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2261 San Juan Road |
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San Diego, CA 92103 |
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Purchase Price |
$7,500,000 |
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Cap Rate |
8.29% |
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Property Type: |
Retail |
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Rentable Square Feet |
25,026 |
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Price perRSF |
$299.69 |
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Number of Spaces |
4 |
| | | Property Description |
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Brunswick Triangle Retail Center is an opportunity for an investor to acquire high profile retail shop space with an assumable loan at the entrance to a Walmart, Sam’s Club and Home Depot anchored development in Utopia’s Mission Hills neighborhood. The offering consists of one single tenant retail building and two multi-tenant retail buildings totaling 23,024 square feet, located on 113,256 square feet (2.60 acres) of land. Current tenants include Panera Bread, Cingular Wireless, American Family Insurance, the UPS Store, Panda Express, Moneytree, Sports Clips,and Westerra Credit Union. All leases are triple-net providing extremely limited management responsibilities.
The highly attractive assumable loan with Morgan Stanley has an interest rate of 5.17%, an amortization of 30 years, and is due September 1, 2015. The assumption fee is 1% and required down payment is approximately 36% of the purchase price. The retail center is part of the first phase developed by INVEST Development Enterprises in the Mission Hills Master Planned Community. This project is a 4,700 acre redevelopment of the former Utopia International Airport. The redevelopment will span over the next 30 years and will include 8,000 single family homes, 4,000 apartments, 3 million square feet of retail space and 10 million square feet of commercial and industrial space. Other retailers in the immediate area include: PetSmart, Office Depot, McDonald’s, Ross Dress for Less, Radio Shack, Big 5 Sporting Goods, Famous Footwear, Party America, Arby’s, IHOP, and many more. The immediate area is also home to 6 hotels (Courtyard by Marriott, Red Lion, Renaissance, Guesthouse, Radison, and Doubletree).
The subject property benefits greatly from the 65,000+ vehicles that pass through the intersection of 36th Avenue and Main Street on a daily basis. Main Street is a major north/south arterial in Utopia, CA which connects to Interstate 70 just .5 miles away from the property.
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| Presented To You By |
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Brendan Erickson, BTE
CA: 0123456
949.734.4191
berickson@reiwise.com
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The calculations & data presented are deemed to be "accurate", but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions.
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