Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

Enter the "Deal room" for exclusive documents related to this property.

I accept the confidentiality agreement

You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

I accept the confidentiality agreement

You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Lease Type NNN
Lease Expiration 2035-02-28
Remaining Term 14 years, 4 months
Tenant Academy, Limited
Building Area
Land Area

Property Description

JLL is pleased to exclusively offer the opportunity to acquire a single-tenant property corporately leased to Academy Sports (the “Property”) in Greenville, an economic hub in the eastern half of North Carolina. Academy Sports commenced its lease in November 2016 and now has more than 14 years of remaining lease term. This triple-net lease features $0.50/SF rental increases in 2021, 2026, and at the beginning of each three (3), five (5) year option to renew. 

Investment Highlights

  • NNN Academy Sports lease (no Landlord responsibilities) with over 14 years of term and three (3), five (5) year options to renew. Rent increases $0.50/SF in 2021, 2026, and option periods. Corporately leased by Academy Sports, Ltd. – wholly owned subsidiary of KKR. 
  • KKR & Co. recently announced that Academy Sports has confidentially filed for an initial public offering that could happen before year end 2020, which could dramatically enhance the value of the company.
  • Situated on South Memorial Drive (36,000 VPD), a main retail artery in the area that is home to numerous nationally renowned tenants and connects Downtown Greenville (4.5 miles) and East Carolina University (2.6 miles) to the area’s commercial corridors and residential communities. 
  • Ranked the #1 highest trafficked apparel store within a 15-mile radius and placed within the 98th percentile of all apparel stores in the U.S. for customer traffic counts (Placer A.I.).
  • Proximate to attractive, nationally recognized tenants such as Hobby Lobby (adjacent), Kohl’s, The Fresh Market, and Lowe’s. Less than 1 mile from the Greenville Convention District and Event Center – a 91,000 SF meeting space that hosted 190,000 visitors in 2019.
  • East Carolina University, Greenville’s economic powerhouse and the fourth largest university in N.C., is less than 3 miles away. This long-standing, public university contains an annual enrollment of nearly 29,000 students offering more than 80 undergraduate and 70 graduate degree programs. 
  • Greenville, NC consistently ranks one of the best cities to live in North Carolina – ranked Top 100 Best Performing Metros with a cost of living 12% below the national average. The population has increased almost 19% since 2000 and is projected to increase by roughly 4.5% by 2025. 
Last Updated Date: 25 Sep 2020
Ryan Eklund
Ryan Eklund
Director, Capital Markets
License details
NC-286222 SC-115530
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

Last Updated Date: 25 Sep 2020

Do you have any questions?  Visit our FAQ page

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.