Retail

Cave Springs Shopping Center

3979 Veterans Memorial Pkwy, Saint Peters, MO, 63376, US

Cave Springs Shopping Center_Property for Sale

Gallery

Cave Springs Shopping Center 2_Property for Sale

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
Cave Springs Shopping Center 4_Property for Sale
Cave Springs Shopping Center 4_Property for Sale

Contact brokers

Similar properties

View moreChevron Right
Do you have any questions? Visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. E-Mail us today to see how we can help achieve your ambitions.
Last updated
Nov 30, 2022