Newly Constructed Retail Power Center for Sale in Greensboro, North Carolina

Tuesday, February 12, 2019

HFF, on behalf of the owner, is marketing a fully leased super-regional power center for sale in Greensboro, North Carolina, with a strong mix of restaurant, service and merchandise retailers. The property – Wendover Commons – was completed between 2017 and 2018 and is proximate to numerous other shopping centers and has exceptional access to interstate highways. The quality of construction is evident, as this asset has, by far, the best curb appeal in the trade area. Wendover Commons presents an exciting opportunity to acquire a brand-new shopping center with long-term leases, outparcel flexibility and a diversified income stream.

Situated on more than 20 acres at 4526 West Wendover Avenue, the retail property for sale is on the highly trafficked Wendover Avenue, which exposes the center to 30,000 vehicles per day and is the main retail node in Greensboro, North Carolina. In addition, the property is adjacent to both Interstates 73 and 40, which have a combined 164,000 vehicles per day and increase the number of potential visitors to Wendover Commons.

Retail Property for Sale Investment Highlights

  • Brand New Construction:  As a newly constructed center in an already-established retail corridor, Wendover Commons is a unique offering. This center will benefit from customers who frequent nearby stores and look to expand their shopping options. Wendover Commons also offers a sound investment with no large additional expenses for the foreseeable future.
  • Curated Tenant Mix with High-Quality, Destination-Based Tenancy:   Wendover Commons’ tenant mix features an ideal collection of retail shopping experiences. The retail property for sale benefits from a mix of national and regional restaurants, popular discount merchandisers, service retailers and medical tenants. The format of this center generates a lot of cross-shopping opportunities.
  • Exceptional Demographics and Diversified Local Economy:  With an average household income for the surrounding area around $80,000, this stands about 30 percent higher than the national average. This healthy disposable income yields more spending in nearby stores within this concentrated retail corridor. Guilford County features a diversified economy dominated by stable sectors including education, health services, government and manufacturing.
  • Highly Sought-After Retail Corridor:  While overall Triad vacancy rates for retail have averaged less than five percent the past five years, retail on West Wendover Avenue has averaged below one percent during that same time frame. As the overall migration to the Carolinas continues (97.5 percent of North Carolina’s population growth for the next 10 years is expected to be from migration), this only serves to add to the working/spending population. Near Raleigh/Durham and Charlotte, and with its location along two of North Carolina’s main interstates (85 and 40), Wendover Commons will benefit from long-term population growth and beneficial market fundamentals.
  • Thoughtful Development Approach:  The site layout, with multi-tenant buildings set back to improve access and visibility, paired with superior signage at multiple access points makes this property readily visible and accessible. The developer spent four years with this project to ensure the right tenants were chosen for this submarket. All this has resulted in highly productive stores, including stores like Academy Sports, performing above chain average volumes.

For more information on this commercial real estate listing or any other retail properties for sale in the southeast, please contact Tom Kolarczyk or Ryan Eklund (NNN Advisory) in HFF’s Carolinas office.  To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

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