Tuesday, December 16, 2014

NNN Investment - 100% Occupied Strip Center - Grocery Shadow Anchor

Investment Highlights

Price: $5,381,000

  • Shadow anchored by Albertsons (NAP, but occupied since 1994), the Shops at Desert Springs is 100% leased to nine (9) retail, restaurant and service-oriented tenants
  • Five (5) tenants have occupied 79% of the GLA for eight (8) years or more 
  • Located at a hard corner, signalized intersection, shadow anchored by the trade area’s dominant grocery store, the Shops at Desert Springs benefit from high visibility, ease of access, and exceptional traffic (±68,000 vehicles per day) during all times of the day 
  • Current lease rates at the project average just $18.26 PSF per year providing the opportunity to capture future rental increases and maintain high occupancy compared to competing projects
  • Christie’s Appliance (±8,444 SF) has been at the property more than 11 years and Casey’s Hallmark (±4,776 SF) for nearly 15 years 
  • Directly across from the Foothills Mall, a ±511,000 SF regional mall featuring over 90 retailers including: Ross, Saks Fifth Avenue OFF 5th, Old Navy Outlet, Nike Outlet, Party City, buybuy Baby, Barnes & Nobel, AMC Theaters, American Eagle, Aeropostale, GameStop, Applebee's, Melting Pot and others

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