Description

JLL Capital Markets is pleased to offer for sale The Shops at Scarborough Gallery (“The Property”), a +/- 13,725 SF retail property located at 200-400 Gallery Boulevard in Scarborough, Maine, just 6 miles south of Portland. The Property consists of 3 outparcels to a high-performing, +/- 500,000 SF Walmart shadow-anchored center, featuring a strong lineup of credit retailers, including Lowe’s, HomeGoods, and Marshalls. Seeing over 5.3M visits annually via Placer.ai data, The Shops at Scarborough Gallery is located within the #1 most visited Community Shopping Center in Maine and top 4% most visited Community Shopping Center nationwide.

The Shops at Scarborough Gallery is 100% leased to national QSR and service-oriented retailers, including a drive-thru KFC/Taco Bell, T-Mobile, GameStop, and Sally Beauty. With a combined 3-year WALT, the Property offers the upside opportunity for a future investor to mark-to-market 3,000 square feet in the next five years while receiving stable, in-place cash flow. In addition, KFC/Taco Bell is on a Ground Lease, and the Tenant is responsible for maintaining the building including their roof and structure. Situated at the I-95 and I-295 interchange, the Property boasts excellent access and visibility from embedded consumer demand. The Shops at Scarborough Gallery offers investors a unique opportunity to acquire a high-visibility property in one of Maine’s most compelling and growing submarkets.

The asking price for The Shops at Scarborough Gallery is $5.25 million.

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Attributes

Building area net

1,275 sm

Occupancy

100%

Year built

2009

Land area gross

1.51 ha

Media

Investment highlights

Shadow anchored by the #1 Most Visited Community Shopping Center in Maine with 5.3M annual visits

Excellent access and visibility on the highly trafficked location situated in the heart of the region’s retail trade area. I-95 sees 60,000 VPD and adjacent Payne Road sees 25,000 VPD