Centre West Shopping Center

Investment Highlights

• NOI: $703,427.08
• 59% occupied true value-add center with a vacant 39,500 square foot box, an ALDI LOI to ground lease the 1.5 acre pad, and 5 outparcels
• ALDI LOI to do a ground lease for the vacant 1.5 acre pad on a 15-year base term
• 39,500 SF vacant big box to lease and add value to
• 5 outparcels included with two already having leases in place and the remainder available for ground lease or development
• 80% national and regional tenancy in the center, providing strong tenancy base and brand recognition

 

Offering Details

Brookwood Capital Advisors and RealINSIGHT Marketplace are pleased to present Centre West Shopping Center, a 99,726 SF shopping center in South Bend, Indiana. The Property is a prime value-add retail shopping center opportunity that includes the potential to lease-up a vacant 39,500 SF unit, 5 outparcels for ground leasing/development/resale, and a 1.5 AC pad site that recently received an ALDI's LOI to ground lease. The ALDI LOI specifically includes a 15-year base term, 8 options to renew of 5 years each, and 8% rent escalations every 5 years starting at a base rent of $115,000. Five outparcels are included in the offering with two already being leased to Style Savers (discount retailer) and MetroPCS (telecommunications) while the remainder are available for ground leasing, development, or resale. The Property features a strong tenant mix with brand cognition with 80% being comprised of national and regional tenants.

South Bend is a city in Indiana. It's known for the adjacent University of Notre Dame, with its gold-domed main building. In the city center, the Studebaker National Museum displays classic cars made by the former local company. The nearby History Museum has exhibits spotlighting aspects of regional life. The museum also owns 3 historic homes, including the 19th-century Oliver Mansion. The area was settled in the early 19th century by fur traders and was established as a city in 1865. The city assisted heavy industrial development such as that of the Studebaker Corporation, the Oliver Chilled Plow Company, and other large corporations. Its metropolitan statistical area has a population of 721,296. It is the fourth largest city in Indiana.