Shopping Strip

Mulberry Plaza

15010 Mulberry Dr, Whittier, CA 90604

Listing Price: $2,975,000

Cap Rate
5.07%
Gross SF
6,500
Rentable SF
6,500
Price/Gross SF
$457.69
Lot Size
0.52 acres
Year Built
2009

Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale Mulberry Plaza, a 100% occupied 6,500 square foot multi-tenant strip center located on the Southeast signalized corner of Mulberry Drive and La Mirada Boulevard in Whittier, CA. Mulberry Plaza benefits from the dense residential surrounding the center and its stable and seasoned tenant mix directly caters to the daily needs of the surrounding residents. The center benefits from excellent visibility and frontage with 121 feet of frontage along Mulberry Drive and 145 feet of frontage along La Mirada Boulevard. The center has ingress and egress access points along both Mulberry Drive and La Mirada Boulevard. Mulberry Plaza is 45% occupied by national tenants. CosmoProf, the largest tenant occupying 33% of the center and having successfully operated at the center for eleven years, is a part of Sally Beauty Holdings, Inc. (NYSE: SBH), an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $ 3.9 billion annually. The Company sells and distributes through over 4,000 stores, including approximately 200 franchised units, throughout the United States, the United Kingdom (Sally Beauty UK), Belgium (pro- duo 40SHOPS M&A ), Canada, Chile,Peru, Puerto Rico, Mexico (2000 Amstrong McCall 130 shops M&A), France, Ireland, Spain and Germany. Beauty Systems Group stores, branded as CosmoProf or Armstrong McCall stores, along with its outside sales consultants, sell up to 9,800 professionally branded products including Paul Mitchell, Wella, Sebastian, Goldwell, and TIGI which are targeted exclusively for professional and salon use and resale to their customers. The company employs over 22,000 employees. Metro by T-Mobile, which occupies 12% of the center, is a prepaid brand owned by T-Mobile US. It previously operated the fifth largest mobile telecommunications network in the United States using code-division multiple access (CDMA). In 2013, the carrier engaged in a reverse merger with T-Mobile US; post-merger, its services were merged under T-Mobile's 4G and LTE network. T-Mobile, is an American wireless network operator. The company has annual revenues of over $44 billion.[8] In 2015, Consumer Reports named T-Mobile the number one American wireless carrier. 52% of the current tenant mix has operated at this locating since the center was built in 2009, creating a stable and secure revenue stream at replaceable rents that average $1.69 per square foot. The average unit sizes of 1,069 are ideal as they are easily leasable with minimal tenant improvement costs between tenants. All leases are NNN, and current CAMs are $0.60 per SF, creating a minimal increase in CAMs upon a sale. The center has excellent parking with 37 parking spaces, a parking ratio of 5.69 parking spaces per 1,000 square feet. Over 15,000 vehicles pass the center daily.

Investment Highlights

  • Ideally located on the SE signalized corner of Mulberry Drive and La Mirada Boulevard
  • New 2009 construction
  • 100% occupied to a stable and seasoned tenant mix that ideal caters to the residents in the immediate area

Exclusively Listed By

Listing Price: $2,975,000

Cap Rate
5.07%
Gross SF
6,500
Rentable SF
6,500
Price/Gross SF
$457.69
Lot Size
0.52 acres
Year Built
2009

Investment Highlights

  • Ideally located on the SE signalized corner of Mulberry Drive and La Mirada Boulevard
  • New 2009 construction
  • 100% occupied to a stable and seasoned tenant mix that ideal caters to the residents in the immediate area

Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale Mulberry Plaza, a 100% occupied 6,500 square foot multi-tenant strip center located on the Southeast signalized corner of Mulberry Drive and La Mirada Boulevard in Whittier, CA. Mulberry Plaza benefits from the dense residential surrounding the center and its stable and seasoned tenant mix directly caters to the daily needs of the surrounding residents. The center benefits from excellent visibility and frontage with 121 feet of frontage along Mulberry Drive and 145 feet of frontage along La Mirada Boulevard. The center has ingress and egress access points along both Mulberry Drive and La Mirada Boulevard. Mulberry Plaza is 45% occupied by national tenants. CosmoProf, the largest tenant occupying 33% of the center and having successfully operated at the center for eleven years, is a part of Sally Beauty Holdings, Inc. (NYSE: SBH), an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $ 3.9 billion annually. The Company sells and distributes through over 4,000 stores, including approximately 200 franchised units, throughout the United States, the United Kingdom (Sally Beauty UK), Belgium (pro- duo 40SHOPS M&A ), Canada, Chile,Peru, Puerto Rico, Mexico (2000 Amstrong McCall 130 shops M&A), France, Ireland, Spain and Germany. Beauty Systems Group stores, branded as CosmoProf or Armstrong McCall stores, along with its outside sales consultants, sell up to 9,800 professionally branded products including Paul Mitchell, Wella, Sebastian, Goldwell, and TIGI which are targeted exclusively for professional and salon use and resale to their customers. The company employs over 22,000 employees. Metro by T-Mobile, which occupies 12% of the center, is a prepaid brand owned by T-Mobile US. It previously operated the fifth largest mobile telecommunications network in the United States using code-division multiple access (CDMA). In 2013, the carrier engaged in a reverse merger with T-Mobile US; post-merger, its services were merged under T-Mobile's 4G and LTE network. T-Mobile, is an American wireless network operator. The company has annual revenues of over $44 billion.[8] In 2015, Consumer Reports named T-Mobile the number one American wireless carrier. 52% of the current tenant mix has operated at this locating since the center was built in 2009, creating a stable and secure revenue stream at replaceable rents that average $1.69 per square foot. The average unit sizes of 1,069 are ideal as they are easily leasable with minimal tenant improvement costs between tenants. All leases are NNN, and current CAMs are $0.60 per SF, creating a minimal increase in CAMs upon a sale. The center has excellent parking with 37 parking spaces, a parking ratio of 5.69 parking spaces per 1,000 square feet. Over 15,000 vehicles pass the center daily.

Exclusively Listed By

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