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Linda Mar Shopping Center an 'Acquisition Opportunity'

CBRE, a worldwide company that offers real estate services, is offering to qualified investors Linda Mar Shopping Center, "a highly attractive and visible 168,871 square foot community shopping center along Pacific Coast Highway in the San Francisco suburb of Pacifica, California," as stated in the marketing literature.

CBRE touts the shopping center complex on 13.6 acres as a significant rent growth opportunity and "acquisition opportunity," anchored by "extremely strong performing 'top-tier' tenants" such as Safeway with sales in excess of $850 per square foot (PSF) (almost $40MM) and low and below market rents in neighboring tenants such as Denny's.

The investment summary is described as "Price: Best Offer" and "Year 1 net operating income (NOI): $2,743,000."

Here are the investment highlights from CBRE:

EXTREMELY STRONG, TOP-TIER GROCERY STORE SALES: Rare opportunity to acquire a grocery/drug anchored community shopping center with Safeway’s sales exceeding $850 PSF (almost $40MM), exceeding even the most rigid investment criteria. 

HIGHLY AFFLUENT POPULATION BASE: The center is easily accessible by an affluent population exemplified by average household incomes of $123,057 within 1 mile (10,818 residents), and $127,078 within 3 miles (19,786 residents). 

STABLE IN-PLACE INCOME: 92.8%± leased to a diverse and synergistic tenant roster, including Safeway, Ross, Rite Aid, McDonald’s, First National Bank, Bank of America, Starbucks and Denny’s among others, creating a stable in-place NOI of $2.74± million. 

EMBEDDED VALUE WITH SIGNIFICANT GROWTH POTENTIAL: Linda Mar Shopping Center offers significant income growth potential with embedded value due to low rents, which can be increased during an investor’s hold period: Safeway is only paying $0.39 PSF/month (through May 2018 with FMV options thereafter), Ross is only paying $1.18 PSF/month, Denny’s (hard corner pad) is only paying $1.83 PSF/month. 

SUPPLY CONSTRAINED, INFILL SUBMARKET: The City of Pacifica is a bedroom community of San Francisco, offering a rare “small town charm” within the greater Bay Area. Virtually no significant commercial projects have been approved or built during the last decade. ENTIRE SHOPPING CENTER IS OWNED: Full control of the site and flexibility as the entire project is owned, including all pads. 

PROMINENT AND VISIBLE LOCATION: Linda Mar Shopping Center is ideally situated with excellent frontage on Pacific Coast Highway (29,000± cars per day), the most prominent and well known coastal road in the United States. The center is easily accessed via three points of ingress/egress on Linda Mar Boulevard.

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