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Rumford Plaza offers a rare combination value & yield play with an impressive tenant roll of Marden's (54% of space), Tractor Supply Company, Dollar Tree, Motion Industries (Genuine Parts Company) and Carparts Store.Marden's is a second-generation family-owned company with 14 locations throughout Maine. The Rumford store dominates its market; the nearest Marden's is 43 miles away. Marden's is an institution and favored destination for locals and tourists alike from throughout the US and Eastern Canada with a constantly changing display of goods. It is well run company.Tractor Supply Company is the largest operator of rural lifestyle retail stores in America with 1,863 stores. It sports a valuation of $15.2 Billion and had 2019 NOI of $562 Million.Dollar Tree has 15,288 stores (39 in Maine) in North America. Fiscal year 2020 sales increased 52% since 2016 to $23.61 Billion. NOI is $827 Million. S&P rates it investment (BBB-) grade. Carparts Store recently leased the former Olympia Sports 5,880 square foot space. Carparts has 20 stores in Maine, New Hampshire and Massachusetts and is part of the 4,000 +/- strong-Alliance buying group. Their new tenancy is a bullish signal of confidence in the local economy.Listed at $39.61/SF, a fraction of its replacement and land cost, yields a present cap rate of 8.08%. The cap rate will only increase with a new lease with Motion Industries and Dollar Tree's 9.09% rent increase with its November 2020, lease extension, followed by Tractor Supply (10% each extension) and Carparts Store (10%), respectively. The shopping center is 100% leased. There are high barriers to entry as land and construction costs make new shopping centers cost prohibitive and a dearth of available properties capable of handling big box retailers Marden's and Tractor Supply.This is a rare investment opportunity providing a steady yield with long-term growth potential. It's an ideal 1031 exchange.

Listed by Bean Group

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