347 Devereux

Investment Overview

347 Devereaux Drive is a fully leased, 22,000 square foot retail strip center in Natchez, Mississippi, offered at a moment of real lease stability. Built in 2007 along Highway 61, the center sits in one of Mississippi's most-visited small markets, a historic river town whose tourism-driven economy has long outpaced what its modest population would suggest. The rent roll is anchored by strong, recognizable credit. Bestway Rental just executed a fresh five-year renewal with two additional five-year extension options built in. Sevita (formerly The Mentor Network) has already exercised its own renewal through 2032. Lincare, a Linde company, occupies its suite under a lease that includes a further renewal option. Together, Bestway and Sevita alone represent nearly 80% of the center's square footage, both committed through the early 2030s, giving a buyer years of predictable, triple-net income with minimal near-term rollover risk. Beyond the in-place income, the Bestway lease carries a built-in value-add most centers this size don't offer: the landlord holds the right to recapture up to 6,000 square feet of Bestway's space and re-lease it at current market rates, a real, contractual path to meaningfully increasing revenue without waiting on a lease expiration. The property has been well maintained, with recent capital investment in a full LED lighting retrofit, facade refresh, new water lines, and new HVAC units, leaving a buyer with minimal deferred maintenance to underwrite.