Bellflower Plaza: Value-Add Shopping Center
Neighborhood Shopping Center Anchored by 7-Eleven and Jack in the Box
Marketing description
Pegasus Investments Real Estate Advisory Inc., as exclusive investment sale advisor to seller, is pleased to offer Bellflower First Plaza – a rare opportunity to acquire a value-add neighborhood strip shopping center anchored by 7-Eleven and Jack-in-the Box* located in Bellflower (Los Angeles), California at an extremely attractive basis significantly below replacement cost of $205/SF. Financial returns are attractive, boasting an NOI compounded annual growth rate (CAGR) of 8.5%, levered IRR of 15.8%, equity multiple of 3.0x and average cash-on-cash returns of 11.4% over a projected 10-year hold period.
Bellflower First Plaza features a diverse and highly seasoned mix of service, medical, lifestyle and convenience retail tenancy, addressing the needs of the densely populated Bellflower community, which features nearly 270,000 residents and average household incomes reaching $100,000 annually within a 3-mile radius of the Property. Prominently situated along Bellflower Blvd. at the signalized intersection of Ramona Street, Bellflower First Plaza has excellent local and regional access, strategically situated approximately 1,000 feet from the 91 freeway and 1.3 miles from the I-605. Leading national QSR’s within walking distance of the property include In N’ Out, Starbucks, Dunkin Donuts, and Taco Bell. (Fun Fact: there are two (2) In N’ Out restaurants on Bellflower Blvd. less than a mile from each other, with the subject property sitting between them).
Bellflower First Plaza sits within the triangle bound by Lakewood Center (Costco, Target, Home Depot anchored) to the southwest, Los Cerritos Center (1M SF regional mall anchored by Apple, Nordstrom, Harkins Theatres and Cheesecake Factory) to the east, and Cerritos College (20,000 students) to the northeast. With its dominant positioning within the highly trafficked and densely populated market, Bellflower First Plaza presents a great opportunity for astute investors to acquire an irreplaceable cash flowing property combined with an exciting value-add opportunity within the Los Angeles metropolitan area.
Investment highlights
- Value-add neighborhood strip shopping center
- Anchored by 7-Eleven and Jack in the Box* - surrounded by national tenants
- Attractive Basis at $205/SF - Well Below Replacement Cost
- Attractive 10-Year Return Metrics
- 8.5% NOI CAGR
- 15.8% Levered IRR
- 3.0x Equity Multiple
- 11.3% average annual cash-on-cash
- Strong Demographics - 260,000 Population with an Average Household income of $100k annually
- Centrally Located Along Bellflower Blvd - Less Than 1,000 FT From the 91 Freeway
- 500 FT From The Boulevard Collection
- A newly constructed 67 townhome development which sold out at an average price of $750K per unit - average unit size of 1,600 SF
- Jack in the Box has +44% Contractual Rent Growth Over Next 7 Years, followed by (2) 5-Year Options at FMV in 2036
- This store ranks #218 out of 2,142 in the chain nationally (top 11%), recording 340K visits by over 100K unique visitors in the last 12 months
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