Canova Center 508 10th St NW 67,036 SF 11% Leased Retail Building Conover, NC 28613 For Sale

For sale to qualified investors is a regional strip center opportunity offering an immediate 89% upside opportunity through lease-up of vacant space. Located at the 1st Street exit on Interstate 40 in Conover, North Carolina, the 67,036 square foot property, known as Canova Shopping Center, is adjacent to a brand new 86,000 SF Rural King shadow anchor opening September 2024. Rural King is known to draw customers from 15-20 miles and beyond and has already boosted leasing momentum with one signed lease, one space at lease, and multiple LOI’s pending just since announcing their new store. This offers the purchaser a rare opportunity to acquire the property and immediately benefit from recent leasing momentum and Rural King’s store opening. The property has modern storefronts and facades, a newer roof, and spaces in various sizes ranging from 1,050 SF to a 20,721 SF junior anchor position available for immediate lease. Due to the freeway exit location, the property is surrounded by daytime generators, including retail, manufacturing and distribution, and the nearby Catawba Valley Medical Center. Over 19,000 vehicles per day pass the shopping center’s entrance on 1st Street W, in addition to other I-40 traffic. The property is expected to sell for below its current replacement cost, offering the investor a very rare value add opportunity in this market.
The City of Conover began to develop in the mid-1800’s as a "Y" intersection of the railroad traversing North Carolina. Although originally called Wye Town, legend says the name Canova was adopted, but transposed to Conover, over several years. The City of Conover was chartered in 1876 and incorporated in 1877. Conover is located in the western Piedmont area of North Carolina and is part of the Hickory MSA, the sixth-largest MSA in the state, with an estimated population of 368,347 as of 2022. Conover is located approximately 50 miles northwest of Charlotte; 60 miles west of Winston-Salem; and 80 miles east of Asheville, and is the geographic center of Catawba County. Interstate 40 traverses through the City along with other major roads including U.S. 70, U.S. 321, U.S. 70A, and NC 16. The area features multiple higher education institutions including Lenoir-Rhyne University, Catawba Valley Community College, and Appalachian Center at Hickory.