Morganton Heights shopping center, located at 400 Henredon Road in Morganton, North Carolina, is currently up for sale for $36.2 million. The shopping center, which opened its doors in 2013, spans 284,566 square feet and sits on a sprawling 61.26-acre property with ample parking space for 1,338 vehicles. The listing, managed by CP Partners Commercial Real Estate Brokerage in California, values the property at $127 per square foot.
One of the key attractions of Morganton Heights is the Walmart Supercenter, which serves as the anchor store for the shopping center. While the sale does not include Walmart, the presence of this popular retailer undoubtedly adds to the appeal and foot traffic of the shopping center.
It’s important to note that the sale also excludes the standalone shops that front the shopping center, such as Applebee’s, Panera Bread, Aspen Dental, Buffalo Wild Wings, Murphy Express, and Sam’s Xpress car wash. However, the sale does encompass the property housing nationally and regionally recognized stores like Belk, PetSmart, T.J. Maxx, Ross, Dollar Tree, Staples, Dick’s Sporting Goods, Ulta Beauty, and Bath & Body Works.
The listing details the leasing arrangements for some of the major tenants at Morganton Heights. T.J. Maxx is in the first of four leasing options and is set for a rent increase in 2028. Belk currently pays $2.75 per square foot in rent, while other tenants like Ross, Dick’s Sporting Goods, Jo-Ann Fabrics, Dollar Tree, and PetSmart are committed to the shopping center. Staples, Verizon, GNC, AT&T, and China King Buffet have recently extended their leases, demonstrating stability and long-term commitment to the property.
The properties at Morganton Heights are professionally managed and maintained by WRS Real Estate Investments, a reputable ownership group based in South Carolina. The listing also highlights that many tenants have been at the property since its development, with an average rent of $11.80 per square foot.
According to data from Placer.ai, Morganton Heights attracts approximately 5.1 million visitors annually and ranks in the top 25% of power centers in the state. This indicates the shopping center’s strong performance and appeal to both residents and visitors in the area.
Overall, the sale of Morganton Heights shopping center presents a unique investment opportunity in a well-established retail hub with a diverse mix of tenants and a prime location in Morganton. With its strong anchor store, stable tenant base, and high visitor traffic, the property is poised to continue thriving in the competitive retail market.