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DOM: 110 Updated: 02.19.24 Posted: 09.01.23 Status: Sold 12.21.23

Summary

Price $2,100,000 $2,553,000
Built/Renov 2012
Tenant AT&T
Cap Rate 7.29% 6.00%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 4,200
Lease Start 12-01-2012
#Units 5,528
Price/SF $500.00 $607.86
Expiration 12-31-2027
Tenant Type Tel/Cell
NOI $153,174
R. Term 2.7
Ownership Fee Simple
Rent/SF $36.47
Increases 42.3%/4/yrs
Pop 5Mi 66,090
Lot/AC 1.04
Options 1/5yrs/42.33%
AHHI 5Mi $73,186

Lease Highlights

  • AT&T has successfully operated at this location for 10+ years
  • Tenant has 4+ years remaining on this lease with 1 (5-year) option to extend
  • The lease features a rare 42.33% rental increase at the beginning of the option period
  • Favorable NN+ lease with landlord only responsible for maintaining the premises (All expenses are reimbursed by tenant)
  • Corporate guaranteed lease
  • AT&T is an investment grade tenant (S&P: BBB)

Location Description

AT&T is strategically fronting North Salisbury Blvd., averaging 37,700 vehicles per day. It is located next to The Centre at Salisbury, an 862,000 SF Dick’s, Burlington, and Regal anchored shopping mall. The dense retail corridor is also supported by several big box retailers such as Walmart Supercenter, Sam’s Club, PetSmart, Best Buy, The Home Depot, and more. Strong tenant synergy increases...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: AT&T
  • Guarantor:Corp T and Rated
  • Company:AT&T, Inc.
  • # Units:5,528
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: T

About Tenant

AT&T Inc. is an American multinational telecommunication holding company. In addition to telephone, data and video telecommunications, AT&T also provides mobile communications and internet...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 3,865 30,793 68,744
2023 Total Population : 3,521 29,178 66,671
2023 Employed Civilian Pop : 1,713 14,169 32,643
2023 Total Businesses : 440 1,395 3,341
2023 Average Household Income : $ 88,971 $ 78,212 $ 75,419
2023 Total Consumer Spending : $ 114 M $ 772 M $ 1686 M
2023 Median Age : 36 38 36
2023 Total Households : 1,479 11,383 25,704
2023 Pop Age 25+: Bachelor's Degree : 308 2,486 6,693
2023 Average Home Value : $ 311,265 $ 319,059 $ 321,456
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
Naylor Mill Rd 2020 12,632 0.26 mi
West Naylor Mill Road Northgate Dr 2020 12,632 0.26 mi
East Naylor Mill Road Ocean Hwy 2018 8,744 0.29 mi
West Naylor Mill Road Northgate Dr 2018 15,130 0.33 mi
US 13 2020 10,374 0.34 mi
E Naylor Mill Rd 2020 7,305 0.39 mi
Ocean Hwy E Naylor Mill Rd 2003 37,675 0.40 mi
2017 10,261 0.46 mi
Ramp 8 Fr Ramp 5 (fr Us 13) To Us 50 Wb 2020 1,874 0.46 mi
East Naylor Mill Road 2017 8,823 0.50 mi

Listing Broker

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