Shopping Neighborhood
Jurupa Springs
8800 Limonite Ave, Riverside, CA 92509
Listing Price: Request For Offer
Investment Overview
? Dual Anchored Neighborhood Shopping Center – Few national credit tenant grocery anchored shopping centers come to market in Southern California. Anchored by an established Walmart Neighborhood Market and Dollar Tree, with a synergistic mix of national, regional and local tenants including Little Caesars Pizza, Yum Yum Donuts, La Michoacana Premium, Cricket Wireless, and others, Jurupa Springs is a rare and compelling SoCal retail center investment opportunity.
? Seasoned, High-Credit Anchors – Walmart Neighborhood Market has thrived at this location since 2014, and Dollar Tree recently acquired this store (former 99 Cents Only) providing a significant credit upgrade – proving the viability of this location.
? 100% Internet Resistant Tenancy and “Daily Necessities Draw” – All of the tenants at Jurupa Springs including Walmart Neighborhood Market, Dollar Tree, Little Caesars, Yum Yum Donuts, La Michoacana Premium, Montiel Brothers Bakery, Smile Emporium and more sell perishable food and beverage items or provide services that are not conducive to internet transactions, providing a barrier against internet
competition. These tenants demonstrate “internet and recession resistance” while generating consistent daily-trip traffic.
? Dominant, High Credit Anchor Tenancy – Jurupa Springs is anchored by two dominant retailers representing 68% of the leased GLA with corporate leases
» Founded in 1962, Walmart, (NYSE: WMT) is the world’s largest retailer with a market capitalization of $646+ billion, revenue of $665+ billion, over 10,500 stores in 19 countries, 2.1+ million employees,
and an S&P investment grade credit rating of AA
» Founded in 1953, Dollar Tree, (NASDAQ: DLTR) is the dominant discount retailer with a market capitalization of $14+ billion, revenue of $30+ billion, over 16,000 stores in all 48 contiguous US states and 5 Canadian provinces, 212,000 employees, and an S&P investment grade credit rating of BBB.
? Significant Brand Name Tenancy – 76% of the leased GLA is leased to credit and brand name national and regional operators including Walmart, Dollar Tree, Little Caesars, Cricket Wireless, and Yum Yum Donuts.
? Strong Historical Occupancy – 9 tenants totaling 61,782 SF (81% of the leased GLA) have occupied the property for more than 10 years, 12 tenants totaling 68,350 SF (90% of the leased GLA) have occupied the property for more than 5 years, demonstrating a high tenant demand center with stability in a variety of economic conditions.
? Upside Opportunity – Near-term upside in leasing up approximately 2,775 SF of vacant space in the shops portion.
Jurupa Springs
Investment Highlights
- Excellent Anchor Fundamentals / Embedded Value – Walmart and Dollar Tree are well-below market levels at just $0.79 PSF/MN, $9.45 PSF/YR for Walmart (±37% below market) and $0.92 PSF/MN, $11.04 PSF/YR
- Low In-Place Rents – Property wide, rents at Jurupa Springs are ±23% below current market rates, enhancing tenant stability and competitiveness, and providing strong rental growth
- Exceptional NOI Growth Potential – The combination of vacancy lease-up, fixed rental increases, and below market rents indicate potential to the grow NOI at Jurupa Springs – more than $158,000 (11%) u
- Rare Below Replacement Cost Neighborhood Center – At the expected pricing, the high-quality Jurupa Springs will trade below its land inclusive replacement cost estimated to be $300+ PSF
- High Barriers to Entry with Limited Grocery Competition – Ideally situated within a supply-constrained trade area with limited competition within the Limonite Ave. and Van Buren Blvd. corridors
- Significant Frontage and Visibility – Unrivaled visibility with over 550 feet of frontage along Limonite Ave. and over 590 feet of frontage along Van Buren Blvd.
- Hard Corner, Signalized Intersection – Jurupa Springs is positioned on Limonite Avenue (20,500+ CPD) at Collins Street along Van Buren Boulevard (56,300+ CPD)
- Convenient Regional and Local Accessibility – The property is easily accessible from the I-15 Freeway to the west, the 91 Freeway to the south, and the 60 Freeway to the north, three of the Inland Empire's most highly traveled commuter routes
Exclusively Listed By
Listing Price: Request For Offer
Investment Highlights
- Excellent Anchor Fundamentals / Embedded Value – Walmart and Dollar Tree are well-below market levels at just $0.79 PSF/MN, $9.45 PSF/YR for Walmart (±37% below market) and $0.92 PSF/MN, $11.04 PSF/YR
- Low In-Place Rents – Property wide, rents at Jurupa Springs are ±23% below current market rates, enhancing tenant stability and competitiveness, and providing strong rental growth
- Exceptional NOI Growth Potential – The combination of vacancy lease-up, fixed rental increases, and below market rents indicate potential to the grow NOI at Jurupa Springs – more than $158,000 (11%) u
- Rare Below Replacement Cost Neighborhood Center – At the expected pricing, the high-quality Jurupa Springs will trade below its land inclusive replacement cost estimated to be $300+ PSF
- High Barriers to Entry with Limited Grocery Competition – Ideally situated within a supply-constrained trade area with limited competition within the Limonite Ave. and Van Buren Blvd. corridors
- Significant Frontage and Visibility – Unrivaled visibility with over 550 feet of frontage along Limonite Ave. and over 590 feet of frontage along Van Buren Blvd.
- Hard Corner, Signalized Intersection – Jurupa Springs is positioned on Limonite Avenue (20,500+ CPD) at Collins Street along Van Buren Boulevard (56,300+ CPD)
- Convenient Regional and Local Accessibility – The property is easily accessible from the I-15 Freeway to the west, the 91 Freeway to the south, and the 60 Freeway to the north, three of the Inland Empire's most highly traveled commuter routes
Investment Overview
? Dual Anchored Neighborhood Shopping Center – Few national credit tenant grocery anchored shopping centers come to market in Southern California. Anchored by an established Walmart Neighborhood Market and Dollar Tree, with a synergistic mix of national, regional and local tenants including Little Caesars Pizza, Yum Yum Donuts, La Michoacana Premium, Cricket Wireless, and others, Jurupa Springs is a rare and compelling SoCal retail center investment opportunity. ? Seasoned, High-Credit Anchors – Walmart Neighborhood Market has thrived at this location since 2014, and Dollar Tree recently acquired this store (former 99 Cents Only) providing a significant credit upgrade – proving the viability of this location. ? 100% Internet Resistant Tenancy and “Daily Necessities Draw” – All of the tenants at Jurupa Springs including Walmart Neighborhood Market, Dollar Tree, Little Caesars, Yum Yum Donuts, La Michoacana Premium, Montiel Brothers Bakery, Smile Emporium and more sell perishable food and beverage items or provide services that are not conducive to internet transactions, providing a barrier against internet competition. These tenants demonstrate “internet and recession resistance” while generating consistent daily-trip traffic. ? Dominant, High Credit Anchor Tenancy – Jurupa Springs is anchored by two dominant retailers representing 68% of the leased GLA with corporate leases » Founded in 1962, Walmart, (NYSE: WMT) is the world’s largest retailer with a market capitalization of $646+ billion, revenue of $665+ billion, over 10,500 stores in 19 countries, 2.1+ million employees, and an S&P investment grade credit rating of AA » Founded in 1953, Dollar Tree, (NASDAQ: DLTR) is the dominant discount retailer with a market capitalization of $14+ billion, revenue of $30+ billion, over 16,000 stores in all 48 contiguous US states and 5 Canadian provinces, 212,000 employees, and an S&P investment grade credit rating of BBB. ? Significant Brand Name Tenancy – 76% of the leased GLA is leased to credit and brand name national and regional operators including Walmart, Dollar Tree, Little Caesars, Cricket Wireless, and Yum Yum Donuts. ? Strong Historical Occupancy – 9 tenants totaling 61,782 SF (81% of the leased GLA) have occupied the property for more than 10 years, 12 tenants totaling 68,350 SF (90% of the leased GLA) have occupied the property for more than 5 years, demonstrating a high tenant demand center with stability in a variety of economic conditions. ? Upside Opportunity – Near-term upside in leasing up approximately 2,775 SF of vacant space in the shops portion.
Exclusively Listed By
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