Primary Property Type

Retail

Occupancy as of Date

02/29/2020

Year Built

2001

Assessor's Parcel Number

0269662; 0286185; 0286183; 0269664

Event Item

B295-114

Transaction Fee

5% of Winning Bid Amount (A $20K minimum applies)

Participation Deposit

$25,000

Occupancy

100%

Type of Ownership

Fee Simple

Buildings

3

Lot Size (Acres)

6.35

Property ID

1000013038

Starting Bid

$2,000,000

Rentable (Sq. Ft.)

32,765

Detailed Description

Preston Walk is multi-tenant, multi-building retail center located in a highly desirable submarket within the Town of Cary, North Carolina. Preston Walk offers an excellent retail investment opportunity in the heart of Cary, North Carolina. Comprised of Three buildings, Twelve Tenants, and over 32,000 Square Feet, Preston Walk has an excellent Tenant mix suited for the mid-level investor. The Preston community in general is comprised of high average household income, a country club with three golf courses across the street and high traffic counts along Cary Parkway, one of Cary’s main arteries. A more recent development north of the subject property, specifically know as Park West and its perimeter parcels, have spurred new energy into this immediate area further increasing traffic count and retail interest. As that center has reached full occupancy, Preston Walk has in turn benefited from this growth. Businesses recognize the value & below market rental rates that Preston Walk has to offer which has allowed the property to achieve & maintain 100% occupancy. These factors, combined with continued long term rental income upside, make for an appealing investment opportunity in this highly competitive market.

One of the fastest-growing cities in the South, Cary is home to renowned restaurants, world-class shopping, booming business, top-tier entertainment, culture and arts and wide range of leisure and outdoor experiences. Money magazine has ranked Cary as one of the country’s “Best Places to Live.” Home of the USA Baseball National Training Complex, a hot spot for soccer with North Carolina Football Club and North Carolina Courage pro soccer teams at WakeMed Soccer Park and summer home of the North Carolina Symphony, Cary is located just 17 minutes from downtown Raleigh and minutes to Raleigh-Durham International Airport. Cary is constantly being ranked as one of the safest places to live in the country and is known for excellent schools, jobs, weather, and more. Neighboring Raleigh, the state’s capital city, is part of North Carolina’s Research Triangle, one of the country’s largest and most successful research parks and a major center in the U.S. for high-tech and biotech research. The surrounding area is home to a number of colleges and universities including University of North Carolina at Chapel Hill, Duke University, North Carolina State, and Wake Forest University. These schools have a notable economic impact on the area. The North Carolina Museum of Art, occupying a large suburban campus on Blue Ridge Road near the North Carolina State Fairgrounds, maintains one of the premier public art collections located between Washington, D.C. and Atlanta. Raleigh is known as the City of Oaks for its many oak trees.