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225 Columbia Mall Dr - Michael's Stores 16,241 SF Retail Condo Unit Offered at $2,815,106 in Bloomsburg, PA 17815
INVESTMENT HIGHLIGHTS
- Corporate guaranty from Michaels Stores, Inc.
- New roof, electrical, plumbing, HVAC, and parking lot
- 46,000 cars per day
- Brand new 10- year net lease with tenant reimbursing for CAM, taxes, and insurance
- Mall in process of complete transformation into open air lifestyle center
- Amazon just purchased a data center in Berwick for $650M
EXECUTIVE SUMMARY
UPDATE: Amazon just purchased a data center in Berwick less than 15 miles from the interchange for $650,000,000. We were recently contacted to discuss leased parking for their team to shuttle onsite and potential multifamily housing development at the mall. Capital Commercial Partners is pleased to bring to the market this Michael’s Stores Condo located at the Columbia Mall in Bloomsburg, PA. The investment offers a corporate guaranty from Michael’s Stores, Inc with a new 10-year lease. The rent commencement is May 1, 2025. The property has been completely renovated with new roof, HVAC, plumbing, electrical, and parking lot. The mall is in the process of undergoing a complete transformation to open air lifestyle mixed use center. Geisinger Health Systems is developing a hospital campus adjoining the mall and will be pedestrian between the two developments. This will make it very easy to work, live, and shop all in the same place. The property is in close proximity to Bloomsburg University with a student enrollment of approximately 9,600 students with a storied history being founded in 1839. It’s the 3rd largest of the 14 universities in Pennsylvania. It made the list of top universities in the northern region according to U.S. News and World Reports annual rankings. Bloomsburg is located in Columbia County and is 40 miles from Wilkes-Barre. It’s the county seat and the only incorporated town in PA.
PROPERTY FACTS
| Total Building Size | 16,241 SF | Typical Floor Size | 16,241 SF |
| Property Type | Retail (Condo) | Year Built | 1988 |
| Property Subtype | Department Store | Tenancy | Single |
| Building Class | C | Lot Size | 8.85 AC |
| Floors | 1 |
| Total Building Size | 16,241 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Department Store |
| Building Class | C |
| Floors | 1 |
| Typical Floor Size | 16,241 SF |
| Year Built | 1988 |
| Tenancy | Single |
| Lot Size | 8.85 AC |
1 UNIT AVAILABLE
Unit 6
| Unit Size | 16,241 SF | Cap Rate | 7.50% |
| Price | $2,815,106 | NOI | $211,132.93 |
| Price Per SF | $173.33 | No. Parking Spaces | 81 |
| Condo Use | Retail | Sale Conditions | 1031 Exchange |
| Sale Type | Investment |
| Unit Size | 16,241 SF |
| Price | $2,815,106 |
| Price Per SF | $173.33 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| NOI | $211,132.93 |
| No. Parking Spaces | 81 |
| Sale Conditions | 1031 Exchange |
NEARBY MAJOR RETAILERS
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225 Columbia Mall Dr - Michael's Stores
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