River Place_Property for Sale
River Place_Property for Sale
200-280 N Water Street, Wilmington, NC, 28401, US

River Place

Asset description

Jones Lang LaSalle, Inc., a North Carolina licensed real estate broker (“JLL”), has been retained as the exclusive sales representative for River Place (“the Property” or “the Center”), a 31,308 SF ground floor retail anchored by Dollar General (DGX), Bank of America, and Ruth’s Chris. The 93% occupied Property is located in downtown Wilmington, NC, a popular tourist destination with a plethora of museums, hotels, and bars and restaurants, situated along N Water Street. With 9 years of WALT at 93% leased, the Center provides reliable cash flow and value-add opportunity by leasing one vacant suite. The Property also benefits from its location in the tourist driven downtown coupled with increased multifamily development in the submarket.


River Place is located in one of the fastest growing cities in the Southeast with a significant population growth of 26% since the 2010 US Census. In addition to the rapid population growth, the Wilmington MSA continues to thrive with over $930 million of tourism spending annually.

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Attributes

Building area Gross
31,308 sf
Occupancy
93.00%
Year built
2020
NOI
$800,000

Media

Investment highlights

  • Investment Grade Credit Tenancy w/ Grocery Market
  • ~25% of the revenue is generated by
    • Dollar General (S&P: BBB | Moody’s: Baa2)
    • Bank of America (S&P: A- | Moody’s: A2)
  • 9 Years of WALT - providing reliable cash flow
  • Projected 20% AHHI Growth Within 3-MI Radius
  • High Volume Ruth’s Chris
    • Supported by ~$6MM in Sales (5% Health Ratio)
  • Coastal Location Provides High Barriers to Entry
  • Popular Travel Destination
  • Downtown Wilmington Retail is currently 99% leased with over 1.1M SF of Inventory


River Place 4_Property for Sale
River Place 4_Property for Sale

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River Place (0 Properties)

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Last updated
Apr 11, 2023