Updated over 8 years ago on .
Exit Strategy for Strip Center???
Me and my partners just bought a 29,500 sf strip center. It was 68% occupied at the time. We have recently signed leases who are in the build out phase and will be at 94% occupied. We also extended a few of the expiring leases. NOI will be $530,000 starting October 1st. Cap rates are around 6-8% for similar strip centers. Can I really expect to get that kind of price... and if so, who would even buy that as the debt wouldn't support such a low cap rate.
Tenant Mix:
Sports Clips - 2026
Anytime Fitness - 2024
Independent Nail Salon - 2032
Independent Mexican Restaurant - 2027
Seasons of Japan (13 locations in GA) - 2024
State Farm - 2019 (2 5yr renewal option)
Local Grooming Chain - 2027
DryCleaner - 2021 (5 yr renewal option)
Independent hair Salon - 2023
Marcos Pizza - 2023
Dental Office - 2032