Roaring Springs Shopping Center

Roaring Springs, Pennsylvania

Roaring Springs Shopping Center

500-510 Marwalt Lane
Roaring Spring, PA 16673

Offering Summary

  • Status: accepted offer
  • Price: $4,350,000
  • CAP Rate: 8.00%
  • GLA: 59,900 SF
  • Net Operating Income: $347,783
  • Price/SF: $72.62
  • Lot Size (Acres): 6.36
  • Major Tenants: Giant Eagle, Drayer Physical Therapy, Chinese Restaurant, Smoke Shop
  • 86% Occupied, 59,900 SF Grocery-Anchored Shopping Center in Altoona, PA MSA
  • Anchored by Giant Eagle (78% of GLA) – Newly Extended Lease thru 5/2025 | #1 Market Share Grocer in Western PA (220+ Supermarkets, 180+ Gas/C-Stores)
  • Upside via Lease-Up of 8,400 SF of Vacancy (14% of GLA) – Stabilized 10.13% CAP Rate
  • Strong $400/SF+ Giant Eagle Sales with Precipitous YoY Growth
  • 100% of Tenancy In-Place for 13+ Years; 93% In-Place for 24+ Years
  • 34,492 SF of Roof (58% of Total SF) Replaced in 2020 with Warranty; Additional Sections Replaced in 2019/2016/2011
  • E-Commerce-Proof Small-Shop Tenant Base Includes Drayer Physical Therapy, a Chinese Restaurant, and Smoke Shop
  • All Tenants are on PRS NNN Leases – Strong 87% Recovery Ratio of RET/ CAM/INS Expenses
  • Drayer Physical Therapy is a Major Regional Operator with Over 125 Clinics in 11 States – NNN Lease thru 2023
  • Chinese Restaurant In-Place for 26 Years; Primarily Take-Out/Delivery Operation
  • Smoke Shop In-Place for 13.5 Years; Only Tobacco Store in Roaring Spring; Drive-Thru Window
  • Ease of Management – Only 4 NNN Tenants and 6 Total Units, Anchor Comprises 78% of GLA
  • Giant Eagle is the Only Traditional Grocer in Roaring Spring – Nearest Grocery Store (Walmart Supercenter) is 4 Miles North in Duncansville
  • Situated Along Route 36 – Primary Thoroughfare Through Roaring Spring
  • Altoona MSA (Blair County) – Home to a Population of 120,000
EXCLUSIVELY LISTED BY:

Scott Wiles

Senior Managing Director