119,359 SQ FT.
AT A GLANCE
Anchored by Rio Ranch Market and Rite Aid
Lost multiple tenants during escrow but completed sale with no re-trade at a 6.4% cap rate.
Buyer Profile: Southern California 1031 Exchange Buyer.
Property had environmental issues that needed to be overcome prior to closing.
Lost multiple tenants throughout the escrow period.
38% of GLA, 21% of income generated by 8-unit grocery operator.
Rare opportunity to own an entire grocery, drug anchored shopping center in Southern California.
Low price per square foot, future ability to break up the parcel and sell pads individually to reduce basis in the property.
Only neighborhood grocery anchored center in trade area with excellent line-up.
Closed with 1031 exchange buyer from San Diego.
Completed sale with zero re-trade in price, though the NOI dropped due to multiple tenants vacating during escrow.
Aggressive pricing achieved at 6.4% cap, exceeded sellers pricing expectations.