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Petco, Kannapolis, NC

Petco

NC, United States

Price $2,320,000
Cap Rate
NOI
Lease Term 11 Years
Lease Type
Rental Increases Rent increases of $1 per square foot per year in year 6, year 11, and each option period
Year Built 2016
Building Size 12,500 sq. ft.
Lot Size 2.064 Acres (89,907.84 sq. ft.)
Status Sold
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

LONG TERM NET LEASE WITH SCHEDULED RENT INCREASES
» Brand new 11-year lease with five five-year option periods
» Rent increases of $1 per square foot per year in year 6, year 11, and at the beginning of each option period
» Rent increases provide a hedge against inflation

NATIONAL TENANT WITH STRONG FINANCIALS
» Petco has a “B” credit rating from Standard & Poor’s
» Over 1,430 location across the U.S., Mexico, and Puerto Rico
» Included in Forbes’ list of “America’s Largest Private Companies”

LOCATED NEAR MAJOR NATIONAL RETAILERS AND NEW DEVELOPMENTS
» Located in large retail center featuring Walmart Supercenter, Kohl’s, Sam’s Club, Hobby Lobby, and many others
» Next to planned developments featuring 260 new apartments
» Just off of Interstate 85, which is undergoing a four-lane widening project to handle increasing traffic volumes

FAST-GROWING LOCATION IN CHARLOTTE MSA
» Located in the rapidly growing northeast quadrant of the Charlotte metropolitan area
» Charlotte is the third fastest growing major city in the U.S.
» The Charlotte MSA’s population has grown nearly 40 percent in the last ten years


Property Description

SOLD

The property is located at the signalized hard corner of Doffer Lane and Roxie Street, with access and visibility to 11,000 vehicles per day. The site benefits from its location in a retail center just off of Interstate 85, which boasts a traffic count\ of 73,000 vehicles per day. Multiple national retailers surround the property, including Walmart Supercenter, Kohl’s, Hobby Lobby, Sam’s Club, Academy Sports + Outdoors, and many others. The site is a short drive from Carolina Mall, anchored by Sears, Belk, JCPenney, and Staples. Next to Carolina Mall is Carolinas HealthCare System NorthEast, a 457-bed medical center with more than 4,200 employees.

The site benefits from its close proximity to multiple new developments. Kannapolis Charter Academy, a tuition-free public charter school educating students in grades K-8, is a short distance from the property and is due to open for the 2016-2017 school year. The Reserve at Grace’s Point and Coldwater Ridge Apartments, two housing developments adjacent to the property, will add 260 additional apartments to the immediate area, increasing the property’s customer base. Additionally, The North Carolina Department of Transportation is constructing four additional general-purpose travel lanes (two in each direction) to approximately eight miles of Interstate 85 in Cabarrus County. This project will complete the expansion of Interstate 85 throughout the county, providing a greater level of service and allowing the freeway to accommodate increasing traffic volumes.

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