Long Beach, CA - Shops on the Boulevard

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in The Shops on the Boulevard, a NNN leased, 90% occupied storefront retail investment property located in Long Beach, California. The property is divided into three suites with Shoe Palace occupying 4,277 SF, Black Ring Coffee utilizing 1,417 SF, and 639 SF left vacant. The offering consists of a diverse, strong tenant lineup comprised of retail and food tenants creating a stabilized, income stream for a new investor. Both tenants operate under leases which are NNN in nature, limiting expense leakage for a future investor. At 90% occupancy, this offering provides a new investor with potential upside through lease up of the vacant space.

Shops on the Boulevard is located at the signalized, hard corner intersection of Long Beach Boulevard and East Market Street, averaging more than 40,000 combined vehicles passing by daily. The asset benefits from excellent visibility via significant street frontage along Long Beach Boulevard (31,000 VPD). Futhermore, the site is situated less than 1 mile south of on/off ramp access to Interstate 710 (199,000 VPD), a major north/south Interstate highway traveling directly through the heart of downtown Los Angeles. Located in a dense retail corridor, the Shops on the Boulevard is within close proximity to multiple national/credit tenants including Costco, Walmart Supercenter, Target, Home Depot, 24-Hour Fitness, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Moreover, the subject property is ideally positioned just over two miles north of Long Beach Airport, which served nearly 1.8 million travelers in 2019. The 5-mile subject trade area is supported by more than 667,000 residents and 227,000 daytime employees with an average household income of $84,000.

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