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Classic Auction - Retail

New Market Madison: National Anchored Center

101 New Market, Madison, NC 27025

Under Contract
This asset was part of the February 24th 2021 sale event and is currently under contract.

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  • Asset Type
  • Real Estate
  • Property Type
  • Retail
  • Land Area
  • 9.56 Acres
  • Number of Floors
  • 1
  • Number of Buildings
  • 1
  • Parking Count
  • 932
  • Occupancy
  • 100.00%
  • Occupancy as of
  • Dec 15, 2020
  • Anchor
  • No

100% OCCUPIED | NATIONAL TENANTS | $613,927.70 NOI

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.
 

 

See data vault.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Under Contract
This asset was part of the February 24th 2021 sale event and is currently under contract.

Ready to sell your asset on the platform with the highest trade rate in the industry?
Get Started Today!

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

Auctioneer

  • Lamar P. Fisher

    Fisher Auction Company Inc.

    License: 7100