JLL closes $15.15M sale of Charlotte-area retail building
The single-tenant building is net leased to Lowe’s
PHILADELPHIA, November 25, 2019 – JLL announced today that it has closed the $15.15 million sale of a 135,197-square-foot, single-tenant retail building net leased to Lowe’s in the Charlotte-area community of Concord, North Carolina.
JLL marketed the property on behalf of the seller. A private investor in a 1031 exchange purchased the asset.
Since it was constructed in 1999, the building has been leased to Lowe’s, a FORTUNE® 50 home improvement company serving more than 17 million customers a week in the United States, Canada and Mexico. Situated on 20 acres at 940 Concord Parkway North, the Lowe’s building is in Concord, one of the fastest-growing suburbs within the Charlotte MSA. More than 47,000 residents earning an average annual household income of $72,273 live within a three-mile radius of the property.
The JLL Capital Markets team that represented the seller was led by Managing Director Marc Mandel, and Directors Steve Schrenk, Ryan Eklund and Senior Managing Director Mark West.
“As seen in numerous single tenant transactions recently, the owner was able to execute on the ‘blend and extend’ strategy and capitalized on a recent lease extension with the tenant,” Mandel said. “Given the strength of the Lowe’s with a BBB+ Credit Rating and the tremendous residential growth in the Charlotte suburbs, this asset generated numerous offers.”
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.