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Shopping Strip

Parthenia Plaza

16908 Parthenia St, Northridge, CA 91343

Listing Price: $3,000,000

Cap Rate
3.17%
Gross SF
2,776
Rentable SF
2,776
Price/Gross SF
$1,080.69
Lot Size
0.18 acres
Year Built
1963

Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale Parthenia Plaza, 20,576 square feet shopping center situated on 2.45 acres of land (106,726 square feet) in the high-end and affluent West San Fernando Valley submarket of Northridge, CA. The center is comprised of three separate parcels and part of a larger center that commands the Southeast signalized corner of Parthenia Street and Balboa Boulevard. Buyers will have the option to purchase the center as a whole or purchase the McDonald’s and the in-line shops separately. Parthenia Plaza consists of nine in-line shops located at 16904 & 16950 Parthenia Street and the McDonald’s located at 19608 Parthenia Street. The center is currently 95% occupied. The in-line portion of the center is a total of 17,800 square feet situated on 99,077 square feet of land. The in-line space is home to a seasoned tenant mix that has performed well through the Covid pandemic, with rents averaging $1.73 per SF plus NNN. McDonald’s has been a long-term tenant at this site, having successfully operating at this location for fifty-nine years since 1962. The site has been complete remodeled as per McDonald’s specifications, further showing their commitment to this location. McDonald’s has an absolute NNN ground lease that is guaranteed by McDonald’s Corporation (NYSE: MCD) which expires on 9/4/2038 with 4-five-year options. The subject property is 2,776 square feet situated on 7,649 square feet of land. The site includes a pole sign along Parthenia Street that is 30-feet in height which provides excellent visibility both Westbound and Eastbound along Parthenia Street. McDonald’s operates daily between the hours of 5:00 AM until 1:00 AM and the site allows for ingress and egress from two access points along Parthenia Street. McDonald’s has 12-15% rent increases every five years and 15-18% rent increases in each option period. McDonald’s Corporation offers investment grade credit with a Standard & Poor’s A Rating and a Moody’s Rating of A2. McDonald’s is the world’s largest chain of hamburger and fast-food restaurants, serving north of 68 million customers daily in 120 countries across more than 37,000 locations. Annual revenues exceed $21 billion with profits in excess of $6 billion. McDonald’s is the world's second largest private employer with 1.9 million employees.

Investment Highlights

  • Unique opportunity to purchase a 95% leased McDonald's anchored shopping center located just East of the highly trafficked intersection of Parthenia Street and Balboa Boulevard in Northridge, CA
  • Buyers have the unique opportunity to purchase a single tenant NNN ground lease McDonalds leased through 2038 with 4 five-year options
  • McDonald's has successfully operated at this location for 59 years since 1962

Exclusively Listed By

Listing Price: $3,000,000

Cap Rate
3.17%
Gross SF
2,776
Rentable SF
2,776
Price/Gross SF
$1,080.69
Lot Size
0.18 acres
Year Built
1963

Investment Highlights

  • Unique opportunity to purchase a 95% leased McDonald's anchored shopping center located just East of the highly trafficked intersection of Parthenia Street and Balboa Boulevard in Northridge, CA
  • Buyers have the unique opportunity to purchase a single tenant NNN ground lease McDonalds leased through 2038 with 4 five-year options
  • McDonald's has successfully operated at this location for 59 years since 1962

Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale Parthenia Plaza, 20,576 square feet shopping center situated on 2.45 acres of land (106,726 square feet) in the high-end and affluent West San Fernando Valley submarket of Northridge, CA. The center is comprised of three separate parcels and part of a larger center that commands the Southeast signalized corner of Parthenia Street and Balboa Boulevard. Buyers will have the option to purchase the center as a whole or purchase the McDonald’s and the in-line shops separately. Parthenia Plaza consists of nine in-line shops located at 16904 & 16950 Parthenia Street and the McDonald’s located at 19608 Parthenia Street. The center is currently 95% occupied. The in-line portion of the center is a total of 17,800 square feet situated on 99,077 square feet of land. The in-line space is home to a seasoned tenant mix that has performed well through the Covid pandemic, with rents averaging $1.73 per SF plus NNN. McDonald’s has been a long-term tenant at this site, having successfully operating at this location for fifty-nine years since 1962. The site has been complete remodeled as per McDonald’s specifications, further showing their commitment to this location. McDonald’s has an absolute NNN ground lease that is guaranteed by McDonald’s Corporation (NYSE: MCD) which expires on 9/4/2038 with 4-five-year options. The subject property is 2,776 square feet situated on 7,649 square feet of land. The site includes a pole sign along Parthenia Street that is 30-feet in height which provides excellent visibility both Westbound and Eastbound along Parthenia Street. McDonald’s operates daily between the hours of 5:00 AM until 1:00 AM and the site allows for ingress and egress from two access points along Parthenia Street. McDonald’s has 12-15% rent increases every five years and 15-18% rent increases in each option period. McDonald’s Corporation offers investment grade credit with a Standard & Poor’s A Rating and a Moody’s Rating of A2. McDonald’s is the world’s largest chain of hamburger and fast-food restaurants, serving north of 68 million customers daily in 120 countries across more than 37,000 locations. Annual revenues exceed $21 billion with profits in excess of $6 billion. McDonald’s is the world's second largest private employer with 1.9 million employees.

Exclusively Listed By

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