Fresno, CA - Tractor Supply

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, newly constructed, investment grade (S&P: BBB), corporate guaranteed, Tractor Supply investment property located in Fresno, CA. The tenant recently signed a brand new 20-year lease with 4 (5-year) options to extend. The lease features 5% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN with minimal landlord responsibilities, making it an ideal investment opportunity for a passive investor.

The property is positioned near the signalized, hard-corner intersection of E. Kings Canyon Road and S. Clovis Avenue, with a combined 68,700 VPD. This investment enjoys excellent visibility and access via multiple points of ingress/egress and a large monument sign. Tractor Supply is part of a Vons-anchored shopping center, which draws over 932,000 visitors annually (per Placer.ai). Additionally, the asset is surrounded by residential complexes, including Los Arbolitos Apartments (128 units), Redwood Canyon Apartments (74 units), and Sunnyside Glen Apartments (74 units).

The property is located just half a mile away from Fresno’s largest commercial project, the Fancher Creek Development. This master-planned development will introduce over 2.6 million square feet of commercial space and 740 residential units to the area, divided into three components: the Business Park, Town Center, and Village Center. The Business Park will feature over 1.5 million square feet of office, industrial, and flex buildings across 127 acres. The Town Center will comprise over 1 million square feet of mixed-use space. Pre-leasing for the Town Center has begun, attracting prominent tenants such as Target, In-N-Out Burger, Sprouts Farmers Market, Chipotle, Starbucks, Michaels, HomeGoods, and PetSmart. The center also includes a 180-unit affordable senior living apartment complex (completed and 100% occupied) and a 240-unit apartment complex (Phase 1 estimated for completion in June 2024). The Village Center will consist of over 100,000 square feet of retail, office, and residential space.

The 5-mile trade area is supported by more than 230,000 residents and 83,900 daytime employees, with an affluent average household income of $93,573 in the 1-mile trade area.