NORTH CAROLINA IGA GROCERY PORTFOLIO 2 Retail Properties Offered at $3,805,000 in Multiple Locations
INVESTMENT HIGHLIGHTS
- Both centers are 100% occupied and have a long-term tenant history featuring an average tenant tenure of 19 years
EXECUTIVE SUMMARY
NC IGA GROCERY-ANCHORED PORTFOLIO
• The portfolio consists of 2 IGA grocery anchored centers in Fairmont & Tabor City, NC
• Both centers are 100% occupied and have a long-term tenant history featuring an average tenant tenure of 19 years
• IGA was founded in 1926 and is the largest independent grocery chain in the world, with over 763 locations across 38 states in the US
• IGA spans across 41 other countries and has over 6,000 stores worldwide
FAIRMONT SHOPPING CENTER
• The subject property is a 51,800 square foot grocery-anchored center in Fairmont, NC
• Fairmont Shopping Center is anchored by Fresh Foods IGA & a Roses Express, which is 78% of the GLA
• Fresh Foods IGA is backed by 14 locations across Southeastern North Carolina
• Fairmont Shopping Center tenants have a long-standing history at the property, boasting an average tenant tenure of 17 years
• Priced below replacement cost: $47.32/SF
• Average Rent: $5.23
• WALT: 4.66 Years
CO-ANCHORED BY ROSES DISCOUNT STORES | 24-YEAR OCCUPANCY HISTORY
• Roses is a regional discount chain founded in 1915, offering affordable apparel, electronics, housewares, groceries, and more
• They operate 175 stores across 15 states as of 2021, with ongoing expansion through new store openings and acquisitions
• The parent company is Variety Wholesalers, Inc. was founded in 1930 and is headquartered in Henderson, NC
• Variety Wholesalers operates 380+ stores under several banners and reports annual revenues of approximately $1.5 billion
FAIRMONT, NC
• Fairmont is a town located in Robeson County in southeastern North Carolina
• Fairmont is located 18 miles south of Lumberton, 30 miles northwest of Myrtle Beach, SC, and 90 miles southwest of Raleigh, NC
• Known for its deep agricultural roots, Fairmont was once dubbed the “Biggest Little Tobacco Market in the World”
• Fairmont’s economy is driven by agriculture, small businesses, and its strategic location near regional transportation routes and the South Carolina border
• The portfolio consists of 2 IGA grocery anchored centers in Fairmont & Tabor City, NC
• Both centers are 100% occupied and have a long-term tenant history featuring an average tenant tenure of 19 years
• IGA was founded in 1926 and is the largest independent grocery chain in the world, with over 763 locations across 38 states in the US
• IGA spans across 41 other countries and has over 6,000 stores worldwide
FAIRMONT SHOPPING CENTER
• The subject property is a 51,800 square foot grocery-anchored center in Fairmont, NC
• Fairmont Shopping Center is anchored by Fresh Foods IGA & a Roses Express, which is 78% of the GLA
• Fresh Foods IGA is backed by 14 locations across Southeastern North Carolina
• Fairmont Shopping Center tenants have a long-standing history at the property, boasting an average tenant tenure of 17 years
• Priced below replacement cost: $47.32/SF
• Average Rent: $5.23
• WALT: 4.66 Years
CO-ANCHORED BY ROSES DISCOUNT STORES | 24-YEAR OCCUPANCY HISTORY
• Roses is a regional discount chain founded in 1915, offering affordable apparel, electronics, housewares, groceries, and more
• They operate 175 stores across 15 states as of 2021, with ongoing expansion through new store openings and acquisitions
• The parent company is Variety Wholesalers, Inc. was founded in 1930 and is headquartered in Henderson, NC
• Variety Wholesalers operates 380+ stores under several banners and reports annual revenues of approximately $1.5 billion
FAIRMONT, NC
• Fairmont is a town located in Robeson County in southeastern North Carolina
• Fairmont is located 18 miles south of Lumberton, 30 miles northwest of Myrtle Beach, SC, and 90 miles southwest of Raleigh, NC
• Known for its deep agricultural roots, Fairmont was once dubbed the “Biggest Little Tobacco Market in the World”
• Fairmont’s economy is driven by agriculture, small businesses, and its strategic location near regional transportation routes and the South Carolina border
PROPERTY FACTS
| Price | $3,805,000 |
| Price / SF | $43.03 / SF |
| Cap Rate | 10% |
| Sale Type | Investment or Owner User |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 88,420 SF |
| Total Land Area | 11.06 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 116 N Walnut St, Fairmont, NC 28340 | Retail | 51,800 SF | 1984 | - |
| 804-808 E 5th St, Tabor City, NC 28463 | Retail | 36,620 SF | 1975 | - |
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