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Pet Supermarket, Hickory, NC

Pet Supermarket

Hickory, NC

Price $1,751,000
Cap Rate 7.00%
NOI $122,525
Lease Term 10.5 Years
Lease Type Net, with Tenant Responsible for All Taxes, Utilities, Insurance, and Maintenance, Excluding Roof and Structure
Rental Increases 9.5% Rental Increase After the 66th Month
Year Built 1997/2017
Building Size 6,452 SF
Lot Size 0.98 Acres (42,558 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with North Carolina-licensed real estate broker New South Properties.

Investment Highlights

NEW LONG-TERM NET LEASE TO CORPORATE TENANT
» Leased to Pet Supermarket, Inc. for a 10.5-year initial term, plus two five-year option periods
» Scheduled rental increases, providing a hedge against inflation
» Net lease requires minimal landlord management, creating the ideal investment opportunity for an out-of-area investor
» Recent $300,000 renovation, which included brand new HVAC units, landscaping, and parking lot
» Pet Supermarket is the largest small format specialty retailer of pet food and pet-related supplies based in the southeastern U.S., with over 180 stores in a dozen states

HIGH-TRAFFIC LOCATION IN MAJOR RETAIL CORRIDOR
» Excellent visibility and access to 33,000 vehicles per day on North Center Street, one of Hickory’s primary thoroughfares
» Outparcel to large shopping center featuring major national tenants, including Lowes Foods, Stein Mart, Jos. A. Bank, Zaxby’s (coming soon), and others
» Surrounded by notable retailers, including a newly-constructed Publix, as well as, Rite Aid, Walgreens, McDonald’s, Dollar General, and more

CENTRAL LOCATION NEAR MAJOR SCHOOLS, EMPLOYERS, AND RECREATIONAL HUBS
» Centrally located less than three miles from downtown Hickory
» Close proximity to multiple schools, including Lenoir–Rhyne University, with a total enrollment of 2,283 students
» Near Hickory’s industrial region and several major employers, including Merchants Distributors, which is headquartered in Hickory and employs 1,300 people
» Close to a number of popular tourist sites and recreation areas, including several parks, Lake Hickory, South Mountains State Park, and the 5,062-seat L.P. Frans Stadium
» Tourism has a large economic impact in Catawba County, generating more than $252 million in expenditures in 2015

Click Here to Download Offering Memorandum


Property Description

The property is located on North Center Street, with excellent visibility and access to 33,000 vehicles per day. The property is outparcel to a large shopping center featuring major national tenants, including Lowes Foods, Stein Mart, Jos. A. Bank, Zaxby’s (coming soon), Chico’s, Talbots, Wild Birds Unlimited, Fleet Feet, and others. North Center Street is a primary retail corridor, with several shopping centers and notable tenants located near the site. A newly-constructed, Publix-anchored retail center is adjacent to the property, and a large shopping center anchored by Badcock Home Furniture & More is located within walking distance. Other significant retailers located near the property include Rite Aid, Walgreens, McDonald’s, Food Lion, Goodwill, MetroPCS, Dunkin’ Donuts, Dollar General, and Verizon.

The property is centrally located near several schools, employment centers, and community gathering places. Northview Middle School and Jenkins Elementary School, with a combined enrollment of over 990 students, are both located within walking distance of the site. The property is also just two miles from Lenoir–Rhyne University, a private university with an enrollment of 2,283 students. The property is near Hickory’s industrial region and some major employers, including Merchants Distributors, which is headquartered in Hickory. Located less than three miles from downtown Hickory, the property is centrally located within the Hickory region. The property is close to a number of popular recreational areas, including several parks, Lake Hickory, South Mountains State Park, and the 5,062-seat L.P. Frans Stadium.

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