9720-9750 Winter Gardens Blvd - Freestanding FOR SALE


Lakeside, CA 92040- Winter Gardens
$18,676,000 USD
949-725-8606
9720-9750 Winter Gardens Blvd, Lakeside, CA for Sale
$18,676,000 USD
Freestanding - FOR SALE
1/7
null | 6.25% Cap Rate

9720-9750 Winter Gardens Blvd
Lakeside, CA 92040
Winter Gardens


HIGHLIGHTS

  • Rare, Wholly Owned Anchored Center
  • Optimally Configured, Grocery and Drug Store Anchored Neighborhood Center
  • Credit, Publicly Traded National and Regional Brand Operators

OVERVIEW

* Rare, Wholly Owned Anchored Center – Grocery and drug anchored shopping center located on the high-traffic intersection of Woodside Ave (±13,700 CPD) and Winter Gardens Blvd (±10,000 CPD) with immediate access to State Highway 67 (±80,000 CPD), positioning itself as one of the most dominant centers in the surrounding trade area comprised of three parcels * Optimally Configured, Grocery and Drug Store Anchored Neighborhood Center – The site plan is ideally configured with a synergistic mix of anchor, in-line shops, and two pad buildings, including the Grocery Outlet and Walgreens anchors and separately parceled KFC and Starbucks pads, providing a strong “daily need” and internet-resistant draw to the center * Credit, Publicly Traded National and Regional Brand Operators – Occupied by numerous well-known, “credit”, and publicly traded national and regional brands including Grocery Outlet, Walgreens, Starbucks, O’Reilly Auto Parts, KFC, EVgo, and Jersey Mike’s - national and regional brand tenants occupy ±82% of the GLA, influencing ±74% of the rental income * Established and Stabilized Tenancy – Eight tenants (±69% of the leased GLA) have been at the property for 5+ years and four tenants (±57% of the leased GLA) for 10+ years–WALT at 6.47 years provides additional tenant stability while limiting near-term rollover risk * Well Below Market Rents – Property wide, current lease rates are estimated to be 25% below market with some tenants more significantly below market than that including Walgreens, KFC (drive-thru pad), Starbucks (drive-thru pad), and Jersey Mike’s Subs * Multiple Parcel “Spin Off” Opportunity – With its 3 parcels, including the single-tenant drive-thru KFC and the multi-tenant Starbucks and Jersey Mike’s pads on separate parcels and with below market rents, there is an opportunity to spin-off the pads in separate sales and potentially at lower cap rates to reduce basis and increase returns

FOR SALE DETAILS

PRICE

$18,676,000 USD

PRICE/SF

$313 USD /SF

CAP RATE

6.25%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Central Lakeside Shopping Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1978

SPRINKLERS

-

PARKING SPACES

316

LAND DETAILS

LAND ACRES

6.03 AC

LAND SF

262,667 SF

ZONING

C

APN/PARCEL ID

382-070-67,382-070-68,382-070-69

ASK ABOUT THIS PROPERTY

John ReadCBREMore Info
949-725-8606

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John ReadCBREMore Info
949-725-8606

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.