7301 Greenback Ln, Citrus Heights, CA 95621

Marcus & Millichap is pleased to present the opportunity to acquire San Juan Plaza shopping center, which arguably represents the best combination of a national & regional tenant mix, attractive leveraged and unleveraged cash flow in a seasoned, anchored neighborhood retail center currently available for acquisition in California.

This twenty-four-unit shopping center is currently leased to tenants well-suited to the trade area - Safeway, Dollar Tree, Eco Thrift, Togos/Baskin Robbins, and La Vie Nail Salon - are on triple net leases. The eighteen smaller shop suites are on short term or month to month modified gross leases. The sixth, end-cap big box space is guaranteed by the landlord for a three year period after close of escrow at market rate + NNN charges. The big box tenants are responsible for reimbursements for their pro rata share of common area maintenance (CAM), property taxes, and property insurance. The big box tenants are also responsible for paying admin fees, which vary from tenant to tenant (consult the operating statement and contact the listing team for more details). A tenant of San Juan Plaza Shopping Center since 1983, Safeway early exercised a five-year option to extend their lease term in through 2029 and self-funded a substantial tenant improvement project, which included converting a portion of the space in the rear of the unit to a regional distribution center, showing their commitment to the site. The franchisee operator of the Togos/Baskin Robbins has been enjoying attractive sales volumes from this location, resulting in its payment of a sizable percentage rent over and above its base rent level.

The subject property is located in the barriers to entry city of Citrus Heights, a bedroom community of Sacramento, California’s state capitol. The 2022 reported population in the three-mile trade area of San Juan Plaza was over 158,000, which is expected to grow by more than 1.25% by 2027. As of 2022, the median household income in a three-mile radius was $69,254.

San Juan Plaza / Greenback San Juan shopping center is situated at the intersection of Greenback Lane and San Juan Avenue, which are two of Citrus Heights’ most heavily traveled arteries. Vehicle counts at the intersection were nearly 46,000 per day as of 2022. Ingress/egress to the property is via multiple double-wide curb cuts from Greenback Lane and San Juan Avenue and includes dedicated left turn lanes into the center. Visibility to San Juan Plaza and its tenants is enhanced by a monument sign on Greenback Lane that is approximately twenty feet in height and includes high-identity signage for the anchor tenants.

Adjacent retailers to San Juan Plaza shopping center include a who’s-who of national, regional, and multi-location local brands, including Sam’s Club, Burlington Coat Factory, Kohl’s, Ross, Lowe’s, Best Buy, Walmart and many others.

The subject grocery-anchored shopping center is comprised of approximately 162,769 square feet of leasable building area situated on a 15.58-acre parcel (676,922 square feet) parcel. The dedicated on-site parking provide convenient parking. The improvements are conventional in nature with glu-lam beam/wood frame structural over concrete-slab foundation, stucco exterior walls, flat, built-up roof construction, and roof mounted gas-fired, heat-pump units providing heating and air conditioning. San Juan Plaza shopping center offers investors a stable, cash-flowing grocery-anchored retail center with sustainable or below market rents in an infill, barriers to entry suburban submarket. The conversion of smaller shop suites to NNN, and increasing the rents to a market-correct level give an investor an opportunity to add value and realize upside in the short term.