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Shopping Neighborhood

Mountain Village Shopping Center

733-789 East Main Street, Jefferson, NC 29640

Listing Price: $11,384,615

Cap Rate
6.50%
Gross SF
114,385
Rentable SF
114,385
Price/Gross SF
$99.53
Lot Size
5.70 acres
Year Built
1979

Investment Overview

Highly conspicuous Food Lion, Big Lots anchored 114,000 square feet Mountain Village community center, is located along Hwy 221 in Jefferson, which is nestled in the North Carolina Country of the Blue Ridge Mountains in the heart of Ashe County. The asset is offered at about $100 per square foot with an upside potential and an opportunity to enhance revenue. Since 1982 Food Lion has been in operation at the center occupying 30,000 square feet space. With low rent to sales ratio, Food Lion continues to be a success story at the center raking in high profits. Affirming their long-term commitment, Food Lion has recently extended their lease by 10 years. Big Lots has signed a new 11-year lease for 45,495 square feet space with Three (5-year) options at increased rent. The build out work for the space is under way. Big Lots is scheduled to open for business by September of this year. Both Food Lion and Big Lots combined occupy 66% of the center. Situated across from the Ashe County Courthouse, Ashe Memorial Hospital and Government Center with multiple points of entry imparts an exceptional appeal to the center. The investment opportunity features a stable and internet resistant tenant roster with some tenants paying below market rent.

Investment Highlights

  • 66% of the center occupied by Investment Grade Tenants: Food Lion rated BBB by S&P & Big Lots rated "B 1" by Creditntell
  • Food Lion extended their lease for 10 years and Big Lots signed a new 11-year lease (to open by September 2022)
  • Replacing low rent paying Winner's Circle by a credit tenant can be a huge upside into the future
  • With low rent to sales ratio, Food Lion continues to be a success story at the center raking in high profits
  • Offered at about $100 PSF with diverse tenants: grocery, discount, service, and restaurants
  • Located in front of Ashe Memorial Hospital (best rural hospital in the nation) and directly across Hwy 221 from the Ashe County Courthouse and Government center
  • Ashe County Visitor Impact - County spending increases by 6% from 2019, one of only 14 counties in NC to have an increase in 2020.
  • Area benefited from a multiphase investment, completing 12.6 miles of four-lane highway to provide access from I-77 to Ashe County

Exclusively Listed By

Broker of Record

  • Donald Gilchrist

    Senior Associate

    (919) 674-1100

    License(s) NC: 241055

    North Carolina

Financing By

Shopping Neighborhood

Mountain Village Shopping Center

Listing Price: $11,384,615

Cap Rate
6.50%
Gross SF
114,385
Rentable SF
114,385
Price/Gross SF
$99.53
Lot Size
5.70 acres
Year Built
1979

Investment Highlights

  • 66% of the center occupied by Investment Grade Tenants: Food Lion rated BBB by S&P & Big Lots rated "B 1" by Creditntell
  • Food Lion extended their lease for 10 years and Big Lots signed a new 11-year lease (to open by September 2022)
  • Replacing low rent paying Winner's Circle by a credit tenant can be a huge upside into the future
  • With low rent to sales ratio, Food Lion continues to be a success story at the center raking in high profits
  • Offered at about $100 PSF with diverse tenants: grocery, discount, service, and restaurants
  • Located in front of Ashe Memorial Hospital (best rural hospital in the nation) and directly across Hwy 221 from the Ashe County Courthouse and Government center
  • Ashe County Visitor Impact - County spending increases by 6% from 2019, one of only 14 counties in NC to have an increase in 2020.
  • Area benefited from a multiphase investment, completing 12.6 miles of four-lane highway to provide access from I-77 to Ashe County

Investment Overview

Highly conspicuous Food Lion, Big Lots anchored 114,000 square feet Mountain Village community center, is located along Hwy 221 in Jefferson, which is nestled in the North Carolina Country of the Blue Ridge Mountains in the heart of Ashe County. The asset is offered at about $100 per square foot with an upside potential and an opportunity to enhance revenue. Since 1982 Food Lion has been in operation at the center occupying 30,000 square feet space. With low rent to sales ratio, Food Lion continues to be a success story at the center raking in high profits. Affirming their long-term commitment, Food Lion has recently extended their lease by 10 years. Big Lots has signed a new 11-year lease for 45,495 square feet space with Three (5-year) options at increased rent. The build out work for the space is under way. Big Lots is scheduled to open for business by September of this year. Both Food Lion and Big Lots combined occupy 66% of the center. Situated across from the Ashe County Courthouse, Ashe Memorial Hospital and Government Center with multiple points of entry imparts an exceptional appeal to the center. The investment opportunity features a stable and internet resistant tenant roster with some tenants paying below market rent.

Exclusively Listed By

Broker of Record

  • Donald Gilchrist

    Senior Associate

    (919) 674-1100

    License(s): NC: 241055

    North Carolina

Financing By

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