Multi-State Markets
Markets
- Approximate 150 mile radius from Blacksburg VA, including western NC and eastern TN, but excluding WV.
- Secondary and tertiary markets preferred.
- Minimum >30,000 population within five miles.
Price Range
$1 – $5 million, up to $7M for properties with >60% national tenants.
Size
10,000 to 150,000 square feet.
Property Types
Retail Strip Center; Neighborhood Center; Infill Center: Local tenants okay. Shadow anchor okay.
Age
1995 or newer build or major renovation date
Property Profile
- Location within the market is key to our interest. We are generally interested in properties that may not be on the main drag, but close to it.
- Some mix of national, regional and local tenants is a plus, not required.
- Property with environmental issues okay
- Additional development land and/or vacant outparcel a plus.
Underwriting
- Current valuation parameters for income-producing properties require a minimum 8% cap rate based on actual performance.
- Higher valuation will be given to properties with CAM provisions.
- For vacant or troubled operations we use replacement cost less renovation costs as base valuation.
- Pro forma pricing accepted, not preferred.
Typical Due Diligence Deliveries
- 3-year historical operating statements
- Current rent roll with all lease data and gross sales reports;
- Current survey, title policy if available;
- Available 3rd party reports; e.g. environmental, structural/condition report, etc.
- All existing management, service and vendor contracts
- If mortgage is to be assumed, copies of the Note, covenants and defeasance agreement, if any.
Closing
Typically a 60-day due diligence period, then a 30-45 day closing period.
Brokerage Fees
Seller responsible for commissions by prior agreement with broker.
Submissions
Please send information for acquisitions to acquisitions@parkrealty.com (PDF files preferred), or call Jared Alcorn at 540-808-4745.
