Price Per SF
$45
Year Built
1986
Occupancy
97.5%
Leasable Area
208,893 SF
Property Type
Shopping Centers
INVESTMENT HIGHLIGHTS
- Offered at an attractive 9.85% return on in-place net income
- Attractive financing could achieve a cash on cash return of over 15%.
- Low Vacancy – Center is over 97% occupied
- ABC Bank and the DMV are separately parceled allowing for the opportunity to sell these individually
- 4 Acres of Raw Land Included – Restaurant and Storage companies have expressed interest in ground leases or build to suit development
TENANT
- National Investment Grade Credit Anchor – Express Scripts holds a BBB credit as rated by S&P and currently is paying a significantly below market rent of only $3.50/SF
- Express Scripts occupies 35% of the GLA and invested in a large Tenant Improvement package of close to $3 Million in exchange for a lower rent from the landlord. Additionally, the City of Pueblo provided an incentives package valued at an estimated $7 Million
- Express Scripts is one of the largest employers with over 600 employees at this location which results in an estimated payroll of $12 Million. – City of Pueblo is heavily invested in retaining this employer
- Apria Home Health Care was acquired for $1.6 Billion in 2008 by Blackstone Partners LP which is the largest private equity company in the world
- Long Term Tenants – Over 70% of the tenants have been operating at this location for over 10 Years
- Diversified Income Stream from ±30 different tenants including restaurants, a post office, DMV, auto service operator, bank, health care, fitness center, bowling alley, and local strip tenants
- Low Rents – A majority of, the tenants are currently paying rents are within or below market rent
PROPERTY INFORMATION
- Stabilized +200,000 SF Community Center Priced Below Replacement Cost
- 6 Buildings on 11 Parcels for a total of +/- 35 Acres of land
- Located in the center of town on highly trafficked 4th Street which sees over 30,000 ADT
- Almost $2 Million in renovations and tenant improvements in past 10 years including new roofing, new HVAC units, new parking lot lighting, parking lot resurfacing and restriping
Broker of Record
- Kyle Matthews
- License No. ER.100070690
- (310) 919-5757
- Matthews Retail Group, Inc.
- 841 Apollo Street. Suite 150,
El Segundo, CA 90245