CARAWAY PLAZA - LoopNet · 2019. 2. 28. · CARAWAY PLAZA 1221 S Caraway Rd., Jonesboro, AR 72401 ABOUT THE LOCATION 97.5% Occupied Power Center Long Leases with New & Extended Terms

1221 S Caraway Rd., Jonesboro, AR 72401CARAWAY PLAZA

Gross Leasable Area 161,538 SF

Current Occupancy 97.5%

Year Built/Renovated 1969/2002/2018

13,000 Additional SF Approved for Outparcel Tenants


www.HalseyThrasherHarpole.com | O: 870.972.9191 | F: 870.972.9220 | 301 West Washington Avenue, Suite 200 | Jonesboro, Arkansas 72401

LIST PRICE: $22,900,000

NET OPERATING INCOME: $1,694,788

CAP RATE: 7.4%

INCOME CURRENT PROFORMA CASH FLOWAVERAGE

Base Rent $1,721,375 $1,767,251

Vacant Rent $60,000

Percentage Rent $30,447 $30,447

Expense Reimbursements $212,584 $218,126

Vacancy Factor ($48,000) ($0)

Effective Gross Income $1,962,281 $2,015,823

Total Expenses $267,493 $267,493

Gross Leasable Area 161,538 SF

Year Built/Renovated 1969/2002/2018

Lot Size 18.00 AC

Current Occupancy 97.5%

1221 S Caraway Rd., Jonesboro, AR 72401CARAWAY PLAZAABOUT THE LOCATION

97.5% Occupied Power Center

Long Leases with New & Extended Terms

Some Tenants Report Sales

Triple-Net Leases Besides Hallmark Who Pays Base and Percentage RentRenovated in 2018

Caraway Plaza has established itself as the premier open-air shopping center in the entire Northeast Arkansas region; boasting the largest assemblage of national retail tenants outside The Mall at Turtle Creek. It is located at the highly trafficked intersection of South Caraway Road and Nettleton Avenue (42,000 vehicles per day). Anchor tenants include TJ Max, Old Navy, Natural Grocers, Petco, Rackroom Shoes and Five Below. Each unit is equipped with ample parking, great visibility and high exposure. Caraway Road has recently reemerged in the Jonesboro market with tremendous growth since the relocation of Kroger Marketplace, and the addition of Burlington and Planet Fitness. Improved traffic infrastructure and other investments by the City of Jonesboro in the vicinity of this property have reiterated the importance of this location to the community. Jonesboro is a city of distinction in Northeast Arkansas. Jonesboro is the 5th largest city in Arkansas, with a population of over 70,000. Our Metropolitan Statistical Area (MSA) is over 120,000 with a Trade Area of over 500,000. Jonesboro is centrally located with easy access to other major markets, including America’ s Distribution Center, Memphis, Tennessee. Jonesboro provides a positive business environment with a diversified economic foundation. A well qualified workforce, low cost utilities, the training capabilities of Arkansas State University and an overall low cost of doing business are just a few reasons why many companies are proud to call Jonesboro home. In addition, the quality of life is exceptional, with an award winning educational system, excellent healthcare facilities, abundant retail opportunities and numerous recreational and cultural





While the center is 97% occupied, the current zoning and parking capacity allows for an additional 13,000 SF to be built as designed on the site plan above.

To BeBuilt


1221 S Caraway Rd., Jonesboro, AR 72401CARAWAY PLAZATENANT SQUARE FOOTAGE PERCENTAGE PRO RATA LEASE COMMENCE

Barnhills 11,550 7.15% 9/1/1994

Griffin Power Yoga 2,250 1.39% 6/13/2018

Hallmark 8,625 5.34% 11/1/2016

Five Below 8.577 5.31% 7/1/2018

VIP Nails 1,200 .74% 5/1/2000

Big E Nutrition 1,200 .74% 8/1/2018

Petco 14,620 9.05% 2/10/2003

Vacant 4,000 2.48%

Rack Room 6,700 4.15% 3/20/2002

Old Navy 12,500 7.74% 2/3/2002

Home Goods 23,250 14.39% 3/17/2018

TJ Maxx 30,000 18.57% 10/21/2001

Blonde Ambition 3,354 2.08% 8/1/2012

Natural Grocers 25,312 15.67% 2/1/2017

China Buffet 7,140 4.42% 12/1/2009

Vacant - Pad (MT Retail) 0%

Shipley Donuts 1,260 .78% 1/1/2012

OCCUPIED 157,538 97.52%

VACANT 4,000 2.48%


1221 S Caraway Rd., Jonesboro, AR 72401CARAWAY PLAZAAREA OVERVIEW - Jonesboro, AR

Jonesboro is a city located on Crowley’s Ridge in the northeastern corner of the U.S. State of Arkansas. Jonesboro is one of two county seats of Craighead County and the home of Arkansas State University. According to the 2010 Census,the city had a population of 67,308 and is the fifth-largest city in Arkansas.

Jonesboro is the cultural and economic center of northeastern Arkansas. It is the principal city of the Jonesboro, Arkansas Metropolitan Statistical Area. In 2010, the Jonesboro metropolitan area had a population of 121,026 and a population of 163,116 in the Jonesboro-Paragould Combined Statistical Area.

Jonesboro is a regional center for manufacturing, agriculture, medicine, education, and trade.


1221 S Caraway Rd., Jonesboro, AR 72401CARAWAY PLAZAOLD NAVY

HOME GOODS

ABOUT THE TENANTS

One of the region’s favorite clothing retail locations, Old Navy at Caraway Plaza boasts everything from your favorite T-shirts and jeans to your seasonal fashion faves. A place where every family member is invited. Where everything has great style and quality and the shopping experience is actually fun, not a chore. As one of the world’s largest apparel brands, Old Navy has become a staple in this market and an incredible anchor for this center.

At HomeGoods Jonesboro, AR you’ll discover, high-quality, handcrafted merchandise for every style and every room all at significant savings. You’ll find an ever changing selection of home décor & fashions from around the world. Get inspiration for your kitchen & dining furniture, bed and bathroom, and even pieces to complete space for your kids and pets. We have the final touches for when you are about to entertain guests and plenty of items when it is time to organize and clean. Plus, new styles arrive all the time so you never know what you’ll find.


1221 S Caraway Rd., Jonesboro, AR 72401CARAWAY PLAZANATURAL GROCERS

RACK ROOM SHOES

ABOUT THE TENANTS

Natural Grocers is Northeast Arkansas’ largest grocery supplier of natural, organic and healthy food products. The parent company was founded in 1955 and the first location was opened in 1963. Since that time, Natural Grocers has grown into a publicly traded grocery chain with 140 stores in 19 states. They are a tremendous asset to the market and to Caraway Plaza.

Rack Room shoes has grown into one of America’s most successful footwear retailers, boasting over 450 locations in 24 states and growing. The company will celebrate its 100th year in business in 2020; and they continue to be a tremendous retail draw for Caraway Plaza. By offering the best selection, brands, service, convenience and value, Rack Room Shoes remains poised for great achievements in the years to come.


1221 S Caraway Rd., Jonesboro, AR 72401CARAWAY PLAZAPETCO

TJ MAXX

ABOUT THE TENANTS

Our Jonesboro AR pet store location offers a wide selection of top quality products to meet the needs of a variety of pets. High quality foods are available for nearly all pet types whether you have a dog, cat, reptile, fish, small animal or feathered friend. For your dog, find everything from dog tags and collars to beds and gates, bark control and everything in between. For cats, shop a wide selection of essentials including cat scratchers, cat litter, collars and more. You can also personalize pet ID tags for cats in-store, so your pet wears your most up to date contact information. For fish, small animals, reptiles, birds and more, the variety is immense. At Petco you can easily find small animal bedding, saltwater aquarium supplies, bird cages, habitat foggers, toys, treats and more.

Shop high-end designer fashion and brand names you love, all at prices that let your individual style shine. At T.J.Maxx Jonesboro, AR you’ll discover women’s & men’s clothes that match your style. You’ll find the perfect final touches for every outfit - handbags, accessories & more. And when your home needs a decor refresh, we have so many styles to choose from. Plus, new styles arrive all the time, so you never know what you’ll discover next.


1221 S Caraway Rd., Jonesboro, AR 72401CARAWAY PLAZABARNHILLS

FIVE BELOW

ABOUT THE TENANTS

Barnhill’s Buffet is a destination restaurant for Jonesboro and Northeast Arkansas. Young and old alike are drawn to their incredible buffet with a wide assortment of home cooked food such as baked chicken and fish, pulled pork, southern fried catfish, delicious cooked vegetables, a fresh salad bar and an impressive array of desserts.

Five Below is a store with unlimited possibilities where tweens, teens and beyond are free to let go & have fun in a color- popping, music pumping, super-fun shopping experience where you’ll always find the coolest stuff for $5 or less making it easy to say yes and smile big with our tech, tees, sports balls, beauty, candy, remote control toys and so much more for literally everyone!



JUNE’S HALLMARK

GRIFFIN POWER YOGA

NUTRITION HUB

VIP NAILS

BLONDE AMBITION

MERLE NORMAN

SHIPLEY DONUTS

ABOUT THE TENANTS

June’s Hallmark, founded in 1963, offers a wide range of cards and gift items for any occasion. They also carry a multitude of ‘must-have’ brands and everyday products such as fashion, beauty, home, baby, children, holiday, travel, and much more. Apart from their extensive product supply, Junes offers top-notch gift wrapping and personalization services such as monograming, embroidery, heat press, and vinyl. June’s Hallmark is one of the oldest and most successful franchises in the Hallmark companies and is often voted as one of the best gift shops in Arkansas.

No two yogis are alike. So whether you are a newcomer, a rockstar, type A or type Z; we have a class for you. Our big, beautiful studio is located in the heart of Jonesboro and is equipped with infrared radiant heat ceiling panels and ZebraTM yoga flooring to make your experience even more awesome. Come early and hangout in our lobby where you will find the latest yoga gear and meet new friends. At Griffin Power Yoga we commit to having fun and providing powerful classes that inspire everyone to live life fuller. So grab your mat and join us as we strengthen our bodies, open our minds, and shine.

Their mission is to change peoples lives by providing the best nutritional products and world class coaching and a community of love and encourage-

Professional nails care for ladies and gentlemen. Specialize on spa pedicure, manicure, nails enhancement ( acrylic, solar, gel polish..) x waxing.

A full service salon offering style and spa services for the whole family.

High end makeup and accessories.

Shipley Do-Nuts serves over 60 varieties of delicious donuts made fresh daily at our shops.


1221 S Caraway Rd., Jonesboro, AR 72401CARAWAY PLAZAABOUT HALSEY THRASHER HARPOLE REAL ESTATE GROUPHalsey Thrasher Harpole is a full-service real estate company, offering expertise and a dedication to delivering high-level service, strategies and results for landlord, tenant, homeowners, home buyers; as well as development and investor clients across the real estate spectrum.

We offer a broad range of services, spread out across commercial, residential, prop-erty management and development market segments. Our recent expansion into the residential market is going to give us the opportunity to develop an incredible talent pool of specialists to begin servicing our market.

Our multi -disciplinary approach allows our clients to experience the benefits of a full-service firm, all the while knowing that each area of representation is led by professionals who understand the nuances and details of the individual market segments.

Our extensive portfolio includes projects which have enhanced quality of life and added charm to the heart of Jonesboro. These attributes drive our planning for our largest development projects, which include Greensborough Village —an exciting 200—acre mixed use development containing boutique, retail and office spaces. They also include Parker Hollow, a 30-acre mixed use development in Southwest Jonesboro, and Centre Park, a 42-acre hospitality, retail and office development that is a gate-way property fronting I-555. These as well as targeted key redevelopment properties are symbolic of our philosophical approach that development should work to enhance a community on multiple fronts.


1221 S Caraway Rd., Jonesboro, AR 72401CARAWAY PLAZAABOUT THE AGENT - JERRY HALSEY JRJerry Serves as the Principal Broker of Halsey Thrasher Harpole Real Estate Group as well as a Managing Partner for both Halsey Thrasher Harpole and its parent CitiFirst LLC.

Jerry enjoys many facets of real estate, from brokerage to development to ownership. His personal experience runs the gamut of the industry, with market-leading experience in retail centers, office buildings, industrial properties, agricultural properties, self-storage facilities, and undeveloped commercial and residential land. One of his key strengths is being able to analyze a deal and recognize its value across the real estate specialties.

Jerry represents clients in Arkansas, Tennessee, Mississippi, Missouri and Alabama. He is noted as a market leader; whether in education and designation or significant transac-tions in every category of commercial real estate. He has the distinction of being one of only a select number of CCIM’s and the only SIOR in the market, and is uniquely qual-ified by virtue of training and experience to help maximize your real estate transaction.

Jerry is a former Commissioner for the Arkansas Building Authority in the State of Arkansas and served as the Chairman of the Jonesboro Metropolitan Area Planning Commission from January 2010 through August 2011. He is currently a member of the Jonesboro Vision 2030 comprehensive planning advisory commission and was recently featured in the Jonesboro Sun’s “Twelve Who Make It Happen.” Jerry is also on the Board of Directors for the Arkansas State Police Foundation.

In his personal time, Jerry enjoys spending time with his family, and the Church family.

Jerry Halsey Jr., CCIM, CRB, SIORPrincipal Broker/Managing Partner

O: 870.972.9191M 870.930.8008F:870.972.9220

[email protected]

www.HalseyThrasherHarpole.com


Documents

CARAWAY PLAZA - LoopNet · 2019. 2. 28. · CARAWAY PLAZA 1221 S Caraway Rd., Jonesboro, AR 72401 ABOUT THE LOCATION 97.5% Occupied Power Center Long Leases with New & Extended Terms