Irreplaceable NNN Shopping Center located in Claremont, California.
IRREPLACEABLE CLAREMONT SHOPPING CENTER
- Dominant Neighborhood Center in the Area – University Village shopping center is located on the “main and main” corner in downtown Claremont’s shopping district and is utilized by both the surrounding dense neighborhoods and the Claremont college students
- Generational Asset – Since the development of the shopping center, ownership has only traded hands once before now making this a rare opportunity to acquire
- Internet Resistant Tenancy – Four of the five tenants consist of restaurants, one being a donut shop, selling food and beverages, and a UPS Store providing services that are not contributive to the internet, creating a tech-proof tenant line-up and protection against any future recessions
STABLE LONG-TERM CASH FLOW AND TENANT STABILITY
- High Demand Shopping Center – 5 tenants totaling 8,063 SF (100% of the GLA) have either been at the center for more than five years, or have more than five years remaining along with a substantial well known market presence.
- Excellent Income Growth – The majority of tenants have rent bumps in both the primary terms and option periods increasing the Net operating Income by more than $32,000 (16%) over the anticipated hold period, providing a strong hedge against inflation
- Triple-Net Expense Pass Through – Tenants pay for a percentage share common area costs, covering 100% of all CAM charges making University Village a low hands-on management asset and easy oversight for out of town investors.
- Below Market Rents – Current in-place rents average $2.52 PSF/MO which are approximately 5% below estimated market rents creating a future value-add opportunity when any re-leasing is eminent
STRONG REAL ESTATE FUNDAMENTALS
- Extremely High Barriers to Entry – Infill location in downtown Claremont with proximate to Claremont Colleges; there is no land opportunity for future retail development creating both a very high demand for existing retail and strong barrier against future competition
- Significant Frontage and Visibility – Situated on the sidewalk frontage at a signalized corner, the shopping center benefits from superior visibility with approximately 338 feet of frontage along both N Indian Hill Blvd. and W Bonita Ave.
- Ease of Access – University Village benefits from passive ingress / egress points into the shopping centers parking lot which is situated behind the center.
- Functional Site Plan and Layout – University Village features a traditional, sidewalk frontage site plan and ample parking, ensuring the future desirability for leasing flexibility of future tenants
View on map / Neighborhood
- Property Type: Retail
- Year built: 2001
- Square Footage: 22000 sq ft
- Lot Size: 1.9 acres
- Parking (spaces): 123
- Lease Type: Absolute Net
- Lease Term (Years): 6
- Cap Rate (%): 6.7
- Renewal Options: Varies
- Rental Increases: Varies
- Tenant: White Oak Station LLC