Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire Arden Square (the “Property”), an attractive 100,162 square foot neighborhood center located in Sacramento, CA.
The Property is anchored by BevMo, JoAnn, and OfficeMax and holds a prominent position along Arden Way, one of Sacramento’s major East-West thoroughfares. The anchor tenants comprise 60% of the property’s total square footage with 8.3 years of average lease term remaining. Kaiser also serves as a junior anchor, accounting for 15% of the property’s gross leasable area, with two spaces totaling 15,087 SF. Currently 88% leased, Arden Square provides an attractive and secure income stream with upside through lease-up and the repositioning of vacancy.
STABLE IN-PLACE INCOME WITH UPSIDE
Arden Square has an attractive in-place income derived from a strong mix of national and regional tenants. Currently 88% leased, the Property also offers significant NOI growth and upside through lease-up and repositioning vacancies.
LONG-TERM ANCHOR TENURE
BevMo, JoAnn, and OfficeMax have an average tenure of 20 years each at the Property.
PROMINENT POSITION ON ARDEN WAY
Located at Arden Way and Morse Avenue, Arden Square holds a prominent position within the seasoned Arden-Watt submarket.
ATTRACTIVE WALT OF 5.4 YEARS
With recent lease renewals and new lease executions, the Property has an attractive weighted average primary lease term of 5.4 years.
STRONG TRADE AREA FUNDAMENTALS
140,000 people within a 3-mile radius offer a dense and trade area and primary customer base.
75% OF PROPERTY LEASED TO ANCHOR AND JUNIOR ANCHOR TENANTS
The anchors along with Kaiser account for 75% of the total square footage generating income and consistent foot traffic at the property for the foreseeable future. Kaiser occupies 15% of the gross leasable area for medical use. Kaiser’s exceptional credit makes them ideal co-tenant to complement traditional retail.
STRONG LEASING MOMENTUM AND TENANT DEMAND
BevMo extended its lease by 10 years through January 2032 exemplifying its commitment to the neighborhood. Recent uptick in new leases and letters of intent for space along Morse Avenue showcase nearby tenant demand for the vacant spaces.