Shoppes @ Hickory

Price: $3,747,500
Sq. Ft.: 22,195
Cap Rate: 7.0%
Built: 2008

The Shoppes at Hickory is 100 percent leased and occupied by a collection of destination tenants including a North Carolina ABC Store, Posh Nails, Saf-Gard Safety Shoe Company, Complete Laser Clinic, and Arch Staffing. The leases are triple-net except for the ABC Store, which is on gross terms. Tenants average a robust three percent (3%) annual increase providing a hedge against inflation. Constructed in 2008, the property is situated on a large 3.87-acre parcel and compliments the dominant anchors surrounding it, including Walmart, Lowe’s and Sam’s Club.

The property is located within a retail development that is a regional destination serving more than 365,000 people in the Hickory MSA. Hickory is a hub of traffic and retail in the middle of the Western half of North Carolina. It is located an hour east of Asheville and an hour northwest of Charlotte. The property is located along U.S. Highway 70 which runs parallel to Interstate-40. U.S. Highway 70 is the major business corridor in the region and is home to the vast majority of retail. Interstate-40 is the major regional interstate highway connecting the state from the beach to the mountains. More than 19,670 vehicles pass directly in front of the property daily, as well as over 70,400 on Interstate-40.

  • 22,195-Square-Foot Shopping Center Within 600,000-Square-Foot Dominant Regional Retail Destination
  • Shadow-Anchored by Walmart, Lowe’s & Sam’s Club
  • Adjacent Walmart is Ranked in the Top 94th Percentile in the State of North Carolina and Top 88th Percentile in the United States Based on Consumer Traffic, Compared to other Walmart Stores (Source: Placer Labs)
  • Adjacent Lowe’s is Ranked in the Top 92nd Percentile in the State of North Carolina and Top 98th Percentile in the United States Based on Consumer Traffic, Compared to Other Lowe’s Stores (Source: Placer Labs)
  • 100% Leased to Essential and Destination Retailers | 81% of the Gross Leasable Area has Triple-Net Leases
  • 3% Average Annual Rent Growth Amongst the Seven Tenants
  • Current Average Rents are Well Below Market
  • Located Within the Largest Retail Trade Area for 50 Miles in Western North Carolina | Serving More Than 365,000 People in the Hickory MSA
  • Over $30,000 Retail Sales Per Capita in Hickory, 225% Higher than North Carolina on Average
  • Residential Population of 156,127 People Within a 10-Mile Radius | Average Household Income is $69,715
  • 50% Population Growth Since 2010