1930 Poplar St, Southern Pines, NC 28387
6,132 SF | Retail Building | Southern Pines, NC 28387 | $3,097,087 ($505/SF) | 5.15% Cap Rate
For Sale
Active
Asking Price $3,097,087
- Property Type
-
Retail
- Square Feet
- 6,132 SF
- Price / Square Foot
- $505
Listing Contacts
Matthew Gorman
Thomas Finnegan
Michael Shover
Property Overview
CBRE IS PLEASED TO EXCLUSIVELY PRESENT FOR SALE this Sheetz property currently under construction in Southern Pines, North Carolina. The tenant is operating on a brand new 15-Year NNN Ground Lease with zero landlord responsibilities or expenses and 10% rental increases in year 11 and in each of the 7, 5 year option periods to renew. This Sheetz lease is corporately guaranteed by Sheetz Inc, one of America’s fastest growing convenience stores with over 700 convenience locations throughout Pennsylvania, North Carolina, Virginia, West Virginia, Ohio and Maryland with plans to expand into Michigan. Revenues in 2023 exceeded $14 billion and Sheetz is currently ranked 27th on Forbes list of private companies.
Property Details
- Class
- B
- Year Built
- 2025
- Stories
- 1
- Property Subtype
- Grocery/Convenience Store, Freestanding
- Lot Size (sq. ft)
- 84,942 SF
Highlights
- The Subject Property features a brand new 15 Year absolute-net ground lease with no landlord management or maintenance obligations
- This Sheetz lease features 10% rental increases in year 11 and in each of the seven, five year options to renew
- This is the only Sheetz property within a 14 mile radius of the site
- Sheetz has tremendous visibility and ingress/egress along US Highway 1/Sandhills Blvd (37,000 VPD), a primary roadway within Southern Pines
- The lease is corporately guaranteed by Sheetz, Inc. who was ranked 27th by Forbes list of largest private companies and whose revenue exceeded $14B
- Average household incomes exceed $115,000 within 3 miles and over $119,000 within 5 miles of the subject property
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