Listed by CBRE - Orange County
$7,950,000
Marshalls
Details
APN 010-301-18
Property Type Retail
Sub Type Storefront, Shopping Center
Square Footage 29,295
Net Rentable (SqFt) 29,295
Cap Rate 6.12%
NOI $486,297
Occupancy 100%
Tenancy Single
Lease Type NNN
Lease Expiration 10/31/2035
Price per SqFt $271
Class A
Year Built 1988
Year Renovated 2025
Buildings 1
Acreage 2.760
Zoning C-1 – General Commercial
Parking Spaces 121 spaces
Parking per 1,000 SqFt 4.13
Investment Type Net Lease
Tenant Credit Credit Rated
Lease Commencement 10/30/2025
Ground Lease No
Retail | 6.12% CAP | 29,295 SqFt
Marketing description
CBRE is pleased to present an exclusive opportunity to acquire a rare, high-credit, single-tenant net-leased (STNL) Marshalls property located in Bishop, California, the gateway city to the greater Mammoth Mountain and Eastern Sierra Nevada region that attracts approximately 2.8 million visitors annually. The property is located directly along Highway 395, the primary north-south highway through this regional trade area with exposure to approximately 17,000 cars per day.
Marshalls of CA, LLC (148 locations) is a subsidiary of The TJX Companies, Inc. (NYSE: TJX), a publicly traded, Fortune 100 company and the leading off-price retailer of apparel and home fashions in the US and worldwide with over 5,200 stores across nine countries, annual revenue surpassing $60 billion, a $167 billion market cap, and an investment grade S&P rating of A. Marshalls operates on a brand-new, long-term NNN lease with a corporate signature, over 9 years of "firm" remaining lease term, and the depreciation benefits of owning the improvements.
At the contemplated pricing of only $271 PSF, the property will trade at a deep discount to and with stronger fundamentals and tenancy than many STNL investments as well as below land-inclusive replacement cost estimated to be in the $400 PSF range. This owned box and parking field configuration offers the property owner with more control versus "postage stamp" or building footprint sized parcels including the potential for the addition of EV charging stations, creating an opportunity for supplemental rental income.
Investment highlights
- Rare Investment-Grade STNL Opportunity – High-quality STNL retail assets leased to established, high-credit, and publicly traded national tenants seldom come to market in California. Marshalls presents an exceptional opportunity to acquire a highly secure STNL asset with a long-term NNN lease located in a strategic retail corridor
- Publicly Traded, Corporate Tenancy – The TJX Companies, Inc. (NYSE: TJX), the parent company of Marshalls, is a publicly traded, Fortune 100 company and the leading off-price retailer of apparel and home fashions in the US and worldwide with over 5,200 stores across nine countries, annual revenue surpassing $60 billion, a $167 billion market cap, and an investment grade S&P rating of A
- Corporate NNN Lease – Marshalls operates on a brand-new, long-term NNN lease with a corporate signature, over 9 years of "firm" remaining lease term, and the depreciation benefits of owning the improvements
- Highly Invested Tenant – In addition to the 10-year lease with four, 5-year options, proving Marshalls' long-term commitment to this location, approximately $2.1 million in tenant improvements was invested into this store in 2025 to deliver a high-quality buildout and remodel for Marshalls' occupancy
- STNL "Coupon Clipper" Asset – Single-tenant, NNN leased asset provides for minimal landlord obligations or oversight
- Significant Owned Real Estate – Marshalls occupies an approximate 29,295 SF building on approximately 2.76 acres, and while Marshalls is expected to remain at this location long-term, this configuration is optimal for accommodating a range of potential replacement tenants if ever needed
- More Control, EV Charging Station Potential – This owned box and parking field configuration offers the property owner with more control versus "postage stamp" or building footprint sized parcels including the potential for the addition of EV charging stations, creating an opportunity for supplemental rental income
- Low Basis, Below Replacement Cost Opportunity – At the contemplated pricing of only $271 PSF, the property will trade at a deep discount to and with stronger fundamentals and tenancy than many STNL investments as well as below land-inclusive replacement cost estimated to be in the $400 PSF range
- Strategic Highway 395 Location – Located in Bishop, the gateway city to the greater Mammoth Mountain and Eastern Sierra Nevada region that attracts ~2.8 million visitors annually, and directly along Highway 395, THE primary north-south highway through this larger regional trade area with exposure to ±17,000 cars per day
- Proven Retail Trade Area and Center – Bishop is the dominant retail destination in this regional trade area for locals and travelers alike, as witnessed by the demand for and performance by its retailers
- Bishop Plaza - Marshalls serves as the anchor to an established retail center, Bishop Plaza (82,000+ SF), which attracts approximately 1 million annual visits according to Placer.ai. The center features a strong complementary tenant mix, including Big 5, AutoZone, Subway, Domino's, and others - according to Placer.ai, this Big 5 is in the top 82% percentile statewide and 85% nationwide within the chain
- High-Demand, Synergistic Retailers – Retailers in Bishop include Vons, Smart & Final, Grocery Outlet, Dollar Tree, Starbucks, O'Reilly Auto Parts, McDonalds, Taco Bell, Bank of America, Chase Bank, and many more – according to Placer.ai, Vons is in the top 87% percentile within the chain, Smart & Final in the mid-40% percentile, and Grocery Outlet in the 74% percentile
- Dominant Regional Retail Destination – Bishop serves as THE retail destination for a larger regional trade area along Highway 395 and neighboring cities including Big Pine (15 miles), Independence (41 miles), and Lone Pine (57 miles) to the south, and Mammoth Lakes (42 miles) and June Lake (56 miles) to the north, benefitting Marshalls current and future success
- Excellent Exposure and Access – With its Highway 395 location and large monument and building signage, Marshalls enjoys exceptional exposure and access, only benefitting its retail viability
- More than 11,200 people in a 5-mile radius with an Average Household Income exceeding $93,331
- More than 15,600 people within a 20-mile drive, 20,000 within a 40-mile drive, and 27,000 within a 60-mile drive with Average Household Income exceeding $100,000
- Bishop benefits from a tourism-driven economy, with approximately 70% of local revenue generated by visitor spending. The city serves as the commercial hub of the Eastern Sierra and experiences significant seasonal demand from outdoor recreation, national park tourism, and regional events
- High-Credit, Corporate Lease – Marshalls of CA, LLC (148 locations) is a subsidiary of TJX Companies, Inc. (NYSE: TJX), providing tremendous security from a publicly traded, investment grade tenant (S&P: A)
- Irreplaceable Location – With its strategic Bishop location, proximity to Mammoth Lakes and the greater Eastern Sierra region, and position within a tight submarket with limited retail availability, the property exudes irreplaceability, benefitting its long-term success and viability
- Excellent 1031 Exchange Upleg – Delivered debt-free and available for a quick close to accommodate 1031 Exchange requirements
Listing Contacts
Listed by CBRE - Orange County
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$486,297.00
$40,524.75/mo
Valuation Metrics
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DSCR
6.12%
Cap Rate
6.12%
ROI
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Zoning
C1-10000 CommercialRetail CommercialGeneral Commercial Retail 10000 Square Feet Minimum
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