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 1,971 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 2021 sales of $96 billion.

The property was constructed in 2008 as a build to suit for Lowe’s and has enjoyed a successful 14-year operating history. The absolute triple-net (NNN) ground lease has recently been extended for 20 years with (6) 5-year renewal options with 10% increases every 10 years (Options). There are no landlord responsibilities, providing an investor with strong passive income stream backed by a Fortune 50 tenant.

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.