SALE PRICE: $5,750,000
CAP RATE: 7.75%
- QUALITY INVESTMENT — New 2015 construction with minimal landlord responsibilities & large traffic counts (52,166 ADT south of Cabela Dr.; 43,455 ADT north of Cabela Dr.). The Highlands is a premier shopping and entertainment destination location for the tri-state region, drawing about the same number of shoppers from WV, PA & OH. It is the only major retail power center in the Wheeling area, and it is positioned to remain the dominant retail center of the region for the forseeable future.
- IDEAL LOCATION — Offering direct access from I-70, Triadelphia is home to the Highlands, the largest retail complex (over 1 million sf) in the Northern Panhandle of West Virginia, offering premier shopping, dining, lodging, and entertainment. Triadelphia is included in the Wheeling, West Virginia MSA, considered part of the Pittsburgh Tri-State area, with a population of over 3 million people.
- STRATEGICALLY POSITIONED — Located between Walmart and Target and adjacent to Kohl’s; near other major retailers including Best Buy, Petco, Bed Bath & Beyond, Old Navy & Cabela’s (one of the nation’s top three performing locations).
- STRONG CREDIT TENANTS — 100% occupied including national credit tenants (Mattress Firm, Five Guy Burgers & Fries, Sprint, GNC, Kay Jewelers, Great Clips salon, Sally Beauty Supply).
- RENTAL INCREASES — All tenants have fixed rental increases throughout their base terms and renewal options.
- EXPANDING TRADE AREA — Further development plans include the addition of Menard’s big box home improvement retailer, significant expansion of existing retail strips and outparcels, & the possible addition of a 2nd interchange. As of the 2010 Census, there was a population of nearly 84K people within a 10 mile radius of the property.
- REGIONAL ECONOMIC GROWTH — Shell recently announced plans to move forward with construction of a $3B ethane cracker plant in Monaca, PA, near the WV & OH borders. The plant will rely on natural gas from shale production as its feedstock, which Shell says shale will be very important to the future of the company. The Wheeling MSA is currently the 5th fastest growing economy in the nation, and this development will have numerous positive impacts on the regional economy.
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