Popshelf

3310 Heritage Drive West, Wilson, NC 27893

$2,549,000

Cap Rate 6.05%

DOM: 109 Updated: 08.02.24 Posted: 09.23.23 Status: Sold 01.10.24

Summary

Price $2,549,000	Built/Renov 2023	Tenant Popshelf
Cap Rate 6.05%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 10,640	Lease Start 01-01-2024	#Units 140
Price/SF $239.57	Expiration 12-31-2038	Tenant Type Dollar/Discount
NOI $154,206	R. Term 13.7	Ownership Fee Simple
Rent/SF $14.49	Increases 10.0%/15/yrs	Pop 5Mi 52,027
Lot/AC 1.38	Options 5/5yrs/10%	AHHI 5Mi $66,800

Lease Highlights

Brand new 2023 construction
Popshelf recently signed a new 15-year lease with 5 (5-year) options to extend
The lease features 10% rental increases at the beginning of each option period
Absolute NNN | Zero landlord responsibilities
Corporate guaranteed lease by Dollar General
Investment grade tenant (S&P: BBB)

Location Description

This newly constructed Popshelf is strategically positioned at the intersection of W. Heritage Way and Wolf Trap Dr. W., directly off of Raleigh Rd Pkwy W. (23,500 VPD). The property is located next to several major retailers, including Harris Teeter, Target, Moes, Olive Garden, Panera Bread, and many more, creating a strong consumer drive to the trade area. The site benefits from 52,027...

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Key Features

New construction
Near major nationals
Strong tenant synergy
Highway close
Brand new lease
Long 15+ yr lease
Absolute NNN
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Popshelf Wikipedia Popshelf Wikipedia Wilson, North Carolina Zip Code 27893 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Popshelf
Guarantor:Corp T and Rated
Company:Dollar General Corp.
# Units:140
Tenant S&P: BBB
Moody’s: Baa3
Stock: NYSE: DG

About Tenant

PopShelf is an upscale Dollar General retail concept that focuses on non-consumable categories such as seasonal and home décor, health and beauty, home cleaning supplies, and party and...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	3,198	32,264	52,099
2023 Total Population :	3,181	32,046	52,042
2023 Employed Civilian Pop :	1,506	13,657	21,037
2023 Total Businesses :	246	1,583	2,413
2023 Average Household Income :	$ 83,319	$ 70,045	$ 66,806
2023 Total Consumer Spending :	$ 98 M	$ 845 M	$ 1267 M
2023 Median Age :	43	41	40
2023 Total Households :	1,373	13,891	21,794
2023 Pop Age 25+: Bachelor's Degree :	592	3,922	5,611
2023 Average Home Value :	$ 256,678	$ 223,275	$ 215,356

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
	Airport Blvd	2019	23,000	0.46 mi
Airport Boulevard	Belle Meade Dr	2019	23,000	0.48 mi
Airport Boulevard	Buckingham Rd NW	2021	27,500	0.49 mi
US 264 Alternate East	I- 95	2021	23,000	0.53 mi
Raleigh Road	Wolf Trap Dr NW	2021	23,500	0.55 mi
Forest Hills Rd NW	Cardinal Dr NW	2018	14,500	0.62 mi
Forest Hills Drive West	Raleigh Road Pkwy W	2021	22,500	0.68 mi
Forest Hills Dr W	Westwood Ave W	2004	23,000	0.73 mi
Airport Boulevard	Old Raleigh Rd	2021	9,600	1.03 mi
Airport Blvd	Merck Rd W	2001	4,000	1.05 mi

Listing Broker

Sam Young

Atlantic Capital Partners

Contact

50 Listings
8993 Views
36 Sold

David Hoppe

Atlantic Capital Partners

Contact

101 Listings
21124 Views
67 Sold

Sam Young

Sam joined Atlantic Retail in 2019 after serving as a Senior Director in the Capital Markets Group at Cushman & Wakefield and previously co-founded a real estate firm focused exclusively on investment property sales. Sam has been brokering NNN Properties and Shopping Centers for more than 20 years. Sam brings extensive experience in marketing investment properties, structuring sale-leaseback transactions, representing private buyers in the acquisition of investment properties and facilitat

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David Hoppe

David joined Atlantic Retail in 2019 as an Investment Advisor in the Charlotte office. Coming from previous jobs with three of the world’s largest real estate firms, David brings a wealth of knowledge, experience and best practices to Atlantic in order help our clients facilitate 1031/1033 tax-exchanges, advertise and sell Shopping Centers and Triple-Net (NNN) Assets, and conduct Sale-Leaseback transactions for private and institutional property owners. David’s clients include National & Re

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