Brookings Mall (Brookings, South Dakota)

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Brookings Mall is a community shopping center, consisting of approximately 150,148 square feet, located in Brookings, South Dakota. Brookings is a community of approximately 19,000 and is home to South Dakota's largest university, South Dakota State University. There are two grocery stores in the city, a free standing Econo Foods and the anchor of the Brookings Mall, a 52,675 square foot Hy-Vee Grocery Store. Hy-Vee is the 15th largets grocery store chain in the United States. Hy-Vee is currently in the process of expanding by approximately 12,000 square feet and constructing a fueling station in the parking lot. The property is approximately 89% leased by 11 tenants, there are 6 vacant spaces ranging from 393 square feet to 13,529 square feet. The tenants consist of a mix of national and local tenants including Ace Hardware, Thrifty White Drug, Life Touch, Fair Isaacs and Mediacon minnesota. In-place rents range from $1.20 per square foot gross to $13.25 per square foot NNN with an average of $3.09/SF. Six of the existing tenants are on gross leases. The Brookings Mall is situation on approximately 13.65 acres of land in the south east quadrant of the city. The University Mall, the subject property's primary competition, is located one block to the south and a 3M manufacturing facility is located across 22nd Avenue. Virtually all new development in Brookings are to the south and east of town. There are several new hotels under construction eat of the city along the Interstate 29 corridor. At $29.30 per square foot, Brookings Mall offers the investor an oppotunity to acquire a grocery drug anchored shopping center with an opportunity to increase value by leasing the vacant spaces as well as converting the gross leases to NNN leases.