New Market Madison: National Anchored Center

Investment Highlights

• NOI of $613,927.70 (See leases for details) & 100% occupied with national anchor Tenants: 80% of the NOI coming from national retailers, and 72% of the leases are true Tripple Net (NNN). Center includes drive thru end cap
• Strong leasing demand: Dollar Tree backfill immediately following Peebles bankruptcy, new 10-year deal showing long term stability of the shopping center & drive thru tenancy
• Class-A dominant retail center: largest retail center in the market and a regional hub for shopping in the northern part of the piedmont triad area
• Value-add upside through Rate Increases: Roses paying significantly below market rates & drive thru end cap included in the sale providing necessity retail
• Drive thru end cap included in the sale at far below market rates-value add play
• Outparcel pad site included in the sale adjacent to high volume McDonalds (fast food development side)
• Financing soft quote provided-see DD for further information

Investment Summary 

Brookwood Capital Advisors and RealINSIGHT Marketplace are pleased to present New Market Madison (The Property) a 172,353 square foot center in Madison, NC. The center is currently leased to several national retailers responsible for 80% of the NOI. The Property was the former home of a K-Mart, which did $9 million in top line revenue annually. Following K-Mart’s corporate bankruptcy, the ownership group was able to divide the box into two retail spaces subsequently leased by two national tenants, Rose’s, and Half Priced Bargains. Rose’s (Variety Wholesalers) is a discount powerhouse, operating over 380 retail locations across the southeast. The company executed a five-year lease. Half Priced Bargains (annual sales of $33+ million) executed a ten-year lease, establishing their commitment to the market. Both companies plan to capitalize on a significant portion of the lost K-Mart revenue, providing them with the opportunity to capture a healthy rent-to-sales ratio. This redevelopment demonstrates the strength of the Piedmont Triad market, as well as the Class A nature of this center, and its ability tio draw national tenants.