Description
CBRE is proud to offer the opportunity to acquire Spreckels Park Shopping Center, a high-visibility neighborhood shopping center located on East Yosemite Avenue, Manteca’s primary retail corridor, and proximate to U.S. Highway 99.
The Center is surrounded by major users such as Target, Food 4 Less, TJ Maxx and Staples and features a complementary roster of strong, high traffic co-tenants including PetSmart and San Joaquin General Hospital.
The Center is priced at $13,315,000 which equates to $244 per square foot and a year one capitalization rate of 6.5%. Leases are net as to costs of occupancy. At the asking price the all cash IRR is 9.61%. Rents in place are below market which suggests realistic and plausible appreciation potential in the early years of one’s ownership. Please refer to the Argus analysis provided in the offering memorandum for more detail on the disparity between in-place and market rents.
Spreckels Park Shopping Center enjoys a superb retail location at the southeast quadrant of Yosemite Avenue and Spreckels Avenue with a combined average traffic count of 28,981 vehicles per day.
