Perlis Plaza Shopping Center - Americus, GA
8.25% CAP | 165,315 SF Shopping Center | Below Replacement Cost ($49.16/SF) | Lease-Up Upside
Marketing description
Sands Investment Group is pleased to exclusively offer for sale Perlis Plaza Shopping Center, a 165,315 SF regional shopping center located at 1500 E Forsyth Street in Americus, GA. Priced substantially below replacement cost, the property presents a compelling value-add investment opportunity with immediate upside through the lease-up of several vacant suites within a nationally anchored center that serves as the premier shopping destination in the Americus market.
Perlis Plaza represents a rare chance to acquire a generational asset that has served as a retail cornerstone of Sumter County. The center offers meaningful near-term value creation through the absorption of multiple small-shop vacancies, complemented by a durable tenant roster that includes nine national credit tenants with an average tenure exceeding 25 years. The combination of stable in-place income and lease-up potential creates an attractive risk investment opportunity.
Investment highlights
- Established National Tenants: In addition to Belk (26% of GLA), Perlis Plaza features a roster of eight additional nationally recognized brands. All of which have occupied the center for 10+ years.
- Well-Below Replacement Cost: Price/SF less than $50.00/SF.
- Long-Standing Tenants: 99% of occupied GLA has 5+ years of tenancy and 66% has 15+ years; Belk (1988) and Sherwin Williams (1986) each have 35+ consecutive years in their suites
- Lease-Up Opportunity: Smaller vacant boxes (13 units/20% of GLA) that range from 1,000 SF - 7,000 SF offer immediate upside to complement an already stabilized, nationally tenanted center.
- OP Development: Two out pads available for development along E Forsyth Street.
- Mark-to-Market Opportunity: Several long-term tenant leases coming due in the next 3 years with no remaining options. In-place rents averaging $6.51/SF vs. CoStar market rent of $13.00/SF.
- Dominant Retail Artery: Perlis Plaza serves as the primary shopping center destination for Sumter County.
- Tenant Financial Reporting: Belk reports sales annually; Hibbett Sports, Citi Trends, and others report monthly.
- No Single-Tenant Exposure: The largest rent contributor, Belk, represents only 16% of the total in-place revenue.
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