Greenville Plaza is a 99,700-square-foot shopping center strategically located on Hadley Road, Greenville’s primary retail corridor with direct access to downtown and proximity to Thiel College. The property offers immediate in-place cash flow and a clear path to significant NOI growth, supported by both market fundamentals and asset-level value creation strategies.
Positioned directly east of Walmart and Aldi, two of the market’s highest-traffic drivers for essential goods, the center benefits from strong regional draw and limited retail competition. The next closest Walmart and Aldi locations are 13.7 to 20 miles away, expanding Greenville Plaza’s effective trade area and reinforcing tenant visibility and consumer traffic. The site offers central access to key population centers, with drive times of 1.5 hours to Cleveland and Pittsburgh, 45 minutes to Youngstown, and one hour to Erie.
The center is anchored by Busy Beaver, a 19-unit regional home improvement chain occupying 43.3% of GLA. Busy Beaver has maintained tenancy since 2018 and has invested approximately $489,000 in HVAC, roof, and interior upgrades, signaling a long-term commitment to the location. Additional tenants include a durable mix of local and service based operators such as Bear’s Furniture Outlet, a long-standing Asian restaurant, a dog grooming service, and a flea market that occupies over 40% of the center’s GLA.
At a basis of $16 per square foot, the asset trades well below replacement cost, mitigating downside risk. Under the proposed financing structure, Greenville Plaza generates a 22.32% year-one cash-on-cash return and a 26.90% total return—offering an attractive yield profile from day one. All tenants are currently on gross leases with below-market rents, presenting immediate value-creation opportunities.
Upside can be realized through three targeted strategies: (1) lease-up of the remaining 4,000 square feet at a market rate of $11.50/SF NNN, generating $46,000 in
incremental revenue; (2) conversion of gross leases to NNN structures upon renewal, capturing an estimated $80,822 in recoverable expenses; and (3) repositioning or replacing the flea market tenancy, which currently yields just $0.24/SF net. Adjusting the Flea Market space to a conservative $4/SF would add $123,525 in potential rent upside from where rents stand today.
In aggregate, stabilization of existing vacant suites, restructuring leases without options in place, and repositioning Lisa’s General Store has the potential to unlock $180,125 in rent upside. This positions Greenville Plaza as a compelling investment with a strong yield profile for long-term value creation.