Lot Size:13.77 AC (Subject to Pending Parcelization)
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