Shopping Strip
AUCTION - East Town Shopping Center
929 3rd Ave, Lake Charles, LA 70601
Starting Bid: $750,000
Investment Overview
Register to bid and access due diligence documents on RealINSIGHT Marketplace: https://rimarketplace.com/auction/3056
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 71 percent occupied with a mix of triple net and gross 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, and Hibbett Sports. 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.
AUCTION - East Town Shopping Center
Investment Highlights
- Auction - April 13-15 | Starting Bid: $750,000
- Value-Add, 65,636-Square-Foot, Grocery-Anchored Retail Center
- Tenant Base is a Complementary Mix of National and Regional Brands | 13% of GLA Leased to Dollar Tree and Family Dollar (Dark), Both Publicly Traded (NASDAQ: DLTR)
- Anchored by Long-Term Lease with Market Basket (60+ Years) | Tenant Recently Exercised an Early Five-Year Lease Renewal, Demonstrating Continued Commitment to the Location
- 71% physically occupied and 91% economically occupied (including dark Family Dollar), with a mix of lease types and strong upside through lease-up and conversion to triple-net
- Landlord Reports New Roof Installed in 2015 with a 15-Year Warranty | Other Recent Property Improvements Include Partial Parking Lot Repaving and Exterior Painting Completed in 2023
- Located on 3rd Avenue, near a 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
Starting Bid: $750,000
Investment Highlights
- Auction - April 13-15 | Starting Bid: $750,000
- Value-Add, 65,636-Square-Foot, Grocery-Anchored Retail Center
- Tenant Base is a Complementary Mix of National and Regional Brands | 13% of GLA Leased to Dollar Tree and Family Dollar (Dark), Both Publicly Traded (NASDAQ: DLTR)
- Anchored by Long-Term Lease with Market Basket (60+ Years) | Tenant Recently Exercised an Early Five-Year Lease Renewal, Demonstrating Continued Commitment to the Location
- 71% physically occupied and 91% economically occupied (including dark Family Dollar), with a mix of lease types and strong upside through lease-up and conversion to triple-net
- Landlord Reports New Roof Installed in 2015 with a 15-Year Warranty | Other Recent Property Improvements Include Partial Parking Lot Repaving and Exterior Painting Completed in 2023
- Located on 3rd Avenue, near a 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
Investment Overview
Register to bid and access due diligence documents on RealINSIGHT Marketplace: https://rimarketplace.com/auction/3056 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 71 percent occupied with a mix of triple net and gross 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, and Hibbett Sports. 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.
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