The center, which is 100% occupied, is anchored by Food 4 Less, Rite Aid and 24 Hour Fitness. The Faris Lee team that is working the listing is composed of Donald MacLellan and Dennis Vaccaro, managing directors of advisory services for the Irvine-based firm.
According to Vaccaro, the new buyer will be have the benefit of assuming an existing loan on the property in the amount of nearly $21.2 million at an interest rate of 5.8% with full term interest-only payments until 2017. In addition, Vaccaro says that the property is leased at below-market rents, offering the prospect of bringing tenant rents up to market rates.
The majority of the property was built in 1990. Rite Aid was completed in 2007 and earlier this year, Food 4 Less exercised its right to build a gas station adjacent to the store.
MacLellan says that other points Faris Lee will emphasize in its marketing include the center's location on Bear Valley Road, which serves as the main east-west thoroughfare for the cities of Victorville and Apple Valley, as well as the limited competition from other retail centers. MacLellan explains that 24 Hour Fitness is the only full service fitness facility within the trade area and that Food 4 Less and Rite Aid have limited competition as well.
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