Morgan Legacy Partners, Inc. (“MLP”) is offering equity interests to qualified investors, as a tenant-in-common, in the Moore’s Chapel Village (“MCV”) property.
In January 2021, we closed on the “MCV I TIC” offering. Phase I was offered at $45,000 for 1% of equity ownership in the property. We are currently offering a second phase, “MCV II TIC”, investment opportunity. Based on the strong performance of the project, its value and our financial position has increased substantially. Accordingly, units in Phase II are being offered at $55,000 for one percent (1%) of equity ownership.
The asset that is the basis for MCV II is the Moore’s Chapel Village retail center located in Charlotte, NC. The center has several long-term tenants constituting a loyal tenant base. Food Lion Supermarket Store has been the anchor property for MCV since opening and has approximately seven (7) years remaining on the original lease with four (4) five-year options thereafter.
MCV is otherwise currently fully tenanted. The junior anchor, Family Dollar, has just extended their lease for another five (5) year term and several of the smaller tenants are in their second or third renewal periods. MCV has historically had little to no vacancy due to the asset’s desirable location for national and local businesses. Immediately to the south of the center sits Paw Creek Village – 396 homes (222 single family, 26 duplex homes, 148 town-house 4-plex homes, two neighborhood parks and 21 acres of tree preserve) on 132 acres providing a strong market that feeds the property.
As with our other TIC investments, MCV II should be considered a long-term investment, with the maximum return obtained upon sale of the property. Because this is our strongest performing commercial property no sale of MCV is anticipated.