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Sheetz Ground Lease, Hickory, NC

Sheetz Ground Lease

NC, United States

Price $2,880,000
Cap Rate
NOI
Lease Term 20 Years
Lease Type
Rental Increases 10% Rental Increases After Year 15 and Every 5 Years Thereafter
Year Built 2016
Building Size 6,489 sq. ft.
Lot Size 2.82 Acres (122,839 sq. ft.)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

LONG-TERM, CORPORATE-GUARANTEED GROUND LEASE
» Leased to Sheetz for 20 years, with six (6) five (5) year options
» Guaranteed by Sheetz, Inc. – operates over 500 locations
» 10% rental increases after year 15 and in option periods
» NNN ground lease requires no landlord responsibilities, making the property ideal for passive investors

OUTPARCEL LOCATION AT HICKORY’S PRIMARY INTERSECTION
» Outparcel to new retail center anchored by Wal-Mart Neighborhood Market
» Excellent access and visibility to 40,000 vehicles per day at intersection of Springs Road NE and McDonald Parkway
» Hickory’s primary intersection – Springs Road NE leads to downtown Hickory and McDonald Parkway connects Interstate 40 and Highway 127

NEW CONSTRUCTION FEATURING LATEST SHEETZ PROTOTYPE
» High-quality 2016 construction
» Building was built by tenant at tenant’s expense, demonstrating their longterm commitment to the location
» Features a carwash and dedicated drive-thru, providing additional convenience to customers and increasing sales revenue

CENTRAL LOCATION NEAR AREA’S LARGEST EMPLOYERS AND RETAIL CENTERS
» Within a 10-minute drive of five of Catawba County’s 10 largest employers
» Close proximity to Valley Hills Mall, the largest retail destination in the area surrounding Hickory

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is an outparcel to the St. Stephens Village shopping center, anchored by Wal-Mart Neighborhood Market. The site is located at the hard corner of Springs Road NE and McDonald Parkway, with a combined traffic count of 40,000 vehicles per day at the intersection. This intersection is the most significant intersection in northeast Hickory; Springs Road NE is the main internal thoroughfare from northeast Hickory to downtown Hickory, and McDonald Parkway connects the greater submarket to Interstate 40 and Highway 127, both major thoroughfares and dense retail corridors. Both Springs Road NE and McDonald Parkway are main roads carrying constant, substantial traffic, providing a large customer base for Sheetz.

The site benefits from its close proximity to several major retailers, employers, and educational institutions. McDonald Parkway connects the site to Hickory’s main retail corridor, which includes Valley Hills Mall. The 936,000 square foot mall features over 100 stores, services, and restaurants and is the largest retail destination in the area surrounding Hickory. Additionally, several major employers are within a seven minute drive of the property, including Frey Regional Medical Center, HMS Solutions, Sherrill Furniture Company, Corning Cable Systems, and the Catawba Valley Medical Center. Springs Road NE connects the property to downtown Hickory and to Lenoir-Rhyne University, which has a total enrollment of 2,283 students.

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