Pure NNN Corporate Guaranteed 22-Year Occupied Regal Theater
Listing was updated at: 08/01/2019
Property Overview
Price/Rent PSF $ 7,812,500.00
Asset Type Retail
Trade Type Sale
SQ. FT. Available 33,897
Date Available 08/01/2019
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Description

Location
Located in the most desirable area of the Prestigious Downtown Visalia, which encompasses about 72 square blocks of downtown. on the "Main and Main" of downtown on the southeast corner of Main Street and South Bridge Street between E Center Ave and E Acequia Ave. 0.5 miles from Kaweah Medical Hospital, 1.8 miles to the County Courthouse, and across the street from the Visalia Convention Center. The Property is just south of the intersection with Keller Williams Realty, Lum Lums, Double LL Steak House & Saloon, Wells Fargo Advisors, Main Street Escrow, and Crawdaddy's. Central location with close proximity to many restaurants, government agencies, services and many other amenities. 25,000 cars/day on E Main St and 13,500 cars/day on S Bridge St.

Visalia is rated in the top 100 communities in America by Relocate America for its great music, culture, arts and entertainment, as well as the many shopping and dining venues. Visalia’s Downtown received an honorable mention as one of California’s Best Downtown's on the Best and Worst Downtown’s list saying, “It’s the one to watch”

Sale
Freestanding Absolute NNN Zero Landlord Responsibility Corporate Guaranteed Regal Luxury Movie Theater. Regal Cinemas, Inc., a subsidiary of the Cineworld Group, has occupied the 10-screen 1,766 seat Theater since 1998 and just inked a corporate guaranteed lease extension through November 2023, showing commitment to the location. The vibrant downtown of Visalia attracts various quality tenants surrounding the location bringing great synergy for Regal to flourish. Well known and established Movie Theater building in a highly traveled area off the "Main and Main" of Downtown Visalia. Visalia's downtown zoning motivates businesses to be located (and thrive) within the downtown area through incentives and zoning allowances.

This safe and secure deal houses a corporate tenant on only $18.44/SF/YEAR rent, making them an extremely profitable and lucrative location. As a build-to-suit in 1998, Regal has continued a long term 22-Year occupancy with various recent tenant improvements including a newly remodeled interior, freshly updated amenities, and a pristine exterior with lush landscaping and like-new feel. The 33,897 SF building sits across from a 5-story City of Visalia maintained FREE parking lot and is conveniently located in the center of town. With 24 years left in the options through November 2043, this property will experience a dramatic increase in NOI with market rent. Great opportunity for a long term investor looking for a corporate guarantee and a Tenant who pays expenses direct.

Location