ZRP West Side Plaza

West Side Plaza delivers stable, credit-anchored cash flow from a roster of top-performing national retailers — acquired at ~$115/SF along a supply-constrained, high-traffic corridor where submarket vacancy has tightened to 2.2%, less than half the national average.

The center's tenant sales rankings consistently place at or near the top of their respective districts, reflecting the depth and durability of consumer demand in the trade area. The rent roll reflects 17 years of average tenant tenure, with anchors and junior anchors with national credit backing accounting for 51% of annual base rent — grounded further by three fresh 10-year leases executed within the last 24 months, securing 32% of rental income on new long-term contracts.

Near-term upside is equally compelling in that ZRP holds an executed LOI from a national credit retailer with 1,000+ locations to directly lease a sub-leased 25,000 SF suite at a 3.6x step-up current rental rate — generating over $224,000 of incremental base rent by Year 2. An additional 23,700 SF of inline tenants expire within the first five years at rents 26% below market with no remaining renewal options, giving ZRP direct control to reset rents on favorable terms.

The combined business plan of stable in-place income and targeted repositioning of below-market rents is projected to drive 26% NOI growth over the five-year hold (4.5% CAGR.)