Deals
Harper Square – Corinth, MS
THE OPPORTUNITY
- Harper Square was redeveloped in 2018
- Hobby Lobby is adjacent to Aldi and Marshalls
- Newly renovated facades for Aldi and Marshalls
- New roof over the entire 40,000sf
- LED parking lot lights installed
- Parking lot in front of Marshalls has been resealed and restriped
- New pylon sign installed
THE HIGHLIGHTS
- NN leases with Aldi and Marshalls
- Landlord only responsible for roof and structure
- Marshalls:
- 10-year initial term
- 4, 5-year options
- 6.25% increase in first 5-year option
- Increases in each subsequent option
- Aldi:
- 15-year initial term
- 15% rental increase in year 6
- 6.25% rental increase in year 11
- 6, 5-year options with increases in each option
- Harper Square is located on the primary retail corridor within the Corinth market
- Located at the lighted intersection of Lee Hwy & S Harper Rd
- Consumer spending within 5 miles expected to grow 9% in next 4 years
- 30,000 cars daily pass the center (23,300 on Lee Hwy & 7,300 on S Harper Rd)
- Large trade area:
- Drawing from 9 county area
- Corinth is located on the TN state line. Sales tax in MS is 2% less than TN which encourages cross state shopping
THE DEAL POINTS
- Square Feet: 40,000 SF
- Asking Cap Rate: Market to Determine
- Asking Price: Market to Determine
- Year Built/Renovated: 1992 / 2018
- Land Area: 3.37 acres