Lexington Place - Walmart Shadow
9% Cap Rate | Walmart Shadow Retail Center | 4.5+ WALT | 12,260 SqFt
Marketing description
Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a 100% fee simple interest in Lexington Place, a 12,260 square-foot Walmart shadow-anchored retail center, situated on 1.28 acres of land in Lexington, NE.
Built in 2005, Lexington Place is located along a major commercial access road just off interstate 80 (18,500+ VPD) featuring excellent frontage, visibility and ease of access for retail traffic. Strategically located directly next to the only Walmart within a 40-mile radius making this a destination location by serving all surrounding communities.
Situated just south of downtown Lexington, along Frontier Street within the major retail corridor. The location features an average household income of $91,815 in a 1-mile radius promoting financial stability and consumer spending. The neighboring retailers in this area do well including the neighboring McDonald’s, Arby’s, Burger King, and Runza.
The property features a modern façade that has been well maintained, featuring a complementary mix of national, dining, and local service providing tenants. Each tenant’s lease includes strong annual rent increases, triple net lease structures, and a WALT of over 4.5 years.
The property is being offered free and clear of debt at a 9.0% cap rate totaling $1,800,000.
Investment highlights
WALMART SHADOW ANCHORED - LIMITED COMPETITION
■ Positioned Directly Next To The Only Walmart Supercenter In A More Than 40 Mile Radius
■ The Center Serves As The Dominant Retail Strip Center for Lexington Nebraska While Being in Close Proximity To
Other Nationals Retailers and QSR Restaurants
100% OCCUPUED BY NNN TENANTS
■ Landlord Friendly NNN Leases With No CAM Caps And No Slippage. Tenants Responsible For Property Management Fees
■ Weighted Average Lease Term Over 4.5 Years
INCREASING NET OPERATING INCOME
■ Each Lease Has Rent Increases Providing Continual Contractual Net Operating Income Growth And Predictable
Cash Flows
■ Strong Leasing Activity With One Brand New Lease; Area51 Occupying 1,400 Square-Feet, As Well As Numerous
Lease’s Signed In Recent Years.
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