7301-7347 Greenback Ln, Citrus Heights, CA 95621
132,937 SF | 100% Leased | Retail Building | Citrus Heights, CA 95621 | $23,900,000 ($180/SF) | 6.25% Cap Rate
For Sale
Active
Asking Price $23,900,000
- Property Type
-
Retail
- Square Feet
- 132,937 SF
- Price / Square Foot
- $180
Listing Contacts
Quentin Caruso
Mark Mason
- Property Info
Property Overview
Marcus & Millichap is pleased to present the opportunity to acquire San Juan Plaza shopping center, which arguably represents the best combination of a national & regional tenant mix, attractive leveraged and unleveraged cash flow in a seasoned, anchored neighborhood retail center currently available for acquisition in California.
This six-unit shopping center is currently leased to five tenants well-suited to the trade area - Safeway, Dollar Tree, Eco Thrift, Togos/Baskin Robbins, and La Vie Nail Salon - all on triple net leases. To facilitate a transaction, the seller will guarantee the rent plus CAM charges in the sixth end-cap space for a maximum eighteen-month period. The rent guarantee will be fully-funded at the close of escrow. The tenants are responsible for reimbursements for their pro rata share of common area maintenance (CAM), property taxes, and property insurance. The tenants are also responsible for paying admin fees, which vary from tenant to tenant (consult the operating statement and contact the listing team for more details). A tenant of San Juan Plaza Shopping Center since 1980, Safeway exercised a five-year option to extend their lease term in 2019 and self-funded a substantial tenant improvement project, which included converting a portion of the space in the rear of the unit to a regional distribution center, showing their commitment to the site. The franchisee operator of the Togos/Baskin Robbins has been enjoying attractive sales volumes from this location, resulting in its payment of a sizable percentage rent over and above its base rent level.
The subject property is located in the barriers to entry city of Citrus Heights, a bedroom community of Sacramento, California’s state capitol. The 2022 reported population in the three-mile trade area of San Juan Plaza was over 158,000, which is expected to grow by more than 1.25% by 2027. As of 2022, the median household income in a three-mile radius was $69,254.
San Juan Plaza is situated at the intersection of Greenback Lane and San Juan Avenue, which are two of Citrus Heights’ most heavily traveled arteries. Vehicle counts at the intersection were nearly 46,000 per day as of 2022. Ingress/egress to the property is via multiple double-wide curb cuts from Greenback Lane and San Juan Avenue and includes dedicated left turn lanes into the center. Visibility to San Juan Plaza and its tenants is enhanced by a monument sign on Greenback Lane that is approximately twenty feet in height and includes high-identity signage for the anchor tenants.
Adjacent retailers to San Juan Plaza shopping center include a who’s-who of national, regional, and multi-location local brands, including Sam’s Club, Burlington Coat Factory, Kohl’s, Ross, Lowe’s, Best Buy, Walmart and many others.
The subject grocery-anchored shopping center is comprised of approximately 132,957 square feet of leasable building area situated on a 13.19-acre parcel (574,556 square feet) parcel. The 375 dedicated on-site parking spaces provide convenient parking and whose numbers are increased via the ability of shoppers to cross-park & shop throughout the overall center. The ingress / egress to and from the center for shoppers is made easy by two, double-wide curbcut driveways on Greenback Lane, and three, double-wide curb-cut driveways on San Juan Avenue. A dedicated left-turn lane on Greenback Avenue allows visitors to access the property without the need to travel through the signalized intersection at San Juan Avenue. The improvements are conventional in nature with glu-lam beam/wood frame structural over concrete-slab foundation, stucco exterior walls, flat, built-up roof construction, and roof mounted gasfired, heat-pump units providing heating and air conditioning. San Juan Plaza shopping center offers investors a stable, cash-flowing grocery-anchored retail center with sustainable or below market rents in an infill, barriers to entry suburban submarket. Currently prevailing financing terms have been
underwritten into this offering, providing the investor seeking leverage with a very attractive cash flow opportunity.
This six-unit shopping center is currently leased to five tenants well-suited to the trade area - Safeway, Dollar Tree, Eco Thrift, Togos/Baskin Robbins, and La Vie Nail Salon - all on triple net leases. To facilitate a transaction, the seller will guarantee the rent plus CAM charges in the sixth end-cap space for a maximum eighteen-month period. The rent guarantee will be fully-funded at the close of escrow. The tenants are responsible for reimbursements for their pro rata share of common area maintenance (CAM), property taxes, and property insurance. The tenants are also responsible for paying admin fees, which vary from tenant to tenant (consult the operating statement and contact the listing team for more details). A tenant of San Juan Plaza Shopping Center since 1980, Safeway exercised a five-year option to extend their lease term in 2019 and self-funded a substantial tenant improvement project, which included converting a portion of the space in the rear of the unit to a regional distribution center, showing their commitment to the site. The franchisee operator of the Togos/Baskin Robbins has been enjoying attractive sales volumes from this location, resulting in its payment of a sizable percentage rent over and above its base rent level.
The subject property is located in the barriers to entry city of Citrus Heights, a bedroom community of Sacramento, California’s state capitol. The 2022 reported population in the three-mile trade area of San Juan Plaza was over 158,000, which is expected to grow by more than 1.25% by 2027. As of 2022, the median household income in a three-mile radius was $69,254.
San Juan Plaza is situated at the intersection of Greenback Lane and San Juan Avenue, which are two of Citrus Heights’ most heavily traveled arteries. Vehicle counts at the intersection were nearly 46,000 per day as of 2022. Ingress/egress to the property is via multiple double-wide curb cuts from Greenback Lane and San Juan Avenue and includes dedicated left turn lanes into the center. Visibility to San Juan Plaza and its tenants is enhanced by a monument sign on Greenback Lane that is approximately twenty feet in height and includes high-identity signage for the anchor tenants.
Adjacent retailers to San Juan Plaza shopping center include a who’s-who of national, regional, and multi-location local brands, including Sam’s Club, Burlington Coat Factory, Kohl’s, Ross, Lowe’s, Best Buy, Walmart and many others.
The subject grocery-anchored shopping center is comprised of approximately 132,957 square feet of leasable building area situated on a 13.19-acre parcel (574,556 square feet) parcel. The 375 dedicated on-site parking spaces provide convenient parking and whose numbers are increased via the ability of shoppers to cross-park & shop throughout the overall center. The ingress / egress to and from the center for shoppers is made easy by two, double-wide curbcut driveways on Greenback Lane, and three, double-wide curb-cut driveways on San Juan Avenue. A dedicated left-turn lane on Greenback Avenue allows visitors to access the property without the need to travel through the signalized intersection at San Juan Avenue. The improvements are conventional in nature with glu-lam beam/wood frame structural over concrete-slab foundation, stucco exterior walls, flat, built-up roof construction, and roof mounted gasfired, heat-pump units providing heating and air conditioning. San Juan Plaza shopping center offers investors a stable, cash-flowing grocery-anchored retail center with sustainable or below market rents in an infill, barriers to entry suburban submarket. Currently prevailing financing terms have been
underwritten into this offering, providing the investor seeking leverage with a very attractive cash flow opportunity.
Property Details
- Class
- C
- Year Built
- 1977
- Stories
- 1
- Property Subtype
- Storefront
- Lot Size (sq. ft)
- 574,556 SF
Highlights
- Grocery-anchored neighborhood shopping center featuring all triple-net leases
- Substantial, self-funded tenant improvement project by Safeway in 2019
- Recent five-year option exercised by Dollar Tree
All available spaces
- Space
- 1st Fl-Ste 7301
- Size
- 28,760 SF
- Condition
- Full Build-Out
- Space
- 1st Fl-Ste 7325
- Size
- 1,200 SF
- Space
- 1st Fl-Ste 7335
- Size
- 1,080 SF
- Condition
- Full Build-Out
- Space
- 1st Fl-Ste 7337
- Size
- 1,080 SF
- Condition
- Full Build-Out
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