Grocery Shadow Anchored NNN Retail Center
$30,500,000
851 West Olive Avenue, Merced, CA 95348
6.75
Cap Rate
85,892 sqft
Building Size
Details:
Highlights:
- Shadow Anchored by Vallarta Supermarket and Across from Target Center
- Highly Secured Long-Term Income Stream with New 10-Year NNN Leases
- 100% leased to National / Regional recognized credit tenants
- Tremendous Underlying Retail Market Fundamentals with Low Vacancy & Scarce Supply
Description:
Kidder Mathews, in partnership with Retail California, as exclusive advisor to Owner is pleased to present The Shoppes at Merced, a newly repositioned ±85,892 SF best-in-class NNN Retail Center shadow anchored by Vallarta Supermarket, Crunch Fitness, Raising Cane's (Proposed) and In N Out (Proposed) and across the street from Target.
A former Sears Box, the asset recently completed a successful full-scale redevelopment and lease up campaign resulting in a synergistic national and credit tenant line up of Burlington, PetCo, Five Below, ULTA, Carter’s, Tilly’s, Rack Room Shoes, Bed Bath & Body Works, and Mattress Firm. The newly signed leases (±10.0 WALT) offer highly secured long-term income from a diverse and complimentary tenant roster. The property boasts a “main & main” location within the heart of Merced’s primary retail corridor at the high traffic (±40,459 VPD) signalized intersection of W Olive Ave & R Street. The property is immediately adjacent Marketplace at Merced (Merced’s only regional shopping mall which is currently undergoing a major renovation) creating strong foot traffic and cross-shopping from an existing loyal customer base In Downtown Merced.
NOI: $2,059,401
Property Website: https://shoppesatmerced.com/
Drone Video: https://www.youtube.com/watch?v=VS6B0ygvKiw&feature=youtu.be
Location
Gallery
