Park Hills Plaza

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer the opportunity to acquire Park Hills Plaza, a 238,829 square foot, dominant open air grocery-anchored shopping center located in the primary retail corridor of Altoona, Pennsylvania. Park Hills Plaza is one of the dominant open-air shopping centers in the Altoona submarket, with more than 2.5 million visits over the last 12 months. The 86% occupied Property features a robust national tenant lineup anchored by Weis Markets alongside a strong roster of national tenants including Burlington, Harbor Freight Tools, Dunham Sports and more. The Property provides long-term value creation opportunity via mark-to-market rents, along with immediate value-add opportunity via the lease-up of +33,680 SF of vacancy, translating to a +9.0% CAGR in the first three years of an investor’s hold.

DOMINANT GROCER WITH 40+ YEARS OF TENURE, LOW RENTS AND STRONG LEASING ACTIVITY

• Over 2.5 Million visitors to the center annually
• Weis Markets is the largest grocery store within 2 miles
• 14% of the Property’s income is derived from Weis Markets
• $9.45M sales in 2021

ESTABLISHED RETAIL LOCATION WITH EXCELLENT TENANT RETENTION / TENANT LONGEVITY

• Weis Markets, Altoona Professional Hearing Aid, Wise Eyes Optical, Dunham’s Sporting Goods and Goodwill have been at this location for over 25 years
• 36% of the tenants have been at the Property for 25+ years, demonstrating commitment to the location
• The Weighted Average Tenure at the location is 20+ years

EXCELLENT CREDIT PROFILE & STABLE, PREDICTABLE REVENUE STREAM WITH VALUE ADD OPPORTUNITY VIA LEASE-UP OF +33,680 SF OF VACANCY

• 87% of gross income credit and national tenants
• +9.0% CAGR and 28% NOI growth via lease-up of +33,000 SF of vacancy
• 4 new leases (+64,000 SF) signed since 2018 underlying excellent leasing momentum
• $7,82 PSF below market rents and limited capex provide additional upside

WELL POSITIONED GROCERY ANCHORED SHOPPING CENTER WITH EXCELLENT CONNECTIVITY SERVICING A WIDE TRADE AREA

• 2.5M+ visits in the past 12 months
• 60%+ of visitors over the L12 months have visited the property 7+ times, underlying consumer loyalty
• Average consumer spends 57 minutes at the property, underlying cross-shopping tendencies among complementary tenant lineup
• 55% of visitors have travelled 10+ miles to the property over the L12 months, underlying the property's extended trade radius
• 15 minute drive time to Penn State Altoona (+4,100 students)