Somerset Plaza | 100% Occupied | 1606 N Center Ave
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Somerset Plaza | 100% Occupied 1606 N Center Ave
37,497 SF 100% Leased Retail Building Somerset, PA 15501 $5,051,863 CAD ($135 CAD/SF) 8.50% Cap Rate
Investment Highlights
- 100% Leased | National Corporate Guaranteed Leases | Early Signed Extensions | Options To Extend | Grocery Shadow Anchors
- Dense Retail Corridor | Strong National/Credit Tenant Presence
- Located Along State Highway 601 (13,700 VPD) | Excellent Visibility & Access | Large Pylon Sign
Executive Summary
• Harbor Freight Tools (1,300+ locations nationwide), and Dollar General (NYSE: DG) anchor the shopping center comprising 60% of GLA and 53% of rental revenue.
• Harbor Freight Tools has over 5 years remaining in their initial term with an additional 5 (5-Year) options to extend.
• Dollar General recently completed major remodel and signed an early 5-year extension to 2029, demonstrating their commitment to the site
• Shoe Sensation just executed option to extend for another 5-year
• Drayer Physical Therapy also extended their lease early
• Giant Eagle(60,842 SF), and ALDI (32,833 SF) both own their stores, shadow anchor the shopping center, significantly increasing consumer traffic to the site.
• Giant Eagle Closed two other stores and consolidated to this location.
• Harbor Freight Tools has over 5 years remaining in their initial term with an additional 5 (5-Year) options to extend.
• Dollar General recently completed major remodel and signed an early 5-year extension to 2029, demonstrating their commitment to the site
• Shoe Sensation just executed option to extend for another 5-year
• Drayer Physical Therapy also extended their lease early
• Giant Eagle(60,842 SF), and ALDI (32,833 SF) both own their stores, shadow anchor the shopping center, significantly increasing consumer traffic to the site.
• Giant Eagle Closed two other stores and consolidated to this location.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
37,497 SF
Building Class
B
Year Built/Renovated
1982/2002
Price
$5,051,863 CAD
Price Per SF
$135 CAD
Cap Rate
8.50%
NOI
$429,380 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.11
Lot Size
7.66 AC
Zoning
C-1 - General Commercial
Parking
115 Spaces (3.07 Spaces per 1,000 SF Leased)
Amenities
- Freeway Visibility
- Pylon Sign
- Signage
- Air Conditioning
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 CAD | |
| Land Assessment | $0 CAD | Total Assessment | $1,015,929 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,015,929 CAD
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Somerset Plaza | 100% Occupied | 1606 N Center Ave
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