HARRISON, Ark. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a 145,588-square-foot, 95%-occupied, junior box-anchored center with 100% national and regional tenants located on the main retail thoroughfare in Harrison, Arkansas. Tenants at the center include Tractor Supply, Planet Fitness, Big Lots, Dunham's Sports, Golden Tickets Cinemas, Factory Connection, and a single-tenant Popeyes Drive-Thru.
Hanley Investment Group's Executive Vice Presidents Jeff Lefko, Kevin Fryman, and Bill Asher, in association with ParaSell, Inc., represented the seller, a consortium of multiple partners located out of state. The buyer, a private investor from Fayetteville, Arkansas, represented themselves.
"We generated multiple offers and secured a local buyer who was well acquainted with the shopping center and recognized the future value of a break-up-sale strategy and its strategic location," said Lefko.
"Investors saw the property as well-positioned for future success due to its high development barriers created by the topography and low-cost basis, coupled with strong tenant demand from its prime location on Harrison's main retail thoroughfare," noted Fryman. "In addition to the opportunity to sell the single-tenant Popeyes, the buyer has the opportunity to develop a new, freestanding 3,700-square-foot pad building."
Built in 1978 and expanded in 2020, the shopping center is situated on 13.81 acres at 605-627 U.S. Highway 62 in Harrison. According to Fryman, Tractor Supply has been a tenant since 1995 and Big Lots since 2009. Five of the six tenants have signed new leases or extensions as recently as three years ago or less. Nearby tenants include Home Depot, Walmart Supercenter, Hobby Lobby, Ace Hardware, McDonald's, Sherwin-Williams, and others.
Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the U.S., reported a 1.5% increase in net sales for Q2 2024, reaching $4.25 billion, up from $4.18 billion in Q2 2023. Tractor Supply Company also owns and operates Petsense by Tractor Supply, a small-box pet specialty supply retailer providing products and services for pet owners. In Q2 2024, the company opened 21 new Tractor Supply stores and three new Petsense stores, closing the quarter with 2,254 Tractor Supply stores across 49 states and 205 Petsense stores in 23 states.
Planet Fitness, Inc. (NYSE: PLNT) is one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations. As of June 30, 2024, Planet Fitness had approximately 19.7 million members and 2,617 stores in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, and Australia. In Q2 2024, net income increased by 11.54% to $49.3 million from $44.2 million in the prior year. The company opened 18 new Planet Fitness stores system-wide during Q2, which included 17 franchisee-owned and 1 corporate-owned store.
Big Lots, Inc. (NYSE: BIG), the discount retail chain headquartered in central Ohio, may close up to 315 stores. This potential reduction represents nearly 23% of the company's store footprint, which stood at 1,392 locations as of June. During the last earnings call, CEO Bruce Thorn emphasized the need to elevate brand relevance and drive more traffic by growing extreme bargain penetration to 50% by year-end.
Dunham's Sports, known for its motto "Big Names… Low Prices," had 255 stores across 24 states as of March 2024. The retailer's locations span from Wyoming to Maryland, with Michigan having the highest concentration at 70 stores, accounting for about 27% of all Dunham's Sports stores nationwide. The chain specializes in athletic equipment, clothing, firearms, and other sports-related items.
Harrison, Arkansas, the county seat of Boone County, is a key commercial hub in the Ozark Mountains region and serves as a central point for retail and economic activities in northern Arkansas. The local economy is supported by diverse industries, including retail trade, healthcare and manufacturing. Harrison’s strategic location along U.S. Highway 62 provides vital connectivity to major cities such as Fayetteville, Arkansas; Oklahoma City, Oklahoma; and Columbus, Ohio, making it an attractive market for investors, according to Lefko.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.
For more information, visit www.hanleyinvestment.com.
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Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Kevin Fryman, Executive Vice President
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Phone: 949.585.7674
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/
