Catylist ID:
#30877124
| Catylist Listing ID: | 30877124 |
| Property Subtypes: | Neighborhood Center, Net Leased |
| Building Size (RSF): | 65,860 SF |
| Gross Land Area: | 8.36 Acres |
| Sale Price: | $14,000,000 |
| Unit Price: | $212.57 PSF |
| In Opportunity Zone? | Yes |
| Property Use Type: | Net Leased Investment (NNN), Investment |
| Building Name: | Lakeview Phase II and III |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 7.86% |
| Average Occupancy Rate: | 97 |
| Last Updated: | 9/3/2024 |
Overview / Comments
|
Stirling, acting as the exclusive advisor to the Owner, is delighted to present prospective investors with the opportunity to acquire Lakeview Village II & III, situated in D’Iberville, MS, in the rapidly expanding Mississippi Gulf Coast area near Biloxi, MS. Lakeview Village II & III collectively comprise a 65,860 square foot inline neighborhood retail center, prominently shadow anchored by Academy Sports + Outdoors. Currently, the Property boasts a 97% occupancy rate with a diverse tenant mix that includes nationally recognized brands such as Outback Steakhouse, H&R Block, Great American Cookies, Twin Peaks, Marble Slab Creamery, The UPS Store, One Main Financial, Citibank and Sherwin Williams, alongside local businesses. This vibrant property represents the second and third phase of Lakeview Village and sits directly across from Walmart Supercenter in the heart of this 150-acre master planned, mixed use retail development that has nationally recognized tenants including Lowes, Walmart Supercenter, Academy Sports, Target, Best Buy, Dick’s Sporting Goods, Hobby Lobby and More. The master plan development is located on either side of Interstate 110 on the northern side of the Interstate 10 and Interstate 110 interchange, four miles from Kessler Air Force base, which has a total annual economic impact of $1.67 billion and a workforce of over 14,000 and over 13,000 retirees, and a few miles north of the Biloxi Casino District, which features eight of the Gulf Coast’s twelve casinos. |
Financials
| Finance Data Year | 2024 |
|---|---|
| Real Estate Taxes - Annual($) | $105,764 (Annual) |
| Net Operating Income | $1,100,936 (Annual) |
| Gross Operating Income | $1,424,916 (Annual) |
| Actual or Proforma Year | Actual |
Current Tenants
| Tenant Business Name | Next Generation |
| Industry Type | Retail Trade |
| Is Renting? | Yes |
| Suite Number | 3586 - B |
| SF of Space Occupied | 2,000 SF |
| Tenant Notes | Nail Salon |
| Tenant Business Name | Choice Financial |
| Industry Type | Finance and Insurance |
| Is Renting? | Yes |
| Suite Number | 3586 - C |
| SF of Space Occupied | 3,315 SF |
| Tenant Business Name | Frosty Donuts |
| Industry Type | Retail Trade |
| Is Renting? | Yes |
| Suite Number | 3586 - E |
| SF of Space Occupied | 1,400 SF |
| Tenant Business Name | One Main Financial |
| Industry Type | Finance and Insurance |
| Is Renting? | Yes |
| SF of Space Occupied | 1,200 SF |
| Tenant Business Name | Cloud 9 Vapes |
| Is Renting? | Yes |
| Suite Number | 3586 G |
| SF of Space Occupied | 3,150 SF |
| Tenant Business Name | Outback Steak House |
| Industry Type | Retail Trade |
| Is Renting? | Yes |
| Suite Number | 3586 - H |
| SF of Space Occupied | 8,265 SF |
| Tenant Business Name | Battery World |
| Industry Type | Retail Trade |
| Is Renting? | Yes |
| Suite Number | 3586 - J |
| SF of Space Occupied | 2,700 SF |
| Tenant Business Name | Doctor's Diet Program |
| Is Renting? | Yes |
| Suite Number | 3586- K |
| SF of Space Occupied | 2,610 SF |
| Tenant Business Name | The UPS Store |
| Is Renting? | Yes |
| Suite Number | 3586 - L |
| SF of Space Occupied | 1,620 SF |
| Tenant Business Name | H&R Block |
| Industry Type | Finance and Insurance |
| Is Renting? | Yes |
| Suite Number | 3586 - M |
| Tenant Business Name | Sherwin Williams |
| Is Renting? | Yes |
| Suite Number | 3586 - N |
| SF of Space Occupied | 5,000 SF |
| Tenant Business Name | El Rancho |
| Industry Type | Retail Trade |
| Is Renting? | Yes |
| Suite Number | 3516 - A |
| SF of Space Occupied | 5,600 SF |
| Tenant Business Name | Twin Peaks |
| Industry Type | Retail Trade |
| Is Renting? | Yes |
| Suite Number | 3516 -C |
| SF of Space Occupied | 6,976 SF |
| Tenant Business Name | Kung Fu Tea |
| Industry Type | Retail Trade |
| Is Renting? | Yes |
| Suite Number | 3516- F1 |
| SF of Space Occupied | 1,533 SF |
| Tenant Business Name | Generator Super Store |
| Suite Number | 3516- F2 |
| SF of Space Occupied | 1,970 SF |
| Tenant Business Name | MS Military Dept |
| Is Renting? | Yes |
| Suite Number | 3516 - G |
| SF of Space Occupied | 2,400 SF |
| Tenant Business Name | Marble Slab-American Cookie |
| Industry Type | Accommodation and Food Services |
| Is Renting? | Yes |
| Suite Number | 3516 - H |
| SF of Space Occupied | 2,000 SF |
| Tenant Business Name | Glizy Nail |
| Industry Type | Retail Trade |
| Is Renting? | Yes |
| Suite Number | 3516 - I |
| SF of Space Occupied | 2,400 SF |
| Tenant Business Name | Samurai Japanese Cuisine |
| Industry Type | Accommodation and Food Services |
| Is Renting? | Yes |
| Suite Number | 3516-J |
| SF of Space Occupied | 4,200 SF |
| Tenant Business Name | Signature Cigar |
| Industry Type | Arts, Entertainment, and Recreation |
| Is Renting? | Yes |
| Suite Number | 3516 - L |
| SF of Space Occupied | 4,500 SF |
Additional Details
| Nearest MSA: | Gulfport-Biloxi |
| County: | Harrison |
| Taxing Authority: | Harrison |
| Tax ID/APN: | 1408E-01-001.017 & 1408E-01-001.014 |
| Zoning: | C-3 (ID-A) |
| Retail Clientele: | General, Family, Business, Traveler, Tourist, Recreation, Convention, Casino, Other |
| Property Located Between: | Lamey Bridge and I-110 |
| Property Visibility: | Excellent |
| Largest Nearby Street: | I-10 |
| Feet of Frontage: | 902 |
| Highway Access: | Direct Access via Lamey Bridge |
| Area Description: | SHADOW ANCHOR – Academy Sports + Outdoors is immediately adjacent to the Property and serves as a shadow anchor. Nationally, Academy Sports + Outdoors stores average over $25 million or $314 per square foot in sales. While not part of the offering, this shadow anchor provides added cross-traffic and consumer draw to Lakeview Village II & III of 655,000 visitors per year (Placer.ai) and draws a solid 50 mile radius of shoppers to the center. PRIMARY LOCAL SHOPPING CENTER – Lakeview Village stands out as the premier shopping destination in the city. Conveniently situated next to the area’s sole Walmart Supercenter, Target, and Lowe’s Home Improvement store, it attracts both residents and visitors alike. The center boasts a diverse range of shops, services, and dining options, making it a popular spot for all. The development draws shoppers from the region as the nearest comparable shopping destinations are located in Mobile, AL (59 miles) and Slidell, LA (57 miles). TESLA LAND LEASE – Tesla land lease offers 12 Superchargers, available 24/7, up to 250kW. Brings a steady stream of shoppers and diners to the center. VALUE-ADD OPPORTUNITY – The Property currently has lease availability coming up over the next few years with no options which allows a buyer to add value through increasing rents with renewals. The Property is located in the D’lberville retail market that has approximately 910,000 SF of retail development which currently has a vacancy of only 1.8% according to an independent study which includes big box. There is 217,191 SF of shop space of which less than 6.5% is vacant. ACCESSIBILITY – The Property is well-situated at a signalized intersection along Sangani Boulevard immediately north of the Interstate 110 / Interstate 10 interchange which experiences traffic counts of 78,000 per day. The Westbound off-ramp provides direct access to the Property via Lamey Bridge Boulevard. ATTRACTIVE AREA DEMOGRAPHICS – Lakeview Village II & III are located in one of the strongest demographic areas in Mississippi. The population within a 15 Minute drive time is 67,354 people with an average household income of $83,157, significantly higher than the Mississippi state average of $48,000. D'Iberville’s population has increased by 5.99% since the most recent census. SEPARATE TAX PARCELING – Lakeview Village II & III are situated on separate tax parcels providing an investor the opportunity to pursue different investment and disposition plans for the two distinct tax parcels and the respective improvements. |
| Total Number of Buildings: | 2 |
| Number of Stories: | 1 |
| Property Condition: | Excellent |
| Year Built: | 2007 |
| Year Renovated: | 2023 |
| Parking Ratio: | 8.6 (per 1000 SF) |
| Parking Type: | Surface |
| Parking Description: | 565 Parks between the 2 centers that are open and combined |
| Total Parking Spaces: | 565 |
| Sprinklers: | Wet |
| Heat Type: | Electricity |
| Heat Source: | Central |
| Air Conditioning: | Package Unit |
| Zoning Description: | Interstate Commercial District - To serve high traffic retail and service and light industrial type trades. |
| Lot Frontage: | 902 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Land Ownership: | PKLB, LLC |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 3,231 | 28,380 | 71,048 |
| Median Age: | 32.62 | 33.79 | 36.05 |
| Households: | 1,275 | 11,255 | 27,709 |
Contact
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