3-TENANT ULTA BEAUTY, FIVE BELOW, LENSCRAFTERS STRIP CENTER AT INDEPENDENCE MALL

Forged Real Estate is pleased to exclusively offer the opportunity to acquire the condominium interest in a 100% leased strip center, (the “Property”) in Wilmington, a vibrant coastal city, serves as the economic hub of southeastern North Carolina. The property is fully leased to three publicly traded retail tenants, anchored by Ulta Beauty, including Five Below and Lenscrafters, a subsidiary of EssilorLuxottica (S&P: A). All three tenants signed 10+ year leases in 2020/2021 and have over 5 years remaining on those leases, on average. Positioned between Dick’s Sporting Goods and LIDL, the strip faces Oleander Drive, giving the strip center exceptional visibility to one of Wilmington’s most traveled corridors with 33,500 vehicles per day (VPD). The property is strategically positioned within one of Wilmington’s most dynamic and highest-performing retail corridors. According to Placer.ai, LensCrafters ranks in the top 93rd percentile and Five Below ranks in the top 92nd percentile of their respective locations nationwide. In addition to the Placer ranking, Lenscrafters is well above their percentage rent threshold, which is further outlined in the Financial Summary. Additionally, Independence Mall ranks in the 93rd percentile of regional malls statewide, underscoring the area’s exceptional drawing power. Surrounding big-box retailers also thrive, with Target ranked as the #1 Target in North Carolina (93rd percentile nationally), while Walmart Supercenter and Lowe’s Home Improvement rank in the 79th and 78th percentiles, respectively, within their chains.

The property is positioned within a thriving and affluent trade area, surrounded by a highly attractive demographic base with average household incomes exceeding $110,000 within one mile and $102,000 within five miles. This strong spending power is complemented by exceptional population growth, with over 144,000 residents and 66,000 households within a five-mile radius, reflecting 7.5% population growth and 11.3% household growth since 2020. Growth is projected to continue, with forecasts showing an additional 5.1% population increase and 7.8% household growth by 2030, further fueling long-term tenant performance. Just two miles away, the University of North Carolina Wilmington (UNCW) enrolls over 19,000 students, employs more than 2,500 faculty, and serves as one of the region’s largest employers and economic drivers, providing a steady flow of students, faculty, and staff to the area. This demand is further supported by robust multifamily development, with more than 1,200 units delivered in 2024, two large-scale communities completed in 2025, and another 256-unit project scheduled for delivery in 2026, underscoring the area’s rapid expansion and strong housing demand.