Atlantic Capital Partners is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a two-tenant, 100% occupied, e-commerce resistant, retail investment property located in Asheville, NC. The offering features a strong apparel and service-based tenant lineup of Men’s Wearhouse and MyEyeDr. The offering includes scheduled income growth with MyEyeDr’s lease featuring 10% rental increases during the initial term and option periods as well as additional income from a billboard located on the parcel.
The property sits on .68 acres and is shadow anchored by Panera Bread, Chick-Fil-A, and Whole Foods, with three other high-performing shopping centers in the immediate area. The property is also located directly across S Tunnel Road from Western North Carolina’s largest shopping destination, The Asheville Mall, which is a nearly 1 million square foot Super Regional Mall featuring Belk, Dillard’s, and JCPenney plus over 100 specialty stores, attracting over 3.9 million visitors per year. Furthermore, the asset is located in close proximity to Asheville Market which is a Whole Foods anchored, experiential retail center that attracts over 1M visitors per year, and features additional tenants such as DSW, Guitar Center, Nadeau, among other well-recognized brands. In addition to the complimentary retail shadow anchors surrounding the property, directly across the street is a brand-new $45M redevelopment of the old Sears store, which will include over 200 apartment units.
Totaling 9,000 square feet, the subject property features two high-performing locations for both respective brands. Men’s Wearhouse is the top-ranking location in North Carolina and in the top 23% of Men’s Wearhouse locations nationwide. Men’s Wearhouse recently renewed, showing their commitment to this location. Asheville is positioned to experience significant growth over the next five years with the 1, 3, and 5-mile radius population growth expected to grow by an average of 4.85%. Tourism is a major economic driver for Asheville and the popularity as a vacation destination increases every year. In 2021, visitors directly spent $2.6 billion, according to preliminary research received from Longwoods International and Tourism Economics.
- Strong Brand Recognition
- Upside Rent Potential
- Influx of New Development Activity in the Area
- Demographic Boom
- Premier Retail Corridor
- Whole Foods Shadow-Anchored & Strategically Connected
- Recent Lease Extensions
- Top Men’s Wearhouse in the state
- Tourist Hotspot
- Heavily Trafficked Commercial Corridor