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225 Columbia Mall Dr - Michael's Stores
16,241 SF Retail Condo Unit Offered at $3,701,864 CAD in Bloomsburg, PA 17815
INVESTMENT HIGHLIGHTS
- Corporate guaranty from Michaels Stores, Inc.
- New roof, electrical, plumbing, HVAC, and parking lot
- 46,000 cars per day
- Brand new 10- year net lease with tenant reimbursing for CAM, taxes, and insurance
- Mall in process of complete transformation into open air lifestyle center
EXECUTIVE SUMMARY
Capital Commercial Partners is pleased to bring to the market this Michael’s Stores Condo located at the Columbia Mall in Bloomsburg, PA. The investment offers a corporate guaranty from Michael’s Stores, Inc with a new 10-year lease. The expected rent commencement is December 1, 2024. The space has been turned over to the tenant and the certificate of occupancy received. The space has been completely renovated with new roof, HVAC, plumbing, electrical, and parking lot. The mall is in the process of undergoing a complete transformation to open air lifestyle mixed use center. Geisinger Health Systems is developing a hospital campus adjoining the mall and will be pedestrian between the two developments. This will make it very easy to work, live, and shop all in the same place. The property is in close proximity to Bloomsburg University with a student enrollment of approximately 9,600 students with a storied history being founded in 1839. It’s the 3rd largest of the 14 universities in Pennsylvania. It made the list of top universities in the northern region according to U.S. News and World Reports annual rankings. Bloomsburg is located in Columbia County and is 40 miles from Wilkes-Barre. It’s the county seat and the only incorporated town in PA.
PROPERTY FACTS
| Price | $3,701,864 CAD | Building Class | C |
| Unit Size | 16,241 SF | Floors | 1 |
| No. Units | 1 | Typical Floor Size | 16,241 SF |
| Total Building Size | 16,241 SF | Year Built | 1988 |
| Property Type | Retail (Condo) | Tenancy | Single |
| Property Subtype | Department Store | Sale Condition | 1031 Exchange |
| Sale Type | Investment NNN |
| Price | $3,701,864 CAD |
| Unit Size | 16,241 SF |
| No. Units | 1 |
| Total Building Size | 16,241 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Department Store |
| Sale Type | Investment NNN |
| Building Class | C |
| Floors | 1 |
| Typical Floor Size | 16,241 SF |
| Year Built | 1988 |
| Tenancy | Single |
| Sale Condition | 1031 Exchange |
1 UNIT AVAILABLE
Unit 6
| Unit Size | 16,241 SF | Cap Rate | 8.25% |
| Price | $3,701,864 CAD | NOI | $305,403.77 CAD |
| Price Per SF | $227.93 CAD | No. Parking Spaces | 81 |
| Condo Use | Retail | Sale Conditions | 1031 Exchange |
| Sale Type | Investment |
| Unit Size | 16,241 SF |
| Price | $3,701,864 CAD |
| Price Per SF | $227.93 CAD |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 8.25% |
| NOI | $305,403.77 CAD |
| No. Parking Spaces | 81 |
| Sale Conditions | 1031 Exchange |
NEARBY MAJOR RETAILERS
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225 Columbia Mall Dr - Michael's Stores
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