December 3, 2019
JLL has arranged the $15 million sale of a 135,197-square-foot, single-tenant retail building net leased to home improvement company Lowe’s in the Charlotte-area community of Concord.
Situated on 20 acres at 940 Concord Parkway North in Concord, the building has been leased to Lowe’s since it was constructed in 1999.
Marc Mandel, Steve Schrenk, Ryan Eklund and Mark West of JLL represented the undisclosed seller in the transaction. The buyer was a private investor in a 1031 exchange.
“As seen in numerous single tenant transactions recently, the owner was able to execute on the ‘blend and extend’ strategy and capitalized on a recent lease extension with the tenant,” said Mandel. “Given the strength of the Lowe’s with a BBB+ Credit Rating and the tremendous residential growth in the Charlotte suburbs, this asset generated numerous offers.”
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