The Boulder Group Arranges $15M Charlotte-Area Retail Sale
- Nov 29, 2019
The Boulder Group Partner Randy Blankstein and President Jimmy Goodman represented a Midwest-based buyer in the sale of a net leased Lowe’s retail building in Concord, N.C. The asset traded for $ 15.2 million in a 1031 exchange. The acquisition was financed through a $9.1 million, 10-year loan from Protective Life, Cabarrus County public records show. An entity affiliated to Tailwind Advisors from Fort Worth sold the property. Recently, the same brokerage team arranged the sale of a newly constructed retail asset in Luling, La.
Located at 940 Concord Parkway, the asset was completed in 1999 on a 20-acre parcel and is 30 miles northeast of downtown Charlotte, N.C., within an emerging suburb of the metro. The area has experienced an almost 14 percent growth in the past ten years and the property serves more than 100,000 people within a 5-mile radius.
The building is fully leased to Lowe’s, which recently executed a 10-year lease extension at the property. The NN lease has four- and five-year options remaining, as well as 10 percent increases every 10 years within the option periods. Additionally, a new roof was installed this spring.
Since 2000, Cabarrus County ’s population has grown by more than 50 percent, with important companies such as Amazon and Stanley Black & Decker establishing more than 2 million square feet of industrial space in the area. Moreover, Concord is currently undergoing a master-planned city center redevelopment totaling more than $650 million in investments.
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