Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

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Attributes

Year Built 1960
Building Area

Property Description

Jones Lang LaSalle Americas, Inc. (JLL) has been exclusively

retained to offer qualified investors the opportunity to acquire

Hillcrest Plaza – a 111,203 square foot, 96% leased,

shopping center located in St. Joseph, Missouri. The property is

anchored by Dollar Tree, who recently signed a new 10-year lease at

the asset, and Office Depot and Jo-Ann who have both been at the asset

for more than 20 years. The closest Office Depot and Jo-Ann locations

are 47 and 44 miles away respectively.


The property is located on St. Joseph’s primary north-south roadway

and is located just a half-mile away from the I-29 & Frederick Road

interchange, providing the asset with high consumer visibility. In

addition to the high nearby traffic counts, the asset is located within

a mile of several of St. Joseph’s largest employers including Mosaic

Life Care, Western Missouri State University, and East Hills Mall,

which enhance the daytime population, and provide a built-in consumer

base for Hillcrest Plaza’s retailers.


Investment Highlights

·      Recent leasing momentum - new 10-year lease with dollar tree

·      Long-term anchor tenancy - 22.80 weighted average tenure (excluding dollar tree)

·      71% of leased GLA is comprised of national brands

·      37% below market rents present attractive option to existing East Hills Mall tenancy

·      Expansive trade area - 50 miles

·      Strong daytime population

·      1 single tenant outlet

Last Updated Date: 03 Nov 2020
Clinton Mitchell
Clinton Mitchell
Managing Director, Capital Markets
License details
IL-475.160470 NE-20150925
Amy Sands
Amy Sands
Managing Director, Capital Markets
License details
IL-475.138622

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Last Updated Date: 03 Nov 2020

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