Waxhaw, NC – Lee & Associates, one of the largest national commercial real estate firms, has completed the investment sale of an approximately 149,000-square-foot Lowe’s store that sits on approximately 14.58 acres. The property is located at 2508 Cuthbertson Road in Waxhaw, NC, a growing suburb of the highly desirable Charlotte NC MSA.
The Lowe’s property is the anchor tenant within the Shoppes at Howard’s Mill Shopping Center, with co-tenants Walmart Neighborhood Market, BP Gas, and McDonald’s.
Lowe’s has 7 years remaining on an absolute triple-net ground lease. The tenant was paying an extremely low ground rent compared to similar Lowe’s locations across the country. This put investors at ease with a very low future vacancy risk and a high likelihood of their long-term profitability at this location.
Ryan Barr and Ryan Bennett of Barr & Bennett Net Leased Investment Group, a team within Lee & Associates-North San Diego County, in conjunction with Lee & Associates Raleigh Durham, represented both the Seller and the Buyer in the transaction.
“The low rent at this location was the catalyst that drove pricing to such an aggressive level, which ended up landing at over our asking price by a large margin,” said Barr. “If the tenant were to ever leave this space, it would be conceivable to replace them at a higher rent.”
