South Park & Mall Centre
JMU-Adjacent, 100% Leased Office Properties | $14.82 PSF Avg. Rent
Marketing description
Berkeley Capital Advisors website listing: https://berkeleycap.com/listing/detail/3165
Investment highlights
University-Driven Market with Strong Demographics
Harrisonburg is anchored by JMU (22,000+ students, $800M annual economic impact) and three other higher education institutions totaling 33,000+ students. The 3-mile population exceeds 59,000 with average household income projected to reach ~$97K by 2030, supporting durable demand for the professional services tenancies at both properties.
Recession-Resistant, Diversified Tenant Base
The rent rolls at both South Park & Mall Centre are weighted toward necessity-based services— healthcare, medical billing, counseling, education, and professional services, with no single tenant representing an outsized share of income.
Replaceable Rents with Upside Potential
The weighted average base rent across both properties is $14.82 PSF. As near-term leases roll, prospective investors have a clear path to mark rents to market and drive meaningful NOI growth with limited capital investment.
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