Dick’s Sporting Goods

Tenant

Dick's Sporting Goods

Location

Charlotte, NC

Price

$18,600,000

CAP Rate

7.25%

NOI

$1,348,650

Lease Term

18 Years

Occupancy

100%

Building Size

84,648 SF

Property Type

Single Tenant

Year Built

2004

Lot Size

1.39 Acres

Status

Under Contract

Property Contacts:

Karly Iacono

Associate Director

201-742-6119 | Email

  • Absolute Net Corporately Guaranteed Lease
  • Investment Grade Credit Tenant
  • Outstanding Store Sales
  • High Traffic Location – 46,000 VPD
  • Prime Demographics. Avg. Household Income Over $114,000
  • Over 241K People within 5 Miles
  • Outparcel to a Top 10 Mall on the East Coast Based on Profitability

Marcus & Millichap is pleased to exclusively present an absolute net leased Dick’s Sporting Goods investment property in Charlotte, North Carolina. Dick’s Sporting Goods is under a corporately guaranteed lease with 3.8 years remaining on the base term and 4 5-year options. The lease calls for rent increases throughout the base term and options of the lessor of 8% or two times CPI every five years. The tenant has an investment grade credit rating of B1 and outstanding same store sales at this location. The high visibility property boosts over 46,000 vehicles per day and strong population density with over 241,000 people in a five mile radius.

The subject property is an outparcel to the vibrant South Park mall which is home to over 150 tenants including high profile national brands such as Apple, Coach, Kate Spade, Chick-fil-a, Pottery Barn, The Container Store, Lululemon, and many more. SouthPark is an upscale shopping mall named after the affluent SouthPark neighborhood the mall is located in. The mall is located approximately five miles south of Uptown Charlotte, NC.  With 1,790,000 square feet, SouthPark is the largest mall in Charlotte and the Carolinas, as well as one of the most profitable malls in the country with sales at over $700 per square foot. It is the 10th largest mall on the East Coast and is the 28th largest in the United States.