Investment Highlights
- 100% Occupied, 51,085 SF Recently Renovated Shopping Center Anchored by Ollie’s Bargain Outlet with Corporate-Guaranteed Lease
- Strong Retail Corridor including Walmart, Zaxby’s, Food Lion, Tractor Supply, Advance Auto Parts, Hardee’s, KFC, Farmers Home Furniture, more
- Immediate Upside with 1-Vacancy | Gross Leases Offer Potential Upside If/When Converting to NNN
- High Visibility Signalized Location with Traffic Counts over 10K Vehicles Per Day and Outparceled by Hardee’s and KFC
- Weighted Average Lease (WALT): 5+ Years Remaining | Ollie’s Leased through June 2030
- $2.2 Million Capital Improvements Invested in Roof, Electrical, HVAC, Parking Lot, etc.
- Regional Draw: Ollie’s Foot Traffic Exceeds 20-Mile Radius
- Market Poised for Explosive Growth, With Current Residential Building Permits Exceeding 50% Of the Current Population
Offering Summary
Marcus & Millichap is pleased to offer for sale Wallace Crossing, a 51,085 square feet retail center located within the Wilmington MSA at 721 N Norwood Street in Wallace, North Carolina (the "Property”). The offering represents an exceptional opportunity to acquire an Ollie’s anchored shopping center with prime positioning at a signalized intersection.
The Property is improved with a single-story building totaling ±51,085 square feet and is strategically positioned on ±8.12 acres with ample, dedicated parking and multiple points of ingress/egress. The property benefits from strong recent leasing velocity due to the strength of its location. Ollie’s, opened in July 2023 with a corporate-guaranteed lease, is a regional draw with foot traffic that exceeds a 20-mile radius and is outperforming projections. Ollie’s, opened in July 2023 with a corporate-guaranteed lease, is a regional draw with foot traffic that exceeds a 10-mile radius and is outperforming projections. Tenants nearby include Farmers Home Furniture, Tractor Supply, Builder’s Discount Center, CVS, Piggly Wiggly, and more. The Property benefits from co-tenancy with national retail tenants including Hardee’s and KFC.
Ollie’s is America’s largest retailer of closeout merchandise and excess inventory including housewares, sporting goods, flooring, and food. Much of the merchandise comes direct from the finest manufacturers in the country and abroad. For example, if a manufacturer makes too much of an item, or changes their packaging, Ollie’s will buy the overstocked or old packaged items. There are currently 557 stores in 31 states throughout the United States. Ollie’s reported a net sales increase of 7.8% in the third quarter of 2024 compared to the previous year.
Situated in the Wilmington MSA and Duplin County, Wallace benefits from its central location along Interstate 40, providing convenient access to major markets such as Raleigh, Wilmington, and the Research Triangle Park. The Property benefits from excellent visibility on North Norwood Street (US Hwy 117) with traffic counts of 10,500 vehicles per day and is located in a highly trafficked retail corridor about one minute away from State Route 41 and three miles from I-40. The area is a regional draw, with shoppers coming from a 25-mile radius, as shown by the CashPoints ATM in parking lot, having a ranking of 164 out of over 2,000 statewide, which ranks in their top 10% of number of transactions in the state. As of 2023, the Property’s demographics have ±18,712 individuals residing within an expanded 10-mile radius, with an average household income of ±$63,206.
