FEATURED ACQUISITION

Poplin Place

Monroe, NC
|
227669
square feet

Poplin Place is a 227,669 square foot, Target shadow-anchored, regional shopping center with high-credit tenants, a stable rental roll and strong leasing momentum.  The center is well located less than 40 minutes from downtown Charlotte, in Monroe, NC (Charlotte MSA), with exceptional visibility on Highway 74 and four points of ingress/egress.  Anchor tenants include TJ Maxx, Big Lots, PetSmart and Ross. 

  • Secondary Growth Market: Monroe is a bedroom community to Charlotte, a top 10 US market with 50 people a day relocating from other cities.  Monroe itself has had a 115% population growth since the year 2000, with average household income of $67,000, well above the NC average.
  • Downside Protection:  According to our estimates, the center is being purchased for 50% below the cost of what it would take to buy the land and build new today.  The low cost enables us to charge lower rents, which keeps both occupancy and the likelihood of lease renewals high.
  • E-Commerce Resistant and Discount Tenants: Great mix of internet resistant and discount tenants with proven business models that have shown high sales growth and store expansion.
  • Target: Target owns their parcel, demonstrating strong commitment to the area, while providing stability to the center, which will attract more demand as Monroe continues to grow.
  • Rental Pricing Power: Rents at Poplin Place are below market relative to other Target anchored centers in the Charlotte area, which, along with population growth and increased tenant sales will come rent growth.
  • Potential Outparcel Sales: There are currently 3 outparcels that could be sold at a compressed cap-rate relative to the purchase price of the center.
  • 5 Year Projected IRR:  16.44% annualized
  • Projected Average Annual Cash on Cash: 18.05%
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