Overview

Highlights

• Strong Tenant Lineup | 100% Occupied | Drive-Thru Equipped | Limited Short-Term Rollover | Scheduled Rental Increases
• Direct Residential Consumer Base |Strong Demographics in 5-Mile Trade Area
• Outparcel to Neighborhood Center | Dense Retail Trade Area | Strong Tenant Presence | Faith Regional Hospital
• Signalized, Hard Corner Intersection | Centralized Location |2023 Construction | Excellent Visibility & Access

Description

Lee & Associates is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 100% occupied, 2-tenant, retail strip investment property located in Norfolk, NE. The offering features a strong food and retail-based tenant lineup of Starbucks and T-Mobile, making this a prime and e-commerce resistant asset. Both tenants feature a weighted average lease term of 7+ years remaining with additional option periods to extend, providing limited short-term rollover. In addition, both tenants have scheduled rental increases throughout their initial terms and at the beginning of each option period, growing NOI and hedging against inflation. Starbucks is equipped with an end-cap drive-thru lane, providing ease and convenience for customers.

Location

The subject is strategically located at the signalized, hard corner intersection of 13th Street and Pasewalk Avenue, averaging a combined 28,500 vehicles passing by daily. The property also benefits from nearby access onto U.S. Highway 275 (17,600 VPD) and State Highway 35 (11,400 VPD), making it a centralized location with easy access. The strip is ideally situated within a dense retail trade area and lies as an outparcel to Pasewalk Plaza, a 35K+ SF Neighborhood Center with a strong mix of national and regional tenants. The surrounding tenants in the area include Walmart Supercenter, Harbor Freight, Hy-Vee, DaVita Dialysis, Target, Menards, CVS Pharmacy, and others. The strong tenant presence drives a loyal, local customer base to the area, promoting crossover exposure and contributing to the economy. Furthermore, the property is near numerous single-family communities and multi-family complexes including Oak Park (64 units), Odd Fellow Manor (92 units), Woodwinds Apartments (50 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 29,500 residents and 21,500 daytime employees with a healthy average household income of $84,581.

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