Description

We are pleased to offer for sale a 35,900 square foot, Class A, multi-tenant strip center located in Evans Mills, New York. This asset, completed in 2007, features national and regional tenants Dollar Tree (10,000 square foot anchor tenant), Radio Shack, Shoe Show, Cato, Panda Buffet, GameStop, Carvel, Little Caesars, and Wireless Zone. The subject property is located on highly traveled US Route 11 and is shadow-anchored by a 205,000 square foot Wal-Mart Supercenter.

Panda Buffet operates on a 10 year NNN lease that expires in 2018. The remaining tenants operate on five year NNN leases that expire between 2012 and 2013. All tenants have options to renew with rental rate increases at each option period. Each tenant pays the landlord CAM reimbursements plus income for the landlords capital reserves and management.This additional income increases annually by five percent, guaranteeing annual NOI growth, and are written/designed to offset landlord's administration and structural reserve expenses.

Evans Mills, NY; Median Household Income Increased by 20.16 Percent Since 2000; Expected Income Growth of 10.72 Percent in the Next Five Years; The Population Within a Five Mile Radius Exceeds 27,000; Population Growth of 6.32 Percent Since 2000 - Expected Growth of 3.84 Percent.

This is 1 of 5 Wal-Mart Shadow Centers Available. All are brand new and 100% occupied with list prices reflective of a 7.75% Cap Rate. The locations are:
1) Lexington, NC
2) Salisbury, NC
3) Marion, IL
4) Oak Grove, KY
5) Evans Mills, NY