Santa Rita Plaza Retail FOR SALE


Salinas, CA
$19,357,000 USD
949-725-8473
, Salinas, CA for Sale
$19,357,000 USD
Retail - FOR SALE
1/6
null | 8% Cap Rate

Santa Rita Plaza
Salinas, CA


HIGHLIGHTS

  • Specialty Grocery Anchored Shopping Center

OVERVIEW

INVESTMENT HIGHLIGHTS * Specialty Grocery Anchored Shopping Center – FoodMaxx is a one of the West’s largest private, independent warehouse grocers catering to a variety of ethnicities (social economic profiles) who reside in this diverse trade area * FoodMaxx is part of Save Mart Supermarkets, a private grocer who operates 200 grocery stores including 53 FoodMaxx stores throughout California * High Credit Tenancy – Over 76% of the occupied GLA is leased to national or regional credit tenants, including: FoodMaxx, Buffalo Wild Wings, Starbucks, Verizon, H&R Block, Vitamin Shoppe, Great Clips, State Farm Insurance * Strong NOI Growth – Due to embedded increases and below market rent rolling to market, the Net Operating Income is expected to grow more than $531,000 (34%) over the anticipated 10 year hold period * Irreplaceable Location within Submarket – Hard Corner, dominant retail intersection of North Main Street and Boronda Road, two major thoroughfares within Salinas featuring over 58,000 cars per day * Long Term Leasehold Investment – Opportunity to purchase the 125,249 SF of physical improvements on a long term ground lease (over 60.5 years remaining if all options exercised) with a private family trust

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949-725-8473

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949-725-8473

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