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1400 Timber Drive EastGarner, NC 27529
fit4life
Asset ClassRetail
Cap Rate7.5%
7.50% Cap | Garner (Raleigh MSA), NC
overview of deal

Overview

Atlantic Capital Partners has been exclusively engaged to solicit offers for the sale of a Fit4Life in Garner, NC (Raleigh MSA). Fit4Life has recently signed a 10 year lease at the property. The Asset is located in one of the fastest growing markets in the USA and is amongst large retail and industrial developments with ingress and egress off of the busy US-40 Hwy in Raleigh, NC.

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Investment Highlights

STRONG LEASE FUNDAMENTALS

  • 10 Year Abs. NNN Lease with a rent escalation in year 6 and 2 extension periods
  • 10% rent increases every 5 years and in option periods

 

HIGH GROWTH SUBMARKET IN RALEIGH, NC MSA

  • Garner has a population growth rate of 3.8% yearly and has grown by 17% since its last census in 2020
  • Raleigh forecasts a 44% job growth over the next 10 years
  • Raleigh ranked #3 in best places to live for 2023-2024 (U.S. News)

 

POSITIONED IN A MAJOR COMMERCIAL NODE

  • Located inside a strong retail node with over 900k SF of retail space in a one mile radius boasting a 0% vacancy rate
  • Nearby major retailers include: Target, Burlington, Pet Smart, T.J. Maxx
  • Total of ~2.5 MSF of commercial real estate in a one mile radius with an overall vacancy rate of 1.5%

 

EASILY ACCESSIBLE

  • Full access into the site from Timber Drive East
  • Approximately 1.5 miles to US - 70 & I-40 interchange

 

VALUABLE LOCATION

  • Over 1,500 multifamily units in a one mile radius
  • Cross access to Adeline White Oak Apartments ~336 units
  • Across the street from Abberly Place Apartments ~600 units

 

STRONG TENANT THAT FILLS A MARKET VOID

  • Fit4Life has 18 locations throughout the Triangle and Eastern North Carolina
  • Next closest fitness concept is over 2.5 miles away
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1400 Timber Drive EastGarner, NC 27529

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Listing provided by Revere CRE