Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 1960
Building Area Gross
Occupancy 88.0 %
Call for Offers 2022-05-18

Property description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer Kline Plaza, a 223,543 square foot, grocery anchored shopping center located in Harrisburg, Dauphin County, PA. The 88% Occupied Property is anchored by Giant, the dominant grocer in Central Pennsylvania with over 22 years of tenure at the Property. Together with its fuel Pad, Giant accounts for over 27% of the Property’s gross income, alongside a complementary, service-oriented tenant lineup that features PA Wine & Spirits, Dollar Tree, Family Dollar and other modern retail uses that include food and beverage, discount retail, beauty and hair styling and more.

The Property provides investors a tenant lineup with over +6.3 years of weighted average lease term with over 69% of income derived from credit and national tenancy, with +62% of income derived from tenants who have 10 or more years of tenure. The Property has also enjoyed excellent leasing momentum over the last 18 months, with 12 new leases totaling nearly 48,000 SF executed since July 2020. The 88% occupied Property offers investors further value-add opportunity via the lease-up of +26,000 SF of remaining vacancy.

Investment highlights

DOMINANT GROCERY CENTRAL PA ANCHOR: GIANT AT KLINE PLAZA BY THE NUMBERS

  • 2.5% Estimated Health Ratio
  • 60,401 Total Square Footage
  • $7.50 Rent per Square Foot
  • 7.8 Years Remaining Term
  • 22+ Years of Tenure
  • 94th Percentile of Grocers in the US by Visits
  • 27% of Gross Income from Giant & 2,000 SF Gas Pad

COMPLEMENTARY MERCHANDISING MIX WITH HIGH TENURE TENANCY AND EXCELLENT LEASING MOMENTUM

  • 16 Tenants with Over 10 Years of Tenure at Property
  • 15+ Years Weighted Average Tenure
  • 6.3+ Years Weighted Average Lease Term
  • 31% of Gross Income From Grocery / Necessity Tenancy
  • 69% of Gross Income From E-Commerce Resistant Retailers
  • 69% of Gross Income From Credit & National Tenancy
Last Updated Date: 22 Apr 2022

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Last Updated Date: 22 Apr 2022

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The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

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