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Shopping Strip

Regency Plaza

7235 Greenback Ln, Citrus Heights, CA 95621

Listing Price: $7,775,000

Cap Rate
5.75%
Gross SF
36,580
Rentable SF
36,580
Price/Gross SF
$212.55
Lot Size
2.23 acres
Year Built
1984

Investment Overview

Regency Plaza shopping center offers an investor the opportunity to acquire a fully occupied, seasoned retail center shadow-anchored by a Sam’s Club membership warehouse with a Sam’s Club gas station. The three retail tenants of Regency Plaza are well suited to the trade area, and two of the three leases are triple-net, with tenants reimbursing the landlord for their pro rata share of common area maintenance (CAM), property taxes, and property insurance. Tuesday Morning is a gross lease. The tenants are also responsible for their pro rata share payment of a CAM administration fee equal fifteen percent of the annual CAM expenses. With over 125 company-owned and franchised stores nationwide, SAS Shoes is an original tenant and has been in occupancy since 1987. Tuesday Morning relocated to Regency Plaza from a nearby shopping center which was undergoing construction for repositioning. The seller of Regency Plaza performed a turnkey buildout for Tuesday Morning in 2019/2020, including interior tenant improvements, all new roof-mounted HVAC units servicing the space, and a new roof. Tuesday Morning operates 490 stores throughout the US. Pacific Food Supermarket is the dominant specialty grocer catering to the one hundred fifty thousand plus Russian-speaking population residing in and around the Citrus Heights trade area. A tenant of Regency Plaza since 2012, this tenant recently extended its lease for an additional ten years, with a five-year option to extend the term. The subject property is located in the barriers to entry city of Citrus Heights, a bedroom community of Sacramento, California’s state capital. Population in the three-mile trade area of Regency Plaza is over 160,000. However, as one of only two Sam’s Club locations in the region, this center draws shoppers from much farther; over 960,000 people reside within a twenty-minute drive of Regency Plaza. Over the next five years, population growth is expected to increase by 3.5% to 4.25%, with an average annual median household income of $63,325 within the three-mile trade area. Regency Plaza is situated on Greenback Lane, one of Citrus Heights’ most heavily traveled arterials. Vehicle counts on Greenback Lane at San Juan Avenueexceed 42,000 per day. From Greenback Lane, Regency Plaza is accessed from the dedicated left and right-hand turn lanes into the center. The main entrance to Regency Plaza is directly in front of the subject property, with two additional curb-cuts on Greenback Lane. Additional ingress/egress to the center is via Fountain Square Drive with two signalized intersections at Greenback Lane and at the rear of the center where the Citrus Heights city services of the City Hall, community center police department, and animal control are located. The recently constructed 67,000 square foot Dignity Health/Mercy Medical facility is adjacent to Regency Plaza at Greenback Lane and Fountain Square Drive. Line of sight visibility to Regency Plaza is excellent, with approximately 760 lineal feet of frontage on Greenback Lane. Two twenty-plus foot tall monument signs enhance visibility to the center. One of the monument signs sits at the main entrance directly in front of the subject property and includes illuminated display signage for all three of Regency Plaza’s retailers. The subject property sits on a site-specific parcel of approximately 2.23 acres and part of the overall Regency Plaza center, which exceeds 12 acres of site area on which Sam’s Club, Sam’s Club gas station, and other retail pads are located. On-site parking for the subject property exceeds 75 spaces with allowable shared parking with the 740-plus parking spaces in the overall center. Maintenance and repair, and reciprocal parking for the overall center are governed by CC&R’s. The property offers investors the intrinsic values of pricing below replacement cost, with tenant lease rates at or below market levels for the trade area. The center enjoys the benefit of the shadow-anchor, Sam’s Club & gas station, that drive shopper traffic to the site. The property is very well maintained with significant recent capital improvements. In summary, Regency Plaza is arguably the most attractive retail asset currently available in Northern California.

Investment Highlights

  • Regency Plaza is shadow anchored by a Sam's Club Membership Warehouse w/Sam's Club gas station
  • Three Tenant Center - Two national retailers, SAS Shoes & Tuesday Morning, and dominant specialty grocer Pacific Coast Food
  • Convenient ingress/egress via multiple curb-cuts from Greenback Lane with dedicated left & right turn lanes into Regency Plaza
  • Illuminated, high-impact monument sign with displays for each tenant of Regency Plaza

Exclusively Listed By

Shopping Strip

Regency Plaza

Listing Price: $7,775,000

Cap Rate
5.75%
Gross SF
36,580
Rentable SF
36,580
Price/Gross SF
$212.55
Lot Size
2.23 acres
Year Built
1984

Investment Highlights

  • Regency Plaza is shadow anchored by a Sam's Club Membership Warehouse w/Sam's Club gas station
  • Three Tenant Center - Two national retailers, SAS Shoes & Tuesday Morning, and dominant specialty grocer Pacific Coast Food
  • Convenient ingress/egress via multiple curb-cuts from Greenback Lane with dedicated left & right turn lanes into Regency Plaza
  • Illuminated, high-impact monument sign with displays for each tenant of Regency Plaza

Investment Overview

Regency Plaza shopping center offers an investor the opportunity to acquire a fully occupied, seasoned retail center shadow-anchored by a Sam’s Club membership warehouse with a Sam’s Club gas station. The three retail tenants of Regency Plaza are well suited to the trade area, and two of the three leases are triple-net, with tenants reimbursing the landlord for their pro rata share of common area maintenance (CAM), property taxes, and property insurance. Tuesday Morning is a gross lease. The tenants are also responsible for their pro rata share payment of a CAM administration fee equal fifteen percent of the annual CAM expenses. With over 125 company-owned and franchised stores nationwide, SAS Shoes is an original tenant and has been in occupancy since 1987. Tuesday Morning relocated to Regency Plaza from a nearby shopping center which was undergoing construction for repositioning. The seller of Regency Plaza performed a turnkey buildout for Tuesday Morning in 2019/2020, including interior tenant improvements, all new roof-mounted HVAC units servicing the space, and a new roof. Tuesday Morning operates 490 stores throughout the US. Pacific Food Supermarket is the dominant specialty grocer catering to the one hundred fifty thousand plus Russian-speaking population residing in and around the Citrus Heights trade area. A tenant of Regency Plaza since 2012, this tenant recently extended its lease for an additional ten years, with a five-year option to extend the term. The subject property is located in the barriers to entry city of Citrus Heights, a bedroom community of Sacramento, California’s state capital. Population in the three-mile trade area of Regency Plaza is over 160,000. However, as one of only two Sam’s Club locations in the region, this center draws shoppers from much farther; over 960,000 people reside within a twenty-minute drive of Regency Plaza. Over the next five years, population growth is expected to increase by 3.5% to 4.25%, with an average annual median household income of $63,325 within the three-mile trade area. Regency Plaza is situated on Greenback Lane, one of Citrus Heights’ most heavily traveled arterials. Vehicle counts on Greenback Lane at San Juan Avenueexceed 42,000 per day. From Greenback Lane, Regency Plaza is accessed from the dedicated left and right-hand turn lanes into the center. The main entrance to Regency Plaza is directly in front of the subject property, with two additional curb-cuts on Greenback Lane. Additional ingress/egress to the center is via Fountain Square Drive with two signalized intersections at Greenback Lane and at the rear of the center where the Citrus Heights city services of the City Hall, community center police department, and animal control are located. The recently constructed 67,000 square foot Dignity Health/Mercy Medical facility is adjacent to Regency Plaza at Greenback Lane and Fountain Square Drive. Line of sight visibility to Regency Plaza is excellent, with approximately 760 lineal feet of frontage on Greenback Lane. Two twenty-plus foot tall monument signs enhance visibility to the center. One of the monument signs sits at the main entrance directly in front of the subject property and includes illuminated display signage for all three of Regency Plaza’s retailers. The subject property sits on a site-specific parcel of approximately 2.23 acres and part of the overall Regency Plaza center, which exceeds 12 acres of site area on which Sam’s Club, Sam’s Club gas station, and other retail pads are located. On-site parking for the subject property exceeds 75 spaces with allowable shared parking with the 740-plus parking spaces in the overall center. Maintenance and repair, and reciprocal parking for the overall center are governed by CC&R’s. The property offers investors the intrinsic values of pricing below replacement cost, with tenant lease rates at or below market levels for the trade area. The center enjoys the benefit of the shadow-anchor, Sam’s Club & gas station, that drive shopper traffic to the site. The property is very well maintained with significant recent capital improvements. In summary, Regency Plaza is arguably the most attractive retail asset currently available in Northern California.

Exclusively Listed By

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