Listed by CBRE - Orange County
Unpriced
Village Center at Rose
Details
APN 341-321-18, 341-321-19, 341-321-22, 341-321-23, 341-321-24, 341-321-27, 341-321-28
Property Type Retail
Sub Type Shopping Center
Square Footage 118,876
Net Rentable (SqFt) 118,876
NOI $3,606,554
Occupancy 100%
Tenancy Multi
Year Built 1996
Buildings 8
Acreage 10.150
Zoning SP-7
Parking Spaces 476 spaces
Parking Per SqFt 4.00
Investment Type Stabilized
Ground Lease No
Retail | 118,876 SqFt
Marketing description
Village Center at Rose is a ±118,876 SF grocery anchored neighborhood shopping center anchored by Ralphs, which generates strong sales volumes. Ralphs is a wholly owned subsidiary of The Kroger Co., a publicly traded grocery retailer with a market capitalization of approximately $41.5 billion, annual revenue of approximately $147.6 billion, an S&P credit rating of BBB, with approximately 187 Ralphs store locations concentrated in Southern California.
Ralphs credit represents 19% of the income stream and 37% of the GLA, enhancing a complementary mix of credit to the balance of the shops and pad revenue offering food, beverage, and service-oriented co-tenants which cater ideally to the property's trade area. Shop and pad tenants include Jersey Mike's Subs, UPS Store, Cold Stone Creamery, WaBa Grill, Chase Bank, Carl's Jr., and Carbon Health, among others.
The center enjoys excellent access and line of sight visibility along both N Rose Dr (±25,000 cars per day) and Alta Vista St (±13,000 cars per day), with over 1,100 linear feet along N Rose Dr and 480 linear feet along Alta Vista St. Village Center at Rose is considered a point of destination location, supplying the trade area with essential "daily necessity" grocery, service and food related items.
Investment highlights
- High Performing Neighborhood Center – Village Center at Rose is a ±118,876 SF grocery anchored neighborhood shopping center anchored by Ralphs, which generates strong sales volumes (contact broker for more detail)
- Ralphs – Wholly owned subsidiary of The Kroger Co., a publicly traded grocery retailer with a market capitalization of approximately $41.5 billion, annual revenue of approximately $147.6 billion, an S&P credit rating of BBB, with approximately 187 Ralphs store locations concentrated in Southern California
- Complementary Tenant Mix – Ralphs credit represents 19% of the income stream and 37% of the GLA, enhancing a complementary mix of credit to the balance of the shops and pad revenue offering food, beverage, and service-oriented co-tenants which cater ideally to the property's trade area. Shop and pad tenants include Jersey Mike's Subs, UPS Store, Cold Stone Creamery, WaBa Grill, Chase Bank, Carl's Jr., and Carbon Health, among others
- Strong Tenant History/Retention – Secure, established income stream with several of the tenants (80% of the existing GLA) having occupied the property for more than 10 years, demonstrating a recession resistant asset with consistently high tenant demand
- Ralphs – Operated at this location since 1996 (30 years)
- Carl's Jr. – Operated at this location since 1996 (30 years)
- Rocket/76 Gas/Bliss Car Wash – Operated at this location since 1996 (30 years)
- Banc of California – Operated at this location since 1998 (28 years)
- Luxe Nail & Spa – Operated at this location since 2001 (25 years)
- Significant Income Growth – Due to rolling tenants to market and embedded increases, the Net Operating Income is projected to increase more than ~$1 million (30%) over the anticipated hold period, providing stable growth and an excellent hedge against inflation
- Below Market Rents, Strong Intrinsic Value – On average, CBRE estimates property-wide rents are approximately 6% below prevailing rates, creating a lower basis in the property with strong intrinsic value and future rental upside
- High Barriers to Entry – Supply constrained, mature, and densely populated infill trade areas in Southern California offer limited to no sites available for future development. Coupled with geographic restraints and a lengthy entitlement process for new construction, extremely high barriers to entry ensure Village Center at Rose's long-term rental growth and success
- Large Parcel, Favorable Zoning – The large 10.15-acre parcel, ample parking, and SP-7 (Specific Plan) zoning provide for a multitude of retail uses to serve the surrounding residential and commercial density, further enhancing the long-term value preservation at the property
- Efficiently Sized Tenant Suites – Traditional, linear configuration with shallow tenant bay depths conducive to high occupancy, optimal rents and low tenant improvement costs keeping annual capital expenditures to a minimum
- Wholly Owned Offering – All shops and pad buildings are included in the offering, providing ownership with absolute control of tenant selection, eliminating any issues of pad tenants blocking visibility to any portion of the center, and upside potential in future pad sales
- Excellent Visibility, High Traffic Infill Location – Village Center at Rose enjoys excellent access and line of sight visibility along both N Rose Dr (±25,000 cars per day) and Alta Vista St (±13,000 cars per day)
- Significant Frontage and Visibility – Unmatched visibility with over 1,100 linear feet along N Rose Dr, and 480 linear feet along Alta Vista St
- Residential and Commercial Proximity – Proximity to both new and established residential and commercial density keep the property busy throughout the day and evening hours
- Local Economic Drivers – Proximate to the Richard Nixon Library (~150K annual visitors), Cal State Fullerton (~50K students), UCI Health Fullerton and Placentia (~258 beds) and Kaiser Permanente (~262 beds), supporting sustained customer demand
- More than 21,500 people within a 1-mile radius, with an Average Household Income of $165,500
- More than 147,000 people within a 3-mile radius, with an Average Household Income of $150,500
- More than 372,500 people within a 5-mile radius, with an Average Household Income of $155,000
- Impressive Bank Deposits – Banc of California and Chase Bank report deposits of $88M and $153M, respectively, further demonstrating the economic strength of the trade area
- Pride of Ownership Asset – Institutionally owned, "Trophy" neighborhood shopping center asset with tremendous visibility and customer traffic. Assets of this size, scale and profile seldom trade in Orange County, providing future value appreciation potential not seen in other markets
- Essential, "Daily Needs" Draw – Village Center at Rose is considered a point of destination location, supplying the trade area with essential "daily necessity" grocery, service and food related items
- No Existing Financing – Village Center at Rose is being marketed free and clear of existing financing, allowing a potential purchaser an opportunity to customize debt to achieve optimal returns
Listing Contacts
Listed by CBRE - Orange County
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$3,606,554.00
$300,546.17/mo
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