Property tours are available by appointment only. Please contact Molly Morgan to schedule a tour at mmorgan@providencegroup.com or 704-644-4587. Investment Highlights: ±6,968 SF retail anchored by T-Mobile and FedEx Office ±60% occupied by national credit tenants on net leases Value add opportunity through lease-up of the available ±2,788 SF (±40% of GLA) Ideally positioned in a heavy retail node in front of Innes Street Market power center (±350,000 SF) anchored by Lowe’s, Cinemark, Marshalls, PetSmart, Old Navy, and Staples Excellent visibility both from Salisbury’s main artery and Interstate 85 with tall pylon signage Located ±1.5 miles from downtown Salisbury and ±40 miles from Charlotte, NC Investment Overview: The Shoppes at Innes Street is a retail center anchored by T-Mobile and FedEx Office located at 1301 East Innes Street in Salisbury (Charlotte MSA), North Carolina. The Property offers investors a stabilized income stream from the 2 in-place national credit tenants with value add through lease up of the available ±2,788 SF retail unit at market rates. Built in 2008, the Property is situated on a ±0.71 AC parcel and contains ±6,968 SF of GLA with 36 parking spaces. The Property is currently ±60% occupied by T-Mobile and FedEx Office since 2008. T-Mobile is occupying ±32% of the center (±2,200 SF) and has one 5-year option to extend remaining. FedEx Office occupies ±28% of the center (±1,980 SF) and they recently renewed/executed through 2/2023 with an additional 5-year option to extend remaining. Both tenants are operating on net leases and are responsible for CAM, Taxes, and Insurance. There is currently one retail unit available for immediate occupancy totaling ±2,788 SF formerly occupied by Radio Shack. This Property offers investors with immediate value-add through lease-up of the available ±40% of GLA with a proforma NOI of ±$128k. The Shoppes at Innes Street is excellently positioned in front of Innes Street Market power center (±350,000 SF), which is anchored by Lowe’s Home Improvement, Cinemark, Marshalls, PetSmart, Old Navy, and Staples. The Property offers exceptional visibility, offers a tall pylon sign visible from I-85 (±73,000 VPD), and is accessed through the signalized intersection of E Innes Street (±28,000 VPD) and Faith Road. The Property is well positioned on one of the major commercial arteries in the area, Innes Street/Hwy 52, connecting the Center with Interstate 85 as well as most of the town of Salisbury. The Shoppes at Innes Street is located within Rowan County, ±1.5 east of downtown Salisbury, and ±40 miles north of Charlotte, NC. Rowan County is centered in the triangle of North Carolina’s three interstates and offers immediate access to the Interstate 85 Boom Belt, and Interstates 77 and 40. Located halfway between the exploding Charlotte Region and the vibrant Piedmont Triad area, the region has easy access to three major international airports, 13 regional airports and 2 modern deep-water ports. This opportunity offers investors a well-situated asset in a heavy retail node with credit tenants and value add potential through lease-up of the available ±40% of GLA at market rates.
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