Richland Town Center

Johnstown | PA

Offering Summary

  • Status: just listed
  • Price: $41,225,000
  • Cap Rate: 8.00%
  • GLA: 289,624 SF
  • Net Operating Income: $3,298,134
  • Price/SF: $142
  • Major Tenants: TJX/HomeGoods, Best Buy, Ross, Michaels, Dollar Tree, Petco, Ulta & Five Below
  • 98% Occupied, 289,624 SF Walmart-Shadowed Power Center in Johnstown, PA
  • Shadowed by #2 Walmart in PA (133 Stores) with 3.4M T12 Customer Visits; Top 3% Nationally (source: Placer.ai)
  • #3 Most Heavily Trafficked Shopping Center in Western PA / #9 in all of PA; 6.4M Visitors in 2024 (Placer.ai, excludes Malls/Lifestyle-Centers)
  • 5.0 Year WALT / Recent (2024) Anchor Lease Extensions from Ross & TJX/HomeGoods / 6 of 8 Largest Tenants Leased to 2030 or Beyond
  • Existing, Assumable Non-Recourse CMBS Debt: $25.15M / 6.69% IR / 4/2034 Maturity | 30 Yr AM
  • Anchored by T.J. Maxx/HomeGoods Combo Store – #2 Ranked Store in PA (43 Stores) and Top 10% Nationally (source: Placer.ai)
  • 96% Recovery of RET/INS/CAM Expenses; 93% NNN Leases with 5–15% Admin Fees on CAM
  • Below-Market Rents: $9.98/SF Avg. Anchor Rent / $19.65/SF Avg. Small-Shop Rent
  • Freestanding Chili’s Ground-Lease & Starbucks Outparcel Strip Included in Sale; Long-Term CAP Arbitrage Opportunities via Spin-Off
  • 84% of GLA is Leased to National Retailers (26 of 33 Tenants)
  • Upside via Continuing to Relocate In-Market Retail Tenants (Recent Relo’s = American Eagle, Bath & Body Works, Spencer’s @ 35% Combined Rent Increase Over Prior Tenants)
  • 17.6 Year Avg. Weighted Tenure: 63.3% of GLA In-Place Since Original 2003–2005 Construction Including 6 of 7 Largest Tenants
  • One of the Top Shopping Destinations in the Johnstown-Altoona MSA (6.4M T12 Customer Visits); Next Busiest Shopping Centers are 40 Miles Away
  • Junior-Box Tenants Include a Who’s Who of Category-Leading National Retailers: TJX/HomeGoods, Best Buy, Ross, Michaels, Dollar Tree, Petco, Ulta & Five Below
  • Richland Mall Cinemas – Freestanding First-Run Movie Theater In-Place Since Original 2003 Development (In Business Since 1949); On NNN Lease thru 11/2033
  • True Regional-Draw Power Center: 219 Square-Mile Trade Area with a Population of 119K (source: Placer.ai, 80% of traffic)
  • Mountainous Area with High Physical Barriers to Entry Due to Rugged Terrain & Infill Nature of All Prime Off-Highway Real Estate
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director