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Details: Retail

Asking Price: $4,292,000

Square Feet: 62,571 SF

Asking Cap Rate: 8.00%

Year Built: 1987

Year Renovated: 2007

NOI: $343,348

Forest Commons

921 Mississippi 35, Forest, MS

  • Opportunity to acquire a Best-in-Market shopping center
  • The center is 100% occupied
  • Tenant Longevity
  • 7 of the 8 tenants have been in the center for 10+ years
  • 98% of the GLA is comprised of National Tenants
  • Located along one of the trade area’s most heavily traveled highways with traffic counts of over 18,000 vehicles per day
  • Largest number of national tenants when compared to other centers in the market
  • Largest tenant, Dirt Cheap, has been in the center for 17 years
  • Below market average in-place rental rates of $6.20/sf
  • 24,175 SF (39% of GLA) of new and renewal leases in the last 24 months
  • New 5-year lease with Citi Trends in 2021
  • Hibbett’s exercised their 5-year option early in 2022
  • Aarons extended their term for 3 years in 2022
  • Good visibility from Hwy 35, which has over 18,000 VPD and is the primary thoroughfare connecting the town to Interstate 20
  • Stable economic drivers with University of Mississippi Medical Center (UMMC) leading as one of the largest economic drivers with 7,200 employees
  • Minimal vacancies within the submarket should allow for ease of lease up of any future vacancies, Forest market currently running at north of 94% retail occupancy

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