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Marketing Description
Marcus & Millichap is pleased to offer this rare investment opportunity to acquire the fee simple interest in a 26,837 square foot parking lot in a residential community perceived by many investors to be one of the most desirable rental markets in Southern California.
The property is comprised of 66 parking spaces spread across 26,837 square feet of grade level parking and is located at 900 Fair Oaks Avenue in South Pasadena. Rite Aid Corporation (NYSE: RAD) recently executed a new long-term lease through December 2035. 17 Years remain on an absolute NNN lease with zero landlord responsibilities. The lease features annual rental increases of a minimum of 5.25% or unbound CPI increases, whichever is greater.
900 Fair Oaks Avenue is situated at the intersection of South Fair Oaks Avenue and Mission Street, minutes away from transportation, schools, shopping, and restaurants.
South Pasadena encompasses 3.42 square miles in area with a population of approximately 25,600. Centrally located in the San Gabriel Valley, South Pasadena is known for its beautifully tree-lined streets, historic California Craftsman-style homes, unique small businesses and its outstanding public schools.
The property is comprised of 66 parking spaces spread across 26,837 square feet of grade level parking and is located at 900 Fair Oaks Avenue in South Pasadena. Rite Aid Corporation (NYSE: RAD) recently executed a new long-term lease through December 2035. 17 Years remain on an absolute NNN lease with zero landlord responsibilities. The lease features annual rental increases of a minimum of 5.25% or unbound CPI increases, whichever is greater.
900 Fair Oaks Avenue is situated at the intersection of South Fair Oaks Avenue and Mission Street, minutes away from transportation, schools, shopping, and restaurants.
South Pasadena encompasses 3.42 square miles in area with a population of approximately 25,600. Centrally located in the San Gabriel Valley, South Pasadena is known for its beautifully tree-lined streets, historic California Craftsman-style homes, unique small businesses and its outstanding public schools.
Investment Highlights
- Rare Opportunity To Acquire A Net Leased Investment Property At “Main & Main” In South Pasadena
- Leased To Rite Aid Corporation (NYSE:RAD) Through December 2035
- Tremendous Re-Development Potential Upon Lease Expiration
- Annual Rental Increases Of 5.25 Percent -Well Above Market
- Mission Critical Parking Lot Essential To The Daily Operation Of A Trophy South-ern California Rite Aid
- Situated At “Main & Main” In The Heart Of South Pasadena’s Central Business District
- Easy Access To 110, 210 & 134 Freeways
- Walking Distance From Transportation, Schools, Shopping And Restaurants
- Surrounded By Blocks Of Multi-Million Dollar Residences
- Short Commute To Downtown Los Angeles, Pasadena, Glendale, Burbank And El Monte
- 900 Fair Oaks Avenue Has A Walk Score Of 94, Considered A Walker’s Paradise (Basically Meaning Daily Errands Do Not Require A Car)
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Marketing Description
SRS National Net Lease Group is pleased to present the rare opportunity to acquire the leased fee interest in 900 Fair Oaks Ave, the parking lot to an adjacent Rite Aid located in South Pasadena, CA. The tenant, Rite Aid, cannot operate without the parking lot due to minimum parking requirements. The tenant has approximately 17 years remaining in the current term with no options to extend. The lease features rare annual 5.25% rent increases, which generates NOI growth and hedges against inflation. This Rite Aid location has store sales which are 40% above the national Rite Aid average sales.
The parking lot to Rite Aid is located in downtown South Pasadena along Fair Oaks Avenue, a retail corridor with 32,300 vehicles passing by daily. The site is a quarter mile away from California Highway 110 (57,000 vehicles per day) with direct on/off-ramp access. Nearby national/credit retailers include Vons, Pavilions, US Bank, Chase, and many more, which increases consumer traffic to the subject trade area. The 3-mile trade area is supported by a dense population of 252,000 with an average household income of $94,000. Additionally, nearly 150,000 employees support the 3-mile trade area.
Investment Highlights
- Long Term Corporate Guaranteed Lease | Over 17 Years Remaining | Annual Rental Increases
- Extremely Rare Absolute NNN Ground Lease Offering | Land Ownership | Zero Landlord Responsibilities
- Rare Downtown South Pasadena / Los Angeles County Offering | Very Limited Local Pharmacy Competition
- Located in a High Barrier to Entry Market | Retail Corridor | National Tenant Presence Including Vons, Pavilions, US Bank, Chase and More
- Close Proximity to California Highway 110 with On/Off Ramp Access (56,000 VPD) & Metro Gold Line, Providing Direct Access into Downtown LA
- Dense Population in Affluent 3-Mile Trade Area with Over 256,000 Residents and 132,000 Employees | Average Household Income of $103,764
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David Berookhim
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Yannis Papadakis PRO
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Dan Elliot PRO
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Ara Rostamian PRO
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