Carlton Hills Plaza
100% Leased | Multi-tenant Retail Asset | Santee, CA
Marketing description
CBRE presents Carlton Hills Plaza, a 43,351 SF multi-tenant retail investment located at 8915-8967 Carlton Hills Blvd & 9312 Mission Gorge Road in Santee, CA. This neighborhood shopping center offers a compelling opportunity to acquire a stable, income-producing asset within the growing Santee community.
Carlton Hills Plaza benefits from a prime location at the high-traffic intersection of Carlton Hills Boulevard and Mission Gorge, adjacent to a major retail corridor featuring prominent national retailers such as Kohl’s, Lowe’s, Walmart, In-N-Out, and Costco. The center boasts a diverse and stable tenant mix, including long-term anchor GTM Discount Stores (since 1991) and popular daily-needs retailers and eateries like Mary’s Donuts (a local institution for 40 years), Marieta’s Mexican, Daboba, and The Chicken Shop. With 100% occupancy for the past three years and over 98% for the preceding five years, the plaza demonstrates consistent performance with strong NOI growth.
Investment highlights
COMPELLING NEIGHBORHOOD RETAIL INVESTMENT:
Carlton Hills Plaza presents a unique opportunity for investors to acquire a retail asset situated in a high-traffic location within the vibrant and growing Santee community. The asset offers both secure in-place income and upside potential through proactive leasing strategies and rental rate growth.
ATTRACTIVE CASH FLOW:
Carlton Hills Plaza offers compelling income growth over the investment hold period, supported by robust Net Operating Income (NOI) projections. Over a 10-year hold, projected NOI increases from $1,131,942 in Year 1 to $1,493,490 in Year 10—an increase of approximately $361,548, representing growth of 32%. This strong upward trajectory underscores the property’s ability to deliver expanding cash flow and value creation for investors.
POSITIVE LEVERAGE DAY ONE:
The offered cap rate allows an investor the opportunity to put debt on the asset and boost returns. The asset offers a 10.58% IRR.
DIVERSE TENANT MIX:
Carlton Hills Plaza benefits from a well-curated mix of daily-needs, service-oriented, and convenience retail tenants, catering to both local residents and destination shoppers.
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