Skip to main content

Shopping Neighborhood

St. Albans Shopping Center | Kroger Anchor

1400 MacCorkle Ave, Saint Albans, WV 25177

Listing Price: Request For Offer

Gross SF
223,457
Rentable SF
223,457
Lot Size
13.01 acres
Year Built
1975

Investment Overview

Marcus & Millichap is pleased to present St. Albans Shopping Center, a 223,457-square-foot Kroger anchored center. The center is currently occupied by a synergistic mix of tenancy including: Ashley HomeStore, Goodwill, Pet Supplies Plus, Anytime Fitness, McDonald’s, and others. The property was renovated in 2021 and is situated on 13 acres. The Kroger store performs exceptionally well with $39+ Million in annual sales ($831 PSF) and consistent year-over-year sales growth. As a result, Kroger benefits from an extremely low rent-to-sales ratio of less than one percent. Kroger has occupied the building since inception 47+ years ago. Over that time, Kroger has invested significant equity in their space on an ongoing basis. Most recently in 2021, Kroger spent in excess of $1.2 million upgrading their shelving and fixtures as well as installing new refrigeration and HVAC units. Kroger has over eight years of term remaining on the lease with multiple five-year renewal options containing rent increases. Given this is a mature marketplace with limited grocery competition, Kroger is poised to maintain their dominant foothold. Per Placer.ai, the subject property Kroger significantly outpaces the traffic for the next closest Kroger. Ashley HomeStore joined the tenant roster in 2021 with a six-year lease and Goodwill signed a fifteen-year lease in 2022. Pet Supplies Plus opened in May 2022 on a 10-year term. The Landlord spent $1.5 million on buildouts for the Ashley HomeStore, Pet Supplies Plus and Goodwill suites. The former Kmart space offers value-add potential, and the center’s location continues to be very desirable as evidence by the tenants that have located/relocated since the onset of the pandemic. Several tenants have expressed interest in leasing spaces in the former Kmart and have submitted LOIs. The Kmart is on a separate parcel and is potentially available for sale separately from the main center. The outlot containing a vacant former restaurant also provides upside. St. Albans Shopping Center is strategically positioned on a main thoroughfare with limited competition in the immediate area. There are over 4.5 million square-feet of retail within five miles of the subject property. The asset is within close proximity to West Virginia State University, a public institution enrolling over 4,300 students. Nearby national retailers include Walmart, ALDI, Lowe’s, Staples, Dollar Tree, among many others. The property features excellent visibility off U.S. 60 / MacCorkle Ave, where traffic counts exceed 16,9000 vehicles per day. The center is located within 10 miles of Charleston, West Virginia’s state capital, and close proximity to Interstate-64 with traffic counts of 49,899 vehicles per day. There are 50,201 full-time residents with an average household income exceeding $63,500 per year within five miles of the asset. St. Albans Shopping Center offers a unique investment opportunity to acquire a grocery anchored center with significant value-add potential.

Investment Highlights

  • Anchored by Kroger with Fuel Center | Kroger has Just Over Eight Years of Term Remaining | Original Tenant
  • Significant Value-Add Potential from Former Kmart Space | Potential Separate Sale | Expressed Interest & LOI's from Several Tenants for Leasing Spaces
  • Kroger sales of $39+ Million ($831 PSF) | Continued YOY Growth | Rent-To-Sales Ratio of Less Than 1%
  • Goodwill Brand New 15-Year Lease | Pet Supplies Plus Brand New 10-Year Lease | Landlord $1.5 Million Spent on Tenant Buildouts
  • High Barrier to Entry | Mature Marketplace | Positioned on U.S. 60 / MacCorkle Ave (16,915 VPD combined)
  • 4.5 Million Square Feet of Retail within a 5-mile Radius
  • 10 Miles from Charleston | West Virginia State Capital
  • Demographics: 50,201 Residents & $63,543 Average Household Income within a 5-Mile Radius of the Asset

Exclusively Listed By

Shopping Neighborhood

St. Albans Shopping Center | Kroger Anchor

Listing Price: Request For Offer

Gross SF
223,457
Rentable SF
223,457
Lot Size
13.01 acres
Year Built
1975

Investment Highlights

  • Anchored by Kroger with Fuel Center | Kroger has Just Over Eight Years of Term Remaining | Original Tenant
  • Significant Value-Add Potential from Former Kmart Space | Potential Separate Sale | Expressed Interest & LOI's from Several Tenants for Leasing Spaces
  • Kroger sales of $39+ Million ($831 PSF) | Continued YOY Growth | Rent-To-Sales Ratio of Less Than 1%
  • Goodwill Brand New 15-Year Lease | Pet Supplies Plus Brand New 10-Year Lease | Landlord $1.5 Million Spent on Tenant Buildouts
  • High Barrier to Entry | Mature Marketplace | Positioned on U.S. 60 / MacCorkle Ave (16,915 VPD combined)
  • 4.5 Million Square Feet of Retail within a 5-mile Radius
  • 10 Miles from Charleston | West Virginia State Capital
  • Demographics: 50,201 Residents & $63,543 Average Household Income within a 5-Mile Radius of the Asset

Investment Overview

Marcus & Millichap is pleased to present St. Albans Shopping Center, a 223,457-square-foot Kroger anchored center. The center is currently occupied by a synergistic mix of tenancy including: Ashley HomeStore, Goodwill, Pet Supplies Plus, Anytime Fitness, McDonald’s, and others. The property was renovated in 2021 and is situated on 13 acres. The Kroger store performs exceptionally well with $39+ Million in annual sales ($831 PSF) and consistent year-over-year sales growth. As a result, Kroger benefits from an extremely low rent-to-sales ratio of less than one percent. Kroger has occupied the building since inception 47+ years ago. Over that time, Kroger has invested significant equity in their space on an ongoing basis. Most recently in 2021, Kroger spent in excess of $1.2 million upgrading their shelving and fixtures as well as installing new refrigeration and HVAC units. Kroger has over eight years of term remaining on the lease with multiple five-year renewal options containing rent increases. Given this is a mature marketplace with limited grocery competition, Kroger is poised to maintain their dominant foothold. Per Placer.ai, the subject property Kroger significantly outpaces the traffic for the next closest Kroger. Ashley HomeStore joined the tenant roster in 2021 with a six-year lease and Goodwill signed a fifteen-year lease in 2022. Pet Supplies Plus opened in May 2022 on a 10-year term. The Landlord spent $1.5 million on buildouts for the Ashley HomeStore, Pet Supplies Plus and Goodwill suites. The former Kmart space offers value-add potential, and the center’s location continues to be very desirable as evidence by the tenants that have located/relocated since the onset of the pandemic. Several tenants have expressed interest in leasing spaces in the former Kmart and have submitted LOIs. The Kmart is on a separate parcel and is potentially available for sale separately from the main center. The outlot containing a vacant former restaurant also provides upside. St. Albans Shopping Center is strategically positioned on a main thoroughfare with limited competition in the immediate area. There are over 4.5 million square-feet of retail within five miles of the subject property. The asset is within close proximity to West Virginia State University, a public institution enrolling over 4,300 students. Nearby national retailers include Walmart, ALDI, Lowe’s, Staples, Dollar Tree, among many others. The property features excellent visibility off U.S. 60 / MacCorkle Ave, where traffic counts exceed 16,9000 vehicles per day. The center is located within 10 miles of Charleston, West Virginia’s state capital, and close proximity to Interstate-64 with traffic counts of 49,899 vehicles per day. There are 50,201 full-time residents with an average household income exceeding $63,500 per year within five miles of the asset. St. Albans Shopping Center offers a unique investment opportunity to acquire a grocery anchored center with significant value-add potential.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower