Smart & Final Value-Add Center
Low Basis, High Upside Grocery Anchored Center
Marketing description
Progressive Real Estate Partners is pleased to offer the opportunity to acquire a Smart & Final–anchored, value-add shopping center in Blythe, California. Priced at just $77/SF, the property provides investors with an exceptionally low basis, secure in-place income from a corporate-backed Smart & Final lease with more than seven years of remaining term, and an immediate path to upside through leasing ±31,000 square feet of vacancy, including a ±20,000 square foot junior anchor box and multiple shop spaces. The property is separately parceled, offering flexibility in both repositioning and exit strategy. At stabilization, the asset is projected to generate an attractive 11.8% all-cash yield with an exit value approaching $8.9 million, resulting in an estimated 45% return on investment excluding interim cash flow (68% including interim cash flow).
Investment highlights
LOW BASIS, HIGH-UPSIDE GROCERY ANCHORED CENTER
Corporate-Backed Anchor: Smart & Final occupies ~44% of the property with a lease term through August 2032 (7 years remaining), providing secure income on day one. (High-performing store; call broker for details.)
Low Basis: Priced at $77/SF, the property is offered well below replacement cost, allowing for the ability to enter at a deeply discounted basis and unlock upside through leasing.
Strong Proforma Yield: Stabilized yield is conservatively projected at 11.80% at full occupancy, accounting for a 10% shop vacancy factor and an estimated $40/Vacant SF ($1.24M) cost to stabilize.
Strong Proforma Exit Value: Upon stabilization and sale at an assumed 7.75% exit cap, projected exit value is approximately $8.9 million, generating an estimated 45% return (excluding interim cash flow). Including cash flow, total return is estimated at 68%. (Assumes unified sale at stabilization; selling parcels separately could elevate returns further.)
Clear Path to Upside: ~31,000 SF is currently vacant, including a 20,000 SF junior anchor box and multiple smaller shop spaces. Leasing these spaces offers substantial upside in both income and value.
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TRADE AREA’S PRIMARY COMMERCIAL INTERSECTION
Signalized “Main & Main” Intersection: Located at one of Blythe’s busiest commercial intersections— Hobsonway & 7th Street. Situated directly across from an Albertsons-anchored retail center. Surrounding retailers include Dollar Tree, Grocery Outlet, McDonald’s, Starbucks, Chipotle, Popeyes, Jack in the Box, Carl’s Jr, Del Taco, and more.
Limited Deferred Maintenance: Smart & Final’s portion received a new roof (2015). Parking lot was slurry sealed & restriped in early 2025.
Clean Phase I: Completed September 2025.
Designated Trade Corridor for Palo Verde Valley: Blythe serves as the gateway between Southern California and Arizona. The city is midway between Los Angeles and Phoenix and is the last major stop before entering/exiting California on I-10. In addition to freeway travelers, Blythe draws from Quartzsite, Ehrenberg, Parker, and the broader Palo Verde Valley.
Multiple Parcels / Ability to Sell Separately: The property is separately parceled, giving buyers flexibility to carve off portions of the property separately, creating an additional path to potential value creation.
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