Acquisition Criteria
Acquisition Criteria: Multi-tenant Retail
Multi-State Markets
Property Type: Retail Strip Center; Neighborhood Center; Infill Center: Local tenants okay. Shadow anchor okay.
Size: 10,000 to 150,000 square feet.
Location: Location: Within 150-200 miles of Blacksburg VA, including western NC and eastern TN, but excluding WV.
Market: Secondary and tertiary markets. >30,000 population within five miles.
Deal Size: $1-$5 million, up to $7M for properties with >60% national tenants.
Age: >5 years on remaining lease term of anchor tenant more important than building age.
Due Diligence: Require actual operating numbers, no pro forma, 3-year history preferable. Current rent roll with all lease data; Current survey, current title policy and copies of any mortgage documents if loan is to be assumed.
Property Profile: Prefer properties with upside potential. Additional development land and/or vacant outparcel a plus.
Management: Self-managed; fee management contracts evaluated on a case-by-case basis.
Financing: Cash Buyer; will assume existing mortgage if defeasement is onerous.
Closing: Typically a 60-day due diligence period, then 30 days to close or to lender requirements.
Brokerage Fees: Seller paid.
Send us Your Property Information
If you have a property available that you’d like us to consider for acquisition we’d be happy to hear from you. Submissions directly from owners and brokers are welcome. We are not brokers and act solely as principals. We protect all broker/agent submissions on a first sight basis.
To submit bring your property to our attention we have several options:
-
If you have a digital brochure or flyer available, please email it as an attachment (PDF files preferred) to acquisitions@parkrealty.com.
-
You may complete our Property Information Form and email it to us at acquisitions@parkrealty.com.
You may also print the completed form and fax it to (540) 552-3457.
We will respond within two business days to indicate interest.
All submissions will be held in strictest confidence and circulated solely to our in-house staff. If you require a non-disclosure/non-circumvention agreement, please fill out the contact information and property description portion of our Property Information Form and email or fax it to us.
