Case Study

Investment Properties Group sells Pineville Towne Market in Charlotte, N.C.

SRS Investment Properties Group tapped into its expansive buyer list to find a motivated 1031 exchange buyer with a dwindling identification period who was local to the market and understood the viability of the asset. Managing the expectations of both the 1031 buyer and our client, we were able to expedite the process to fit both parties’ time frames and facilitate a timely closing.

Deal Strengths

  • Anchored by Food Lion which had just renewed through 2022 and completed a renovation of its store
  • Located within the Charlotte, N.C. MSA just 11 miles south of downtown
  • Solid historical occupancy with 59% of the tenants at the property having 25+ years of tenure

Deal Challenges

  • Older shopping center with a dated façade
  • Located on the opposite side of the interstate from the area’s primary retail node
  • Food Lion sales indicative of a crowded grocer market with two Food Lion stores and a Walmart Neighborhood Market

 

Overview

ASSET SOLD

Neighborhood Center

OCCUPANCY

97.32%

SALE PRICE

$8,375,000.00

YEAR BUILT

1987

SALE DATE

December 15, 2016

ANCHOR TENANTS
  • Food Lion
TOTAL GLA

83,526 +/- SF

NATIONAL TENANTS
  • Dollar General
  • Aaron's
  • Monro Muffler Brake & Service
LAND

8.73 +/- AC

 

 

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