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Heritage Plaza Corner 1880 14th Ave SE 39,213 SF 50% Leased 4-Star Retail Building Albany, OR 97322 $5,000,000 ($127.51/SF) 2.95% Cap Rate
Investment Highlights
- 50% leased investment or owner-user opportunity
- 2.7M Visitors @ Heritage Plaza; National tenant synergy
- Abundant parking
- 10-year NNN lease
- Investor value add exit option; Owner user exit option
Executive Summary
Heritage Plaza is a master-planned community comprising 12 buildings with 220,000+ sq. ft. covering 22 acres built adjacent to Heritage Mall, a regional mall that offers a diverse range of retail, dining, and entertainment options to the residents of Albany and surrounding areas. The subject property is located at the southwest corner of Heritage Plaza with convenient access to on- and off-ramps intersecting Interstate 5 (I-5) and connection to 70,764 VPD.
The property has an unmatched investment profile in this submarket, as both owner-users and pure-play investors are viable purchasers of this asset. Visitor traffic has been growing rapidly with the announcements of new, prominent retailers establishing themselves within Heritage Plaza.
The community center now attracts over 2,700,000 annual visitors due to excellent retail synergies among the tenants. Anchor tenants include Planet Fitness, Marshalls, Safeway, and Grocery Outlet, with support from Burger King, Applebee’s, Del Taco, Xfinity, and many others.
Property Facts
Amenities
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
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- Finance and Insurance
- -
- -
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Assurant is a leading global provider of comprehensive risk management solutions for the auto, lifestyle, and housing protection sectors. They help businesses manage the risks of property damage, liability, and financial loss, theft, and natural disasters. They design insurance, protection products, and support services that help businesses provide premium customer experiences and inspire deeper customer loyalty. Their teams combine digital intelligence and expert human insight to deliver the support and protection people need to take full advantage of the connected world. Assurant traces its roots back to 1892 when LaCrosse Mutual Aid Association began offering disability insurance. Lacrosse later changed its name to Time Insurance Company.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
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Finance and Insurance | - | - | - |
Nearby Major Retailers
Property Taxes
| Parcel Number | 0773987 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $6,155,640 |
Property Taxes
Presented by
Heritage Plaza Corner | 1880 14th Ave SE
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