Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

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Building Area

Property Description

JLL is pleased to exclusively offer the opportunity to acquire a single-tenant, corporately-leased Aaron’s (the “Property”) in Matthews, North Carolina, an affluent suburb of the Charlotte MSA. This acquisition opportunity presents immediate upside with the option to redevelop / re-tenant the building, capitalizing on the growing area, or negotiate a Landlord favorable renewal given Aaron’s less than one-year of remaining term and two renewal options (should Aaron’s renew its Lease). Aaron’s lease features 10% rental increases every five years, inclusive of its two (2), five (5) year options to renew. 


Aaron’s is situated along Hwy-74 (E. Independence Boulevard), one of the area’s main thoroughfares spanning from Chattanooga, Tennessee, to Wrightsville Beach, North Carolina. The stretch of Hwy-74, on which Aaron’s is located, boasts ~60,000 VPD and is between Hwy-51 (~25,000 VPD) and I-485 (~84,000 VPD), which provides this Property exceptional connectivity and accessibility to major area roadways. Furthermore, Hwy-74 is a major retail corridor for both Charlotte and Matthews, home to nationally and world-renowned retailers clustered within major shopping centers. Serving as one of Matthews’ main commercial thoroughfares, Hwy-74 is home to complementary businesses and shopping centers. Lastly, Matthews has two major development projects in its pipeline, both less than one mile away from the Property. These two projects include the adjacent, 346-unit Bainbridge Matthews Apartments and the nearby 350-unit ENT Apartments and Entertainment District. 


Aaron’s (NYSE: AAN) is a leader in lease-ownership of brand name appliances, furniture, and electronics. Founded in 1955 and publicly traded since 1982, Aaron’s has become a household brand and rental supplier for households making less than $50,000 a year and individuals holding less than a 700 FICO score. As of Q3-2020, the company saw 9.2% year-over-year revenue growth and a 12.5% quarterly dividend increase. 

Investment Highlights

  • Opportunity to acquire a committed single-tenant, corporately leased Aaron’s (14+ years of tenure at the Property) in a very established submarket of Charlotte, NC. 
  • Immediate upside by either negotiating a new extension with Aaron’s, Aaron’s exercising their contractual renewal given the lease’s attractive, NNN structure with less than one year of remaining term and two (2), five (5) year renewal options or by redeveloping / re-tenanting the property, capitalizing on Matthews’ growth in the immediate area
  • Great accessibility to some of Charlotte’s main thoroughfares (East Independence Blvd. (~60,000 VPD) and located between Hwy-51 (~25,000 VPD) and I-485 (~84,000 VPD)
  • Less than two miles away from Downtown Matthews and the Novant Health Matthews Medical Center (137-bed hospital) - both located in the area’s main commercial focal point
  • Close proximity to new development projects - the 346-unit Bainbridge Matthews Apartments and the new 350-unit ENT Apartments and Entertainment District - nearly 700 multifamily units in the pipeline less than one mile away from the Property
  • Charlotte is one of the leading metropolitan areas for economic growth. PWC and ULI ranked Charlotte the “No. 1 Real Estate Markets to Watch” and YELP voted Charlotte the “No. 1 City for Economic Opportunity”
Last Updated Date: 13 Jan 2021
Ryan Eklund
Ryan Eklund
Director, Capital Markets
License details
NC-286222 SC-115530
Jake Alexander
Analyst, Production Support
Last Updated Date: 13 Jan 2021

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