DEALS

Deals

Shops at Walmart Plaza – Olean, NY

THE OPPORTUNITY

  • ​Located just south of the Buffalo, NY MSA (population over 1,137,000)
  • ​$100M+ Walmart shadow center with the only Wholesale Club (BJ’s), Theatre (AMC), and Home Improvement store (Home Depot) within the center
  • ​Recent renewals by Walmart for 10 years, BJ’s for 7 years, and AMC with over 9 years of term remaining
  • ​Recent shops renewals by The Shoe Depot, GameStop, GNC, and Supercuts
  • ​New lease with Pet Supplies Plus and Spectrum, and one remaining vacancy for lease-up of 3,080 SF
  • ​Strong sales and sustainable health ratios by Old Navy and Maurice’s

THE HIGHLIGHTS

  • ​Primary retail center within the market – Major retailers Walmart, Home Depot, BJ’s Wholesale, AMC and Aldi located within or across from of center
  • ​Great access and visibility
  • ​Located across from St Bonaventure University with an enrollment of over 2,500 students
  • ​94% occupied with over 87% of the rent roll occupied by national tenants (old Navy, Maurice’s, Pet Supplies Plus, The Shoe Depot, and more
  • ​Substantial recent history of lease-up and renewals
  • ​New LED lights within the parking field
  • ​Roof installed in 2016 and still under warranty

THE DEAL POINTS

  • Square Feet: 53,642 SF
  • Cap Rate: 8.00%
  • Asking Price: $8,702,000
  • Year Built/Renovated: 1980
  • NOI: $696,156
  • Occupancy: 94%

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