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Siena Town Center | Las Vegas, NV

10080-10180 W. Tropicana Avenue, Las Vegas, NV 89147   |

Description

 

Colliers International, as Co-Exclusive Advisor, is pleased to present the opportunity to acquire the fee-simple interest in the Shops at Sierra Lakes - Building B, (the Property ) in Fontana, California. The Property is situated within the Shops at Sierra Lakes shopping center at the intersection of Sierra Avenue and Sierra Lakes Parkway just off the 210 Freeway (approximately 107,000 vehicles per day). The Property is a multi-tenant retail building totaling approximately 15,000 square feet on 1.25 acres. It offers investors a mix of national, regional, and local operators including T-Mobile, Pizza Hut and Sierra Noodle House along with upside through some lease-up. The Property benefits from synergy within the center from co-tenants that include McDonalds, Mimi' s Cafe, Dollar Tree, Big 5, 7-Eleven, Boston' s Pizza, and the Dignity Health Medical Plaza and within the 880,000 SF Sierra Lakes Commerical Corridor which includes Costco, Ralph' s, Home Depot, Lowe' s, Petco, Walgreen' s, and LA Fitness.

Siena Town Center
Retail Property

Price: $

Gross Leasable Area: 15,000 SF

Price/SF: $

Property Type: Retail

Property Sub-type: Strip Center

Property Use Type: Investment

Commission Split: 

Cap Rate: 7.13%

Occupancy: 64%

No. Stories: 1

Tenancy: Multiple

Year Built: 2009

Lot Size: 1.25 AC

APN / Parcel ID: 1119-221-46-0000

Listing ID: 19456489

Last Updated: 20 days ago

Location Description

The Property is ideally located just north of the 210 Freeway immediately off the Sierra Avenue freeway off ramp at Sierra Lakes Parkway. The City of Fontana has designated the Sierra Avenue corridor as a zone for economic growth. There are approximately 300,000 consumers living within a 5-mile radius, with an average household income in excess of $93,000 within a 1-mile radius of the subject property and daytime population of approximately 240,000.

 

Multi-tenant strip center with most NNN leases providing minimal management obligation and exposure to expense increases

Additional Information

At currently about 65% occupancy, an immediate opportunity exists to boost NOI and yield very attractive unleveraged returns upon stabilization

T-MOBILE, occupying 2,200 SF accounts for 23% of the gross rental income, and recently exercised their first of two 5 year options

Ideally located just north of the 210 Freeway immediately off the Sierra Avenue freeway off ramp at Sierra Lakes Parkway

Limited near-term rollover - all current tenants have significant time remaining on their lease

The Shops at Sierra Lakes is adjacent to the 1,850-unit master planned community of Sierra Lakes

ELAND INVESTMENT