North Plains Mall
Retail | 7.86% CAP | 267,327 SqFt
Marketing description
North Plains Mall is anchored by JC Penney (with strong sales), Big R, Ross Dress for Less, Marshall’s, ULTA Beauty. National and regional tenants account for 82% of the occupied space and 77% of the income. The mall has had $8.4 million of capital improvements over the past 3 years including 200,000 SF of new roof, HVAC units, interior and exterior upgrades, etc. With 74,000 SF of vacant space, North Plains Mall is a tremendous value add opportunity. Lease up of the vacant space will result in a cap rate over 13%. Shoe Department/Encore has recently expanded from 5,000 to 12,000 SF.
Current lender is willing to provide a 75% loan to a qualified buyer on loans similar to the current loan rate of 7.12%, 25 year am, quarterly payments.
Investment highlights
Leasing Momentum: 52,555 SF has been leased to new national tenants in the past year.
High Performing Property: North Plains Mall is the largest retail center and the retail hub for the entire trade area’
Stable In-line tenants: 45% have been tenants for more than 10 years.
Strong sales: Nearly all of the national tenants report increasing sales/sf over the past 3 years, including JC Penney.
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