Bucklin Place 2022
US - Silverdale, WA
$12,850,000 | 56,193 sf
Retail
Cave Springs Shopping Center
3979 Veterans Memorial Pkwy, Saint Peters, MO, 63376, US
Gallery
Asset description
176,804 Square Foot Open Air Center Anchored by Hobby Lobby •
4 Single Tenant OutParcels • St. Peters, MO (St. Louis)
Attributes
Building area Net
176,804 sf
Year built
2000
Land area Net
4.06 acres (176,806 sf)
Number of units
1 units
Investment highlights
Dominant National Tenant Lineup
100% of occupancy attributed to national tenants
Significantly Below Market Pad Rents
- Average in-place rents for the four pads is $ 20/sf
- Market rents for similar outlots in this submarket range from $30-40/sf NNN
- Enhanced Renewal Probability & Future Rent Upside
Outlot Bifurcation Opportunity
- Ability to sell outlots separately at accretive cap rates and enhance going-in yield
- Four different buildings located on separate tax parcels: Verizon, O’Charley’s, Longhorn, Hooters
Recent Leasing Momentum
- 99,966 SF (57% of GLA) of new and renewal leasing in the last 12 months
- Hobby Lobby executed renewal for 10 years through September 2031
- Office Depot exercised an early renewal extending term through 2027
- New 10-year lease with Cycle Gear for 15,232 square feet
- Verizon recently executed a 5-year renewal through 2027
- New 15 year deal with Edge Fitness in 2019
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Last updated
Nov 30, 2022