INVESTMENT HIGHLIGHTS
FULLY OCCUPIED RETAIL CENTER WITH DIVERSE TENANT MIX
The Property is 100% leased by a diverse mix of tenants including Spectrum (communications), GameStop (retail), Sally Beauty (self-care). All of the tenants at the Property currently operate on NNN leases allowing for reimbursement of nearly all expenses and providing a hedge against rising operating expenses.
ATTRACTIVE SELLER FINANCING AVAILABLE
The current owner is willing to provide seller financing at a 4% interest rate, a rate that is aggressively more favorable than bank offered interest rates in this current market.
RECENT PROPERTY RENOVATIONS
The Property has had over $100,000 in capital improvements to the building. This includes a new roof that was replaced in 2021, new exterior paint, a new fence, parking lot lights and $58,000 to Spectrum to facilitate TI expenses.
RECENT LEASE EXTENSIONS
GameStop recently executed its option to extend early for another 2 years with one more option to extend. Sally Beauty extended its lease in 2022 and has two, 5-year options remaining to extend. Spectrum moved into the building in 2020 and is in discussion to execute its first option to extend for another 5 years.
STRONG CORPORATE GUARANTEES
All tenants are national brands guaranteed by their corporate entity: Spectrum (NASDAQ: CHTR | S&P: B rating), GameStop (NYSE: GME | S&P: B rating), Sally Beauty Holdings (NYSE: SBH | S&P: BB-). Spectrum is the second largest cable operator in the U.S. with over 32 million customers across 41 states. GameStop is the world’s largest video game retailer with over 6,100 stores in 18 countries. Sally Beauty Holdings is a global distributor and retailer of professional beauty products with over 5,000 stores and approximately 180 franchised units throughout 13 countries.
Desirable DRIVE-THRu Feature
The Property features a drive-thru on a 0.73 acre lot, opening up the potential for a future QSR, pharmacy or bank tenant.
LOCATED IN DOMINANT RETAIL TRADE AREA
The Property is located just off of Highway 15/90 and sits across from the Butte Plaza Mall (224,000 SF), the only regional mall in the city. The Property is shadow anchored by JoAnn and next to Wendy’s. Other surrounding credit tenants include Walmart, Goodwill, Petco, Starbucks, Taco Bell, McDonalds and more.
STRONG DEMOGRAPHICS GROWTH SUB-MARKET
Within a 3-mile radius, the population has grown over 5.5% since 2010 and is projected to increase by another 2% in the next 5 years.
Listing Agents:
CLAYTON J. BROWN
