Overview

Description

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in Alante Plaza, a 3-tenant, 6,233 SF, 100% leased investment property located in Glendale, AZ. 40% of the building has been occupied by Tandoori Times Indian Bistro for more than 12 years, speaking to the long-term strength of the location. Tandoori Times has also 1 (5-year) option to extend at fair market rent. An additional 40% of the building’s square footage was recently leased to Churroholics & Hiccups under a 10-year initial term with 2 (5-Year) options to extend. Both leases feature annual rental increases, steadily growing NOI and hedging against inflation. Both tenants operate under NNN leases, limiting expense leakage for a new owner. Current ownership has recently invested significant capital toward the parking lot, roof, and exterior painting of the building, limiting future capital expenditures for a new investor.

The subject property is strategically located along West Bell Road, a major east/west retail and commuter thoroughfare traveling throughout Glendale averaging 36,700 vehicles passing by daily. Alante Plaza benefits from excellent visibility & street frontage along W. Bell Road, as well as convenient cross-parcel access ingress/egress points throughout the center. Moreover, the site is just 2.5 miles south of Agua Fria Freeway / State Highway 101, averaging an additional 136,900 VPD. The site is situated as a pad to an LA Fitness anchored shopping center, with other tenants including Sherwin-Williams, Tutor Time, and more, promoting crossover store exposure. The center is positioned within a dense retail corridor serving northern Glendale, with other nearby national/credit tenants including Walmart Supercenter, WinCo Foods, Kohl’s, and more, further increasing consumer draw to the immediate trade area. The 5-mile trade area is supported by an extremely dense population of more than 347,000 residents and nearly 113,000 employees. Residents within 1 mile of Alante Plaza boast a healthy average household income of $93,000.

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