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Asking Price: $1,610,000

Square Feet: 57,124 SF

Asking Cap Rate: 7.75%

Year Built: 1979

NOI: $124,730

Winona Shopping Center

610 South Applegate Street, Winona, MS

THE ASSET
• Home Hardware and AutoZone anchored center
• AutoZone has been operating at the location since 1994
• AutoZone is the #5 performing AutoZone in the state
• Recent ten-year deal executed with Home Hardware
• Parent company of Home Hardware, Central Network Retail
• Operates 145 locations across 16 states
• Below market rents
• Auto Zone rent: $4.95psf
• Home Hardware rent: $2.97psf
• The center is 89% occupied leaving upside for an investor
• Purchase Price of $28psf significantly below replacement cost
• Internet resistant tenant mix
• New roof with +15 years of useful life remaining
• Potential to carveout outparcel included in the sale

 

THE MARKET
• Asset is centrally located in the heart of Winona
• Winona market is strongly influenced by agricultural industry
• Primary employers in Winona are tied to the agricultural,
manufacturing, and industrial industries
• Amazon recently announced $11 Billion investment in Jackson
to serve as their data Midwest hub
• Winona has continued to make efforts for economic
diversification through the attraction of new businesses in its
commitment to long-term sustainability
• Winona is located 1hr 40min from Memphis and 1hr 25min
from Jackson

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