Marcus & Millichap is pleased to bring to market this 134,000 +/- SF regional shopping center/outlet mall located in Batesville, MS. The subject property offers investors the ability to acquire an 87% occupied center priced on current numbers. This is a multi-purpose investment with strong initial returns. The Factory Stores at Batesville is located directly at the intersection of Interstate 55 and 4 lane Hwy 6 approximately 40 miles South of Memphis, TN. The subject property draws from a diverse mix of both local and regional consumers. Bargain hunters from Tennessee, Mississippi and beyond flock to the center on the weekends, while steady local foot traffic keeps the center busy throughout the day. The property is being offered at a 8.18% Cap and will generate a 10.31% Cash-on-Cash return based on market rate financing. The total land area consisted in the offering is 14.3 acres. At $84.39 PSF of leasable area, the property is priced at least $20/SF below replacement cost.
The subject property is ideally suited for the more active investor that wants to know his/her tenants and is interested in developing relationships in the South and South-Eastern part of the United States. The property comes with 2 undeveloped out parcels allowing for up to 10,000-15,000SF of additional space. There is a Steak and Ale restaurant doing approximately $150,000 EBIDA that the current owner would consider selling for an additional $600K. With the population growth at Ol' Miss, this property sees more and more visitors year over year than the other competitive shopping centers/outlet malls in the trade area. |
