Investment Offering
Mount Pleasant, PA - Big Lots
100 Crossroads Plaza | Mount Pleasant, PA 15666
$3,290,000
Price7.3%
Cap Rate$240,168
NOI21,485
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire a net leased, corporate guaranteed, Big Lots investment property located in Mount Pleasant, Pennsylvania (Pittsburgh MSA). The tenant, Big Lots Stores, Inc. has over 9 years remaining in their initial lease term with 2 (5-year) options to extend. The lease features a $0.50 SF/Yr rental increase in February 2024 and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed by Big Lots Stores, Inc. (NYSE: BIG) and is net leased limiting expense leakage and creating a passive investment for a new investor. The offering features a low PSF ($89) – below replacement costs.
The store opened in 2019 and was open, operating, and paid rent in full through the COVID-19 pandemic. Headquartered in Columbus, Ohio, Big Lots is a neighborhood discount retailer operating over 1,400 stores in 47 states. The company experienced record sales growth during its most recent quarter, gaining market share from rivals. Its stock price has surged nearly 60% this year, making it one of the top stocks of 2020. Big Lots was deemed an “essential” retailer during the pandemic because it sells food and household staples. It remained open throughout the spring, even as competitors closed.
Location
Big Lots is located along State Highway 819, a local commuter and retail thoroughfare. The asset benefits from nearby on/off ramp to U.S. Highway 119 (23,400 VPD), a primary commuter thoroughfare traveling through Mount Pleasant and serving the surrounding cities in the region. Big Lots serves as an anchor to a recently remodeled, 83,700 SF shopping center that also includes Aldi. Other nearby retail centers include Crossroads Plaza (99,400 SF), Countryside Plaza (209,100 SF), and Walmart Supercenter anchored Summit Ridge Plaza (240,300 SF), significantly increasing consumer draw to the immediate trade area and promoting crossover retail exposure for the site. State Highway 819 is the primary retail corridor serving the trade area, with other nearby national/credit tenants including Save-A-Lot, Goodwill, Tractor Supply Co., Planet Fitness, Rite Aid, Dollar General, and more. Furthermore, the subject property is the only Big Lots location in the market area with the nearest location more than 12 miles away. Additionally, the site is within walking distance to the housing communities of Mount Pleasant Village (115 units) and Crossroads Village (34 units), providing a direct residential consumer base from which to draw. The 10-mile trade area is supported by a population of more than 75,600 residents and 28,500 employees with an average household income of $68,169.
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215