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Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, California License Number 01385740.
RANCHO VIEJOA GROCERY-ANCHORED RETAIL CENTER LOCATED IN CENTRAL CALIFORNIA
SHOPPINGCENTER
INVESTMENT OVERVIEW
HFF has been exclusively retained by Ownership to offer qualified investors the exciting opportunity to acquire the fee simple interest in Rancho Viejo Shopping Center (the ”Property” or “Center”), a 72,347 SF grocery anchored shopping center located in Visalia, California. The Property is 96% leased and anchored by Save Mart Supermarkets, who recently executed an early 5-year renewal. The Property is located in a trade area with over 68,000 residents within a 3-mile radius and average household incomes exceeding $81,000. The Center offers a complementary mix of national and regional tenants including Mountain Mike’s, Supercuts, Deli Delicious, and State Farm, amongst others. In addition, the Property benefits from multiple market dominant pad tenants (NAP) including McDonald’ s (recently renovated), KFC, Jimmy John’s, Rita’s Italian Ice, and Starbucks Coffee.
PROPERTY SUMMARY
ADDRESS 5203 West Walnut Avenue Visalia, California 93277
% LEASED 96.4%
SQUARE FEET 72,347
IN-PLACE NOI $787,212
SITE AREA ±7.05 Acres
PARKING RATIO 5.34 / 1,000 SF
YEAR BUILT 1998
`MAJOR TENANTS INCLUDE:
TENANT SIZE (SF) LEASE EXP.
SAVE MART SUPERMARKETS 47,145 September 2023
AMIGOS RESTAURANT 5,603 February 2019
SUPERCUTS 1,540 September 2018
STATE FARM INSURANCE 1,005 October 2020
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VISALIA, CALIFORNIARANCHO VIEJO SHOPPING CENTER
RANKING FOR AMERICA’S LARGEST PRIVATE COMPANIES
RANKING FOR THE TOP 50 LARGEST U.S. GROCERY CHAINS
RANKING FOR TOP RETAIL CHAINS
RANKING FOR THE TOP 50 FASTEST GROWING GROCERY CHAINS
(FORBES 2016)(PROGRESSIVE GROCER 2016)
(THE BALANCE 2013) (CHAIN STORE GUIDE 2010)
#91 #21
#34 #5
STRONG DEMOGRAPHICS
Densely populated trade are with over 68,000 residents located within a 3-mile radius of the Property and average household incomes exceeding $81,000.
GROCERY-ANCHORED SHOPPING CENTER
IN CALIFORNIA’S CENTRAL VALLEY
Grocery-anchored by Save Mart Supermarkets ($4.5B sales/213 stores), with a recently executed 5-year early renewal, attracting a consistent, “daily needs” draw to the property.
INVESTMENT HIGHLIGHTS
SAVE MART SUPERMARKETS PERFORMANCE (YEAR ENDING JUNE-2017)
PROPERTY SF ANNUAL SALES SALES/SF ANNUAL + NNN RENT TOTAL RENT $/SF HEALTH RATIO
RANCHO VIEJO SHOPPING CENTER 47,145 $17,205,047 $364.94 $484,424 $10.28 2.82%
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CALIFORNIA GROCERY-ANCHORED RETAIL CENTER
MARKET DOMINANT PAD AND SHOP TENANTS (NAP)
DRIVING TRAFFIC
Starbucks Coffee, KFC, McDonald’s (recently remodeled), Jimmy John’s, Rita’s Italian Ice, and Chevron as NAP tenants are some of the most sought after retail occupants available. This pad and shop dynamic draws considerable traffic to the center thus driving sales and enhancing value throughout the Property.
QUINTESSENTIAL GROCERY ANCHORED NEIGHBORHOOD
SHOPPING CENTER
Rancho Viejo Shopping Center is located in the residential heart of Visalia adjacent to El Diamante High School (over 1,900 students) and the Visalia Fire Department. It is located at the intersection of Walnut Avenue (over 12,700 cars per day) and Akers Street (over 19,800 cars per day).
ATTRACTIVE IN-PLACE CASH FLOW WITH
STRONG TENANT DEMAND
The Property is over 96% leased, demonstrating strong tenant demand and offering investors attractive in-place cash flow.
INVESTMENT HIGHLIGHTS (CONTINUED)
4 |
VISALIA, CALIFORNIARANCHO VIEJO SHOPPING CENTER
LOCATION MAP
RANCHO VIEJO SHOPPING CENTER
NEARBY AIRPORTS:
FRESNO YOSEMITE INTERNATIONAL AIRPORT
47 Miles
MEADOWS FIELD AIRPORT (BAKERSFIELD)
68 Miles
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CALIFORNIA GROCERY-ANCHORED RETAIL CENTER
LINWOOD ELEMENTARY
SCHOOL
LA JOYA MIDDLE SCHOOL
EL DIAMANTE HIGH SCHOOL
COLLEGE OF SEQUOIAS
AGRICULTURE DEPARTMENT
VISALIA TECHNICAL
EARLY COLLEGE
W WHITENDALE AVENUE
W WALNUT AVENUE
S AKERS STREET
12,744 VEHICLES PER DAY
19,800 VEHICLES PER DAY
RANCHO VIEJO SHOPPING CENTER
6 |
VISALIA, CALIFORNIARANCHO VIEJO SHOPPING CENTER
INVESTMENT HIGHLIGHTS (CONTINUED)
UNENCUMBERED ASSET
The Property is being delivered free and clear of existing financing, providing the opportunity to take advantage of the historically low interest rate environment and enhanced leveraged returns.
INSTITUTIONALLY MANAGED ASSET
The Property has been meticulously maintained by institutional ownership significantly reducing future capital costs.
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CALIFORNIA GROCERY-ANCHORED RETAIL CENTER
DEMOGRAPHICS
RANCHO VIEJO SHOPPING CENTER 3-MILE 5-MILE
2022 POPULATION PROJECTION 71,808 133,853
2017 POPULATION ESTIMATE 68,736 127,785
POPULATION % GROWTH (2017-2022) 4.5% 4.7%
2017 EST. AVERAGE HOUSEHOLD INCOME $81,795 $74,361
STE TENANT SF % NRA LEASE EXP.
1A Shanghai Chinese Restaurant 1,500 2.1% Apr-22
1B Tulare County Federal Credit 1,549 2.1% Jan-19
1C Supercuts 1,540 2.1% Sep-18
1D Vacant 1,200 1.7% n/a
1E Cellular & Paging Communications 1,600 2.2% Oct-20
2A Healthy Japan 1,500 2.1% Jul-20
2B Vacant 1,435 1.9% n/a
2C Brain Balance Center 2,500 3.5% Oct-24
2D Mr. Nice Guys Smoke Shop 910 1.3% Dec-22
2E Nice Nails and Spa 960 1.3% Jul-19
2F State Farm Insurance 1,005 1.4% Oct-20
2G Deli Delicious 1,500 2.1% Apr-19
3A Mountain Mike's Pizza 2,400 3.3% Dec-20
3B Amigos Restaurant 5,603 7.8% Feb-19
MJR Save Mart Supermarkets 47,145 65.2% Sep-23
TOTAL AVAILABLE SF 2,635 3.6%
TOTAL OCCUPIED SF 69,712 96.4%
TOTAL OVERALL SF 72,347
INVESTMENT OVERVIEW
8 |
VISALIA, CALIFORNIARANCHO VIEJO SHOPPING CENTER
SITE PLAN
(NAP)
(NAP)
(NAP)
(NAP - Recently Remodeled) (NAP)
(NAP)
WALNUT AVE
WAGNER AVE
AK
ER
S ST
AT
WO
OD
1E 1D 1B 1A
3B
3A
2G
2F
2E
2D
2C
2B
2A
1C
NAP
NAP
Pad C
Pad B
NAPPad A
NA
P
Pad D3
Pad
D1.1
NA
PP
ad D
1.2
NAP
Pad D2NAP
DR
IVE-
TH
RU
DR
IVE-T
HR
U
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CALIFORNIA GROCERY-ANCHORED RETAIL CENTER
©2017 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
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GLEB LVOVICH949.798.4115
[email protected] RE Lic. #01496699
BRYAN LEY310.407.2120
[email protected] RE Lic. #01458927
ERIC KATHREIN415.510.6961
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INVESTMENT SALES ADVISORS
MARKET & LEASING EXPERTSASSOCIATE DEBT GUIDANCE
RANCHO VIEJOA GROCERY-ANCHORED RETAIL CENTER LOCATED IN CENTRAL CALIFORNIA
SHOPPINGCENTER
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