Richland Town Center

Johnstown | Pennsylvania

Offering Summary

  • Status: active
  • Price: $42,190,000
  • CAP Rate: 7.75%
  • GLA: 289,624 SF
  • Net Operating Income: $3,269,684
  • Year(s) Built: 2003
  • Year(s) Renovated: 2005
  • Major Tenants: T.J. Maxx/HomeGoods, Best Buy, Richland Mall Cinemas, Ross Dress for Less, Michaels, Dollar Tree, Petco, Fine Wine & Good Spirits, Ulta Beauty
  • 100% Occupied, 289,624 SF Walmart-Shadowed Power Center in Johnstown, PA
  • Shadowed by #1 Walmart in PA (133 Stores) with 3.14M T12 Customer Visits; Top 1% Nationally (source: Placer.ai)
  • #3 Most Heavily Trafficked Shopping Center in Western PA / #7 in all of PA; 6.22M Visitors in 2023 (Placer.ai, excludes Malls/Lifestyle-Centers)
  • 19.4% 10-Year Leveraged IRR Projected; 20.9% 5-Year Leveraged IRR
  • Offered Free & Clear of Debt; Allowing Purchaser Opportunity to Facilitate Bridge Debt and Effectuate a Pad-Spin Strategy
  • Anchored by T.J. Maxx/HomeGoods Combo Store – #2 Ranked Store in PA (43 Stores) and Top 10% Nationally (source: Placer.ai)
  • 101% Recovery of RET/INS/CAM Expenses; 97% NNN Leases with 5-15% Admin Fees on CAM
  • Below-Market Rents: $9.73/SF Avg. Anchor Rent / $18.32/SF Avg. Small-Shop Rent
  • Freestanding Chili’s Ground-Lease & Starbucks Outparcel Strip Included in Sale; CAP Arbitrage Opportunities via Spin-Off
  • 84% of GLA is Leased to National Retailers (27 of 33 Tenants)
  • Upside via Continuing to Relocate Neighboring Mall Tenants (Recent Relo’s = American Eagle, Bath & Body Works, Spencer’s @ 35% Combined Rent Increase Over Prior Tenants)
  • 15.9 Year Avg. Weighted Tenure: 63.3% of GLA In-Place Since Original 2003-2005 Construction Including 6 of 7 Largest Tenants
  • Top Shopping Destination in the Johnstown-Altoona MSA (6.2M T12 Customer Visits); Next Busiest Shopping Centers are 40 Miles Away
  • Junior-Box Tenants Include a Who’s Who of Category-Leading National Retailers: 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