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Foundry faced a challenge due to the uncommon size of this retail end-cap but created usable space for two clients.
For several years, Foundry marketed an 8,640-square-foot end-cap at the Sharon Corners retail center in Charlotte, N.C. The size of this space is not very common among retail footprints. The space could not be divided front-to-back, as it would have created “bowling alleys” for both spaces with insufficient storefront width.
Because of this end-cap’s excellent exposure to Sharon Road, Foundry Commercial realized we could split the space perpendicular to the road. We knew there would be some true “destination” uses that could be successful in the rear portion of the space. With additional way-finding signage throughout the center, and signage facing Sharon Road, we found a user.
Veterinary Emergency Group signed a lease for the rear 4,640 square feet of the space. This new-to-market emergency vet recently opened. Spectrum (Charter Communications) occupies the front 4,000 square feet of the property. Both tenants paid extremely healthy market rents in the low $40s per square foot.
We found the only options for the entire space at 8,640 square feet were not able to pay market rent in the SouthPark market, nor were they the quality tenants we desired for the center. While there was definitely an added cost involved with splitting the space, the division still made sense when we considered the 10-year terms with credit tenants and market rents.