Walmart Shadow Center

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100-200 Hornbeck Rd.
Morgantown, WV

Price: $5,080,000

Cap: 8.00%

NOI: $406,157

Building Size: 24,416 SF

Lot Size: 2.48 AC

Investment Highlights

SHOPPER’S WORLD

• The subject property is a 24,416 square foot retailc center shadow anchored by a high performing Walmart and located in Morgantown, WV – the home of West Virginia University

• Stabilized at 95% occupancy, with upside opportunities

• 52% of shopping center is Dollar Tree and West Virginia University Healthcare

• Located just 10 minutes from WVU Campus

• Walmart Shadow Anchor since 2008 | Walmart owns the Walmart Real Estate

HIGH TRAFFIC SHOPPING CENTER

• Shopper’s World sees 1.9M annual visits

• The center sees a high number of visits from a 30-Mile Trade Area

• This ranks as the #1 (of 7) most visited shopping center in a 5-Mile radius (Placer.ai)

• Interstate Location | Property is located just off Interstate 68 which sees 50,000+ Vehicles Per day

WEST VIRGINIA UNIVERSITY MEDICAL

• The two anchor tenants of this shopping center are Dollar Tree and WVU Healthcare, which comprise 52% of the center

• The West Virginia University Health System is the state’s largest health system and largest private employer

• The health system (guarantor of this lease), has over 20 locations, 21,720 employees and 1,843 beds

• Tenant has made a significant investment into the buildout of this location, and drives much of its traffic as the “off-campus” site for WVU Medical, saving patients travel & traffic time

STABILIZED WITH NATIONAL TENANTS | VALUE-ADD OPPORTUNITY

• 43% National Tenants | Dollar Tree, State Farm, and Gamestop

• Dollar Tree and Gamestop are original tenants since 2008, while State Farm just executed a new 5-year lease in January of 2024

• Average Tenant Tenure: 8 Years

• Value-Add Opportunities

• 1 Shop Vacancy (5% of Center ) | Suite is “turn key” with a completed build out for Barber Shop — Buyer would incur no TI cost backfilling with new operator.

• Nail Salon Tenant is on a month to month lease paying $13/SF | Option to extend tenant on a longer lease or backfill with new operator with full Nail Salon build out in place.

• Average Rent for all shops is $20.95 | Estimated rent for backfilled suites is $22/SF

OFFERING MEMORANDUM

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