Ground + Space announced today the sale of the Cary Multi-Tenant Strip in Cary, North Carolina. This property is a 9,788-square-foot multi-tenant asset that features three tenants: Sleep Number, Zoës Kitchen and PM Pediatrics. Ground + Space Principal Michael Zimmerman exclusively marketed the property and represented the seller, a Florida-based commercial real estate development company. The property sold for a superior cap rate of 6.11 percent.
This multi-tenant property is a prominent outparcel to Target and Home Depot. The site is positioned at the heart of a dynamic retail trade area in Cary, North Carolina. Each NNN lease features a corporate guaranty, two options to renew and scheduled rental increases of 10 percent. The leases also provide for ease of ownership with minimal landlord responsibilities.
With more than 40,000 cars passing the site daily, the property benefits from its highly visible location along Walnut Street. The multi-tenant site sits within an affluent community of more than 160,000 residents and has access to more than two million Triangle area residents. The site has easy access to Interstate 440 thanks to its position between the state capitol of Raleigh, North Carolina and the renowned Research Triangle Park (RTP).
About Ground + Space
Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. Ground + Space is rooted in more than 20 years of experience aimed at providing the best data, relationships and success rates in the business. Interested in commercial real estate investment? Contact us today to find out more about our current listings!