Raleigh, North Carolina – Our Net Lease Properties news is on a transaction in North Carolina. This net leased property was marketed recently as an investment opportunity to purchase an attractive, newly constructed net lease investment. This North Carolina Net Leased Property has a net lease that is corporately guaranteed by AT&T Company. The buyer was Agree Realty Corporation as they purchased this North Carolina retail net leased property. This net leased property leased to AT&T is positioned at the northwest corner of New Centre Drive and the well traveled, South College Road. The AT&T store was just recently constructed and opened in time for the past Holiday season.
Agree Realty Corporation recently sold two single tenant net lease properties (STNL) which were leased to Borders, Incorporated. Agree Realty Corporation had a strong position to purchase the AT&T Net Lease Property as they received about $6,497,000 for the sale of the Borders single tenant net lease properties. Agree Realty Corporation is very experienced in the ownership, property management and development of NNN Properties. many of these single tenant net lease properties are primarily net leased to retail tenants and community retail shopping centers. Agree Realty Corporation currently owns and/or operates an Investment Property portfolio of more than 79 properties. These NNN Commercial Properties are situated in 17 states and contain about 3.7 million square feet of gross leasable space.
The newly constructed AT&T net leased property will replace the old AT&T location that sat at 351 College Road. The new net leased property location is 314 S. College Road, in Wilmington, with the North Carolina zip code of 28403. AT&T wants to continue to expand on their services to the Wilmington, North Carolina community. This is a great retail market for the AT&T net lease property tenant. The commercial real Estate developer of the building reported that the building has a very coastal look with a modern stucco exterior. The Commercial Real Estate developer was considering building this net leased property with two stories but the tenant, AT&T wanted just one story for retail.
The new net leased property was built based on a LEED design with an upgraded storm water management system. Apparently this new AT&T net leased property is located in a North Carolina flood prone area. This relocation of the 351 College Road high-performing store is in the heart of Wilmington’s retail district, and is very close to the University of North Carolina Wilmington. The University of North Carolina Wilmington has an enrollment of approximately 27,916. The new AT&T net leased property is also adjacent to a Verizon Wireless store at 318 College Road, in Wilmington. The Cheap Car Insurance Company handles auto quotes for the entire state.
Agree Realty Corporation paid approximately $3.3 Million for this net lease investment. The Net Lease Property was being marketed at approximately $3.5 Million with an attractive 7% Cap Rate. The retail net lease property sits on approximately 32,543 square feet of an acre. The net lease property has a building that is 4,000 square feet. The lease on this investment is only a NN (net-net) and the rent escalates by $5 per square-foot every 5 (five) years in this lease term. This net lease investment is approximately 3.2 miles from the convenient Wilmington International Airport. The net leased property has a close proximity to various retail tenants that include Lowe’s, Sam’s Club, Best Buy, Staples, Applebee’s, and the coffee house of Starbucks. The Average Daily Traffic Counts currently exceeds 60,957 (VPD) to benefit any local NNN Commercial Property development.
The North Carolina net leased property, corporately guaranteed by AT&T Company, is in a thriving coastal community and beautiful tourist area. Our Net Lease Properties research saw reports which state that more than 57,000 people live within 3 miles of this NN Property. The Wilmington – Wrightsville Beach area has exploded recently with retail traffic from Tourism as this area is becoming one of the premiere vacation destinations in North Carolina and the Southeast area.
Wilmington is a city in New Hanover County and the county seat. This net lease property will benefit from a metropolitan statistical area (MSA) with an estimated population of over 342,733 people. Wilmington is located in the southeastern corner of North Carolina between the famous Cape Fear River and the Atlantic Ocean. The city has of the largest number of motion picture and television studios outside of Hollywood, California. Film production invariably plays an important role in Wilmington’s dominance and retail growth.
Wilmington, North Carolina has an industrial base that includes electrical, medical, electronic and telecommunications equipment. They also thrive with clothing and apparel products, food processing, paper products, and a growing pharmaceutical business base. Wilmington’s economy and the local triple net leased properties benefit tremendously from tourism, especially being so close to the ocean which gives plenty to seafood lovers.
Some information on the net lease Tenant, AT&T Inc. (NYSE: T). AT&T Inc. is the seventh largest company in the United States by total revenue. The AT&T Company is currently the largest providers of local and long distance telephone services, and DSL Internet access services. Also, AT&T is the second largest provider of wireless service in the United States, with approximately 85 million wireless customers, and more than 149 million total customers and growing.
We saw through our research that in 2010, AT&T sat comfortably on the list of the 50 Most Admired Companies by FORTUNE magazine. AT&T Inc. was formerly known as SBC Communications Inc. and changed its name to AT&T Inc. in November of the year 2005. The name change of the net leased property Tenant came as the result of a merger with AT&T Corporation. The parent company was founded in 1983 and is based in the Big D, Dallas, Texas.
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