ASKING PRICE: $3,975,000
CAP RATE: 6.2%
- VISIBLE RETAIL SITE — Outparcel to high-performing TJ Maxx and Staples, located along Croatan Highway/U.S. Rte. 158 (40K ADT). High traffic retail area part of the Outer Bank’s main commercial corridor. Ideal site location blocks from the beach and near area attractions including Jockey’s Ridge State Park. Close to other national retailers including Harris Teeter, Lowe’s and the area’s first upcoming Publix location.
- QUALITY INVESTMENT — Corporate guaranteed lease with rent increases and options. New smaller style store design that PetSmart is moving towards. Minimal landlord responsibilities. No direct big box pet competition within 75 miles of the property. The property sustained zero damage as a result of Hurricane Matthew and Hurricane Sandy.
- ESTABLISHED TENANT — PetSmart is the largest specialty pet retailer with over 1,500 stores in the U.S., Canada & Puerto Rico and over 200 in-store PetSmart PetsHotels® dog and cat boarding facilities. Revenue growth for 2015 nearly doubled to 4.6% with $7.3 billion in sales, and the company continues to grow with expansion in key markets in the U.S. and Canada.
- DESIRABLE LOCATION — Nags Head, one of the Outer Banks’ most established tourism destinations, has millions of annual visitors and a summer population that soars to 40,000. Dare County receives $950 million in direct revenue from vacationers annually. Over 14,200 people, with an average household income of $76K+, within five miles of the property.
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