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Department Store Condo For Sale • 26,000 SF
| Name | Condo Use | Size | Price | Details |
|---|---|---|---|---|
| 1st Floor - Unit 6 | Retail | 26,000 SF | $2,458,320 USD | |
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Capital Commercial Partners is pleased to bring to the market this Ollie’s Condo located at the Columbia Mall in Bloomsburg, PA. The investment offers an above market return with corporate guaranty from Ollie’s (NASDAQ: OLLI) with a $5.79B market cap. The tenant executed a new 8-year lease with a rent commencement of November 2024. Ollie’s agreed to a higher rent structure than they normally pay at $9 PSF demonstrating their expectation for strong store sales. The space was turned over to Ollie’s last week and certificate of occupancy was just issued. The mall is in the process of undergoing a complete transformation to open air lifestyle mixed use center. Geisinger Health Systems is developing a hospital campus adjoining the mall and will be pedestrian between the two developments. This will make it very easy to work, live, and shop all in the same place. This is a unique opportunity for an investor to acquire a great location, excellent return, corporate guaranty, tremendous upside with the mall redevelopment, and at only $94.55 per square foot; substantially below replacement cost of more than $200 PSF. The condo has been completely renovated with new roof, HVAC’s, plumbing, electrical, and parking lot.
| Corporate guaranty from Ollie’s with $4.86B market cap |
| Replaceable rents at $9 PSF with .35 PSF rent increases in options |
| Ollie’s space will have new roof , HVAC’s, and parking lot |
| Mall to be completely transformed into open air lifestyle center |
| 46,000 cars per day |
| Priced at only $94.55 PSF and well below replacement cost of $200+ PSF |
| Cap Rate: | 7.50 % |
| Total Expenses: | $0 USD |
Richard Geisenfeld
Capital Commercial Partners
