Marcus & Millichap Brokers $7.6M Sale of Store in Rockingham, North Carolina Leased to Lowe’s
ROCKINGHAM, N.C. — Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group has brokered the $7.6 million sale of a 129,529-square-foot retail store leased to Lowe’s Home Improvement in Rockingham, a suburb of Charlotte. Realty Income, a net-lease REIT based in San Diego, purchased the property from the seller, an entity doing business as Tri City Rockingham LLC.
The Lowe’s Home Improvement property is located at 1300-A E Broad Ave. and is located near a FastMed Urgent Care, McDonald’s, KFC, Taco Loko and a Walgreens. The property is located 72 miles from Charlotte, and is 17 miles away from Wallace, S.C.
“This transaction illustrates the demand for essential net-lease retail. Home improvement was one of the sectors that got a boost from the pandemic, and institutional and private capital are looking to deploy into these and other essential tenants,” says McMinn.