LocationPark Plaza Shopping Center is a
± 81,510 square foot grocery anchored center located in Jamestown, ND. The property is
co-anchored by True Value and Cash-Wise (Coborn’s). Park Plaza
Shopping Center, originally constructed in 1960, was the first
enclosed shopping center built in North Dakota. There are limited
retail centers in the local area, with only two competing centers:
Buffalo Mall with a gross leasable area of 213,271 and a Walmart Super Center on the south end of Jamestown.
The Property’s location has favorable area linkages to the
Stutsman County job market and surrounding commercial and
residential districts. The closest primary commercial corridors
are 10th Street SE and 1st Avenue S providing retail and
entertainment services.SaleThe center, which totals ± 81,510 SF of single-story gross leasable area on a ±7.02-acre site, includes tenants with long-term occupancies reflecting multiple lease extensions: Jasmeria Hair (Dec 1992 - 29 years), Plaza Barbers (Nov 1996 - 25 years), Miller Laundry (Nov 1996 - 25 years), True Value Hardware (Nov 1999 - 22 years), Coborn’s d/b/a Cash Wise Foods (Jan 2012 - 10 years with a Jan 2022 5-year extension). All in-place tenants are on NNN leases. Coborn’s has expressed interest in another 5-year lease extension, bringing the expiration date to Jan 2032 representing 58% of the GLA. This extension is contingent upon completing a ±7,225 SF ground to be improved with a four-pump gas station and the completion of cap-ex work including parking lot resurfacing, parking lot lighting, building exterior, and signage upgrades. Capital expenditures are estimated at $572K or $7.70 PSF of GLA. Please refer to the Property Description section of this Offering Memorandum for additional details. The roof was replaced in 2020 at a cost of $876K. The 20-year warranty is transferable.
The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.