Overview

Description

Faris Lee Investments is pleased to offer for sale the fee simple interest (land & building) in a 41,200 SF multi-tenant, NNN leased shopping center, shadow anchored by Pay Less Supermarkets/Kroger (NAP), located in Lafayette, IN. Major national tenants included in the offering are: Dollar Tree, Metro PCS, Subway, Edward Jones, Papa John’s, Rent-A-Center, and Cato Company. The current 18% vacancy creates a value-add opportunity for the investor through lease up. Beck Plaza is priced below replacement cost at the low cost PSF of $121.

The offering features 8.54 acres of total land area. Beck Plaza is strategically located within a Kroger/grocery anchored center with 1,100 feet of frontage along Beck Lane and Old US Highway 231 (±21,000 VPD). Beck Plaza is a short 5 minute drive from Purdue University. Purdue University is the flagship university of the six-campus Purdue University system, ranked the #18 Top Public School by U.S. News. Purdue University has 37,949 undergraduate and 12,017 graduate students enrolled as of the Fall 2022 semester, which is supported by an over $2 billion endowment. There are more than 127,000 permanent residents with an annual household income of $66,000 within a 5-mile radius. Additionally, there are more than 69,000 employees within a 5-mile radius of the subject property.

Highlights

• Value-Add Opportunity | 19% Current Vacancy Creates Upside through Leasing
• Low Cost PSF / Below Replacement Cost | $121 PSF for Shops
• High Cash-On-Cash Return Investment | 7% increasing to over 10% in 2 years
• Strong National Tenant Line-Up | Grocery / Kroger (NAP) Shadow Anchored, Dollar Tree, Papa John’s, Subway, Edward Jones, Cato, And Rent-A-Center
• Strong Demographic Trade Area | Over 127,000 People / 5-Miles
• Adjacent To Purdue University
• Open To New Financing

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