NEW 2020 CONSTRUCTION:
- The subject property was redeveloped from a vacant Kmart in 2020. Ownership installed a new roof and a parking lot during the redevelopment process.
LONG TERM TENANCY:
- All of the tenants are operating under long term leases giving a buyer group long term stability with low risk of tenant turnover. TJ Maxx and Skechers expire in 2029, all other tenant leases expire in 2030.
BEST IN CLASS TENANTS/CREDIT STRENGTH:
- TJ Maxx, Old Navy, Skechers and Michaels are considered best in class, ecommerce resistance tenants. TJ Maxx has an investment grade A2 credit rating, and Michaels have seen an upgrade in their credit rating with Moody’s upgrading the company to a Ba3 rating.
- All of tenants in the center have expanded and excelled during the pandemic.
EXCELLENT FREEWAY EXPOSURE:
- The subject property sits at the Owen Road exit off of US-23 (51,800 CPD).