SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in Little Rock Shops, a newly constructed 16,568 SF outparcel pad located in North Little Rock, AR. 3 out of 4 spaces are currently leased to a diverse tenant lineup featuring restaurant, medical, and daily needs based uses. The primary tenant, LongHorn Steakhouse, opened in 2019 under a 10-year ground lease with 4 (5-year) options to extend, demonstrating their commitment to the site. Covid-resistant tenant Aspen Dental also signed a new 10-year lease with 2 (5-year) options, set to commence early 2021. The third tenant is a experienced local nail salon operator with a 10-year lease featuring annual rental increases. All leases are NNN in nature, limiting expense leakage for a new investor. This offering presents a unique opportunity for a new investor to secure a new construction outparcel pad with a strong existing tenant lineup and the potential to add value through lease up of the final suite, currently in vanilla shell condition. The current vacancy makes up approximately 3,534 SF of GLA, which, upon lease up, produces a +/- 9.0% stabilized yield, assuming $350k in stabilizing costs for leasing commissions and soft costs.

The subject property is located near the signalized, hard corner intersection of McCain Blvd and U.S. Highway 67 (combined 112,000 VPD). In addition, Interstate 40 (112,000 VPD) is located just 0.6 miles south of the site with convenient on/off ramp access. The building is an outparcel pad to McCain Mall (793,700 SF), which is anchored by Dillard’s, and Regal Cinemas. The immediate trade area features notable national/credit tenants including a Walmart Supercenter, Lowe’s Home Improvement, Target, Sam’s Club, Kroger, The Home Depot, and Barnes & Noble, which increases consumer traffic and promotes crossover shopping to the site. Moreover, the asset is adjacent to two power centers, McCain Plaza (a 300,000 SF power center anchored by TJ Maxx, Michael’s PetSmart, Bed Bath and Beyond, and Dick’s Sporting Goods) and Lakewood Village Shopping Center (a 360,000 SF center anchored by SteinMart, JoAnn Fabrics, and LA Fitness), further increasing consumer traffic to the trade area. The 5-mile trade area is supported by a population of nearly 97,000 residents and more than 100,000 employees. Residents within 1 mile of the subject property boast an affluent average household income of $117,000.