Altoona, PA - Starbucks Shops

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a 100% occupied, five-tenant, e-commerce resistant, retail strip investment property located in Altoona, Pennsylvania. The offering features a strong, food and service-based tenant line up of Starbucks (S&P: BBB+), Kay Jewelers, Tropical Smoothie Café (Opening Soon), Sports Clips, and Sleep Number. Maintenance of the site is provided under declaration by the shopping center landlord, an ideal structure for a passive investor. All current tenants operate under leases which are NNN in nature, limiting expense leakage. Further, under the terms of the declaration, tenant reimbursements for CAM match the maintenance costs passed through to the owner by the shopping center, thus limiting CAM expense slippage to collections risk. All current tenants signed long term leases and their combined weighted average lease term remaining is 5+ years. Additionally, Starbucks is equipped with an end-cap drive-thru lane, which provides ease and convenience for customers. Lastly, the tenants perform exceptionally well at the center with Kay Jewelers, Sleep Number, and Sport Clips ranking among the most visited within the state. Starbucks is also very well trafficked and has limited surrounding competition with no other competing locations within 15 miles.

The subject property is strategically located near the signalized, hard corner intersection of W. Plank Road / U.S. Highway 220 and Orchard Avenue, averaging a combined 29,100 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage along W. Plank Road. The asset is ideally situated as an outparcel to Park Hills Plaza, a grocery anchored shopping center which draws over 2.8 million annual visits with tenants including Weis Markets, Harbor Freight Tools, Dunham Sports, and Urban Air Adventure Park (Placer.ai). Other nearby national/credit tenants include The Home Depot, Dick’s Sporting Goods, Ross Dress for Less, Kohl’s, Staples, Barnes & Noble, Goodwill, Harbor Freight Tools, Best Buy, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the property is within proximity to multiple apartment complexes including Woodrow Wilson Gardens (50 units), Evergreen Manors (159 units), Logan Hills (212 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by more than 71,400 residents and 49,800 daytime employees.