Lowe’s Companies Inc. – Investment Grade Credit Tenant (S&P: BBB+) – 2nd-Largest Hardware Retail Chain in the Country – $90B in Revenues (2020) – The property is leased to Lowe’s Companies, Inc. (NYSE: LOW), the second-largest hardware retail store chain in the country with a investment grade credit rating of BBB+ from Standard & Poor’s. Lowe’s is a Fortune 50 American company that serves approximately 18 million customers a week in more than 2,200 home improvement and hardware stores throughout the U.S. and Canada. Based in Mooresville, NC, Lowe’s employs 300,000 people and reported fiscal year 2020 sales of $90 billion.
Absolute NNN Ground Lease – Successful Operating History – Low Ground Rent Supports Tenant’s Profitability – Built in 2008 as a build to suit for Lowe’s, the tenant has enjoyed a successful 13-year operating history at this location. There are 7 years remaining on the Absolute Triple-Net (NNN) ground lease, which features (6) 5-year renewal options with 10% increases every 10 years (Options). Lowe’s is paying a low ground rent of $2.71 PSF, ensuring their long-term profitability at this site.
Anchor Tenant Within The Shoppes at Howard’s Mill Shopping Center – Adjacent to the Grocery-Anchored Cureton Town Center – Strong Shopping Location Creates a Consistent Draw to the Trade Area – Lowe’s is the anchor tenant within The Shoppes at Howard’s Mill Shopping Center, which features attractive co-tenants such as Walmart Neighborhood Market, BP Gas, McDonald’s, and Young & Polite Children’s Dentistry. Additionally, the subject property is adjacent to the Cureton Town Center, a power center anchored by Harris Teeter Grocery Store. Co-tenants include Walgreens, Fifth Third Bank, CVS, Sun Trust Bank, Goodyear Auto & Tire Shop, as well as national restaurants Dunkin’ Donuts, Taco Bell, Starbucks, and Papa John’s. This central location in this dense retail location provides outstanding retail synergy and creates a strong draw to the trade area, affirming the tenant’s commitment to the site.
Ideal Demographics for a Successful Lowe’s Store – $166,000 Avg HH Income (5-Mile Radius) – 138,000 People & 48,000 Households (7-Mile Radius) – The subject property boasts ideal demographics and housing density to support a successful Lowe’s store long-term with 138,000 people and 48,000 households within a 7-mile radius of the property. Additionally, this Lowe’s property is within a 5-mile radius of an affluent surrounding community, with an average household income of over $166,000.
Outstanding Visibility & Signage Along SR-16/Providence Rd – Main Travel Corridor Between Waxhaw and Interstate 485 – Ample Parking and Multiple Ingress/Egress Points – Lowe’s is situated along SR-16, the main north-south artery in/out of Waxhaw from Interstate 485 carrying travelers into Downtown Charlotte 20 miles to the north. This location provides outstanding visibility to 20,000 cars per day, a large parking lot, and excellent access from multiple entrances in/out of the center.
Located in Waxhaw – Area Seeing Significant Growth & Development – Only 20 Miles from Downtown Charlotte: Economic Hub of Charlotte MSA – The subject property is located in Waxhaw, North Carolina, approximately 20 miles south of Charlotte. Surrounded by a natural backdrop of rolling hills, horse country, fishing ponds and outdoor recreation, Waxhaw is buzzing with creative and performing arts, vibrant music, urban shops, and eclectic dining experiences. Waxhaw has seen growth of 6.4% in the last year alone, and the area is currently undergoing significant suburban development, with new residential communities, commercial & business parks, and shopping centers sprouting up along the SR-16/Providence Rd corridor, and along the main streets of town.
Charlotte is the economic hub of the Charlotte MSA, recognized worldwide for its energy, transportation, banking and healthcare industries. The region has seven Fortune 500 companies in its metropolitan area including Bank of America, Honeywell, Nucor, Lowe’s, Duke Energy, Sonic Automotive and Brighthouse Financial.