Pierremont Plaza

Marcus & Millichap is pleased to offer for sale Pierremont Plaza, a 39,310-square-foot leasehold interest shopping center, ground leased on 3.78 acres. The subject property’s ground lease interest expires on September 30, 2079, which is when the ownership interest in the building will revert to the landlord for the land the property is situated on.

Pierremont Plaza is offered for sale at a price of $2,540,000, which is a 12.15 percent cap rate based upon today’s Net Operating Income, using Seller’s actual expenses incurred, including 2023 taxes and insurance values. The Ground Lease expense increases by 10 percent every five years. Many in-place leases feature annual rent increases ranging from 1.8 percent to 3 percent. An investor may add value by leasing vacancies, currently totaling 6,767 square feet (17 percent of the center). The property’s diverse tenant mix benefits from staggered leases, with an average of four years remaining on the current lease terms.

The Subject Property is located in one of Shreveport’s highest-income neighborhoods: Pierremont/Cedar Grove, with average household income of $101,342 within one mile of the property. Pierremont Plaza is situated directly across from Whole Foods Market and At Home. The Propery is also located in close proximity to many national retailers including: Chick-fil-A, Target, Best Buy, Sam’s Club, Lowe’s, Kroger, and more. Pierremont Plaza is located on East 70th Street (32,500 vehicles per day) and half a mile west of Youree Drive (33,000 vehicles per day).