The Property is a fully occupied, six-tenant retail center primarily occupied by restaurant and food service, medical, and specialty retail.
The critically acclaimed restaurant, Nostrana, occupies nearly a third of the building and is owned and operated by the six-time James Beard Foundation Award nominee Cathy Whims, alongside the popular brunch spot Flattop and Salamander that opened in early 2022 by two local restaurateurs.
Over 92% of the building has been occupied for over seven years, with recent extensions exercised by Mint Dental and Stereotypes for five and three years, respectively, with a new lease executed by Foot Bar.
The Property is an attractive, well-maintained asset with attention to detail in design and location appeal, including rare onsite parking.
The Property sits on nearly one acre of land with mixed-use zoning, providing long-term flexibility in an area with high barriers to entry for undeveloped land; zoning permits multifamily, townhomes, and mixed-use.
Located in the Buckman neighborhood, a trendy, highly walkable neighborhood near strong surrounding demographics and neighboring daily-needs retail, restaurants, and coffee shops, in addition to the Goat Blocks, a unique mixed-use community occupied by Market of Choice, Kachka and other food services, with open plazas and pedestrian alleyways that encourage community.
Annual lift in NOI provided by 3% rent increases each year for all tenants excluding Nostrana, who has a 5% rent increase every other year.
Over 6,800 housing units have been built and/or are currently under construction over the last 10 years within a one-mile radius of the property.