606 Christiana Mall Newark, DE 19702-3212
- Retail properties
- 84,294 SF
- 11.83 lot acres
Sep 20, 2022
Current Use by Public Records
- JCPenney Optical / Contact Lenses Supplier / Optometrist
- JCPenney / Shoe Store / Clothing Store
- JCPenney Salon / Beauty Supply Store / Hair Salon
Property Details for 606 Christiana Mall
- Year built
- 1980
- Construction
- CONCRETE
- Lot size
- 11.83 lot acres
- Property size
- 84,294 SF
- Zone code
- CR
- Property type
- Retail properties
- APN
- 09-024.00-022
- APU
- 902400022
Description
This exceptional investment opportunity features a 159,878 square foot JCPenney store located within Christiana Mall in Newark, Delaware. The property sits on an 11.83-acre parcel and benefits from a 20-year absolute NNN lease with 16 years remaining, commencing December 7, 2020, and expiring November 30, 2040. The lease includes five, 5-year renewal options and features a 2% annual rent increase. The tenant, JCPenney, is backed by a corporate guarantee. Christiana Mall is Delaware's busiest shopping center, boasting over 10.3 million annual visits and an "A+" rating from Green Street, achieving exceptional annual sales of $1,329 per square foot. The mall underwent a significant renovation and expansion in 2017, adding over 600,000 square feet of retail space. The property enjoys a prime location along I-95 and Highway 7, with high daily traffic volume. Its proximity to ChristianaCare Christiana Hospital, Wilmington Airport, and the University of Delaware further enhances its desirability. The surrounding area boasts a high average household income exceeding $114,000, and a population that has grown significantly since 2010. This offering presents a passive income opportunity with strong long-term cash flow potential and no landlord responsibilities. The tenant's current rent is significantly below market rates, presenting a substantial mark-to-market opportunity. The guarantor entities maintain a $925 million tangible net worth and 12 months of liquidity. JCPenney also demonstrates a healthy balance sheet with substantial cash on hand and available liquidity, and minimal long-term debt. This is a rare opportunity to acquire a high-performing retail asset in a prime location with a long-term, secure lease.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $975,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Newark
- County
- New Castle
- State
- Delaware
- Longitude
- -75.652
- Latitude
- 39.6762
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
