Panda Express Drive Thru & Shops 1236 Airport Park Blvd 7,671 SF 5% Leased Retail Building Ukiah, CA 95482 $4,660,000 ($607.48/SF) 6.50% Cap Rate

Contemporary Strip Center in the Heart of Ukiah’s Prime Retail Hub: This handsome, high-quality 2019 construction property is anchored by Panda Express and supported by T-Mobile and Sourdough & Co. The mix of dining and service concepts is recession and internet resistant. The property sees strong traffic from Costco and other nearby national retailers including: Food Maxx, Walmart, Michaels, Staples, Tractor Supply, etc.
Anchored by a Corporate Drive-Thru Panda Express, the Largest Asian QSR in the World: Having been in operation for 40+ years, Panda Express is a dominant force in the restaurant business. The company is the 14th-largest quick-service chain in America in terms of US sales, according to the QSR 50. Known for constant innovation, the company has grown to nearly 2,500 locations worldwide with over 50,000 associates. In 2023, Panda Express had revenue of $5.4 Billion.
Panda Express Pays Below Market Rent and Sees Very Strong Sales: Panda Express rent is approximately $100K, and they report excellent sales at this location. With a cult following, this restaurant location saw customers line up for hours when it opened, some having previously driven 58 miles to get to the nearest Panda Express.
Developable 0.67 Acre Pad Presents Upside: There is a pad included as part of the sale, presenting additional opportunity in this strong retail sub-market.
Ukiah is a Regional Retail Hub and Key Tourist/Transit Pit Stop on CA 101: the city’s retail industry is bolstered by many small communities throughout the region. Additionally, tourists abound on the scenic 101 as it offers access to the Mendocino and Sonoma wine regions,
California’s Lost Coast, and natural attractions like the Redwood forests and Clear Lake. On stretch of 101 near Ukiah, retail options are sparse. Panda Express is part of a cluster of hotels, restaurants and retail that serve steady tourism and trucking traffic.
Pro-Housing Designation is Boosting Growth in Ukiah: in 2023, The Mendocino County Board of Supervisors approved a 171-lot residential development 2 miles south of the subject property. Additionally, the California Department of Housing and Community Development awarded Ukiah with a Prohousing Designation, recognizing the City’s efforts promoting housing development. Since 2019, more building permits have been issued for new housing than in any 4-year period of the city’s modern history.