also surrounded by Jefferson Elementary, Guilford Middle, and Guilford High Schools, providing a built-in customer base
LOW VACANCY RETAIL TRADE AREA
- Within a 1-mile radius of the site is more than 430K SF of retail space
- Vacancy rate in that radius is below 1.75%
- Nearby national retailers include: Walmart Neighborhood Market, Sherwin-Williams, Chipotle, Starbucks, and more
EXCELLENT REGIONAL CONNECTIVITY
- Strategically positioned near the intersection of Bryan Blvd and W Friendly Ave
- Easy access to I-73 and I-40 connects the site to the broader Greensboro and Triad region
- More than 45,000 vehicles per day travel within a two mile radius, providing strong visibility and accessibility
HIGH GROWTH GREENSBORO
- Located in the Triad MSA, one of North Carolina’s three largest metropolitan areas
- In 2023, Greensboro witnessed construction values surpassing $1 billion, marking a 37% increase from the previous year
- Projections estimate that Greensboro will welcome an additional 60,000 residents over the next two decades
STRONG LEASE FUNDAMENTALS & LONG OPERATING HISTORY
- Abs. NNN – Ground leased site with zero landlord responsibilities
- This location has operated for almost 20 years, with 3 years remaining and six (6) five-year options
- Includes 5% rental increases during option periods
- Harris Teeter currently operates more than 262 stores across the Southeast and portions of the Northeast
- Harris Teeter is owned and backed by Kroger, which carries a credit rating of BBB
- In 2024, Kroger’s total revenue exceeded $147 billion
NEARBY MARKET DRIVERS
- The site is positioned just 0.8 miles north of Guilford College, which has more than 1,100 students and 300 employees
- Less than 5 miles west of the site is Piedmont Triad International Airport, which handles over 1.2 million passengers annually across more than 102,000 flights
- The property is also surrounded by Jefferson Elementary, Guilford Middle, and Guilford High Schools, providing a built-in customer base
LOW VACANCY RETAIL TRADE AREA
- Within a 1-mile radius of the site is more than 430K SF of retail space
- Vacancy rate in that radius is below 1.75%
- Nearby national retailers include: Walmart Neighborhood Market, Sherwin-Williams, Chipotle, Starbucks, and more
EXCELLENT REGIONAL CONNECTIVITY
- Strategically positioned near the intersection of Bryan Blvd and W Friendly Ave
- Easy access to I-73 and I-40 connects the site to the broader Greensboro and Triad region
- More than 45,000 vehicles per day travel within a two mile radius, providing strong visibility and accessibility
HIGH GROWTH GREENSBORO
- Located in the Triad MSA, one of North Carolina’s three largest metropolitan areas
- In 2023, Greensboro witnessed construction values surpassing $1 billion, marking a 37% increase from the previous year
- Projections estimate that Greensboro will welcome an additional 60,000 residents over the next two decades
STRONG LEASE FUNDAMENTALS & LONG OPERATING HISTORY
- Abs. NNN – Ground leased site with zero landlord responsibilities
- This location has operated for almost 20 years, with 3 years remaining and six (6) five-year options
- Includes 5% rental increases during option periods
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
51,342 SF
Building Class
B
Year Built
1998
Price
$9,956,000
Price Per SF
$193.92
Cap Rate
5%
NOI
$497,779
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.20
Lot Size
5.91 AC
Zoning
CHB - Commercial Highway Business
Parking
209 Spaces (4.07 Spaces per 1,000 SF Leased)
Frontage
304’ on Francis King St
AMENITIES
- Dedicated Turn Lane
- Pylon Sign
- Signage
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
-
- Retailer
- -
- -
- -
Harris Teeter, a wholly-owned subsidiary of The Kroger Co.(NYSE: KR), was co-founded in 1960 by North Carolina grocers W.T. Harris and Willis Teeter. Harris Teeter operates more than 250 stores and 60 fuel centers in seven states and the District of Columbia. In addition to its retail stores, Harris Teeter also owns grocery, frozen food, and perishable distribution centers in Greensboro, NC and Indian Trail, NC. Harris Teeter is headquartered in Matthews, NC and employs approximately 35,000 valued associates.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
|
|
Retailer | - | - | - |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 0075210 | Improvements Assessment | $2,757,500 |
| Land Assessment | $2,350,400 | Total Assessment | $5,107,900 |
PROPERTY TAXES
Parcel Number
0075210
Land Assessment
$2,350,400
Improvements Assessment
$2,757,500
Total Assessment
$5,107,900
CONTACTS
-
David Hoppe -
Mike Lucier -
Ben Olmstead -
Ben McCarter -
Connor Kuchman -
Atlantic Capital Partners
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701 Francis King St
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