Warwood Plaza

Wheeling | West Virginia

Offering Summary

  • Status: active
  • Price: $5,265,000
  • Cap Rate: 8.25%
  • GLA: 93,454 SF
  • Net Operating Income: $434,556
  • Price/SF: $57.28
  • Year(s) Built: 1952
  • Lot Size (Acres): 5.24
  • Major Tenants: Kroger, Family Dollar, USA Government, Goodwill
  • 73% Occupied, 91,918 SF Grocery- Anchored Community Shopping Center in Wheeling, WV
  • Anchored by Kroger (37% of Occ. GLA) – In-Place Since the 1950’s with Current Term thru September 2027
  • Kroger Reports Consistently Strong Sales; Exceeded $15.6M and $630/SF in Most Recent Year
  • Kroger has Extremely Low 0.64% Rent-to-Sales Ratio; Very Low Occupancy Costs of $4/SF NNN ($6/SF All-in)
  • Significant Value-Add Potential via Lease-Up – Six Vacancies Totaling 24,504 SF Incl. One 12K SF Unit and Five Small-Shop Units
  • Goodwill – Just Exercised 5-Year Option thru December 2029 w/Increase in Rent
  • Priced Well-Below Replacement Cost at $57/SF
  • 93% of Occupied GLA is Leased to National or Government Tenants (8 of 10 Tenants)
  • Strong Tenant Longevity with 7 of 10 Current Tenants In-Place Since 2006 or Longer
  • Low Rents Averaging $10.44/SF Gross with Low Tax/Ins/CAM Expenses Totaling $2.26/SF
  • New 15-Year GSA Lease (Social Security Administration) in 2021 on 7,100 SF
  • WorkForce West Virginia (State Unemployment Agency) Occupies 13,600 SF Across 3 Units (20% of Occ. GLA) – Has Expanded Twice Over the Past 9 Years
  • Other Notable Tenants Include Family Dollar (15% of Occ. GLA), Goodwill, and Subway
  • Located Along Warwood Ave – Local Arterial with 11,417 VPD
  • Dense Location Amongst Wheeling’s Warwood Neighborhood; Adjacent to Warwood Middle School & Largest Shopping Center in the Immediate Area
  • Supportive Middle-Income Demographics with 45,280/5-Mi Population and AHHI of $69-76K in All Radius Rings
  • Wheeling, WV MSA – Home to a Population of 148,000; Located Along I-70, 45 Mins Southwest of the Pittsburgh, PA Suburbs
https://maps.app.goo.gl/pgYpaKKNnupXsvP69
EXCLUSIVELY LISTED BY:

Erin Patton

Senior Managing Director