Investment Summary
Price | $7,250,000 |
Cap Rate | |
NOI | |
Lease Term | Vairous |
Lease Type | NNN Lease |
Rental Increases | Various |
Year Built | 2013 |
Building Size | 6,180 SF |
Lot Size | 1.18 Acres (51,401 SF) |
Status | Sold |
Lead Brokers | Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Ken Noack, Jr. Senior Managing Director 916.569.2384 knoack@ngkf.com CA RE License #00777705 |
Investment Highlights
100% LEASED TO TWO CORPORATE TENANTS WITH SCHEDULED RENTAL INCREASES
» ARCO (BP) recently signed a new 15-year corporate lease, demonstrating long-term commitment to the location
» McDonald’s is on a 20-year lease at well below market rents at $28,750 annually with drive-thru
» Option for accelerated depreciation
» 10% rental increases for ARCO and McDonald’s in 2023, increasing yield to 4.86%
» Iconic tenants with strong brand recognition
» Proven location with strong operating history
HIGH-TRAFFIC LOCATION IN PRIMARY RETAIL CORRIDOR
» Located on Mono Way, Sonora’s primary retail corridor, with excellent visibility and access to 25,060 vehicles per day
» Immediate access to Route 108 (20,800 AADT)
» Outparcel to Standard Center, a retail plaza featuring Tractor Supply and Les Schwab Tire Center
» Near several large shopping centers anchored by notable tenants, including Lowe’s, Walmart, Safeway, T.J. Maxx, Kohl’s, Ross, and Wilco Farm and Ranch
CLOSE PROXIMITY TO MAJOR EMPLOYERS
» Less than three miles from Sonora Regional Medical Center, a 152-bed hospital with 1,500 employees
» Adjacent to a large industrial area which is home to several companies, including Sierra Pacific Industries, which employs 150 people in Sonora
» Near downtown Sonora, the region’s primary business and commercial center
SURROUNDED BY POPULAR RECREATIONAL AREAS
» Sonora is the closest city to Yosemite National Park, which is visited by five million people per year
» Minutes from New Melones Lake, which has approximately 800,000 visitors per year
» Close to Stanislaus National Forest, a popular recreation destination for people in the San Francisco Bay Area
Property Description
The property is located on Mono Way, with excellent visibility and access to 25,060 vehicles per day. The property also enjoys immediate access to Route 108, one of the region’s major transportation corridors, which experiences a traffic count of 20,800 vehicles per day near the property. The property is outparcel to Standard Center, a retail plaza featuring Tractor Supply and Les Schwab Tire Center. As Sonora’s primary retail corridor, Mono Way provides access to several large shopping centers anchored by notable tenants, including Lowe’s, Walmart, Safeway, T.J. Maxx, Kohl’s, Ross, and Wilco Farm and Ranch, among others. Other retailers located near the property include Sears Hometown Store, NAPA Auto Parts, and Bank of America.
The property is conveniently located near large employers and popular recreational areas. Sonora Regional Medical Center, the largest employer in the region, is located less than three miles from the property. The 152-bed hospital employs over 1,500 people. The property is also adjacent to a large industrial area which is home to several companies, including Sierra Pacific Industries, which employs 150 people in Sonora. Additionally, the property is just minutes away from a number of outdoor recreation areas—including Stanislaus National Forest, Yosemite National Park, and New Melones Lake—which draw millions of people to the Sonora region each year.