931-939 Armory Road

Highlights:

• THE Grocery-Anchored Retail Center in Barstow – Two-tenant retail property anchored by a top-performing Stater Bros. Market, the primary grocery and daily-needs destination in the trade area. Per Placer.AI, the center benefits from approximately 1.7 million annual foot visits.
• Proven Center Performance – The overall shopping center is 99% occupied, reflecting strong tenant demand and limited competing grocery anchored retail supply in Barstow.
• Exceptional In-Place Yield – Offered at a high 7%+ in-place cap rate, providing strong current income plus additional upside.

Description:

Progressive Real Estate Partners is pleased to present the opportunity to acquire a two-tenant retail building in Barstow, California. The property is anchored by a top-performing Stater Bros. Market, the primary grocery and daily-needs destination in the trade area, benefiting from approximately 1.7 million annual foot visits per Placer.AI. The asset is offered at an attractive 7.00% in-place cap rate, providing strong current income with additional upside, and at a compelling price point of approximately $166/SF, well below replacement cost for comparable grocery-anchored retail product. Rent-A-Center has operated at the property since 1995 and most recently renewed in 2022, demonstrating long-term commitment to the location. M&M’s Auto Repair occupies highly improved automotive space at a below-market $0.92/SF MG rent, creating a clear mark-to-market opportunity. The overall shopping center is 99% occupied, reflecting strong tenant demand. The property abuts Interstate 15, which carries approximately 24 million vehicles annually, and benefits from Barstow’s logistics-driven growth, anchored by BNSF Railway’s $3.8 billion Barstow International Gateway, projected to generate approximately 20,000 jobs.

The property abuts Interstate 15, which carries approximately 24 million vehicles annually, and benefits from Barstow’s logistics-driven growth, anchored by BNSF Railway’s $3.8 billion Barstow International Gateway, projected to generate approximately 20,000 jobs.

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