Retail

Cave Springs Shopping Center

3979 Veterans Memorial Pkwy Saint Peters, Missouri United States 63376
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2000
Building Area Net
Land Area Net ()
Number of units 1

Asset Description

176,804 Square Foot Open Air Center Anchored by Hobby Lobby •

4 Single Tenant OutParcels • St. Peters, MO (St. Louis)

Investment Highlights

Dominant National Tenant Lineup

100% of occupancy attributed to national tenants


Significantly Below Market Pad Rents

  • Average in-place rents for the four pads is $ 20/sf
  • Market rents for similar outlots in this submarket range from $30-40/sf NNN
  • Enhanced Renewal Probability & Future Rent Upside

Outlot Bifurcation Opportunity

  • Ability to sell outlots separately at accretive cap rates and enhance going-in yield
  • Four different buildings located on separate tax parcels: Verizon, O’Charley’s, Longhorn, Hooters

Recent Leasing Momentum

  • 99,966 SF (57% of GLA) of new and renewal leasing in the last 12 months
  • Hobby Lobby executed renewal for 10 years through September 2031
  • Office Depot exercised an early renewal extending term through 2027
  • New 10-year lease with Cycle Gear for 15,232 square feet
  • Verizon recently executed a 5-year renewal through 2027
  • New 15 year deal with Edge Fitness in 2019
Last Updated Date: 04 Apr 2022

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Last Updated Date: 04 Apr 2022

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