Current Use by Public Records
- Lifestyle centers
Property Details for 2590 Robinson Rd
- Year built
- 1958
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
Westland Plaza Shopping Center, located at 2590 Robinson Rd, Jackson, MS 39209, presents a compelling value-add investment opportunity. This 214,000 square foot, single-story shopping center, built in 1958 and renovated in 2009, boasts a diverse tenant mix of 29 tenants including national brands like Planet Fitness, City Gear, and the US Postal Service, as well as a major grocery anchor, Grocery Depot. The property features a strong occupancy rate of 83% and a current NOI of $1,265,000, yielding a 9.00% cap rate at an asking price of $14,055,555. Key tenants have long-term leases, providing significant income stability. City Gear's lease extends to 2028, the US Postal Service to 2030, Rent-A-Center to 2031, and Grocery Depot to 2030. Planet Fitness's lease also runs to 2030. The property offers 1,280 parking spaces and includes available spaces for lease ranging in size. Extensive roof warranties are in place through 2033. A pro-forma NOI of $772,850 projects a 5.50% cap rate. The property is offered fee simple and is classified as a Class B retail asset with a NNN lease type. The tenant credit is a mix of franchisee and corporate guarantees, with no credit ratings provided. This investment offers significant upside potential through leasing the remaining vacancies. The property is comprised of 38 units across one building.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Jackson
- County
- Hinds
- State
- Mississippi
- Longitude
- -90.2294
- Latitude
- 32.3068
