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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2008
Building Area Net
Land Area Net ()

Asset Description

130,100 SQUARE FOOT OPEN AIR CENTER ANCHORED BY TARGET AND HOBBY LOBBY | 99% OCCUPANCY | FORT WAYNE, IN

Investment Highlights

Dominant National Tenant Lineup with Term

-98% of the existing tenancy is composed of national tenants with a weighted average lease term of 5 years



Recent New Leasing Velocity I 7 Deals across 71k SF

-New 10 year Hobby Lobby Lease at low rent basis of $6 NNN

-New 10 year Barnes & Noble Lease in Prototype Size

-New 10 year Starbucks Lease

-New Shop Space leasing totaling 12k sf



Best in Class Shadow Anchor:

-Shadow anchored by Target (Fortune 500 #30) generated 1.3M Visitors past 12 months

-Target ranks in the top 60% of Target Stores Nationally



Exit Flexibility I Parcelization Strategy

-Ability to sell 3 separately parceled out lots or Hobby Lobby anchored building separately at profitable cap rate arbitrage



Prominent Frontage and Visibility I 35k VPD

-Located at the hard corner of Illinois Road and South Thomas Road, which experienced VPD counts of 35,000

Last Updated Date: 17 Feb 2022

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Last Updated Date: 17 Feb 2022

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