East Colorado Boulevard 2355, Pasadena, CA, 91107, US

Pasadena Plaza

자산 설명

JLL has been exclusively retained by Ownership to offer qualified investors the opportunity to acquire Pasadena Plaza (the “Property”), a 76,250 square-foot grocery-anchored center located at the intersection of East Colorado Blvd & Sierra Madre Blvd (43,000 VPD). The Property has a diverse tenant mix attracting a variety of customers while benefiting from its close proximity to the 210 Freeway (333,500 VPD). Currently 100% leased, the Property features a synergistic mix of daily needs and fast casual food tenants that cater to the surrounding affluent suburban community, anchored by Vons, one of nations most dominant grocery stores as well as the only grocer in a 1-mile radius.

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개요

건물 면적 순

7,084 제곱미터

점유율

100%

건축년도

1963

토지 총면적

0 제곱미터

미디어

투자 하이라이트

Top-Performing Grocery Location With Proven Sales History

The Property is nestled between two highly trafficked corners with no other grocer within a 1-mile radius, making it an ideal grocery location. Vons reports extremely strong sales ($830/SF and over $50mm of gross sales) at Pasadena Plaza, which speaks to the dominant position in the market as the trade area’s favored grocery option. The highly profitable store has been at the center since August 2012 with a lease expiration date of July 2032 and sixteen (16) 5-year options.

Affluent Demographics

Pasadena has a dense and affluent population base of 131,926 residents with an average household income exceeding $163,000 within a 1-mile radius of Pasadena Plaza and is projected to increase to over $185,143 within 5 years. The average home value is $1.2 million within a 1-mile radius of the Property, with homes regularly selling for $3M+ in the immediate area.

Ease of Management

Pasadena Plaza presents investors with a low maintenance opportunity with only 10 tenants. Nine of the tenants make up only 19.9% of the GLA in addition to Vons making up the remaining 80.1%. In addition to the lack of AR and nearly 7 years of WALT, the center is in great physical shape with no deferred maintenance.

Dominant In-Line Shop Performance

Along with Vons increasing their sales by almost 9% in just the last 3 years, the remaining tenants who report (Flame Broiler, Pasadena Noodle & Grill, UPS, Sports Clips, Nail Lounge, Movita Juice Bar and Bay Poke) have improved their sales by over 9.60% since 2021, attributing to their long term tenure at the property.

Synergistic Daily-Needs Oriented Tenant Mix

Pasadena Plaza features a diversified and internet-resistant tenant mix with a variety of synergistic uses that include grocery (with pharmacy), dental, banking, nail, shipping, and a variety of food and beverage options. This daily-needs oriented tenant mix attracts over 1.8 million visitors to the center per year, driving strong tenant performance and providing and excellent downside protection.

Secure Income Stream With Strong Historical Occupancy

The property is 100% leased with no near term rollover, providing investors with stable cash flows and strong tenant demand. Pasadena Plaza has approximately 88.5% of the GLA leased to national tenants such as Vons, Chase Bank and UPS. Over 96% of the rent roll has been at the center for more than 10 years.