Pottstown, PA - Town Square Plaza

Description:

SRS Real Estate Partners-Northeast, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Lowe’s anchored shopping center investment property located in Pottstown, Pennsylvania. The anchor tenant, Lowe’s Home Centers, LLC recently extended their lease 15 years with further 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features variable increases beginning year 7 in the initial term and at the third extended term period, steadily growing NOI and hedging against inflation. At 87% occupancy, the property provides potential upside through leasing remaining vacancies. Moreover, with multiple freestanding buildings currently in one parcel, the future owner of the property has option to sub-parcelize the site and sale pad/building separately to maximize the value.

The subject property is strategically located at the signalized, hard corner intersection of Lenape Crossing and State Highway 100 (17,900 VPD). The site benefits
from excellent visibility and access via a large pylon sign and multiple points of ingress/egress. State Highway 100 serves as a retail thoroughfare for the surrounding community featuring several other shopping centers highlighted by national/credit tenants Dick’s Sporting Goods, Kohl’s, Jo-Ann Fabrics, and Giant Foods Supermarket. The asset is anchored by Lowe’s Home Improvement, occupying nearly 135,000 square feet in the center. Lowe’s serves as a landmark, destination retailer drawing consumers to the shopping center. The remainder of tenants in the center including Rite Aid, PetSmart, and Longhorn Steakhouse receive a significant amount of crossover shopping and exposure due to the anchor tenant. The 5-mile trade area is supported by a population of over 76,000 with an average household income of $58,000.