606 Christiana Mall Newark, DE 19702-3212
Property profile & analytics
606 Christiana Mall Newark, DE 19702-3212
- Retail properties & Spaces
- 84,294 SF
- 11.83 lot acres
Property ID
US17-0254190
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- JCPenney Optical / (Bike/Boat/Book/etc) Store
- JCPenney / Clothing & Fashion Store / (Bike/Boat/Book/etc) Store
- JCPenney Salon / Hair Salon / Nail 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 & Spaces
- 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
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $13,600,000
- 6.5%
- $12,555,000
- 7%
- $11,660,000
-
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $19,305,000 Current use
Get a detailed, property-specific estimation — 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
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$211,383
$1,183,000
$5,717,000
$6,900,000
-
$0.00
$0.00
$0.00
