Miami Beach, Florida – Our information today is on a fairly new Tenant for South Florida, hhgregg. They are a Tenant leasing space at the retail shopping center, Westland Promenade Shopping Center. The net lease Tenant, hhgregg is an Indianapolis-based retailer of consumer electronics, home appliances, and related products and services. We see that hhgregg has leased approximately 23,500 square feet at a Retail Shopping Center in Hialeah, Florida. Hialeah is near Miami, Florida, about 4 miles from the Miami International Airport. This Triple Net Lease Properties Tenant is scheduled to open in June of next year, The leased space is currently leased by OfficeMax. The net lease is a 10-year retail lease.
Hhgregg (NYSE: HGG) currently has 157 stores, mostly in the Midwest and Southeast. This is hhgregg’s first net lease in the South Florida Commercial Real Estate Retail market. The Indianapolis-based chain plans to open as many as 45 stores in the mid-Atlantic region. With this growth, the Retail Shopping Centers with hhgregg will have many openings employment. They have a net leased property store, at 7412 Stream Walk Lane, Manassas, Virginia, that was scheduled to open this fall. The net lease tenant, hhgregg opened a distribution center in Prince George’s County late last year, hiring 100 workers at that location. Also hhgregg, to be more specific, is leasing in the states Alabama, Indiana, Kentucky, North Carolina, South Carolina, Tennessee, Ohio, and Georgia. They also are beginning a thriving online retail business. We did not receive any investment property financing information.
We get back to writing about the South Florida Retail Shopping Center Westland Promenade, with hhgregg coming, is a 325,854 square foot power shopping center. This Net Lease Investment was built in 1990 and renovated in 2007. This Net lease property is located at very busy interchange of Palmetto Expressway and Okeechobee Road. Some of the national tenants at this retail Net Lease Property include Sports Authority, Big Lots, Chuck E. Cheese’s and Floor & Decor.
This South Florida retail space will be 100% leased to hhgregg (Gregg Appliances, Inc.). They are one of the nation’s leading retailers currently. We had some information on their Company as of March 31, 2009, hhgregg, Inc. (NYSE: HGG) reported revenues of more than $1.4 billion and a net income of almost $36.5 million. Also, as of December 31, 2009, hhgregg, Inc. had a net worth in excess of $241 million. This Tenant could be the answer for your net lease properties which may need to be leased. As far Net Lease Properties already leased to hhgregg, Inc., we have seen some with a 7% Cap Rate. This hhgregg, Inc. Tenant is an option for your next 1031 Exchange.
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