O'Neil Plaza
O'Neil Plaza | Value-Add Unanchored Strip Center | Berlin Turnpike
Marketing description
Introducing O'Neil Plaza, a prime investment opportunity located at 2434 Berlin Turnpike in Newington, Connecticut. With 41,833 RSF of unanchored strip center space, this property offers significant value-add potential, making it an exclusive asset for savvy investors. Strategically situated along the bustling Berlin Turnpike with high traffic volume and access to major highways like I-84 and I-91, O'Neil Plaza enjoys a prominent retail position within Greater Hartford. The property's location boasts exceptional visibility, positioning it as a desirable retail destination for both locals and travelers. With most tenants holding short remaining lease terms, there is a promising opportunity for immediate value appreciation through lease optimization and rent adjustments. Don't miss out on this exciting chance to enhance your investment portfolio with O'Neil Plaza.
Investment highlights
41,833 SF Unanchored Strip Center
Berlin Tpke, Newington CT —> 480 Feet of Frontage on Berlin Tpke
85.4% Leased —> 4,874 SF of Vacancy across 3 Leasable suites
2-Year WALT
11.7% 10-Year CAGR
17 out of the 18 In-Place Tenants are without contractual options
Less than 40% of the In-Place Tenants reimburse on a NNN basis
37%+ Below market In-Place Rents
The Property has been owned by the same family since 1961 —> 65 Years! With 40-Years of Continuous Retail Operation
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