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Details: Retail

Asking Price: $20,245,000

Square Feet: 235,253 SF

Asking Cap Rate: 8.5%

Year Built: 1973

Year Renovated: 1992

NOI: $1,720,834

Town & Country

2302 W Thomas St, Hammond, LA 70401

  • ALDI recently announced their acquisition of Southeast Grocers, the parent company of Winn-Dixie
  • Winn-Dixie recently renewed lease through February 2032
  • Winn-Dixie boasts ‘22 sales of $18.74mm currently at $347psf
  • Winn-Dixie Health Ratio of 1.25%
  • Retailers include Winn-Dixie, Ross, PetCo, Starbucks, Advance Auto Parts, CVS, Office Depot, Sherwin Williams
  • Ross renewed for five years in 2022
  • CVS recently committed to a 10 year renewal commencing 1/1/24
  • Located along one of the trade area’s most heavily traveled intersections with traffic counts of over 28,426 Vehicles Per Day
  • Recent Capital Improvements to the roof, parking lot, and parking lot lights
  • Largest tenant, Winn-Dixie, has been in the center for 30 Years
  • Outparcels present opportunity for investor to create value by disposing of separate from the center
  • $86 psf asking price positions the deal in the market well below replacement costs
  • Asset is centrally located in the heart of the Hammond market
  • Dense retail corridor with Walmart, Albertsons, Hobby Lobby, and Lowes located in the submarket
  • The overall market has a low probability of new retail development
  • Great visibility and access from Ronald Reagan Hwy with traffic counts at 28,426 per day
  • The “U” shape configuration of the center creates an easy flow of traffic throughout the property
  • Consistent population growth in the market of 1% over the next five years

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