Current ownership has recently completed extensive capital improvements, including a state-of-the-art roof and parking lot restriping in 2022, stucco replacement, upgraded signage in 2023, and a new HVAC and furnace installation in October 2023. These enhancements ensure minimal near-term capital expenditure requirements for a prospective owner. Additionally, the property benefits from strong embedded rent growth, with Sam Kleitches Dentistry’s lease tied to CPI-based rent increases and ABS Kids featuring contractual 2.50% annual rent escalations.
The asset boasts long-term tenant commitment, with Dr. Sam Kleitches Dentistry operating on-site for over 34 years and recently renewing its lease through 2029. In 2021, Dr. Kleitches partnered with Guardian Dentistry Partners, a national dental support network. Positioned along South Tryon, a major corridor with 38,000 vehicles per day, the property enjoys excellent visibility and accessibility. The surrounding area is densely populated, with over 50,000 residents within a 3-mile radius and a rapidly growing population exceeding 150,000 within 5 miles. Additionally, the property is within 2.5 miles of major corporate hubs, including Microsoft, Spectrum, CPI Security, and Xerox, making it an ideal investment opportunity.