Northpark Village
US - Lubbock, TX
£8,148,000 | 70,479 sf
Asset Description
241,283 SF Discount and Service Oriented Neighborhood center in Kokomo, IN. The center is 99% occupied - anchored by Ollie's Bargain Outlet and Vendor City and supported by Dollar Tree and Aaron's. Kokomo Plaza boasts low market rental rates and is located in a strong retail corridor.
...
Attributes
Building area Gross
89,546 sf
Occupancy
100.00%
Year built
1988
Media
Investment Highlights
Below Market Rental Rates Allow for Mark to Market Opportunity
- Weighted Average In-Place Rents of $6.16 are at significant discount to market average
- Weighted Average Rent of $4.90/SF for box tenants greater than 10,000 SF are 43% Below Market
Tenancy Mix of Discount and Service Oriented Tenancy Fits Consumer Demographic Profile
- 64% of income is attributed to discount or dollar stores
- Supported by 36% blue collar workforce and $61,324 average household income in 3-mi radius
Strong Retail Fundamentals Within 3-miles
- Market retail rent of $12.28 grew 3% YoY, consistent with trailing 3-year average
- Retail vacancy of 3.2% sits 100 bps below national average, with no new to market product since 2020
Strategically Located at Main & Main Retail Location
- Located within 1-mile radius of Walmart, Target, Sam's Club, Meijer, Best Buy, FiveBelow, Burlington, and more, generating 8.6+mm annual visits
Attractive Basis Well Below Replacement Cost
Contact brokers
Kokomo Plaza (0 Properties)
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
19 May 2023
