RALEIGH MSA TAILWINDS
- Raleigh, NC ranked #3 in 2023 of best residential markets (Rocket Mortgage)
- Raleigh forecasts a 44% job growth over the next 10 years (3.0% growth from 2021 to 2022)
- Raleigh ranked #3 in best places to live for 2023-2024 (U.S. News)
STRONG CREDIT TENANTS
- AT&T (5,900+ locations) has a credit rating of BBB+
- Aspen Dental (1,000+ locations) B-
- Mattress Warehouse (300+ locations) is rated B+
ATTRACTIVE LEASE FUNDAMENTALS
- Each Tenant has signed a new 10 year lease
- All three leases have at least 2 x 5 year extensions left
- Each lease provides 10% rent increases every 5 years in base term and option periods
GREAT VISIBILITY AND ACCESIBILITY
- Multiple points of egress and ingress
- New construction strip center located on hard corner of a lighted intersection providing frontage on both Technology Dr & NC-42 (~32K VPD)
- Approximately a quarter mile to I-40 (67,500 VPD)
LOCATED IN LOW VACANCY RETAIL NODE
- 885K sqft of retail space in a 1-mile radius boasting a 1.1% vacancy rate
- Over 14K SF of absorption YoY
- Nearby retail tenants include: Walmart supercenter, Lowe’s Home Improvement, Food Lion, Walgreens, Dunkin Donuts
HIGH GROWTH AND AFFLUENT TRADE AREA
- 3.7% annual population growth in a 1-mile radius (2020 to 2024) with a forecasted 4.3% for the next 5 years
- AHHI exceeds $96K in a 1 mile radius providing a high discretionary spending