Listed by Cleeman Realty Group
$9,890,000
Bellevue Plaza
Details
APN 011618378
Property Type Retail
Sub Type Grocery Store, Storefront
Square Footage 149,131
Units 2
Cap Rate 7.73%
NOI $764,800
Occupancy 98%
Tenancy Multi
Brand/Tenant AutoZone, Harbor Freight
Lease Type NNN
Remaining Term 5
Rent Bumps Yes
Lease Options 4x5
Price per SqFt $66
Year Built 1972
Year Renovated 2015
Buildings 5
Stories 1
Acreage 12.900
Investment Type Value Add
Ground Lease No
Sale Condition N/A
Grocery Anchored | Multiple Outparcels Included
Marketing description
Cleeman Realty Group is pleased to present the exclusive opportunity to acquire the Bellevue Plaza Shopping Center located at 1510 Harlan Drive, Bellevue, NE. Family Fare is one of the region’s leading grocery store chains and has been successfully operating at this Property since 2008 and the lease includes a corporate guarantee by SpartanNash (Nasdaq:SPTN). The Property features a strong tenant lineup with national tenants that make up 75% of the center’s GLA and a significant portion of the center’s revenue.
Contact us to learn more.
Investment highlights
- High-Occupancy Grocery-Anchored Center with Durable Cash Flow: Bellevue Plaza is 98% occupied, anchored by Family Fare, providing stable in-place income supported by a diversified mix of national and regional tenants
- Significant Mark-to-Market Opportunity at Anchor: Family Fare operates at significantly below-market rent, offering a compelling long-term opportunity to increase NOI substantially through re-leasing or repositioning at materially higher rental rates
- Unique Parcelization Strategy Unlocks Additional Value: Jimmy John’s, Taco John’s, and Scooter’s Coffee are all on separate tax parcels, allowing for a potential break-up strategy and exit at lower cap rates
- Proven Leasing Momentum Enhances Stability: The recent execution of a new 10-year lease with Harbor Freight validates tenant demand, increases traffic, and strengthens the overall rent roll
- Limited Near-Term CapEx Requirements: Recent roof and parking lot improvements reduce immediate capital needs, with landlord spending nearly $500,000 into capital improvements in the past couple of years
- NNN Lease Structure: NNN leases provide full expense reimbursements and predictable cash flow
- Attractive Infill Location with Strong Demographics: Located in a dense retail corridor within the Omaha MSA, the property benefits from strong surrounding population and consistent consumer demand
- Free & Clear Delivery: Delivered free and clear of existing debt
Listing Contacts
Listed by Cleeman Realty Group
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$764,800.00
$63,733.33/mo
Valuation Metrics
0
DSCR
7.73%
Cap Rate
7.73%
ROI
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