Private investor RTL Properties, LLC has purchased a 1,188-square-foot retail property in Denver, North Carolina for $1,334,044. The seller was the development company TKC CCCXXXV, LLC. Kidder Mathews First Vice President Mark Ventre represented RTL.
Strickland Brothers Oil Change is the tenant under a new 15-year absolute NNN lease with a 6.9% cap rate. The property had been an oil changing company that the developer retrofitted as a Strickland Brothers franchise.
Strategically situated at 30 N NC-16 Business in Denver, an affluent suburb outside of Charlotte, the property is a prime investment opportunity.
“Due to its sensitivity to interest rates, the single-tenant triple-net asset class as a whole has seen a considerable rise in cap rates in the past couple years. We were able to take advantage of this, and our client feels that he bought at the perfect time,” said Ventre.
Founded in 2016, Strickland Brothers is one of the fastest-growing franchises in the United States, with more than 240 locations.
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages over $10 billion in transaction volume, manages more than 57 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
