Thriving Tower Theatre Business + 2 Retail Pads + Property Rentals 142014
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views count 17 Views
Listing was updated on: 11/06/2022
Price: 6500000.00
location icon 777 E Olive Ave, Fresno, CA 93728, USA
Retail for Sale
SqFt: Inquire
from August 13, 2022
Description

LocationOne of the most photographed images in Central Valley in a dense, diverse, thriving neighborhood. clubs, restaurants and nightlife. The subject properties are located on two major thoroughfares (E Olive and N Wishon Avenues) within the Midtown West Retail Submarket boasting close proximity to CA-41 and CA-180 in the Tower District. This area consists of a mix of a dense, diverse, thriving neighborhood with Clubs, Restaurants and nightlife. Dubbed the Crown Jewel of The Tower District. SaleOpened in 1939 as a 20th Centure Fox Movie House and later restored as a center for the performing arts, The Tower Theatre has been a local beacon to the Tower District since 1939. It is the dominant vertical landmark stitching together a unique and diverse arts and entertainment district. The building is the only remaining theater designed by the Los Angeles architect S. Charles Lee. Considered to be the best facility of its kind in CA, the Tower Theatre boasts an authentic art deco theme throughout the interior and exterior. The dramatic architectural theatre features etched green glass back-lit panels in the lobby, and sculptured aluminum fittings throughout its art deco presence. This building is completely restored and is the only 1930's suburban theater existing designed by CA architect S. Charles Lee (1899-1990).

The Tower Theatre is a ±19,989 SF Sports and Entertainment Theatre/Concert Hall Building on ±1.83 acres; Sequoia Brewing is a ±4,380 SF Restaurant Building on the same parcel at 777 E Olive Ave. Me-n-Ed's is a ±2,800 SF Restaurant Building on it's own ±0.29 acre parcel at 1247 N Wishon Ave. Portfolio sale of (3) freestanding buildings on 2 APN's with addresses of 777-815 E Olive Ave and 1247 N Wishon Ave in Fresno, CA.

Freestanding Absolute NNN Zero Landlord Responsibility Corporate Guaranteed Me n Ed's Pizza & Sequoia Brewing Company. Me n Ed's just inked a corporate guaranteed lease extension through August 2026, showing commitment to the location. The vibrant Tower District attracts various quality tenants surrounding the location bringing great synergy for each to flourish. Well known and established building in a highly traveled area in Fresno's Tower District . Tower Districts zoning motivates businesses to be located (and thrive) within the area through incentives and zoning allowances.

This safe and secure deal houses Me n Ed's, a corporate tenant on only $12.96/SF/YEAR rent, Sequoia Brewing Company at $12.33/SF/YEAR and The Painted Table at $10.80/SF/YEAR, making them an extremely profitable and lucrative location. As a build-to-suit in 1975, Me N Ed's has continued a long term 45-Year occupancy with various recent tenant improvements including a newly remodeled interior, freshly updated amenities and a like-new feel. The 2,788 SF building sits next to the Tower Theatre and is conveniently location in the heat of Fresno/s Tower District. With 10 years left in the options to extend through August 2036. As a build-to-suit in 2005, Sequoia Brewing Company has continued a long term 15-Year occupancy. The 4,380 SF building sits West of the Tower Theatre and is conveniently location in the heat of Fresno/s Tower District. With 10-years left in the options to extend through March 2030. As a build-to-suit in 2011, The Painted Table has continued a long term 9-Year occupancy. The 5,000 SF building is connected to the Tower Theatre and West of Me-N-Ed's. With 6-years left in the options to extend through April 2026. These properties will experience a dramatic increase in NOI with market rent. Great opportunity for a long term investor looking for a corporate guarantee and a tenants who pays expenses direct. This address IS zoned for cannabis retail (CMX), outside the Exclusion Area, and IS more than 800 feet from a sensitive use located in District 1.

Additional parameters

The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.