It is a shopping mall in Delaware.
Description
Mall area of 18,500 m² is located on a plot of 110,685 m².
The building is in good overall condition, there are regular renovationts and sanations.
25 premises, which occupy 97% of the area, are leased to various tenants.
There are also 3 pad-sites.
There are several major shopping malls nearby, which forms an outstanding regional retail location.
The current yield of 6–7%.
There is potential to increase yields by negotiations of the final financial terms with the seller, as well as construction of additional and leasing of vacant leasable space as well as indexing rental rates.
Tenants are national and regional companies.
Shopping mall premises are leased to 25 different tenants, 5 of them are anchor.
Anchor tenants:
- Food Lion, a company with more than 60-year history with about 1,100 supermarkets;
- Roses, a company with a century of history with stores in 15 US states;
- Peebles, a company selling cosmetics and accessories with more than a century of history;
- Petco, a company selling pet food with more than 1,300 stores;
- Halmark.
The lease contracts are signed until 2015–2024.
The property is located along the road Route 13, which is one of the most important transport arteries of Delaware.
Every day traffic is more than 35,000 vehicles.
