Strip center - valuation of soon to be vacant space

[Sam Placido]

Hi all - I'm new here and had a question on how to assign a value to a soon to be vacant space in a small 2 unit strip center. Center is located in a desirable market at at signalized intersection. A national credit tenant with corporate signature occupies half of the center and the other half is occupied by a mom & pop restaurant operator (been there for 15 yrs). The credit tenant will be relocating to a free standing building with drive-thru at the next intersection on the same street about 100 yards away. Before it was known that the credit tenant would be moving the property was being offered at a 6 cap. Now with the new info out there that the credit tenant will be leaving, the price is now nearly a 9 cap but calculated still on the full NOI with the credit tenant's rent still factored in. They will likely be ready to relo in 12-18 months, and the credit tenant has a 120 day early termination right. Knowing the property is in a great location, I can't see a scenario where it will be difficult to re-lease the space. Based on this, is the pricing methodology correct where you would assign a pro-forma market rate and base it on a higher cap, or should I approach it differently? Appreciate the input. Thanks!