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Winona Shopping Center

Deal Overview

  • Address

    610 S Applegate St

    Winona, MS 38967

  • Parcel Number

    361 354000 0000000910

  • Gross Leasable Area 

    57,125 square feet

  • Land Area

    +/- 6.0 AC

  • NOI

    $124,730

  • Cap Rate

    7.75%

  • Purchase Price 

    $1,610,000 ($28 PSF)

  • Occupancy

    89%

THE OPPORTUNITY

The Asset

  • Home Hardware and AutoZone anchored center
  • AutoZone has been operating at the location since 1994
  • AutoZone is the #5 performing AutoZone in the state
  • Recent ten-year deal executed with Home Hardware
  • Parent company of Home Hardware, Central Network Retail
  • Operates 145 locations across 16 states
  • Below market rents
  • Auto Zone rent: $4.95psf
  • Home Hardware rent: $2.97psf
  • The center is 89% occupied leaving upside for an investor
  • Purchase Price of $28psf significantly below replacement cost
  • Internet resistant tenant mix
  • New roof with +15 years of useful life remaining
  • Potential to carveout outparcel included in the sale

The Market

  • Asset is centrally located in the heart of Winona
  • Winona market is strongly influenced by agricultural industry
  • Primary employers in Winona are tied to the agricultural, manufacturing, and industrial industries
  • Amazon recently announced $11 Billion investment in Jackson to serve as their data Midwest hub
  • Winona has continued to make efforts for economic diversification through the attraction of new businesses in its commitment to long-term sustainability
  • Winona is located 1hr 40min from Memphis and 1hr 25min from Jackson

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