Retail
Under Contract

Loyal Plaza

1875 E 3rd St, Williamsport, PA, 17701-3924, US

Loyal Plaza_Property for Sale

Gallery

Loyal Plaza 2_Property for Sale

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer Loyal Plaza (“Property”), a 288,838 square foot, dominant grocery-anchored shopping center located in Williamsport, PA. The 85% occupied Property is anchored by Giant, the dominant grocer in Central Pennsylvania, and is the second most visited grocer within a 50-mile radius out of 51 stores. Giant accounts for 24% of the Property’s gross income, alongside a strong credit and national tenant lineup that features Hobby Lobby, Staples, Rite Aid, Fine Wine & Good Spirits, Advance Auto Parts, and other modern retail uses that include food and beverage, medical usage, banking and more.

The Property provides investors a tenant lineup with over +14.5 years weighted average tenure with over 88% of income derived from credit and national tenancy, with +71% of income derived from tenants who have 10 or more years of tenure. The Property has also enjoyed excellent leasing momentum over the last36 months, with 10 tenants extending their term totaling nearly 69,000 SF executed since 2019 Additionally, the offer provides investors further value-add opportunity via the lease-up of +60,039 SF of remaining vacancy.

Attributes

Building area gross
288,838 sf
Occupancy
85.00%
Year built
1965
Land area Gross
29.10 acres (1,267,596 sf)

Investment highlights

DOMINANT GROCERY ANCHOR IN CENTRAL PA

  • Only Giant in Lycoming County and the most visited Giant within 50 miles out of 6 locations
  • Above national average sales
    • $440.66 annual sales which implies an excellent 2.12% health ratio
  • Giant accounts for 24% of the Property’s gross income and has +22 years of tenure
    • 7.17 years of term remaining

IN-FILL LOCATION SERVICING A HIGHLY CAPTIVE AUDIENCE WITH EXCELLENT ROADWAY CONNECTIVITY

  • Ideally located less than 1 mile off exit 23 on I-180, a tributary of I-80, a major  east-west connector providing access to major metropolitan markets such as Philadelphia and Pittsburgh
  • Excellent positioning allows for visibility from I-180 which sees over 31,800 VPD and pulls from an extended trade radius

BEST IN-CLASS NATIONAL CREDIT TENANT LINEUP

  • 85% occupied
  • 88% of gross income from credit & national tenants
  • 6.6 years weighted average lease term
  • 14.5 years weighted average tenure
  • 71% of gross income from tenants with 10+ years tenure

STRONG LEASING RETENTION AND MOMENTUM

  • New and Renewed Leases with over 47% of GLA since 2019 desirability of the Property
  • 23% of tenants have extended or renewed as of 2019 providing a secure, long-term income from a strong tenant line-up
  • Excellent value-add opportunity via the lease-up of +60,039 SF of remaining vacant space

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Last updated
Nov 30, 2022