Marcus & Millichap is pleased to present the opportunity to acquire a grocery-anchored, 65,636-square-foot, multi-tenant retail center located in Lake Charles, Louisiana. East Town Shopping Center is currently 91 percent occupied with a mix of triple net, gross, and base year leases, providing significant upside potential in leasing the remaining vacancy and converting all leases to triple-net. Anchored by Market Basket, who has been a tenant at this shopping center for over 60 years, tenants are a complementary mix of national and regional credit tenants including Simply 10, Dollar Tree, Hibbett Sports, and Family Dollar (currently dark). East Town Shopping Center is situated on 5.144 acres with ample paved parking. Landlord reports a new roof was installed in 2015 with a 15-year warranty. Additional recent improvements included partial parking lot repaving/repairs and exterior painting, completed in 2023.
East Town Shopping Center is located on 3rd Avenue, near the signalized intersection with U.S. 90 (Broad Street). U.S. 90 is a major east-west thoroughfare with traffic counts exceeding 11,229 vehicles per day. The subject property is in close proximity to multiple warehouse businesses. Calcasieu Parish School Board High, Calcasieu Parish Board Early Childhood, Pearl Watson Elementary School, Lake Charles-Boston Academy of Learning, and Hamilton Elementary School are all in close proximity to the subject property, providing additional traffic to the area. The surrounding area is densely populated with more than 83,303 residents within five miles, having an average household income of $70,163.
- Value-Add, 65,636-Square-Foot, Grocery-Anchored Retail Center
- Tenant Base is a Complementary Mix of National and Regional Brands | 33% of the GLA is Leased to Dollar Tree and Family Dollar, both Publicly Traded (NASDAQ: DLTR)
- Anchored by Long-Term Lease with Market Basket (60+ Years) | Tenant Recently Exercised an Early Five-Year Lease Renewal, Showing Continued Commitment to the Location
- 91% Leased | Mix of Triple-Net, Gross, and Base Year Leases | Significant Future Upside Potential in Leasing Vacancy and Converting Leases to Triple-Net
- Landlord Reports New Roof was Installed in 2015 with a 15-Year Warranty | Other Recent Property Improvements Reported Include Partial Parking Lot Repaving and Exterior Painting in 2023
- Priced at $48 Per Square Foot | Well Below Replacement Cost
- Located on 3rd Avenue, Near Signalized Intersection with U.S. 90 (Broad Street) | U.S. 90 (Broad Street) is a Major East-West Thoroughfare with Traffic Counts Exceeding 11,229 Vehicles per Day
- Close Proximity to Local School Campuses, Providing Additional Traffic to the Area
- Well Positioned to Serve a Community of More Than 83,303 Residents Within a Five-Mile Radius | Serves a Daytime Workforce Population of 58,757
- Average Household Income is $54,313 within a One-Mile Radius; $61,309 within a Three-Mile Radius; and $70,163 within a Five-Mile Radius
- Lake Charles is the 5th Most Populous City in the State of Louisiana | Home to Multiple Casinos, Upscale Resorts, McNeese State University, and other Attractions
