SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in Providence Center, a 7,483 SF, 100% occupied, 5-tenant retail pad investment opportunity located in Cedar City, UT. The property is currently occupied by Verizon Wireless, Sally Beauty, GameStop, The Nails, and QC Financial. A majority of the tenants (80%) have operated at the center since its construction in 2004 and have since renewed their leases multiple times and even most recently in 2019 for an additional term of 3-5 years. Three of the 5 current tenants also have scheduled future rental increases, generating healthy NOI growth and hedging against inflation. All tenants are operating on NNN leases and reimburse their pro-rata share for taxes, CAM, and insurance, minimizing expense leakage for a new owner.Providence Center is located directly off S. Providence Center Drive, the primary access road for the adjacent Walmart Supercenter and Home Depot. The site is also strategically positioned just a mere block away from the on/off ramps to Interstate 15 (20,500 VPD), the primary north/south freeway traveling through Cedar City and central Utah. The property, was constructed in 2004 and is ideally positioned as a pad to both a Walmart Supercenter and Home Depot anchored shopping center that features other national retailers such as Applebee’s, Subway, Jack in the Box, Great Clips, and more, boosting direct crossover synergy between the tenants. In addition, the immediate trade area is the primary retail hub serving Cedar City with other nearby national tenants such as Walgreens, VASA Fitness, Starbucks, Del Taco, Panda Express, and more, further increasing consumer traffic to the area. Cedar City is also home to Southern Utah University with over 11,200 student admitted in the Fall of 2019, providing the retail pad a direct consumer base from which to draw. The 5-mile trade area is supported by a dense population of more than 34,500 residents and daytime employees with an average household income of $62,000.
