Overview

Description

Cushman & Wakefield | Sage Real Estate Solutions, LLC, in collaboration with SRS Real Estate Partners, is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in Park Plaza, a 69,106 SF, 95% occupied, e-commerce resistant investment opportunity located in Fort Smith, Arkansas. The offering features a strip retail center and two freestanding pads, one of which has a drive-through. Corporate guaranteed tenants Harbor Freight Tools, Biomat, and Dollar General (S&P: BBB) anchor the property, occupying 53% of the GLA and constituting 50% of the base rent revenue. Biomat has been operating on site for more than 20 years, and recently signed a 5-year extension, demonstrating strong commitment to the site. At 95% occupancy, the offering provides potential upside for a future investor through leasing up the remaining vacancy and converting existing leases to NNN. More than $200,000 improvement has been invested into the center at the expense of current owner, providing substantial savings on capital expenditure for a future investor.

Park Plaza is strategically located along State Highway 22, a primary commuter thoroughfare that serves the Fort Smith trade area, averaging 34,000 vehicles passing by daily. The subject property benefits from excellent visibility and access via a large pylon sign. Additionally, the asset is within a dense commercial corridor with Central Mall (650,000 SF) and Fort Smith Marketplace (700,000+ SF, Combined), two super-regional centers that significantly increase consumer draw to the immediate trade area and promote crossover store exposure for the site. Other nearby national/credit tenants include Walmart Supercenter, Marshalls, Burlington, JoAnn, Ross, and Sam’s Club. Moreover, the site is in the heart of Fort Smith, across from Creekmore Park, the University of Arkansas - Fort Smith campus (6,500 Students), and many residential areas. The 5-mile trade area is supported by a population of more than 85,000 residents and nearly 67,000 daytime employees with an average household income of $59,000.

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