Lawrence Village Plaza
Lawrence Village Plaza, Ellwood Road, New Castle, PA 16101
This investment represents an $8.28 million senior loan, the proceeds of which will be used for the acquisition of the Property, tenant improvements, leasing commissions, capital expenses, and closing costs.
The Property was originally built in the 1960’s. A free standing expansion was completed in the 1970’s to allow for K-Mart to occupy the center. Renovations to the building and the facade were completed in 1995 and 2000. The Property is located 50 miles northwest of Pittsburgh with easy access and visibility from Route 65 and Route 422. Major tenants consist of K-Mart, Dollar Stuff, and Dunham’s Sports. Additional tenants include; H&R Block, Radio Shack, Pearle Vision, National City Bank and Sky Bank. K-Mart has been at this location for thirty years, with sales at approximately $15.0 million per year ($163.65/sf ), and is the top performing location in a region of 10 K-Mart stores.
At closing, the Property will be 72.4% leased, with approximately 81,466 sf of vacant space. The vacant space consists of 39,200 sf designated for grocery store use and 42,266 sf for in-line tenants. The business plan is to spend approximately $313,500 on limited roof replacement, paving, and general cosmetic improvements and $1.80 million in tenant improvements and lease comissions, and lease the property to a target of 93% or higher occupancy.
Investment at a Glance
Location: Lawrence Village Plaza
Property Type: Retail Plaza
Investment Type: Senior Secured Bridge Loan
Acquisition Date: August 6, 2007
Initial Loan Funding: $6,160,000
Total Loan Capacity: $8,277,752
Anticipated Loan Term: 3 Years
Year Built: 1960/1995