Rocky Mount, NC Tiffany Square

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1230 N Wesleyan Ave
Cap Rate 8.33%
Property Type Retail Strip Center
Building Size 81,870 SF
NOI $216,647
Land Area 7.86 Acres
Status Closed

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  • CONFIDENTIALITY AGREEMENT THIS CONFIDENTIALITY AGREEMENT (the “Agreement”) dated as of _________ is entered into by _________________ (“Broker/Buyer/Client”) having an address of ___________ In favor of Atlantic Capital Partners. Seller (or sellers agent/broker) proposes to make available to Buyer/Broker and its officers, directors, employees, agents, accountants, lawyers and other advisors ("Representatives") (or to cause to be made available to Representatives) certain confidential, non-public or proprietary information (the “Evaluation Material”) regarding the property and brought to Buyer/Broker’s attention by Clients (the “Proposed Transaction”). The term "Evaluation Material" includes the fact that the Client is having discussions with Broker concerning the Proposed Transaction, and any information concerning the Property, and the Property’s tenants, including but not limited to transaction documents, structure outlines, customer data, financial data and similar proprietary information, together with and all notes, compilations, analyses and other material prepared by Client and its Representatives which contain or reflect such Evaluation Material. As a condition to Client providing the Evaluation Material, Buyer/Broker agrees as follows: 1.Buyer/Broker will require its Representatives to be bound by this Agreement, and Broker will be responsible for any breach of this Agreement by its Representatives. 2.Buyer/Broker will not disclose the Evaluation Material to anyone other than its authorized Representatives who need to know such information for purposes of evaluating the Proposed Transaction. Broker will use the Evaluation Material for the sole purpose of evaluating the Proposed Transaction and not for any other purpose. 3.This Agreement will not apply to Evaluation Material which (i) is or becomes generally available to the public other than as a result of disclosure by Broker or its Representatives in breach of this Agreement, or (ii) is or becomes available to Broker on a non-confidential basis from a source other than Broker, provided that such source is not known to Broker to be prohibited from disclosing such information by a legal, contractual or fiduciary obligation to Broker. Buyer/Broker agrees that it will not, without express written authorization from Client, initiate or maintain contact with any joint venture partner, tenant, property manager, borrower, guarantor or other obligor under or with respect to the Property (except for contacts in the ordinary course of business unrelated to Client’s evaluation of the Proposed Transaction). 4.Upon the request of Client, Buyer/Broker will return or certify to the destruction, as requested by Client, of all copies of the Evaluation Material. 5.If Buyer/Broker or any of its Representatives receives a request or becomes legally compelled(by deposition, interrogatory, request for documents, subpoena, civil investigation, demand, order or similar process) to disclose any of the Evaluation Material, prior to any such disclosure Broker will (i) promptly notify Client and (ii) cooperate with Client in any attempt it may make to obtain a protective order or other appropriate remedy or assurance that confidential treatment will be afforded the Evaluation Material. If such protective order or other appropriate remedy is not obtained, Broker will furnish only that portion of the Evaluation Material which is legally required. 6.Buyer/Broker will indemnify and hold harmless Client from any damage, loss, claim or other liability arising out of the breach of this Agreement by Client or its Representatives. Client acknowledges that Broker would be irreparably injured by a breach of this Agreement, and agree that Broker will be entitled to equitable relief (including injunctive relief and specific performance) in the event of any such breach. This remedy will be in addition to all other remedies available to Broker at law or in equity. No failure or delay by Broker in exercising anyright, power or privilege hereunder will operate as a waiver thereof. 7.Client is providing the Evaluation Material to Buyer/Broker without representation or warranty, express or implied, of any kind or nature, as to accuracy, completeness or suitability for any purpose. Neither Client, nor its parent or subsidiaries (or their respective officers, directors, employees, agents or advisors), will have any liability to Broker as a result of its use of or reliance on the Evaluation Material. 8.This letter sets forth the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior understandings (whether written, verbal, implied or otherwise)with respect thereto. No term or condition of this letter may be waived or otherwise modified except by a written agreement executed by the party to be charged. 9.This Agreement will be governed and construed in accordance with the laws of the State in which the Property is located, and will be binding on the parties’ successors and assigns. IN WITNESS WHEREOF, a duly authorized representative of Broker and, if applicable, Client has executed this Agreement as of the date set forth above. “Buyer” By: (Signature): ____________________________________________ (Print Name): ______________________________________________ Date: “Broker” By: (Signature): ____________________________________________ (Print Name): ______________________________________________ Date: Atlantic Capital Partners (“Broker”) has available certain confidential, non-public or proprietary information regarding a property ("Property"), which includes financial materials ("Informational Materials"). Broker will not provide nor disclose such Informational Materials to the investor (“Potential Purchaser”) unless and until the Potential Purchaser has executed this agreement. Upon Broker’s receipt of this executed agreement, Broker is prepared to provide the Informational Materials for the Potential Purchaser's consideration in connection with the possible purchase of the Property subject to the following conditions: 1. Buyer/Broker will require its Representatives to be bound by this Agreement, and Broker will be responsible for any breach of this Agreement by its Representatives. 2. All Informational Materials pertaining to the Property which may be furnished to the Potential Purchaser by Broker shall continue to be the property of the owner (“Owner”). Potential Purchaser may retain one (1) copy of the Informational Materials as is required by law or Potential Purchaser’s prudent corporate document retention policy. 3. The undersigned hereby acknowledges that it is a principal or an investment advisor in connection with the possible acquisition of the Property and agrees that it will not look to the Owner or Broker for any fees or commissions in connection with the sale of the Property. The undersigned also hereby acknowledges that it has not dealt with any broker other than Broker regarding the acquisition of the Property or, if it has, the undersigned hereby agrees to indemnify the Owner and Broker against any compensation, liability or expense arising from claims by any other broker or other party the undersigned had dealing with (excluding Broker) in connection with the sale. 4. The Informational Materials may be disclosed to the Potential Purchaser's partners, employees, legal counsel and lenders ("Related Parties"), solely for the purpose of evaluating the potential purchase of the Property. 5. The Potential Purchaser acknowledges that Broker and Owner do not make any representations or warranties as to the accuracy of completeness of the Informational Materials and that the information used in the preparation of the Informational Materials was furnished to Broker by others and has not been independently verified by Broker and is not guaranteed as to completeness or accuracy. 6. The Potential Purchaser hereby indemnifies and holds harmless Broker and the Owner and their respective affiliates and successors and assigns against and from any loss, liability or expense, including attorney's fees, arising out of any breach of any of the terms of this agreement. Also, the Potential Purchaser warrants that it has dealt with Broker only related to the subject property and Potential Purchaser agrees that all inquiries and communications with respect to the contemplated sale of such Property be directed to Broker. 7. This agreement terminates one (1) year from the date hereof except as to written claims by Owner against Potential Purchaser prior thereto. 8. This Agreement will be governed and construed in accordance with the laws of the State in which the Property is located, and will be binding on the parties’ successors and assigns. Citizens Bank | East Boston, MA (“Property”) I have read and agree to the Confidentiality Agreement Potential Purchaser (Print): Investor Signature: Investor Company: Address: City/State: Email Address: Telephone: Date: View Confidentiality Agreement as a PDF
Property Highlights

Atlantic Capital Partners has been engaged to offer for sale Tiffany Square, an Ollie’s Bargain Outlet anchored center located at the heart of the major retail corridor in Rocky Mount, NC. The property benefits from being shadow anchored by Golden East Crossing, a top performing mall in the country, according to Placer.ai. Located at 1230 N Wesleyan Blvd, Tiffany Square realizes excellent visibility from three different roads to a total of over 40,000 vehicles per day. The property benefits from being anchored by Ollie’s Bargain Outlet, which fits the demand for the surrounding area as Ollie’s thrives in markets like Rocky Mount. This is evidenced by their exceptional health ratio of 3.16% in 2020, and they are on pace to record over $4.5M in 2021 annual sales. Ollie’s has seen a large increase in sales across the entire company, with an increase of 28.45% from 2020, showcasing Ollie’s resiliency as a pandemic proof tenant. Situated on a large 7.86 acre parcel with 7 points of ingress/egress from 3 different roads and a healthy parking ratio, patrons will benefit from ease of access to the center. The center is currently 85% occupied and has seen strong leasing momentum in the past 9 months with the addition of Magasin Cabinets and National Coatings. The property has an average tenant tenure of over 9 years and a weighted average lease term remaining of 2.6 years. Flexibility persists within the center as there is a one time Landlord termination right with Magasin Cabinets in December 2023. Tiffany Square offers an investor with the opportunity to acquire a well-maintained center on a large parcel with a high-performing credit rated tenant in a dense retail corridor for a relatively low price point.

  • Significant Value-Add Opportunity – A potential investor has the opportunity to add value to the center through leasing up the remaining vacancies and increasing rents over time
  • Large Parcel – Rare opportunity to acquire a large parcel in a dense retail corridor for a low price point | | The center has 7 points of ingress/egress and a healthy parking ratio of 3 spaces per 1,000 SF
  • Excellent Visibility on Highly Trafficked Roads – N Wesleyan Ave (15,000 VPD) | Benvenue Rd (21,000 VPD) | Tiffany Blvd (4,400 VPD)
  • Strong Shadow Anchor – Golden East Crossing, which is next door, ranks in the top 19% of Shopping Centers in NC | Top 23% of Shopping Centers in the US according to Placer.ai
  • Occupied by Service Oriented Tenants – All inline tenants, over 38% of the current tenant line-up, at this shopping center are service oriented tenants that have been able to outlast the growing demand of e-commerce due to the nature of their business
  • Ideal Demographics for Ollie’s Bargain Outlet – Ollies, a tenant at this location since 2009, has built a business of almost 500 stores in 29 states thriving in areas similar to Rocky Mount
  • High Probability of Strong Returns – Due to the current nature of the property, 10 and 5 year hold periods have potential to result in double digit returns
  • Tenant Transparency – Over 88% of the current tenant line-up, including Ollies Bargain Outlet, Dance Arts, PI Nails, and Magasin Cabinets, are all required to report their sales, giving the landlord full transparency regarding the property’s performance
  • High Performing Anchor – Ollie’s Bargain Outlet is on pace to have sales of $4.5M for 2021 | Ollie’s had a health ratio of 3.16% in 2020 | The entire company has shown resiliency towards pandemics and the rise of e-commerce