CBRE is pleased to exclusively offer for sale the opportunity to acquire Sierra Crest Center, a two-story 68,080 SF neighborhood retail and office center. Sierra Crest Center features an excellent tenant mix of several national and regional tenants (Dunkin’, StateFarm, Valvoline, Firestone, DirecTV, Herbalife and Farmers Insurance) as well as “daily needs” tenants that are on short-term/month-to-month leases.
Upon the acquisition of the subject property, a potential new investor could separately parcelize the buildings and its pads for future dispositions. Additionally, the vacant spaces and near-term rollovers of the current leases offers significant upside if a buyer decided to re-tenant and repositions the spaces with long term tenants. The well-positioned center provides extremely attractive assumable financing.The assumable loan carries a below market 4.43% interest rate with a 25-year amortization schedule that matures in September 2026.
The center features 6 points of ingress and egress from Sierra Highway (63,173 CPD), providing ample accessibility. Additionally, the center is easily accessible from the HWY 14 off-ramp, which is immediately adjacent to the center. The surrounding trade area is experiencing a large amount of growth due to city improvements and upcoming developments for the area. Santa Clarita is also considered one of the most business-friendly cities in the county and the best in “cost of doing business” in the county according to the Kosmont-Rose Institute Cost of Doing Business Survey.
- Value-Add Component – An investor will have the ability to add tremendous value in the future by parcelizing the center and selling off pads to lower their basis and increase profits.
- Accessibility from the Freeway to Center – The subject property is conveniently located next to the on-ramp and off-ramp to the Antelope Valley Freeway (HWY 14), which features over 25,525 CPD cars per day.
- Great Frontage on Sierra Highway – Sierra Highway is situated along one of the main retail corridors for the trade area featuring over 31,500 CPD and is less than ¼ mile from several national tenants including Costco, 24-Hour Fitness, CVS, and other quick-service restaurants.
- Attractive Assumable Loan – The center is encumbered by a favorable low interest rate (4.43%) loan that matures in September 2026 as well as a favorable LTV.
- Mixed-Use Asset – The center offers a high range of mixed uses including retail, office, medical, financial/service-oriented businesses and self-storage, which helps draw in customers as well as a creates a diversified income stream.
- Ample Parking – The center features underground and ground level parking for its customers.
- Well-Below Replacement Cost – Sierra Crest is priced well-below replacement cost, priced at just $170 PSF. This allows investors to attract tenants with competitive rents for the area.
- Excellent Transit Oriented Location – Additionally, the property is located less than ½ mile from the Via Princessa Metrolink Station, which is served by the Metrolink Antelope Valley Line from Los Angeles Union Station to Lancaster.