Available For Sale - Retail

93,138 SF

AVAILABILITY DETAILS

Size
93,138 SF
Price/SF
N/A - Contact for Info
Listing ID
SA255304
Notes
Avison Young, as exclusive advisor, is pleased to present for sale Morgantown Plaza (the “Property”), a single-building grocery anchored neighborhood retail center. The Property was originally built in 1981, renovated in 1984, and partially renovated again in 2016. The Property is conveniently located at the intersection of Highway 61 (30,000 VPD) and North Palestine Road. The offering represents the opportunity to acquire a well-constructed retail center, situated in the retail hub of the area. The property is currently 83.2% leased to nine (9) tenants at below-market rents with a weighted average NNN rents of $4.74 and in-place options for every current tenant. |Morgantown Plaza is situated on 6.38 acres and has one (1) point of ingress / egress along highway 61, as well as two (2) points of ingress / egress along adjacent North Palestine Road including a signalized intersection where North Palestine Road crosses highway 61. |The Property is anchored by a 25,600 square-foot Natchez Supermarket, which occupies 27.5% of the GLA and has been operating since 2008 with over 5 years of remaining term, and a 5-year extension option remaining. The tenant mix includes a variety of national and local retailers including Rose’s Express, Aaron’s Inc., Pizza Hut, Factory Connection, LLC, Approved Cash Advance, and Great Wok. |Morgantown Plaza offers investors the opportunity to capitalize on recent leasing momentum and drive NOI growth through the lease-up of two remaining vacant spaces.
Uses
Retail

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Theresa Johnson, Avison Young