Collonade Plaza (Walmart Shadow)
Closed100 Collonade Plaza, Senatobia, MS 38668
Property type
Retail
Price
$2,250,000
Building size
17,646 sf
Rentable area
17,646 SF
Year built
1996
Year renovated
Occupancy
Zoning code
Lot size
1.70 Acres
Sold/status
Sold · Date unknown
Sale price
$2250000
CAP
8.57%
Net Operating Income
$192,817
Property description
Franklin Street is pleased to present Collonade Plaza, a 17,646 SF Walmart shadow center in Senatobia, Mississippi. Senatobia is located within the greater Memphis MSA and is located just 30 minutes south of downtown Memphis off I-55. The property is conveniently located in the center of the town and pulls from a large trade are in all directions. Senatobia, the county seat for Tate County, is home to Northwest Mississippi Community College which has 3,000+ students one half mile from the shopping center servicing the community. Collonade Plaza is located on the main retail corridor for Senatobia with 23,000 VPD going through the nearby intersection. The shadow Walmart Supercenter is a large traffic generator to Collonade Plaza, as visitors average 13.5 visits per year, benefiting the ancillary tenants in this shopping center. Within the shared parking lot of the property are other traffic generating retailers including Tractor Supply, Dollar Tree, It's Fashion Metro, and Pure Power Fitness. Additionally, within the shopping district are retailers including: Walgreens, Dollar General, AutoZone, O'Reilly Auto Parts, Burger King, AT&T, and Napa Auto Parts. The property has been well maintained as the landlord recently painted the building and restriped the parking lot. Many of the leases offer landlord termination rights to allow landlord flexibility in leasing to potentially increase rental income with new tenants.
Property highlights
- 17,646 SF Walmart Shadow Center 35 miles south of Memphis, TN
- Limited Competition: Only Walmart within 15 miles
- Larger Trade Area: Pulls from 15+ miles in each direction
- Stabilized Rent Roll: 92.50% leased and multiple years left on each tenant's lease
- Diverse mix of service and restaurant tenants with nationals T-Mobile, 1st Franklin Financial, Direct Insurance, and World Finance
- Scheduled rent bumps throughout leases
- Rental Appreciation Potential: majority of rents are mid teens PSF, allowing for future rent increases