Overview

Description

The Cress Group is please to offer For Sale, Meridian Town Center in Meridian, MS. Meridian Town Center is part of a larger power center with Lowes Home Improvement and Walmart Super Center. The property consist of 40,993 feet of retail with Office Depot as its main anchor tenant. The remaining tenants in the center consist of Rent A Center, Marias Mexican Restaurant, Meridian Nails, and Animal Medical Supply. The property currently has 4000 feet available for lease which has been underwritten as vacancy in the NOI. This along with a few below market rate rents give a buyer great upside potential. With the exception the Mexican Restaurant which joined our tenants in 2018, all other tenants have been part of the shopping center since 2007, renewing their leases upon expiration.

Meridian Town Center is located in Meridian, MS. As Mississippi’s Queen City, Meridian has much to offer residents and visitors. A thriving downtown with world class educational and entertainment facilities, a rich history in arts and entertainment, and a prime Southeastern location. Meridian's location places it as a strategic middle point along I-20 between Jackson, MS and Tuscaloosa/Birmingham, AL. The trade area for Meridian, MS expands out around 40-50 miles as many rural communities travel to Meridian to take advantage of the labor opportunities, shopping, dining and health care services. The current population for the trade area is around 170,000 with an average household income of $61,000. Major employers for for the trade area consist of Meridian Naval Air Station, Healthcare Systems, and Government Institutions.

Meridian Town Center is located in a power center complex with Walmart Super Center and Lowes Home Improvement. The power shadow center consist two adjacent parcels consisting of 6.48 acres. The original improvements were finalized in 2002 and consisted of 36,493 sqft. but then increased in 2006 to 40,933 when the Rent A Center was constructed on the north end. There is also a pad ready site on the south end of the improvements ready for an additional 18-20,000 sqft. of retail. All parking infrastructure to accommodate the additional retail is in and ready for use. There is a recorded ECR between Walmart, Lowes, and the Office Depot center which addresses access, exclusive uses, and common charges. There is 4000 feet available to lease which provides good upside as well as flexibility to increase the size by taking in the space next store to accommodate a larger tenant.

Highlights

• Established shadow center located in a power center with Walmart and Lowes
• Great retail traffic and flow into and out of the center with several points of access
• Great tenant mix and great tenant retention
• 80% of the tenant space has been occupied since 2007
• Upside potential with market or lower rents

Documents

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