New Market Madison – Madison, NC

The Palomar Group is please to exclusively offer New Market Madison at a price point of $17.25psf.  New Market Madison is a 173,883sf retail center consisting of Tractor Supply, Aarons, Peebles, Subway, and more that also includes a former 91,266sf former Kmart box.  The property presents a true value-add offering with 60% vacancy and an outparcel that an investor could sell or redevelop.  The subject property is the largest center and the dominant shopping destination in the Madison market.
Investment Highlights
  • Asking Price: $3,000,000
  • Price Per Square Foot:  $17.25psf
  • Square Footage: 173,833
  • Occupancy: 39.5%
  • In Place NOI: $148,870
  • Proforma NOI: $565,000
  • Upside: Releasing/ repurposing the former 91,266sf Kmart box, releasing the 14,032sf in existing small shop vacancy and selling or redeveloping the outparcel
  • The Opportunity:  New Market is being offered at a price point per square foot that is a fraction of the cost per square foot that comparable vacant Kmart boxes have been trading for