Kings Bay Village

Kings Bay Village

2603 Osborne Rd
St. Marys, GA

Price: $8,422,000
Cap: 8.00%
NOI: $673,780
Building Size: 79,711
Lot Size: 13.77 AC (Subject to Pending Parcelization)

Investment Highlights

Kings Bay Village is a 79,711 SF retail center located in St. Marys, GA.

STABILIZED RETAIL CENTER WITH IMMENSE UPSIDE
• Center is 58% occupied with strong national tenants including Dollar Tree, Bealls, Petsense (Tractor Supply), US Government (Avg. Lease term 7 years)
• Center is Stabilized with a total average weighted lease term of 6+ years
• Center receives significant cash flow stream from Express Scripts for management of the shopping center
• With 23% of the center vacant, King’s Bay Village presents a significant value add opportunity. Stabilizing the 8 available units results in a 11.81% CAP | IRR 30.27%

RECENT CAPITAL EXPENDITURES
• New roofing on 65% of center
• Over $1,400,000 in tenant improvements completed for VA Clinic
• Center features new LED parking lot lights & recent enhancements to landscaping

LEASING MOMENTUM
• VA Outpatient Clinic took occupancy in 2017 with a $1.4M built-tosuit facility
• Seller executed 10-year lease in 2019 with Petsense (Tractor Supply Credit)
• Beall’s Outlet executed a 10-year lease in 2019 and this location ranks in the top 75th percentile (#66 of 249) within the chain according to Placer.ai

STRATEGIC LOCATION | KING’S BAY NAVAL BASE
• Center neighbors Express Scripts (Cigna: 2019 Rev $153 billion) office space and landlord manages the common areas
• Center has onsite manager in place who has been with the property for many years.
• This Center is located just 4 Miles from Kings Bay Naval Base which is a 16,000 acre submarine base that supports over 9,000 military personnel.
• Kings Bay Naval Base contributes over $1.1 Billion to the local economy.
• Surrounding tenants include: Winn Dixie, Belk, CVS, Advance Auto, Burger King, Wendy’s, Dominos, and many more
• Limited Competition | King’s Bay Shopping Center makes up 35% of the total retail in a 1-Mile radius

ST. MARYS (JACKSONVILLE MSA) | COASTAL GEORGIA LOCATION
• St. Marys is well positioned off I-95 (67,000 VPD) between Savannah, GA and Jacksonville, FL.
• St. Marys is the gateway to the Cumberland Island which is the largest of Georgia Coast’s barrier islands and sees nearly 80,000 visitors per year.
• Property is just 30 miles from Jacksonville, FL, which is the the most populous city in Florida and the largest city by area in the United States

Zach Taylor
OFFERING MEMORANDUM

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