Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1975
Building Area Gross
Rentable Area
Occupancy 86.0 %
Call for Offers

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer the opportunity to acquire Park Hills Plaza, a 238,829 square foot, dominant open air grocery-anchored shopping center located in the primary retail corridor of Altoona, Pennsylvania. Park Hills Plaza is one of the dominant open-air shopping centers in the Altoona submarket, with more than 2.5 million visits over the last 12 months. The 86% occupied Property features a robust national tenant lineup anchored by Weis Markets alongside a strong roster of national tenants including Burlington, Harbor Freight Tools, Dunham Sports and more. The Property provides long-term value creation opportunity via mark-to-market rents, along with immediate value-add opportunity via the lease-up of +33,680 SF of vacancy, translating to a +9.0% CAGR in the first three years of an investor’s hold.

Investment Highlights

DOMINANT GROCER WITH 40+ YEARS OF TENURE, LOW RENTS AND STRONG LEASING ACTIVITY

  • Over 2.5 Million visitors to the center annually
  • Weis Markets is the largest grocery store within 2 miles
  • 14% of the Property’s income is derived from Weis Markets
  • $9.45M sales in 2021

ESTABLISHED RETAIL LOCATION WITH EXCELLENT TENANT RETENTION / TENANT LONGEVITY

  • Weis Markets, Altoona Professional Hearing Aid, Wise Eyes Optical, Dunham’s Sporting Goods and Goodwill have been at this location for over 25 years
  • 36% of the tenants have been at the Property for 25+ years, demonstrating commitment to the location
  • The Weighted Average Tenure at the location is 20+ years

EXCELLENT CREDIT PROFILE & STABLE, PREDICTABLE REVENUE STREAM WITH VALUE ADD OPPORTUNITY VIA LEASE-UP OF +33,680 SF OF VACANCY

  • 87% of gross income credit and national tenants
  • +9.0% CAGR and 28% NOI growth via lease-up of +33,000 SF of vacancy
  • 4 new leases (+64,000 SF) signed since 2018 underlying excellent leasing momentum
  • $7,82 PSF below market rents and limited capex provide additional upside

WELL POSITIONED GROCERY ANCHORED SHOPPING CENTER WITH EXCELLENT CONNECTIVITY SERVICING A WIDE TRADE AREA

  • 2.5M+ visits in the past 12 months
  • 60%+ of visitors over the L12 months have visited the property 7+ times, underlying consumer loyalty
  • Average consumer spends 57 minutes at the property, underlying cross-shopping tendencies among complementary tenant lineup
  • 55% of visitors have travelled 10+ miles to the property over the L12 months, underlying the property's extended trade radius
  • 15 minute drive time to Penn State Altoona (+4,100 students)
Last Updated Date: 15 Aug 2022

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Last Updated Date: 15 Aug 2022

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