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Spreckels Park Shopping Center 3 Retail Properties Offered at $13,711,704 in Manteca, CA
INVESTMENT HIGHLIGHTS
- 97% leased neighborhood center with leases under negotiation for the remaining two available suites
- Attractive initial returns with room to run as rents in place are brought up to market
- Nearby tenants in the retail cluster of this active submarket include Target, T.J. Maxx, Staples, Food 4 Less and PetSmart
- Leases are net as to expenses of occupancy
- Low purchase price per square foot is a tiny fraction of replacement cost
- Superb location at the southwest quadrant of Yosemite & Spreckels Avenues, immediately west of U.S. Highway 99 and a traffic count of 107,000 vehicles
EXECUTIVE SUMMARY
CBRE is proud to offer the opportunity to acquire Spreckels Park Shopping Center, a high-visibility neighborhood shopping center located on East Yosemite Avenue, Manteca’s primary retail corridor, and proximate to U.S. Highway 99.
The Center is surrounded by major users such as Target, Food 4 Less, TJ Maxx and Staples and features a complementary roster of strong, high traffic co-tenants including PetSmart and San Joaquin General Hospital.
The Center is priced at $13,711,704 which equates to $251 per square foot and a year one capitalization rate of 6.5%. Leases are net as to costs of occupancy. At the asking price the all cash IRR is 9.36%. Rents in place are below market which suggests realistic and plausible appreciation potential in the early years of one’s ownership. Please refer to the Argus analysis provided hereinafter for more detail on the disparity between in-place and market rents.
Spreckels Park Shopping Center enjoys a superb retail location at the southeast quadrant of Yosemite Avenue and Spreckels Avenue with a combined average traffic count of 28,981 vehicles per day.
The Center is surrounded by major users such as Target, Food 4 Less, TJ Maxx and Staples and features a complementary roster of strong, high traffic co-tenants including PetSmart and San Joaquin General Hospital.
The Center is priced at $13,711,704 which equates to $251 per square foot and a year one capitalization rate of 6.5%. Leases are net as to costs of occupancy. At the asking price the all cash IRR is 9.36%. Rents in place are below market which suggests realistic and plausible appreciation potential in the early years of one’s ownership. Please refer to the Argus analysis provided hereinafter for more detail on the disparity between in-place and market rents.
Spreckels Park Shopping Center enjoys a superb retail location at the southeast quadrant of Yosemite Avenue and Spreckels Avenue with a combined average traffic count of 28,981 vehicles per day.
PROPERTY FACTS
| Price | $13,711,704 | Number of Properties | 3 |
| Price / SF | $245.04 / SF | Individually For Sale | 0 |
| Cap Rate | 6.50% | Total Building Size | 55,958 SF |
| Sale Type | Investment NNN | Total Land Area | 16.41 AC |
| Status | Active |
| Price | $13,711,704 |
| Price / SF | $245.04 / SF |
| Cap Rate | 6.50% |
| Sale Type | Investment NNN |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 55,958 SF |
| Total Land Area | 16.41 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Spreckels Park
261-287 Spreckels Ave, Manteca, CA 95336 |
Retail | 45,080 SF | 2007 | - |
| 253-259 Spreckels Ave, Manteca, CA 95336 | Retail | 5,500 SF | 2007 | - |
| 293 Spreckels Ave, Manteca, CA 95336 | Retail | 5,378 SF | 2007 | - |
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Spreckels Park Shopping Center
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