DEALS

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

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