Description
This investment is an absolute NNN lease with absolutely zero landlord responsibilities. The lease commenced on December 11, 2007 and will include four 5-year options. The property has an initial cap rate of 9.25 % and includes rent increases of the lesser of 5% or CPI every three years. The building size is 31,647 square feet and sits on a 141,134 square foot parcel of land.
The lease is guaranteed by Pamida Operating Stores Company. Pamida is a general merchandise retailer with 223 stores serving small and rural communities in 16 Midwest, North Central and Rocky Mountain states. The first store opened in 1963 as an outlet for health and beauty aids, housewares, records and tapes and softline items. Currently, more than half of the stores have pharmacies, and more are planned. Pamida provides customers with a friendly shopping experience within local driving distance and its stores feature nationally-advertised brand-name products as well as select private label merchandise at competitive prices. The average store size is approximately 33,000 square feet. Pamida was acquired in 2005 by an affiliate of Sun Capital Partners Incorporated, a leading private investment firm.
This investment opportunity is located at 140 South Highway 20 in Thermopolis, Wyoming. This location is directly at the intersection of state Highway 120. Highway 20 is also one of the main north to south running highways in the state serving as a main connection between state Highway 14 and Interstate 25.
The subject site is located near many local and national commercial establishments. National retail tenants in the surrounding area include Subway, McDonald' s, Pizza Hut, and an A & W Drive In. Local establishments in the area include Pumpernick' s, Lil' Wrangler Restaurant & Drive In, Taco John' s, 1 Chinese Restaurant, Las Fuentes, and the Thermopolis Café.
This location is in downtown O' Neill, a community of roughly 3,500 residents. It is also located within two miles of the Legion Town and Country Club and the Hot Springs State Park. The Hot Springs State Park is a major tourist attraction that is home to several business' s including the Plaza Hotel, Holiday Inn, the Star Plunge (water park), and the Hot Springs County Memorial Hospital. The Park is best known for its numerous hot spring pools, bison herds, and scenic views of Big Horn River.