Description
CBRE is proud to offer the opportunity to acquire Greenback Corners, a fully leased high visibility retail complex in Sacramento, California.
This handsome, well-maintained asset sits at the gateway to an extraordinary line up of uniformly successful retail developments to the west on Elkhorn Boulevard and to the east on Greenback Lane itself, is next to the Greenback Lane on-ramp to U.S. Interstate 80 and is within easy reach of Interstate 5 and U.S. Highways 50 and 99. The Subject sits at the southern border of Citrus Heights and its myriad affordable residential neighborhoods and just minutes south of Roseville and the abundant office, retail and residential opportunities of South Placer County.
The asset is priced at $6,295,000 which equates to $364 per sq. ft. for ±17,295 sq. ft. of improvements and a year one capitalization rate of 7.33%. Leases are net as to expenses of occupancy with the exception of the United States of America suite which represents 12.5% of the Subject’s square footage.
The tenants in this offering represent a dynamic, synergistic mix featuring a range of food and service offerings. Several of the occupants enjoy rents which are objectively below market offering the very real potential for appreciation potential over the mid-term.
The Center enjoys a superb retail location at the southeast quadrant of Garfield Avenue and Greenback Lane. It sits across Greenback Lane from the Greenback Lane on-ramp to Interstate 80 which boast Average Daily Vehicle totals of 407,300 for combined north and south lanes of travel. At the intersection of Garfield Avenue and Greenback Lane the counts are 29,354 and 57,453 Vehicles Per Day, respectively.
While Sacramento’s overall Q1 retail vacancy rate was 6.5% the Citrus Heights submarket boast an availability figure of only 4.6% attesting to its attractiveness to merchants and shoppers alike.
