Marcus & Millichap is pleased to present the opportunity to acquire a 56,300-square-foot, multi-tenant retail center located in Summersville, West Virginia. Gateway Center is currently 88 percent occupied, providing upside potential to a future investor by leasing the vacant suites. Anchored by a Burkes Outlet (Bealls), tenants consist of a complementary mix of national and local retail businesses including The Ink Pit, Cardinal Pediatrics, Shoe Show, Ichiban Restaurant, U.S. Cellular, Rent-A-Center, Alfredo’s Italian & Greek Restaurant, H&R Block, Smoker Friendly, Patty’s Pasta, LHC Health Group, Fish Frenzy Seafood, and Jo’s Nails. Constructed in 2000, the subject property consists of three buildings situated on 5.68-acres with ample paved parking. A large double-sided monument sign provides additional exposure to the center.
Gateway Center is strategically located on U.S. Highway 19, which runs south to north through West Virginia. Traffic counts in front of the property exceed 29,928 vehicles per day. The property is shadow-anchored by a Walmart Supercenter and near many other national retailers including Lowe’s Home Improvement, McDonald’s, Long John Silver’s, Tractor Supply Co., Harbor Freight Tools, KFC, Advance Auto Parts, Arby’s, AutoZone, Applebee’s Grill + Bar, Anytime Fitness, Aaron’s, Goodwill, Hibbett Sports, AT&T, Dollar Tree, Big Lots, and others. Several hotels including Hampton Inn, Quality Inn, Sleep Inn, Super 8 by Wyndham, and La Quinta Inn & Suites are in close proximity to the subject property, providing additional traffic to the area.
- 56,300-Square-Foot, Multi-Tenant Retail Center | Shadow-Anchored by Walmart Supercenter
- Value-Add Opportunity | 88% Occupied | All Current Leases are Triple-Net | Pro Forma Cap Rate is 9.94%
- Anchored by Burke’s Outlet (Bealls) with a Complementary Mix of National and Local Tenants that are Largely Internet Resistant
- Established Tenant Base | Multiple Tenants have been in the Center for 10+ Years
- Rent-A-Center Recently Executed a Seven-Year Lease Extension with Rent Escalations
- Comprised of Three Buildings Situated on a Large 5.68-Acre Parcel with Ample Paved Parking | Large Double-Sided Monument Sign Provides Additional Exposure
- Priced at $117 Per Square Foot | Well Below Replacement Cost
- Located Off of U.S. Highway 19 | Multiple Ingress and Egress Points | Traffic Counts Exceed 29,928 Vehicles Per Day
- Close Proximity to Many National and Regional Retailers and Hotels, Providing Additional Traffic to the Area
- Three-Mile Average Household Income is $62,775 | Five-Mile Average Household Income is $61,450 | Ten-Mile Average Household Income is $60,075
- The City of Summersville is Located in Nicholas County, 70 Miles East of Charleston, West Virginia