DEALS

Deals

Pamlico Plaza – Washington, NC

The Palomar Group is pleased to exclusively offer Pamlico Plaza located in Washington, NC. Tenants in Pamlico Plaza include Burkes Outlet, Office Depot, Shoe Shoe, It’s Fashion, Hibbett Sports, Jersey Mike’s, Sally Beauty and more.  Shoe Show was the most recent Tenant to sign a Lease at Pamlico Plaza, relocating from Midtown Crossing (across the street) further solidifying Pamlico Plaza’s place as the superior retail asset in the market.  The national Tenants at Pamlico make up 88% of the property’s occupied Gross Leasable Area (GLA) and account for 86.18% of the existing base rental revenue.  In addition of the solid makeup of National Tenants, 83% of GLA is occupied by the five Anchor tenants.  These Tenants account for 71% of the existing base rental revenue.

 

PROPERTY HIGHLIGHTS:

  • Address:  570 Pamlico Plaza, Washington, NC
  • Year Built:  1989
  • NOI:  $552,000
  • Cap Rate:  8.15%
  • Price:  $6,773,000 ($75.28psf)
  • Occupancy:  95%
  • Square Feet:  89,967
  • Site Size:  10.03 acres
  • Tenants:  Burkes Outlet, Office Depot, Shoe Show, Hibbett Sports, It’s Fashion, Jersey Mikes, Sally Beauty, US Cellular, etc
  • Walmart Shadow Center 
  • New Roof on 88% of the Center
  • Avg Rents of $6.63psf compared to market avg of $8.82psf
  • Strongest ADT Counts in the market: 33,000 ADT
  • Strong Tenant Sales by Burkes increasing by more than 13% YOY ’14-’15