Sands Investment Group is Pleased to Present Exclusively For Sale the Mooresville Crossing II Located at 647-657 River Highway in Mooresville, NC. With a Mix of National and Local Tenants Situated on a Two Building Site, the 97.5% Leased, 72,881 SF Asset Offers a Stabilized Investment With Rent Escalations During the Term and Option Periods, Along With Immediate Lease-Up, Providing Upside in Cash Flow. The Asset Benefits From Its Location in the Heart of the Primary Retail Corridor in One of the Fastest Growing Suburbs in the Charlotte MSA With the Population Within a 1-Mile Radius Having Grown over 100% Since 2010 and Projected Growth of 12% Over the Next Five Years. Anchored By Ashley Furniture and FearLess Adventure Park, the Property is Located Adjacent to Major Retail Tenants that Include Target, Lowe’s, Sam’s Club and More.
- STABILIZED INVESTMENT WITH UPSIDE: Mooresville Crossing II is 97.5% Leased to a Mix of National, Regional and Local Tenants; The Leases Include Base Term Rent Bumps Giving an Investor Organic Rent Growth, Along With 1,846 SF of Leasable Space Which Will Help Drive Future NOI Growth
- STRONG DEMOGRAPHICS WITH EXPLOSIVE GROWTH: Strong Sub-Market of the Charlotte MSA, Who Ranked 5th In Population Growth From 2021 to 2022 and is One of The Fastest Growing MSAs in the Country; The Population Within a 1-Mile Radius Has Increased 100% Since 2010 and Has Projected Growth of 12% Over the Next 5 Years
- WELL-LOCATED WITH EXCEPTIONAL ACCESS: Mooresville Crossing II is Located on River Highway (35,500 VPD), Which is One of the Busiest Roads in Iredell County and the Main Retail Corridor in Mooresville; The Asset Benefits From Multiple Points of Entry From Morrison Plantation Parkway and Adjacent Retail Centers
- TOP ASHLEY OPERATOR WITH RECENT RENEWAL: The Operator owns 32 Ashley Stores With Projected Sales of $300 Million in 2023; Ashley Recently Exercised Their Option That Extends Their Lease To December 2029
- LONG-TERM OPERATING HISTORY: Ashley HomeStore, Hickory Tavern and Zaika Have Been Tenants in the Shopping Center Since 2012 or Earlier, Showing Commitment to the Site
- ORGANIC RENT GROWTH: The Pro-Forma Cap Rate in Year 2 is 8.10%
- ANCHOR SALES GROWTH & LOW OCCUPANCY COST: Since 2015, Ashley HomeStore Has Experienced Average Annual Sales Growth of 13.00% (Excluding 2020) With 2022 Sales Totaling Almost $11M ($342/SF), Which Equates to a Very Low 4.41% Occupancy Cost; FearLess Adventure Park Has Expected YoY Sales Growth of Over 12.00% For 2023
- RETAIL SYNERGY: Strong Nearby Retail Synergy Helps Increase Consumer Traffic to the Trade Area and Promotes Crossover Shopping Opportunities
- RETAIL HUB: Over Two (2) Million SF of Retail Close By Including Big Box Retailers Like Best Buy, Target, Bed Bath & Beyond, Michaels, Lowe’s and Sam’s Club
- NEARBY RETAIL DEVELOPMENT: There is an Early Education Development Adjacent to FearLess Adventure Park Which Will Drive More Traffic to the Center
- NEARBY RESIDENTIAL DEVELOPMENT: Over 1,900 Units Under Construction Within 5-Miles of the Property, With Over 1,000 Units Under Construction in Under 2-Miles
- STRONG CONSUMER BUYER POWER: The Average Household Income Within a 3-Mile Radius of the Center is Over $106,000
In Cooperation With Sands Investment Group North Carolina, LLC – Lic. #29362 BoR: Amar Goli – Lic. NC #310575
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