Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present for sale the two-tenant retail strip center (the “Property” or “Asset”) located at 1732 Old Morganton Road in Southern Pines, North Carolina. The new construction, 6,704 SF building is fully occupied by Walgreens and Heartland Dental on 10-year net leases with attractive rental increases during the primary term and options. Walgreens has four, 5-year renewal options at 5% increases every 5 years while Heartland Dental has three, 5-year renewal options at 10% increases every 5 years. This is a rare opportunity to acquire a multi-tenant asset in a premium trade area at an attractive yield.
The Property benefits from the 24.4% population growth that has occurred in the past decade within a five-mile radius. Situated in western Southern Pines, the Asset is the outlot to a Lowes Foods supermarket within a medical and retail trade area along Morganton Rd and Old Morganton Rd with direct exposure to over 20,500 vehicles per day. This center is also home to the third highest ranked Pure Barre in the nation, with over 58,000 annual visitors (per Placer.ai). It is also catacorner to a regional power center that has an Anytime Fitness and Ulta Beauty that are ranked in the 96th and 80th percentile in the nation, respectively (per Placer.ai). The Property is across the street from The Pavilion at Morganton Park, a highly trafficked shopping center in the region with 8+ retailers and over 270,000 visitors annually. It is less than a 15-minute drive to Sandhills Community College, a 240-acre campus and over 2,600 students enrolled annually, and a one-hour drive to Fayetteville Regional Airport. The Property benefits from proximity to FirstHealth Moore Regional Hospital, an acute Care Medical and Surgical Facility with 33 beds providing the health care needs of the greater Pinehurst area, and surrounding counties, since 1929.
- Brand new 10-year NN lease with zero landlord responsibilities
- Brand New Construction
- Investment-grade tenancy (S&P: BBB) with corporate guaranty
- Strong population growth of over 24.4% within a 5-mile radius
- Over 49,000 Residents within 5-miles
- Proximate to Sandhills Community College & FirstHealth Moore Regional Hospital
- Situated along Old Morganton Rd & Morganton Rd with exposure to over 20,500 VPD