Property Highlights
Atlantic Capital Partners has been engaged to offer for sale a 100% occupied multi-tenant retail center featuring GameStop, LG Nail Spa and US Cellular. Northridge Commons is a corner outparcel to a strong-performing power center that includes anchor tenants of Walmart, Lowe’s, & Hobby Lobby. This center is well positioned in the growing Asheville, NC suburb of Weaverville, NC with several new developments surrounding the property, including new retail and hundreds of multifamily and other residential units just minutes away from the subject property.
- Strong Shadow Anchors – Walmart Supercenter and Lowes Home Improvement shadow anchor this center, driving significant patron volume to the center | You must drive by Northridge Commons to get to either Walmart or Lowes
- Significant Value-Add Opportunity – LG Nail Spa and GameStop are currently paying well below the market rent | If either tenant leaves this location, the new owner will be able to significantly increase rents and therefore appreciate their property value
- Tenant Commitment – The current tenant lineup has a weighted average tenant tenancy of 9 years and all 3 tenants have exercised at least one option or extended their initial\ term
- Popular Asheville, NC Suburb – As evidenced by the over 750 multifamily/hotel/single family residences that have either been developed in the last 4 years or are currently under construction
- Favorable Lease Structures – 100% of tenants reimburse their pro-rata-share and pay at least a 10% admin fee on common area maintenance
- Limited Exposure to Capital Repairs – The center was built in 2009 and has been well maintained since
- Dense & Growing Retail Corridor – Over 770,000 square feet of retail lies within a 1-mile radius of the property with more in development including a Hobby Lobby & Marshalls in the Northridge Commons Development
- Growing & Affluent Demographics – Positive population growth is expected within a 1, 3, and 5-mile radius of the property over the next 5 years | Average Household Income of over $80,000 within a 1, 3, and 5-mile radius of the property
- High Traffic Counts – Surrounded by US-70 (18,000 VPD) | I-26 (50,500 VPD) | Monticello Rd (7,300 VPD)