606 Christiana MallNewark, DE 19702

Property Details for 606 Christiana Mall

Year built

1980

Construction

CONCRETE

Lot size

11.83 AC

Property size (Sq ft)

84,294 SF

Zone code

CR

Property type

Retail properties

Property subtype

Other 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.

Location Insight

City

Newark

County

New Castle

State

Delaware

Latitude

39.6762

Longitude

-75.652

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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