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Shopping Strip

Redwood Plaza Pad Building

150 Steele Ln, Santa Rosa, CA 95403

Listing Price: $3,800,000

Cap Rate
0.90%
Gross SF
6,000
Rentable SF
6,000
Price/Gross SF
$633.33
Lot Size
0.55 acres
Year Built
2012

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a two-tenant pad building in the Redwood Plaza shopping center located at 150 Steele Lane in Santa Rosa, CA. The subject property is located at the intersection of Steele Lane and Mendocino Avenue and is shadow-anchored by CVS/pharmacy and Big Lots!; it is also located across the street from a retail center anchored by Safeway. Mendocino Avenue is a major retail thoroughfare and tenants in the area include Chick-Fil-A, Dutch Bros, Starbucks, AT&T, Panda Express, Cold Stone Creamery, Jamba, O’Reilly Auto Parts, Taco Bell, and In N Out. Additionally, the Coddingtown Mall is located on the other side of US Highway 101. This regional mall is occupied by major retailers such as Target, JC Penney, Macy’s, Old Navy, and Crunch Fitness. The building is +\- 6,000 square feet and is on a 0.55-acre site. The improvements were completed in 2012 and are in good condition. Currently, 33% of the property is leased to European Wax Center on a lease that expires in September 2022; they have two 5-year options to extend their lease. The second space is vacant and is configured for a fast casual dining restaurant. It was previously occupied by Panera Bread. The property benefits from a significant daytime population of more than 30,000 people within a one-mile radius. There are several major employers near the property, as well as two schools. The Sonoma County government complex is located just north of the property. About 3,700 employees work in this complex. Kaiser Permanente has a hospital one mile north of the site, which employs about 3,000 people. Additionally, Santa Rosa Junior College and Santa Rosa High School are less than one-half mile south of the property. The junior college has an enrollment of about 20,000 students and employs 3,200 people. These uses drive significant demand for retail space in the area. 150 Steele Lane has excellent access and visibility. The site is less than one-half mile from an interchange with US Highway 101, which is the main north-south highway running through Sonoma County. More than 176,000 vehicles per day travel along US Highway 101 near the subject property. Additionally, the property has good visibility at the intersection of two major streets. Traffic counts along Steele Lane exceed 26,500 vehicles per day and about 24,500 vehicles per day travel along Mendocino Avenue. Overall, the property is easily accessible and highly visible to vehicle traffic.

Investment Highlights

  • Value-add retail property with one space leased to European Wax Center and one vacant restaurant space
  • +\- 6,000 square foot building in a two-tenant configuration situated on a 0.55-acre parcel
  • Adjacent to CVS/pharmacy and Big Lots! and across from Safeway
  • One-half mile to Coddingtown Mall, a +\-843,000 square foot regional mall
  • Large daytime population of more than 30,000 people within one mile
  • Near the Sonoma County government complex, Kaiser Permanente Medical Center, Santa Rosa Junior College, and Santa Rosa High School
  • Less than one-half mile from an interchange with US Highway 101
  • Combined traffic counts at the subject property exceed 50,000 vehicles per day

Exclusively Listed By

Shopping Strip

Redwood Plaza Pad Building

Listing Price: $3,800,000

Cap Rate
0.90%
Gross SF
6,000
Rentable SF
6,000
Price/Gross SF
$633.33
Lot Size
0.55 acres
Year Built
2012

Investment Highlights

  • Value-add retail property with one space leased to European Wax Center and one vacant restaurant space
  • +\- 6,000 square foot building in a two-tenant configuration situated on a 0.55-acre parcel
  • Adjacent to CVS/pharmacy and Big Lots! and across from Safeway
  • One-half mile to Coddingtown Mall, a +\-843,000 square foot regional mall
  • Large daytime population of more than 30,000 people within one mile
  • Near the Sonoma County government complex, Kaiser Permanente Medical Center, Santa Rosa Junior College, and Santa Rosa High School
  • Less than one-half mile from an interchange with US Highway 101
  • Combined traffic counts at the subject property exceed 50,000 vehicles per day

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a two-tenant pad building in the Redwood Plaza shopping center located at 150 Steele Lane in Santa Rosa, CA. The subject property is located at the intersection of Steele Lane and Mendocino Avenue and is shadow-anchored by CVS/pharmacy and Big Lots!; it is also located across the street from a retail center anchored by Safeway. Mendocino Avenue is a major retail thoroughfare and tenants in the area include Chick-Fil-A, Dutch Bros, Starbucks, AT&T, Panda Express, Cold Stone Creamery, Jamba, O’Reilly Auto Parts, Taco Bell, and In N Out. Additionally, the Coddingtown Mall is located on the other side of US Highway 101. This regional mall is occupied by major retailers such as Target, JC Penney, Macy’s, Old Navy, and Crunch Fitness. The building is +\- 6,000 square feet and is on a 0.55-acre site. The improvements were completed in 2012 and are in good condition. Currently, 33% of the property is leased to European Wax Center on a lease that expires in September 2022; they have two 5-year options to extend their lease. The second space is vacant and is configured for a fast casual dining restaurant. It was previously occupied by Panera Bread. The property benefits from a significant daytime population of more than 30,000 people within a one-mile radius. There are several major employers near the property, as well as two schools. The Sonoma County government complex is located just north of the property. About 3,700 employees work in this complex. Kaiser Permanente has a hospital one mile north of the site, which employs about 3,000 people. Additionally, Santa Rosa Junior College and Santa Rosa High School are less than one-half mile south of the property. The junior college has an enrollment of about 20,000 students and employs 3,200 people. These uses drive significant demand for retail space in the area. 150 Steele Lane has excellent access and visibility. The site is less than one-half mile from an interchange with US Highway 101, which is the main north-south highway running through Sonoma County. More than 176,000 vehicles per day travel along US Highway 101 near the subject property. Additionally, the property has good visibility at the intersection of two major streets. Traffic counts along Steele Lane exceed 26,500 vehicles per day and about 24,500 vehicles per day travel along Mendocino Avenue. Overall, the property is easily accessible and highly visible to vehicle traffic.

Exclusively Listed By

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