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