(A) = Cap rate based on actual income at stated occupancy
This is a high visibility center on the hard corner that had a bit of an identity crisis. It looks a lot like an industrial building so the buyer plans to do some remodeling to make it look more like a shopping center. Sherwin Williams Paints has been there for a long time and was a good tenant to build around. A freestanding automotive pad was also included. A couple of the existing leases were at very low lease rates and were an additional source of upside. A small piece of excess land suitable for expanding the parking lot or building a warehouse was also included.