Skip to main content

Shopping Regional

1673 West Lacey

1673 W Lacey Blvd, Hanford, CA 93230

Listing Price: $11,500,000

Cap Rate
6.10%
Gross SF
98,843
Rentable SF
79,236
Price/Gross SF
$116.35
Lot Size
6.54 acres
Year Built
1993

Investment Overview

Marcus & Millichap is pleased to present 1673 West Lacey Boulevard, a multitenant net leased retail investment located in Hanford, California. The subject property, formerly a Gottschalks department store, is an anchor to the Hanford Mall, a thriving regional shopping center that hosts the top grossing apparel and shoe stores in Kings County along with the only cinema in Hanford. The subject was demised in to 4 suites and extensively improved beginning in 2018 to accommodate the current tenancy. Urban Air Adventure Park occupies 35,012-square feet and enjoys both an exterior entrance as well as an entrance from the mall corridor. Serrano’s Furniture, occupying 19,833-square feet, also benefits from both exterior and mall entrances. Ideal Furniture (14,289-SF) and Boot Barn (10,102-SF) complete the rent roll. 1673 West Lacey is offered fully stabilized with management in-place. Remaining hard lease term ranges from 6 to approx. 8 years; all tenants are required to report receipts, and all tenants have consistently reported healthy rent to sales ratios indicating a high likelihood of renewal. All leases include scheduled base rent increase. A fee simple offering, the subject consists of a block building totaling approx. 85,843-SF of first floor area; there is also a mezzanine totaling approx. 13,000-SF above a portion of Urban Air’s space. The building includes service areas that reduce the gross leasable area to 79,236. The subject sits on a 6.54-acre parcel that may accommodate a pad carve-out (subject to the requirements of the recorded parcel owner’s agreement and tenant approvals). 1673 West Lacey Boulevard offers an investor the rare opportunity to acquire a stabilized net leased investment with high quality tenancy and potential added value at a fraction of replacement cost.

Investment Highlights

  • Stabilized 4-Tenant Investment with Minimal Landlord Responsibilities
  • Fee Simple Offering Includes 79,239-SF of Gross Leasable Area on 6.54- Acre Parcel
  • Over $2m in CapEx Completed in 2019 & 2020 - All Major Building Systems Updated

Exclusively Listed By

Financing By

Shopping Regional

1673 West Lacey

Listing Price: $11,500,000

Cap Rate
6.10%
Gross SF
98,843
Rentable SF
79,236
Price/Gross SF
$116.35
Lot Size
6.54 acres
Year Built
1993

Investment Highlights

  • Stabilized 4-Tenant Investment with Minimal Landlord Responsibilities
  • Fee Simple Offering Includes 79,239-SF of Gross Leasable Area on 6.54- Acre Parcel
  • Over $2m in CapEx Completed in 2019 & 2020 - All Major Building Systems Updated

Investment Overview

Marcus & Millichap is pleased to present 1673 West Lacey Boulevard, a multitenant net leased retail investment located in Hanford, California. The subject property, formerly a Gottschalks department store, is an anchor to the Hanford Mall, a thriving regional shopping center that hosts the top grossing apparel and shoe stores in Kings County along with the only cinema in Hanford. The subject was demised in to 4 suites and extensively improved beginning in 2018 to accommodate the current tenancy. Urban Air Adventure Park occupies 35,012-square feet and enjoys both an exterior entrance as well as an entrance from the mall corridor. Serrano’s Furniture, occupying 19,833-square feet, also benefits from both exterior and mall entrances. Ideal Furniture (14,289-SF) and Boot Barn (10,102-SF) complete the rent roll. 1673 West Lacey is offered fully stabilized with management in-place. Remaining hard lease term ranges from 6 to approx. 8 years; all tenants are required to report receipts, and all tenants have consistently reported healthy rent to sales ratios indicating a high likelihood of renewal. All leases include scheduled base rent increase. A fee simple offering, the subject consists of a block building totaling approx. 85,843-SF of first floor area; there is also a mezzanine totaling approx. 13,000-SF above a portion of Urban Air’s space. The building includes service areas that reduce the gross leasable area to 79,236. The subject sits on a 6.54-acre parcel that may accommodate a pad carve-out (subject to the requirements of the recorded parcel owner’s agreement and tenant approvals). 1673 West Lacey Boulevard offers an investor the rare opportunity to acquire a stabilized net leased investment with high quality tenancy and potential added value at a fraction of replacement cost.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower