Somerset Plaza | 100% Occupied | 1606 N Center Ave
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Somerset Plaza | 100% Occupied 1606 N Center Ave
37,497 SF 100% Leased Retail Building Somerset, PA 15501 £2,788,652 (£74/SF) 8.50% Net Initial Yield
Investment Highlights
- 100% Leased | National Corporate Guaranteed Leases | Early Signed Extensions | Options To Extend | Grocery Shadow Anchors
- Dense Retail Corridor | Strong National/Credit Tenant Presence
- Located Along State Highway 601 (13,700 VPD) | Excellent Visibility & Access | Large Pylon Sign
Executive Summary
• Harbor Freight Tools (1,300+ locations nationwide), and Dollar General (NYSE: DG) anchor the shopping center comprising 60% of GLA and 53% of rental revenue.
• Harbor Freight Tools has over 5 years remaining in their initial term with an additional 5 (5-Year) options to extend.
• Dollar General recently completed major remodel and signed an early 5-year extension to 2029, demonstrating their commitment to the site
• Shoe Sensation just executed option to extend for another 5-year
• Drayer Physical Therapy also extended their lease early
• Giant Eagle(60,842 SF), and ALDI (32,833 SF) both own their stores, shadow anchor the shopping center, significantly increasing consumer traffic to the site.
• Giant Eagle Closed two other stores and consolidated to this location.
• Harbor Freight Tools has over 5 years remaining in their initial term with an additional 5 (5-Year) options to extend.
• Dollar General recently completed major remodel and signed an early 5-year extension to 2029, demonstrating their commitment to the site
• Shoe Sensation just executed option to extend for another 5-year
• Drayer Physical Therapy also extended their lease early
• Giant Eagle(60,842 SF), and ALDI (32,833 SF) both own their stores, shadow anchor the shopping center, significantly increasing consumer traffic to the site.
• Giant Eagle Closed two other stores and consolidated to this location.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
37,497 SF
Building Class
B
Year Built/Renovated
1982/2002
Price
£2,788,652
Price Per SF
£74
Net Initial Yield
8.50%
NOI
£237,020
Percent Leased
100%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.11
Lot Size
7.66 AC
Zoning
C-1 - General Commercial
Parking
115 Spaces (3.07 Spaces per 1,000 SF Leased)
Amenities
- Freeway Visibility
- Pylon Sign
- Signage
- Air Conditioning
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £0 | |
| Land Assessment | £0 | Total Assessment | £560,798 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£560,798
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Somerset Plaza | 100% Occupied | 1606 N Center Ave
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