* Multi-Faceted “Box Checking” Retail Center Investment – With its wholly owned, 5 parcel configuration, extremely stable and high-credit tenancy, and short- and long-term upside through vacancy lease-up, below market rents, anchor repositioning potential, and parcel spin-offs, Highridge Crossing checks a lot of boxes and presents an opportunity seldomly seen in retail center investments
* High Credit, Proven Tenant Mix – Highridge Crossing includes a complementary and synergistic tenant mix of national, regional, and local retailers including Office Depot, Chipotle, Starbucks, Panda Express, Wendy’s, Chase Bank, Urbane Café, Juice it Up!, Pacific Dental, Nutrishop, 9Round Kickboxing, Rivian, and many others, optimal to serve this affluent trade area. National tenants account for ±62% of income at Highridge Crossing.
* Consistently High Occupancy – 14 tenants totaling 41,631 SF (79% of the occupied GLA) have occupied the property for 10+ years with 8 tenants totaling 33,660 SF (64% of the occupied GLA) for approximately 20 years when the center was built including Office Depot, Chipotle, Panda Express, Starbucks, Wendy’s, Juice It Up!, Pacific Dental, Dink’s Deli & Bagels, and Chase Bank
* Tremendous Tenant Sales Performance – In addition to strong historical occupancy, tenants report extremely strong sales with property wide reported sales averaging ~$650 PSF and some tenants even over $1,000 PSF, with Chase Bank having $360M+ in deposits, further proving the viability of Highridge Crossing and its ability to attract high-performing tenancy
* Strong Income Growth – Through lease-up of the current 8.9% vacancy (3 spaces totaling 5,130 SF), contractual rent increases, and rolling below market rents to market, the NOI is projected to grow over 14% upon stabilization and 65% over 10 years with a 5.10% compound annual growth rate (CAGR)
* Parcelized Sale, Multiple Parcel “Spin Off” Opportunity – Highridge Crossing is wholly-owned with 5 separate parcels, with portions at rents significantly below market rates, presenting an opportunity to sell portions or all the center in pieces, reducing basis, and increasing returns
* High-Demand, Synergistic Retail Hub – Highridge Crossing is located at THE signalized intersection in the trade area, Newhall Ranch Road (+37,000 CPD) and Copper Hill Drive (+34,000 CPD) with neighboring tenants at this intersection including Walmart, The Home Depot, Smart & Final Extra!, Dollar Tree, LA Fitness, Jack in the Box, The Habit, American Tire Depot, and many others
* Extremely Affluent “Core” Market Demographics – Average Household Income is $206,230, $190,005, and $184,311, within the 1, 3, and 5-mile radius rings, respectively