Freestanding For Sale
56,033 Sq Ft
The Property features long-term leases with a mix of notable national and local/regional tenants including Gordmans, Massage Envy, Stanton Optical and Kirksville Carpet One. The current weighted average remaining term is 9.3 years, with nearly 88% of the leased GLA on long-term leases until 2030, providing an investor with a stable yet accretive income stream for years to come.
The Property is ideally positioned along the heavily trafficked Battlefield Rd (29,000+ VPD), just down from the main and main intersection in the trade area. Sitting in an irreplaceable location at the hard corner of Battlefield Rd and Fremont Ave directly out front of the super-regional Battlefield Mall ($450+ PSF Sales), Morris Corners benefits from the heavy cross-traffic from Battlefield Mall, as well as the great visibility and signalized access. The center is positioned to continue thriving long into the future.
Located in Springfield, MO, the Property benefits greatly from its immediate proximity to the super regional Battlefield Mall, which sees more than 12 million visitors annually. Spanning over 1.2 million square feet of GLA, and housing over 150 fine stores and restaurants, Battlefield Mall is not only the most popular retail destination, but also the largest shopping center in Southwest Missouri.
The Property has experienced strong leasing momentum over the last 12 months inking a new 10-year lease with Gordmans (Expires 2030), as well as a 10-year deal with Stanton Optical (Expires 2030), and a 5-year deal with Kirksville Carpet One (Expires 2024). Additionally, Ownership was able to extend the current ground lease for an additional 5 years, providing an investor with control until at least 2053 (current term expires 12/31/23 with six (6) remaining five (5) year renewal options). Additionally, ownership exercised it’s seventh extension option to extend the current ground lease for an additional five years (current term expires 12/31/23 with six (6) remaining five (5) year options.
The Property is being offered “free and clear” of any existing debt, providing a buyer with a fantastic opportunity to obtain historically attractive financing.