After meticulously looking for the right opportunity to expand into the CA market, our acquisitions team just found a rare value-add deal trading at a 6.5 cap in a 5-cap market! Nearly impossible to find right now.
Located in Suisun City, CA, a thriving San Fransisco Bay suburb, Heritage Park Shopping Center is an institutional-quality, 167,250 SF shopping center that is as popular as it is visually stunning. Anchored by a strong mix of national and credit tenants, including a Raley’s grocer, Heritage Park is an established center with a strong lineup of successful tenants, many of whom experienced increased sales over the past 18 months.
But what’s most exciting about this deal for investors is the incredible opportunity for upside, which was totally not acted upon by the site’s previous owner. Our specialized team has the capacity and connections to take over and generate tremendous value through lease-up, NNN spinoffs (huge demand), and site development for this amazing property. Value-add deals of this caliber are already in short supply, especially in the CA market, so be sure to join FNRP’s managing director Drew Carpenter for an in-depth look at Heritage Park Shopping Center, and the incredible value it offers investors.
Financial Projections
+15.2% Target Avg. Annual Return
+5.7% Target Avg. Annual Cash Distribution
+1.5x Target Equity Multiple
+3-Year Target Hold Period
Some Key Details:
Anchored by a 60,000+ SF Raley’s grocery store that’s been a strong-performing tenant since 1989 with lease term through May 2029, and renewal options to remain up to 2044.
Raley’s generates strong sales of over $22M and is a market-dominant grocer.
High-quality tenant roster includes Ace Hardware, Dollar Tree, AutoZone, Dunkin Donuts, and others.
25,000+ SF of rentable vacant space available for lease-up which has the potential to increase rental revenue by over 28%.
Center is situated in a densely populated retail corridor approximately 42 miles from major metropolitans Sacramento and Oakland which contributes to site traffic.
More than 124,862 people live within a 5-mile radius of the center with an average household income exceeding $101K.
Ideal 1031 exchange property with stabilized tenancy and income stream.
Actively growing community with 12 major building projects (2,225 units) in the works, very rare for CA at this time!