Pine Street Shopping Plaza Hits Market with $9.5 Million Price Tag

A fully leased shopping plaza located at the corner of Pine Street and McNabb Street has been listed for sale with an asking price of $9.5 million. The 42,455-square-foot retail property, anchored by Food Basics, is positioned as a key “daily-needs” destination for the surrounding community.

The plaza occupies just over four acres and is currently 100 percent occupied. It features a diverse mix of retail, service, and food tenants, catering to the daily needs of local residents. The property underwent significant renovations in 2023, which included exterior improvements, the creation of new “vanilla shell” units in several spaces, and the replacement of rooftop HVAC systems for units two through eight.

Prime Location and Investment Opportunity

The listing emphasizes the site’s strategic location along Pine Street, a major corridor in the east end of the city. It points to the nearby residential density, which contributes to a steady flow of customer traffic. The property is marketed as a stabilized investment opportunity, boasting a weighted average lease term of approximately 3.65 years.

Annual property taxes are reported to be $173,226, providing potential investors with a clear understanding of the financial obligations associated with the property. The plaza is being offered as a freehold property, allowing for greater control and flexibility for prospective buyers.

With its strong tenant mix and favorable location, this shopping plaza represents a noteworthy opportunity in the current real estate market. Investors are encouraged to consider the plaza not only for its immediate cash flow potential but also for its long-term growth prospects in a densely populated area.