Overview
Cushman & Wakefield | Thalhimer is pleased to exclusively offer for sale a two-tenant, STNL portfolio located at 6129 Glenwood Avenue in Raleigh, NC (“the Property”). Corporate leases are in place with investment grade tenants, Dollar General (NYSE: DG) and Chase Bank (NYSE:JPM) boasting 7.5 and 15 years of remaining lease term respectively. Dollar General’s building has been recently renovated in 2021 and is subject to a true NNN fee simple lease while newly constructed Chase Bank is on an absolute net ground lease offering investors virtually no landlord obligations. Strategically situated on ±2.29 acres with frontage along Glenwood Avenue (Route 70), the property benefits from exceptional visibility and multiple points of ingress and egress along one of Northwest Raleigh’s most proven commercial corridors. The Property is conveniently located between major market thoroughfares I-440 and I-540 connecting downtown Raleigh to its more affluent outskirts. The immediate trade area boasts several national retailers including Dick’s, Walmart, Lowe’s, Marshalls, Ross and Ulta helping to further drive daytime traffic to the already bustling surrounding area. The Property benefits from its location within the rapidly expanding Research Triangle and proximity to major educational institutions, including North Carolina State University, Duke University, and the University of North Carolina at Chapel Hill, which contribute to a highly educated and affluent demographic base. Over 60,000 people a day commute to the Research Triangle Park with many utilizing Glenwood Avenue/Route 70. The Property represents an opportunity for an investor to acquire an infill asset in a proven, high demand submarket with high barriers to entry. Credit tenants with long-term escalating leases and minimal landlord requirements offer a stable and accretive investment.
Investment Highlights
Attractive In-Place Leases
- Corporately leased to credit tenants Dollar General (NYSE: DG) and Chase Bank (NYSE: JPM) with 7.5 and 15 Years of remaining lease terms respectively
- Absolute Net Lease and NNN Lease structures provide for virtually no Landlord Obligations and partial depreciation opportunity
- Base rent escalations throughout initial terms and into option periods
Established, High Demand Retail Location
- Infill asset with unbeatable visibility along Glenwood Avenue (38,000 VPD), a primary commercial artery connecting affluent suburbs to downtown between major corridors I-440 and I-540.
- High-traffic area surrounded by national retailers including: Marshall’s, Panera, Dick’s, Walmart, Lowe’s and the Crabtree Valley Mall
- Over 60,000 people commute to the Research Triangle Park daily, with many utilizing Glenwood Avenue / Route 70, offering excellent visibility and accessibility for the asset
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Affluent and Growing Surrounding Demographic Base
- Raleigh is one of the fastest growing MSA’s in the country with an estimated 70 new residents a day relocating to the area.
- 179,209 residents within a five-mile radius with an average household income of $146,527
Established Trade Area with Proven Market Fundamentals
- 6.9MM SF of retail inventory staying at or below 5% vacant over the last ten years
- 6.06% YOY rent growth with no new scheduled deliveries in the market helping drive tenant demand
- High barriers to entry with minimal opportunity for ground up development
