The owners of the Tractor Supply Co. property in Leland recently sold the real estate for about $5.47 million.
SRS Real Estate Partners National Net Lease Group (NNLG) announced the sale of the freestanding Tractor Supply store and land at 1123 Clapboard Lane earlier this month.
Tractor Supply is a “rural lifestyle retailer” that targets the need of recreational farmers, among others, the SRS NNLG news release stated.
The owner is now M.E. Valentine Jr. 2021 North Carolina Irrevocable Trust, according to property tax records.
The buyer was represented by Sands Investment Group. SRS NNLG’s Patrick Nutt and William Wamble represented the seller, a Tennessee-based merchant developer, the release stated.
“The fact that we went from list to close in less than 90 days demonstrates the demand for Tractor Supply Company-occupied investments” Nutt stated in the release. “We received seven offers in just the first two weeks of marketing the property and ultimately closed this sale at the lowest cap rate for a Tractor Supply Company site in the Carolinas.”
Located on 3.5 acres, the Tractor Supply Co.'s entrance into the Leland market was announced in 2020
and the retailer has a 15-year lease.
“The freestanding building is 19,097 square feet in size and is strategically located at the hard corner intersection of Knightbell Circle and Ocean Highway E.,” the release stated. “Nearby residential communities such as Ibis Landing Townhomes and Hawthorne Waterside Apartment Homes provide a strong consumer base for future sales.”