17801 Chenal Pkwy, Little Rock, AR, 72223, US

Promenade at Chenal

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present for sale the three-tenant retail strip center (the “Property” or “Asset”) located at 17801 Chenal Parkway, Little Rock, Arkansas. The 8,975 SF building was newly built in 2015 and is fully occupied by AT&T, Gandolfo’s Deli, and GOLFTEC on net leases with attractive rental increases and a staggered expiration schedule. AT&T and Gandolfo’s Deli both have two, 5-year renewal options while GOLFTEC has three, 5-year renewal options. This is a rare opportunity to acquire a multi-tenant asset in a premium urban trade area at a highly attractive yield.

With excellent visibility and frontage along Chenal Parkway (21,000 VPD), this property benefits from being located on a highly trafficked retail corridor that features national tenants and medical centers. The Property boasts favorable surrounding demographics with the average household income at $155,000 and the average home value over $400,000 within a 1-mile radius. The Asset is less than a 15-minute drive from the University of Arkansas at Little Rock as well as Baptist Health Medical Center-Little Rock, the largest private hospital in the state with an 843-bed medical center. AT&T, Gandolfo’s Deli, and GOLFTEC are all the only stores of their respective brands serving the community within a 10-mile radius of the Property.

Broker of Record: Deborah Johnson

License #: AR -PB00065489

...

Attributes

Asking Price

¥614,942,000

Building area Gross

917 sm

Occupancy

100.00%

Year built

2015

Cap Rate

7.50%

NOI

¥46,121,000

Media

Investment highlights

LOCATED WITHIN A TOP REGIONAL LIFESTYLE CENTER WITH FAVORABLE SURROUNDING DEMOGRAPHICS

Outlot to The Promenade at Chenal, an open-air retail center in the heart of Chenal Valley that consists of 269,000 SF of shopping, dining, and entertainment space. Tenants include Apple, Nike, Lululemon, Kendra Scott, Urban Outfitters, Anthropologie, Sephora, McDonald’s, HomeGoods, and DSW.
The center features the only Apple store in a 160-mile radius. The Sephora, Lush, and Altar’d State are in the 90th, 83rd, and 81st percentile of their stores in the US by annual visits.
The surrounding area has over 33,000 households and the Property is located within the Duquesne Place neighborhood. The median home value in the Duquesne Place neighborhood is $669,000, which is more expensive than 81% of the neighborhoods in the US.
Within a 1-mile radius of the Asset, the average household income is $155,000.
The Asset has direct exposure to over 21,000 VPD via Chenal Parkway, which features national retailers, medical centers, and retail power centers.

STRONG TENANT ROSTER WITH A STRATEGIC INDUSTRY BLEND

AT&T is an investment grade credit tenant and GOLFTEC’s parent company is a Japanese conglomerate that is traded on the Tokyo Stock Exchange.
The Property is leased to a diversified roster of nationally recognized tenants spanning the telecommunication, food, and golf industries.