CBRE is pleased to exclusively present for sale this 11,660 square foot multi-tenant retail center located on Town Center Drive in York, Pennsylvania. This is a rare, newer construction center that is 100% leased, 76% of which are national tenants. MOD Pizza and Metro Diner are corporate locations with corporate guarantees, while Dickey's BBQ Pit and Allure Spa Nails are franchise locations with personal guarantees. All four tenants are operating on ten year leases with the current lease term remaining of 7 years and rental increases upcoming in 2021-2022. This newer construction property was built in 2015 offering zero deferred maintenance for the astute investor. These NN leases combined with new construction and limited landlord responsibilities offers a higher yield in comparison to other passive investment properties.
MOD Pizza is operating a corporately guaranteed NN lease with 7 years remaining in its initial 10 year lease. There is an 8% rental increase in year 6 (2021) and each two, five year options to renew. Metro Diner has 8 years remaining in its 10 year corporately guaranteed lease. There is a 10% rental increase in year 6 (2022) and in each four, five year option to renew. Allure Spa Nails, a local nail salon, has over 7 years remaining in its initial 10 year lease. There is a 10% rental increase in year six (2021) and in its one, five year option to renew. Dickey's BBQ Pit has a franchise guarantee with Dennis Dacheux Jr. There are over 7 years remaining in its initial 10 year lease term with a 10% rental increase in year six (2022) and in each two, five year options to renew. This four tenant strip center is ideally situated in the West Manchester Town Center, a 718,979 square foot regional shopping center. Major tenants within the center include Walmart, KOHL's, Burlington, At Home, Hobby Lobby, Petco and Regal Cinemas. York is located approximately 60 miles north of Baltimore, Maryland by way of Interstate 83 and 95 miles west of Philadelphia, Pennsylvania.