Barclay Square

Investment Highlights

BARCLAY SQUARE
• Barclay Square is a 20,200 square foot stabilized strip center located in the major retail corridor of Albany
• The strip center is 100% Leased to 3 tenants.
• Leasing momentum | 2 recent lease extensions and 1 new lease
• Long term upside in rent growth & reimbursement collections

VALUE-ADD | BELOW MARKET RENT
• 67% of tenant line up are on gross leases with 2 years remaining. Seller has opportunity to convert to NNN upon lease roll
• AVG. Rent: $12/SF | Market: $16/SF (Costar)
• Recent façade and roof upgrades have increased desirability for the shopping center, providing leverage for new buyer to negotiate higher rent with current or new tenants

STRONG TENANT HISTORY
• House of China has been at this location for 40 years
• House of China recently executed lease extension with annual increases
• Shoe Box has been at this location for 36 years
• Shoe Box recently executed lease extension with annual increases
• Bin Palace is a new tenant and executed lease with annual increases
• Bin Palace opened in March and has immensely increased traffic to the center

RECENT CAPITAL EXPENDITURES
• Recent seller capital expenditures included major roof repairs extending useful life, repositioning and raising up HVAC units, and repairing, relining, and recoating gutters. (2023)
• Seller made significant façade upgrades which also included reglazing storefront windows & repairing soffit
• Parking Lot Reseal (2023)