Thomasville Plaza
Thomasville, North Carolina
| Price | $5,460,000 |
| Cap Rate | 6.50% |
| NOI | $354,850 |
| Lease Term | Various |
| Lease Type | Various |
| Rental Increases | Various |
| Year Built | 1970 |
| Building Size | 48,199 SF |
| Lot Size | 5.12 Acres (223,027 SF) |
| Status | Available |
| Lead Broker Information | Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
100% LEASED MULTI-TENANT RETAIL ASSET WITH SCHEDULED RENTAL INCREASES
» 100% leased multi-tenant retail asset to a mix of local, regional, and national tenants
» Four of the existing tenants have 20+ year tenancy at Thomasville Plaza
» Multi-tenant asset allows for investment diversification
» Scheduled rental increases for all leases, providing a hedge against inflation
» Complimentary mix of “Amazon-proof” retailers
» Rare pylon sign opportunity for a non-anchor tenant
» New roof in 2019 with 20-year warranty
» The Novant Health network consists of more than 1,800 physicians and over 35,000 employees that provide care at over 800 locations
» In 2021, Novant Health reported a net income of $812 million on operating revenues of $7.4 billion
HIGH-VISIBILITY LOCATION NEAR MAJOR TRAFFIC DRIVERS
» Located on Randolph Street (26,500 AADT) along the primary retail corridor in Thomasville
» Surrounded by a mix of local and national tenants such as Walmart Supercenter, Walgreens, ALDI, Food Lion, McDonald’s, Denny’s, Waffle House, Burger King, and many more
» Strategic location with nearby access to Interstate 85 (66,500 AADT)
» Close to well-attended schools including Davidson-Davie Community College (1,537 students), East Davidson High School (849 students), East Lawson Brown Middle School (610 students), and many others
» Less than two miles from Sun Warehouse and Distribution (250 employees) and Mohawk Industries – Laminate Manufacturing (Unilin) (335 employees)
» Beneficial proximity to Atrium Health Wake Forest Baptist | High Point Medical Center (351 beds, 2,600+ employees), and Novant Health Thomasville Medical Center (146 beds)
» Proximity to several hotels within three miles including, Stay Lodge of Thomasville (100 rooms), Microtel Inn & Suites by Wyndham Thomasville/High Point/Lexi (60 rooms), Comfort Inn Thomasville I-85 (68 rooms), Davidson Lodge (52 rooms), and Quality Inn & Suites (45 rooms)
CENTRAL LOCATION WITH ACCESS TO A LARGE CUSTOMER BASE
» Surrounded by single and multi-family housing developments including, Southgate Garden Apartments (114 units), Holly Hill Apartments (72 units), and Kingston Ridge Apartment (60 units),providing a reliable customer base for the location
» Population of 52,299 with an average annual household income of $59,167 within a five-mile radius (projected 11 percent average annual household income increase by 2026)
» Charlotte Douglas International Airport, Piedmont Triad International, and RDU International Airport are conveniently located near Davidson County
» Gateway to Charlotte (874,579 residents), the largest city and commercial hub in North Carolina
» North Carolina has one of the lowest corporate income tax rate in the Southeast
Property Description
Thomasville Plaza is located on Randolph Street (26,500 AADT) in Thomasville’s primary retail corridor. The property is surrounded by a mix of local and national tenants such as Walmart Supercenter, Walgreens, ALDI, Food Lion, McDonald’s, Denny’s, Waffle House, Burger King, and many more. The site is in a strategic location with nearby access to Interstate 85 (66,500 AADT). The property is close to well-attended schools including Davidson-Davie Community College (1,537 students), East Davidson High School (849 students), and East Lawson Brown Middle School (610 students). The site is less than two miles from Sun Warehouse and Distribution (250 employees) and Mohawk Industries – Laminate Manufacturing (Unilin) (335 employees). The property maintains beneficial proximity to Atrium Health Wake Forest Baptist | High Point Medical Center (351 beds, 2,600+ employees) and Novant Health Thomasville Medical Center (146 beds). Additionally, the property is close to several hotels, including Stay Lodge of Thomasville (100 rooms), Microtel Inn & Suites by Wyndham Thomasville/High Point/Lexi (60 rooms), Comfort Inn Thomasville I-85 (68 rooms), Davidson Lodge (52 rooms), and Quality Inn & Suites (45 rooms), located within three miles of the site.
The property is centrally located and surrounded by single and multi-family housing developments including, Southgate Garden Apartments (114 units), Holly Hill Apartments (72 units), and Kingston Ridge Apartment (60 units), providing a reliable customer base for the location. 52,299 residents with an average annual household income of $59,167 live within a five-mile radius. The average annual household income is projected to increase 11 percent by 2026, poising Thomasville Plaza and the immediate trade area for concurrent growth. Charlotte Douglas International Airport, Piedmont Triad International, and RDU International Airport are conveniently located near Davidson County. The site is a gateway to Charlotte (874,579 residents), the commercial hub and largest city in North Carolina. North Carolina has one of the lowest corporate income tax rates in the Southeast.
