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100 Town Center E - Santa Maria Town Center, Santa Maria, CA

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100 Town Center E - Santa Maria Town Center

Santa Maria, CA 93454-5129 - North SB County Submarket


Property Type:Retail Sub Type:Freestanding Status:Existing , Renov 1990 Year Built:1976
Building Size:332,888 SF Land Area:7.05 AC (307,046 SF)
For Sale Price:$33,100,000 Price/SF:$99.43
Cap Rate:7.50 %
Parking:100 Surface spaces are available; Free Covered spaces are available; Ratio of 5.27/1,000 SF
Features:Bus Line, Dedicated Turn Lane, Food Court, Signage, Signalized Intersection, Kiosk Cart, Center Temp Tenant, Center Enclosed



Sale Notes:
INVESTMENT HIGHLIGHTS
• Lease It Up and Reposition Tenancy - At present, Santa Maria Town Center (SMTC) is approximately 72% occupied with 93,610 SF vacant and available for immediate lease up
• High Yield and NOI Growth - Lease up of current vacant space, stabilization of license/temporary tenancy, low existing rents and embedded increases drive the Net Operating Income, projected to increase approximately $2,837,000 (118%) over a 5-year hold, producing leveraged IRR's exceeding 26%
• Well Below Replacement Cost - Anchored by Sears (NAP), Macy’s (NAP) and high performing Edwards Theatres 14 RPX Digital Cinema, and offered at $103 PSF, SMTC will trade significantly below its estimated land inclusive replacement cost, approaching $300 PSF
• Established, Dominant Trade Area Position - SMTC enjoys a dominant position in the trade area, with the closest department store/mall shopping either 35 miles north in San Luis Obispo, or 65 miles south in Santa Barbara. SMTC pulls shoppers from an exceptionally large trade area. Macy’s recently renovated its store’s interior and exterior in 2009 and 2013, demonstrating its long term commitment to the area and the viability/productivity of this location
• Infill “Town Center District” Location - Adjacent to the Santa Maria City Hall, Civic Center, Santa Barbara Superior Court, Santa Maria Transit Center, Public Library, Police Department and US Post Office
• High Population Growth - Since 2010, population growth within 3 miles has been 6.81% and is projected to continue growing an additional 6.33% through 2020

CBRE
Phil D Voorhees
(949) 725-8521

Kirk Brummer
(949) 725-8418

Todd Goodman
(949) 725-8550

James Slusher
(949) 725-8507

Megan Wood
(949) 725-8423

  
CBRE
George B Good
(630) 573-7010




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