EXCEPTIONAL LOCATION, HIGHLY DESIRABLE DEMOGRAPHICS
- The Winchester District (the “Center”) is located at the intersection of Rochester Road (42,490 CPD) and Avon Road (17,600 CPD) (the “Location”). This prime “Main & Main” intersection has been highly sought after by retailers for many years. The Location has proven historical success as the site of a successful Kmart store for over 45 years. The Location benefits from its proximity to Downtown Rochester (1.5 miles to the north) and Highway M-59 (4 miles to the south).
- The Center boasts highly desirable demographics for national retailers with:
- 3 miles demos: of 53,276 population, $113,080 avg. HH income, 79% college educated.
- 5 mile demos: of 174,024 population, $111,523 avg. HH income, 76.5% college educated.
- The Center shares access and is located adjacent to Winchester Center, anchored by Dick’s Sporting Goods, Marshalls, HomeGoods, Bed Bath & Beyond, Michaels, SteinMart, and PetSmart.
- The Rochester Road retail trade area totals over 3.7M SF. Historically, the retail trade area has been 95-97% leased due to the historically strong retail sales and strong demographics.
2019 REDEVELOPMENT, LONG TERM LEASES WITH INTERNET RESISTANT RETAILERS
- The Center was completely redeveloped in 2019 with new long term leases: ABC Warehouse (exp. 6/30/29), Art Van Furniture (exp. 6/30/34), Edge Fitness (exp. 2/28/35), ALDI – ground lease (exp. 12/31/39), and Burger King – ground lease (exp. 4/30/39).
- The rent roll is comprised of proven internet resistant retailer uses such as grocery, furniture, fitness, and fast food users.
- Average Term Remaining (based on 12/31/2019 close): 15.71 years
- Weighted Average Term Remaining (based on Base Rent): 14.60 years
ATTRACTIVE LEVERAGED RETURNS, VALUE-ADD POTENTIAL
- The current state of the capital markets will allow investors a multitude of options for achieving above average leveraged returns. Inquire with Broker for more details on debt financing quotes.
- The two ground leases (ALDI & Burger King) allow investors the optionality to sell these parcels in the future to the single tenant 1031 trade market. There is significant cap rate compression available which allows investors the option to enhance returns with an accretive future sale.