Property details
Anchored Shopping Center, Northeast Region
Property Description
Anchored shopping center located on Main Street. This anchored center is a 145,000 sf community shopping center, including 6,000 sf of second floor office space.
$250,000 minimum TIC investment with a 8.70% Cash on Cash return.
The anchored shopping center is anchored by a Super Fresh supermarket, Big Lots, Ace Hardware, and LaCrest Health Center, a branch of the North Penn YMCA. Other credit tenants at this center also include the Pennsylvania Liquor Control Board, Radio Shack, and Harleysville Savings Bank. Since its inception, this anchored shopping center has experienced a very stable tenancy and an excellent consumer following. The center was fully leased for several years until the Ames bankruptcy and subsequent closing of all Ames stores in 2002. Trefoils re-tenanting of the former 60,000 s.f. junior department store included leases with Big Lots and Ace, with full occupancy in the spring of 2005. This shopping center has been managed by the same Management since 1990.
The loan on this anchored shopping center is 4 years interest only; amortization starts in 2011.
The center consists of 133,797 square feet of first floor retail space which is currently 99% leased and 6,227 square feet of second floor office space (which is currently vacant). The center enjoys a wide variety of tenants, including a Superfresh supermarket (symbol: GAP), Wine & Spirits store (Commonwealth of Pennsylvania), Harleysville Saving Bank, YMCA health club, and Big Lots (symbol: BIG).
Images
Highlights
- Status:
- Available
- Price:
- $250,000
- PSF:
- $2
- Cap Rate:
- 7.04%
- Annual Rent:
- $0
- Rent Increases:
- A substantial majority of the tenants' leases have annual rent increases.
Property Information
- Building Size:
- 140,024 sq.ft.
- Property Type:
- TIC
- Industry Type:
- Retail
- Units/Spaces:
- 19
- Year Built:
- 1958
- Land Area:
- 13.88 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Superfresh, Big Lots, PA Wine & Spirits
- Lease Type:
- Reimbursable NNN
- Lease Commencement:
- 7/1/2008
- Lease Expiration:
- 6/30/2018
- Lease Term:
- 10 years
- Years Remaining:
- 9 years
- Landlord Responsibilities:
- The landlord engages a management company to manage the property.
- Options:
- Several of the tenants' leases provide options for renewal with ample notice, some with several with stipulated rents but a majority with rents which are re-set at market.
Existing financing information
- Original loan amount:
- $10,900,000
- Interest rate:
- 5.81%
- Amortized over:
- 30 years
- Annual Debt Service Pmts:
- $633,290
- Annual Cash Flow:
- $-633,290
- Cash on Cash Return:
- 5.95%
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.