The subject property is a 17,867 square foot single-tenant Chesterbrook Academy located in Huntersville, North Carolina. The triple-net lease has limited landlord responsibilities and has a corporate guarantee from Nobel Learning Communities, Inc., a network of over 180 private schools in the United States. Over five years remain on the primary term, and the tenant has three, five-year options for renewal. The base rent increases by CPI adjustment every five years, not to exceed 8% cumulative for each five years. The building was constructed in 2002 and sits on 4.39 acres.
The subject property is located on the hard corner of Norman View Lane and NC-73 at the southern portion of Lake Norman. Cumulative traffic counts are approximately 26,000 vehicles per day. Neighboring retailers include Harris Teeter grocery store, Starbucks, Great Clips, National Tire and Battery, Cashion’s Quik Stop, CVS, Allstate Insurance, PNC Bank, Gateway Academy Child Development Center, Residence Inn, and others. The five mile population exceeds 83,900 residents with an average household income of over $105,900.
Huntersville is in Mecklenburg County and part of the Charlotte metropolitan area, located about 12 miles north of uptown Charlotte. The town is known recreationally as a lake community because of its proximity to Lake Norman, the largest man-made lake in North Carolina. It is also known as the “inland sea” as it boats 520 miles of shoreline and a surface area of more than 32,475 acres.