Plaza North provides an excellent opportunity for an investor to purchase a Neighborhood Center with stable, long-term tenants at an outstanding cap rate based on current income of 10%.

The center consists of seven units (5 occupied) and a six-bay auto repair facility occupied by Master Mechanix (which just exercised a 5-year option through August 2021). The five tenants are Burnham Shoes, Dothan Deal, Billiards, M&R Clothing, and Surplus Warehouse, which serves as anchor and occupies about half of the center. Surplus Warehouse (over 100 stores in 16 states) provides long-term stability to the center, as they have occupied the space since 1981 and will sign a long-term lease with the new owner.

Potential upside opportunities include increasing rents to market rate, leasing out the two vacant spaces (4,551 SF), and realizing the 10% rent escalation in Burnham