Re: Signalized Corner Palmdale Adjacent Shopping Center @ Pearblossom / Hwy 138 (8 min from Palmdale; 3 buildings (12,800 sqft on 2.03 acres); Signalized Corner with major county improvements in recent years including new water line, relatively new bus stop and sidewalks; 8 units; Shell Anchor as main tenant - Gas Station (30 yrs))
Agents / Principals:
A unique great location 2 acre shopping center for lease and/or purchase in Pearblossom, just 8 min E. of Palmdale.
LOCATION SPECIFICS (SEE FLYER & WEBSITE BELOW FOR MORE INFORMATION)
12,800 sq ft built (buildable to 44,000) located on 2.03 acres (expandable to 5 acres via adjacent land acquisition). Shell Gas Station is the anchor tenant (10 yr lease plus 2 10 year options to renew). Former liquor store & marketon the property. Great market location -- 7/11 has called about the location as well as Starbucks, Subway, Burger King & Wienerschnitzel. Auto/Truck Stop. Car Wash, etc.
TRAFFIC & FOOTCOUNT
Drive-by traffic is 35,000 to 40,000. Bus Stop at Center (6 stops daily). Sidewalk. Shortcut to Vegas. First-last stop status on Hwy 138 as you enter/exit Palmdale/Lancaster. City has spent over $10 million on local expansion & buildout of Hwy 138 from 2 to 4 lanes (finishing this year / by 2020). Please see attached flyer for further specs.
Several offers ~ $1.8 million in net cash proceeds to seller in hand. Seriously considering any offers greater than $1.8 million. CBRE put appraised value at $2.2 million in 2017.
NNN CALIBER TENANTS IN PIPELINE
In addition to the existing Shell Franchisee, other blue chip tenants have made inquiries. Specifically, Starbucks, 7-Eleven, Subway, Burger King, Wienerschnitzel and Arby's have all called and expressed interest in possibly setting up shops at the Shopping Center within the next several years (as rooftop count increases with local housing stock inventory build-out).
INCOME UPSIDE - ADJACENT PARCELS ALLOW FOR POSSIBLE BIG BOX RETAIL BUILDOUT
7.5 to 8 Cap rate based on peak revenue. Property's location is perfect with the signalized corner and first-stop/last-stop status on Highway 138. Truly phenomenal upside for a well capitalized investor. Call me if you have any questions. Would be happy to tour and discuss in further detail.