Retail

K-Mart Shopping Center : Asheville NC

LOCATION Asheville, NC
SALE PRICE $6,900,000
GROSS LEASABLE AREA 147,184 SQFT
PRICE/SQFT $46.88
CAP RATE 8.55%
OCCUPANCY 92.5%
LAND AREA 14.47 acres
PRICE/LAND SQFT $10.95
SELLER Estate of Edward I. Greene
MAJOR TENANTS Kmart
Tractor Supply Company
CLOSING ISSUES Termination Options
Purchase Options
Lease Restrictions
Anchor Bankruptcy
MAJOR TENANTS Kmart

Eight offers were generated on this property shortly after going to market. The property sits directly across from the Asheville Mall, in the retail hub of Western North Carolina. The investment provided low risk, long-term upside, and tremendous short-term potential. Kmart was under bankruptcy protection and posted dropping sales, but its rental rate was substantially below market. The purchaser recently negotiated a lease termination with Kmart and is redeveloping the center with Whole Foods Market as the new anchor.


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