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Chino Hills Plaza - $112,000 Avg HH income - prime SoCal loc

Listing was updated at: 06/04/2019
Chino Hills Plaza - $112,000 Avg HH income - prime SoCal loc Chino Hills Plaza - $112,000 Avg HH income - prime SoCal loc Chino Hills Plaza - $112,000 Avg HH income - prime SoCal loc Chino Hills Plaza - $112,000 Avg HH income - prime SoCal loc Chino Hills Plaza - $112,000 Avg HH income - prime SoCal loc Chino Hills Plaza - $112,000 Avg HH income - prime SoCal loc Chino Hills Plaza - $112,000 Avg HH income - prime SoCal loc Chino Hills Plaza - $112,000 Avg HH income - prime SoCal loc

Property Overview

Price/Rent PSF $ 10,695,000.00
Asset Type Retail
Trade Type Sale
SQ. FT. Available 33,500
Date Available 05/02/2019
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Description

This is a multi-tenant retail center with opportunity for current and long term income growth. The property is comprised of five buildings totaling approximately 33,583 square feet on a single parcel. Chino Hills Plaza is located in a high income trade area, where the average household income within a 3-mile radius exceeds $112,000. Located at a signalized intersection, the property is conveniently accessible from the CA-71 freeway. This property features a strong mix of tenants, most of whom have been at the property for many years. Lease expirations are staggered, and 60% of the leases have expiration dates more than 5 years away. All tenants with the exception of one (American Medical Response) have annual rent increases of 3-5%, offering a hedge against inflation, and a wide variety of service-based tenants offers protection against Internet competition. PROPERTY HIGHLIGHTS Pride of Ownership Center: The center has been under the same ownership for over 30 years, and is very well maintained and managed by a long-term, knowledgeable property management company Long Term Tenants: 73% of tenants have been at the property longer than 5 years, and over half have been there for over 9 years Long Lease Terms Remaining: No leases expire before March 2020, and 9 out of 15 leases have at least 5 years of term remaining Staggered Lease Expirations: Tenants have a wide variety of lease expiration dates Inflation Resistant: All tenants except for one have annual increases between 3 and 5% Recent Upgrades: Many recent upgrades have been made to the center, including replacement Of virtually all common area plumbing, HVAC upgrades, and a new roof with a 20-year warranty on the drive-thru building Value-Add Opportunity: 86% occupancy leaves a value-add opportunity from leasing up the vacant space Single Parcel Property: Chino Hills Plaza is on one parcel, which gives an owner complete control over the entire center and opens the possibility for an owner to reparcelize and sell off each parcel individually Signage Available: Premier space available for tenant signage on monument signs Welcoming Environment: Center is well lit in the evening with CFL lighting; and there is excellent parking availability with a ratio well over 4:1000 LOCATION HIGHLIGHTS Prestigious Location: Located in the prestigious Chino Valley, on the border of Chino and Chino Hills Freeway Access: Convenient access from CA-71 freeway, with over 88,000 cars per day Site Access: Three ingress and egress points including one at a signalized intersection Highly Populated, High Income Trade Area: Excellent demographics with over 260,000 residents and a average household income of $112,945 within a 3-mile radius Retail-Centric Location: Significant retail density along Pipeline Ave. to the North and South of the center

Location

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