Overview
Trinity Partners is proud to serve as exclusive listing broker on behalf of ownership and present to the marketplace this absolute net lease investment opportunity in metro Wilmington, NC occupied by Manheim Auto, the nation’s leading provider of end-to-end wholesale vehicle solutions (“Manheim” or the “Property”).
The Property was developed in 2024 on approx. 37.8 acres of a 58.5-acre site that was overwhelmingly favored by Manheim (balance of acreage is wetlands). This new state of the art facility is a relocation from an existing facility on the auto stretch in Wilmington where Manheim has been operating for years.
Manheim is on a 10-year Absolute Net lease with a corporate guarantee that commenced in December 2024. There are three 5-year renewal options with a whopping 3% rent bump every year throughout the term. Manheim is a Cox Automotive brand, the world’s largest automotive services and technology provider.
The Property is located in south Pender County, the second fastest growing county in North Carolina, along US-117 just off I-40. It is less than a 30-minute commute to downtown Wilmington, the Port of Wilmington, and Wilmington International Airport.
Investment Highlights
- Manheim is the nation’s leading provider of end-to-end wholesale vehicle solutions with 115 physical, digital and mobile locations in 11 countries
- In 2022, Manheim offered nearly 5 million vehicles for sale to dealers through its marketplace representing approx. $75 billion in value
- Manheim is a Cox Automotive brand, the world’s largest automotive services and technology provider with 29,000+ employees on 5 continents
- 10-year absolute NNN corporate lease with three 5-year options and 3% annual rent bumps throughout the term
- Relocation facility from an existing location with an already successful operation and a built-in client base
- Tremendous future upside with over 38 acres available to redevelop into a denser or higher and best use
- Immediate access to I-40 via exit 408 connecting Wilmington(20 minutes south) to Raleigh (90 minutes north)
- Wilmington International Airport (13 miles from Property) is the fastest growing airport in NC with 1.3 million travelers in 2023, a 21% increase from 2022
- The Port of Wilmington (18 miles from Property) is strategically located on the East Coast within 700 miles of 70% of the U.S. industrial base
- UNC-Wilmington (16 miles from Property) is a top 10 public university in the South and has over 14,000 students
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Listing Team
