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Urban-High Street

Lodi City Centre

109 N School St, Lodi, CA 95240

Listing Price: $17,410,000

Cap Rate
7.75%
Gross SF
49,571
Rentable SF
49,571
Price/Gross SF
$351.21
Lot Size
1.21 acres
Year Built
2001

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire an attractive, multi-tenant retail property anchored by a strong performing cinema in Lodi, California. The property consists of 49,571-square-feet and sits on approximately 1.21 acres of land. The remaining weighted average 13.9 years lease term includes 10% rental escalations every five years for the theatre. The next escalation takes effect January 2024. The theater’s relative performance within the industry has improved every year since the theater was renovated in 2016. For 2021, this theater outperformed approximately 3 out of 4 theaters within the industry. The theatre lease also has a percentage rent component that was consistently triggered pre-covid, and is on pace to resume in 2022 (contact broker for details). The property is located at the signalized hard corner of North Church Street, North School Street, and West Elm Street, where combined traffic counts exceed 10,600 vehicles per day.

Investment Highlights

  • Rare Ability to Control a Dynamic Downtown Block in California's Central Valley
  • Strong Consumer Traffic & Frontage Multiple Streets - The Farmers Market Brings 5,000 Guests to the Surrounding Area on Thursday Nights
  • Major Regional Wine Producer – Lodi's Annual Yield of Winegrapes Accounts for 20% of California's Total Winegrape Production (More than Napa and Sonoma Counties Combined)
  • Strong Sales Performance; Among the Top Performing Cinemas Nationally - See Broker for Details
  • $4 Million Renovation in 2016 - State-of-the-Art Enhancements Such as Expanded Concessions, Beer/Wine Bar, Premium Recliner Seating and Other Upscale Amenities
  • Strong Historical Occupancy - 43,868-Square-Feet (88% of GLA) are Occupied by Tenants that have Operated at the Property for More than 18 Years
  • Landlord has Rights to the Cinema's Furniture, Fixtures and Equipment if the Tenant Ever Vacated the Property
  • Nearest Competing Movie Theater is Over 9 Miles Away and Lacks Attractive Amenities such as Recliners, Stadium Seating, and Expanded Menu

Exclusively Listed By

Broker of Record

  • Daniel A. Kapic

    Vice President/Regional Manager

    (916) 724-1400

    License(s) CA: 01437375

    California

Financing By

Urban-High Street

Lodi City Centre

Listing Price: $17,410,000

Cap Rate
7.75%
Gross SF
49,571
Rentable SF
49,571
Price/Gross SF
$351.21
Lot Size
1.21 acres
Year Built
2001

Investment Highlights

  • Rare Ability to Control a Dynamic Downtown Block in California's Central Valley
  • Strong Consumer Traffic & Frontage Multiple Streets - The Farmers Market Brings 5,000 Guests to the Surrounding Area on Thursday Nights
  • Major Regional Wine Producer – Lodi's Annual Yield of Winegrapes Accounts for 20% of California's Total Winegrape Production (More than Napa and Sonoma Counties Combined)
  • Strong Sales Performance; Among the Top Performing Cinemas Nationally - See Broker for Details
  • $4 Million Renovation in 2016 - State-of-the-Art Enhancements Such as Expanded Concessions, Beer/Wine Bar, Premium Recliner Seating and Other Upscale Amenities
  • Strong Historical Occupancy - 43,868-Square-Feet (88% of GLA) are Occupied by Tenants that have Operated at the Property for More than 18 Years
  • Landlord has Rights to the Cinema's Furniture, Fixtures and Equipment if the Tenant Ever Vacated the Property
  • Nearest Competing Movie Theater is Over 9 Miles Away and Lacks Attractive Amenities such as Recliners, Stadium Seating, and Expanded Menu

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire an attractive, multi-tenant retail property anchored by a strong performing cinema in Lodi, California. The property consists of 49,571-square-feet and sits on approximately 1.21 acres of land. The remaining weighted average 13.9 years lease term includes 10% rental escalations every five years for the theatre. The next escalation takes effect January 2024. The theater’s relative performance within the industry has improved every year since the theater was renovated in 2016. For 2021, this theater outperformed approximately 3 out of 4 theaters within the industry. The theatre lease also has a percentage rent component that was consistently triggered pre-covid, and is on pace to resume in 2022 (contact broker for details). The property is located at the signalized hard corner of North Church Street, North School Street, and West Elm Street, where combined traffic counts exceed 10,600 vehicles per day.

Exclusively Listed By

Broker of Record

  • Daniel A. Kapic

    Vice President/Regional Manager

    (916) 724-1400

    License(s): CA: 01437375

    California

Financing By

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