Northpark Village
US - Lubbock, TX
HK$79,461,000 | 70,479 sf
Asset Description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the fee-simple interest in the Shops of Elk River. This multi-tenant strip center is shadow-anchored by Cub Foods, the largest grocer in Minnesota, and is located directly off of US-169, the primary north-south roadway serving Elk River. The surrounding area is full of new residential and commercial development, along with major upgrades to nearby roadways. Within a three-mile radius, there are over 25,000 residents and an average household income of over $115,000. The property is 82% occupied and provides ample opportunity for value creation.
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Attributes
Asking Price
HK$53,743,000
Building area Gross
45,609 sf
Occupancy
82.20%
Year built
1994
Cap Rate
7.60%
NOI
HK$4,085,000
Media
Investment Highlights
VALUE ADD STRIP CENTER WITH GROCERY SHADOW ANCHOR
• This multi-tenant strip center is 82% occupied and provides ample opportunity for value creation
• Cub Foods, the largest grocer in Minnesota, is the anchor for the greater center
IDEALLY SITUATED NEAR ARTERIAL ROADWAY
• The property sits directly off of US-169, the primary north- south thoroughfare serving Elk River
• US-169 carries over 36,000 vehicles per day in the area
DIVERSE TENANT MIX WITH STRONG HISTORICAL OCCUPANCY
• The property benefits from a healthy tenant mix ranging from medical office and government to health club and quick service retail
• The rent roll hasn’t changed much over the years, with the average tenant having been in-place for over 17 years
AFFLUENT DEMOGRAPHICS SUPPORTED BY NEW DEVELOPMENT
• Within a three mile radius of the property, there are over 25,000 residents, which have an average household income of over $115,000
• The surrounding area is full of both residential and commercial development along with upgrades to major roadways
Contact brokers
Shops of Elk River (0 Properties)
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Last updated
1 May 2023
