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1/04/24
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An 8.9k sf, Quest Diagnostics-anchored strip center in Sacramento has been put on the market with an asking price of $3.165 mil. Other tenants at the property include Game Stop, GNC and Hip Hop Jeans.
The Quest & Shops property is located at 6029 Florin Rd, within a high-identity, high-performing Walmart-anchored shopping center with other major tenants including Chuze Fitness, PetSmart and AutoZone. The offering features NNN leases, plus virtually all the tenants have administrative fee revenue, minimizing income slippage – operating costs reside with tenants, not with the landlord. The high-quality, relatively new construction needs little to no deferred maintenance that may drain an investor’s cash flow.
The property is projected to have a year one cap rate of 6.9% and a year three cap rate of 9%. Due to embedded increases and lease up of vacant space, the NOI is projected to increase more than $115,000 (53%) over the anticipated hold period.
The listing is being marketed by the CBRE Retail IP-West team of James Tyrell, Megan Lanni and Philip Voorhees.
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