3 Tenant Pad/Fronts Ross, Rouses, Hobby Lobby
7,572 SF | 100% Leased | 4-Star Retail Building | New Iberia, LA 70560 | $3,973,000 ($525/SF) | 6.50% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,973,000
- Property Type
-
Retail, Restaurant
- Square Feet
- 7,572 SF
- Price / Square Foot
- $525
Listing Contacts
Scott DeYoung
Verified Profile
Jeff Conover
Verified Profile
Greg Lukosky
Verified Profile
- Property Info
Property Overview
LOUISIANA BROKER OF RECORD: STEVE R. REISIG, CCIM - License No. 14916A
Faris Lee Investments is pleased to offer for sale the fee simple interest (Land & Building) to a 100% leased, freestanding, 3-tenant NNN outparcel pad building in New Iberia, Louisiana. All three tenants signed brand-new long-term leases in 2023, with options to extend the term. Additionally, Mattress Firm’s lease includes rental increases throughout the term which aids hedging against inflation while increasing the return on investment. All 3 leases are NNN, making the tenants responsible for their pro rata share of expenses (taxes, insurance, and CAM) associated with the property, and providing the landlord with minimal responsibilities.
Mattress Firm and Cellular Sales (DBA Verizon) both feature corporate-backed leases. Each tenant features high-grade credit ratings as they are each established brands in their respective industries – Mattress Firm has over 2,300 locations, Cellular Sales has over 700 locations, and Zeus Mediterranean Kitchen has 17 locations.
The subject property is strategically located in New Iberia, Louisiana, with a population of over 27,000. The Shops are an outparcel to a regional shopping center with strong anchors Hobby Lobby, Rouses Market, and Ross Dress for Less. Tenants within the immediate trade area include Walmart, TJ Maxx, PetSmart, and Five Below. South Lewis provides over 23,000 vehicles per day, Admiral Doyle Drive provides over 21,000 vehicles per day and more than 74,000 people live within a ten-mile radius.
Faris Lee Investments is pleased to offer for sale the fee simple interest (Land & Building) to a 100% leased, freestanding, 3-tenant NNN outparcel pad building in New Iberia, Louisiana. All three tenants signed brand-new long-term leases in 2023, with options to extend the term. Additionally, Mattress Firm’s lease includes rental increases throughout the term which aids hedging against inflation while increasing the return on investment. All 3 leases are NNN, making the tenants responsible for their pro rata share of expenses (taxes, insurance, and CAM) associated with the property, and providing the landlord with minimal responsibilities.
Mattress Firm and Cellular Sales (DBA Verizon) both feature corporate-backed leases. Each tenant features high-grade credit ratings as they are each established brands in their respective industries – Mattress Firm has over 2,300 locations, Cellular Sales has over 700 locations, and Zeus Mediterranean Kitchen has 17 locations.
The subject property is strategically located in New Iberia, Louisiana, with a population of over 27,000. The Shops are an outparcel to a regional shopping center with strong anchors Hobby Lobby, Rouses Market, and Ross Dress for Less. Tenants within the immediate trade area include Walmart, TJ Maxx, PetSmart, and Five Below. South Lewis provides over 23,000 vehicles per day, Admiral Doyle Drive provides over 21,000 vehicles per day and more than 74,000 people live within a ten-mile radius.
Property Details
- Class
- A
- Year Built
- 2023
- Stories
- 1
- Property Subtype
- Freestanding
Highlights
- 3 National/Regional Tenants - Verizon, Mattress Firm, & Zeus Mediterranean / 100% Leased
- High profile pad building located within strong, anchored shopping center (Ross Dress for Less/Rouses Market/Hobby Lobby)
- New long term NNN leases with rental increases
- New 2023 construction
- Shopping center outparcel to grocery anchored center / Rouses
- Located in the dominant retail corridor with frontage along south Lewis & E. Admiral Doyle dr.
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