103-133 South Frontage Rd | Meridian, MS 39301
• The property features national tenants Best Buy, Ulta, Five Below, Petco, Books a Million, Ross, Aldi, Honey Baked Ham and TJ Maxx.
• With 98.5% occupancy by the best of tenants, the center offers one of the highest durability of income streams in the southeast.
• All of the above tenants have long-term leases with multiple renewal options.
• The rent roll is comprised of the best in class tenants: 92% are national and 54% are credit tenants (BBB- and above).
• 48% of the tenants are grocery or service oriented.
• All tenants are recession and E-commerce resilient or medical with a great track record of success in this location for many years. Best Buy is the 3rd best store in its division.
• 12 tenant’s rents are below market, which affords an opportunity to increase rent and NOI in the next three (3) years.
• Six (6) tenants have leases expiring with no renewal options. This is an opportunity to renew or re-lease those spaces with higher rents and increase the NOI.
• Most national tenants have a long track record of success at the property, with Best Buy since 2006, Petco and Ross since 2007, and Books a Million and Honey Baked Ham since 2008.
• The center is located directly between Walmart, Sam’s Club and Bonita Lakes Mall, a regional shopping mall and surrounded by all the national chains. This intersection is practically the only large shopping destination for residents and travelers around Meridian MS and services a trade area of over 100 square miles.
• The property is well maintained and managed. The company manages millions of square feet for over 100 years throughout the southeast and would offer to continue after the sale.
• The property is located right off highway I-20, a major interstate running through Meridian with 44,000 AADT. There is strong visibility from S Frontage Rd and multiple points of ingress/egress along the property.
• Meridian has a daytime population of over 50,000 and a large industrial presence near the Meridian Regional Airport. The main economic driver in Meridian is its military bases, which host the Air National Guard’s 238th Air Support Operations Squadron, the US Army Reserve Training Center, and the Naval Air Station Meridian, which is the largest military installation in Meridian.
• The property will be delivered free and clear or the buyer may choose to assume the existing CMBS loan.