Asking Price Contact for pricing
Area Size
NOI Net Operating Income
NIY N/A
Asking Price Contact for pricing
Area Size
NOI Net Operating Income
NIY N/A

Documents

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Attributes

Building Area Net
Land Area Net ()
Occupancy 89.0 %

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire Arden Square (the “Property”), an attractive 100,162 square foot neighborhood center located in Sacramento, CA. 


The Property is anchored by BevMo, JoAnn, and OfficeMax and holds a prominent position along Arden Way, one of Sacramento’s major East-West thoroughfares. The anchor tenants comprise 60% of the property’s total square footage with 8.3 years of average lease term remaining. Kaiser also serves as a junior anchor, accounting for 15% of the property’s gross leasable area, with two spaces totaling 15,087 SF. Currently 89% leased, Arden Square provides an attractive and secure income stream with upside through lease-up and the repositioning of vacancy.

Investment Highlights

STABLE IN-PLACE INCOME WITH UPSIDE 

Arden Square has an attractive in-place income derived from a strong mix of national and regional tenants. Currently 89% leased, the Property also offers significant NOI growth and upside through lease-up and repositioning vacancies.


LONG-TERM ANCHOR TENURE

BevMo, JoAnn, and OfficeMax have an average tenure of 20 years each at the Property. 


PROMINENT POSITION ON ARDEN WAY  

Located at Arden Way and Morse Avenue, Arden Square holds a prominent position within the seasoned Arden-Watt submarket. 


ATTRACTIVE WALT OF 5.4 YEARS

With recent lease renewals and new lease executions, the Property has an attractive weighted average primary lease term of 5.4 years. 


STRONG TRADE AREA FUNDAMENTALS 

140,000 people within a 3-mile radius offer a dense and trade area and primary customer base. 


75% OF PROPERTY LEASED TO ANCHOR AND JUNIOR ANCHOR TENANTS 

The anchors along with Kaiser account for 75% of the total square footage generating income and consistent foot traffic at the property for the foreseeable future. Kaiser occupies 15% of the gross leasable area for medical use. Kaiser’s exceptional credit makes them ideal co-tenant to complement traditional retail. 


STRONG LEASING MOMENTUM AND TENANT DEMAND 

BevMo extended its lease by 10 years through January 2032 exemplifying its commitment to the neighborhood. Recent uptick in new leases and letters of intent for space along Morse Avenue showcase nearby tenant demand for the vacant spaces.

Last Updated Date: 30 Sep 2021

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Last Updated Date: 30 Sep 2021

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