Stater Bros Anchored Shopping Center

Highlights:

• Progressive Real Estate Partners is pleased to present the opportunity to acquire Hacienda Palms – a ±33,004 square foot grocery anchored shopping center with immediate value-add potential. Priced at $197/SF, representing a 6.75% cap rate on actual income collected, the asset features immediate upside potential through (1) collecting the contracted NNNs (currently under collected by approximately $107,000 annually), (2) implementing a “break-up strategy” and piecing off the Chase Bank or other parcels separately, (3) redeveloping the automotive pad, or (4) improving the under-market rents currently averaging just $1.35/SF NNN to market. The property benefits from a top performing Stater Bros (ranked 13 out of 171 stores for foot traffic), high performing Chase Bank ($90M deposits, doubled over prior 10 years), extensive recent capital improvements (totaling an estimated $225,000), high traffic counts at the trade area’s primary commercial intersection (±31,900 cars per day), and a surging population (up over 25% over prior 10 years).

Description:

A ±33,004 square foot Stater Bros. anchored commercial property consisting of both inline and pad spaces

Main & Main Intersection – Hacienda Avenue & Palm Drive is Desert Hot Spring’s primary commercial intersection with over 31,900 cars per day, serving as the most-trafficked grocery anchored center in the community (Source: SiteSeer).

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