Added at May 22 2008, 12:49pm


Type:
Retail
Listing status:
Sale
SF:
Building size: , Lot size: 46067
Description:
NEWLY RENOVATED NEIGHBORHOOD SHOPPING CENTER-A recent renovation of over $1.8 million completed in late 2005 -Anchored by 99 Cents Only (NYSE: NDN), one of the leading discount retailers in the Western U.S.-Desirable North Orange County location in the affluent City of Brea-Conventional site plan with classic architecture, tastefully renovated and modernized-At just $299 per sq. ft., Property is listed at $94 below the estimated replacement costSTABLE CASH FLOW-Anchored by 99 Cents Only, one of the leading discount retailers in Southern California-Limited tenant turnover during a given year creating income stability until 2015 when 99 Cents Only is up for renewal-Optimal split of 46% of the GLA in the 99 Cent Only anchor tenant (stability) and 54% of the GLA in the restaurant and shop tenants (strong rental growth)-All tenants (except 99 Cents Only) have rental increases (typically annual 3%+ for shop tenants) that are projected to increase the NOI at the Property more than $303,202 (36%) during the projected hold period!-Dense, infill location will limit future competition from new or redevelopment
Terms:
$13,785,000, $299.24/SF
Address:
1201 W. Central Avenue, Brea, CA, 92821