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Best Buy Relocation, Visalia, CA

Best Buy Relocation

Visalia, CA

Price $11,250,000
Cap Rate 6.20%
NOI $697,000
Lease Term 11 Years and 2 Months
Lease Type NNN, with Tenant Responsible for Taxes, Insurance, and Maintenance, Excluding Structure
Rental Increases $1.50 PSF Rental Increases at Beginning of Each Option Period
Year Built 2019
Building Size 41,000 SF
Lot Size 3.30 Acres (143,944 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

NEW LONG-TERM NNN LEASE TO STRONG TENANT
» Leased to Best Buy for 11 years and 2 months
» Best Buy Inc. is investment grade (BBB rated by S&P) – Recently Upgraded
» In its most recent fiscal year, Best Buy’s total revenue climbed 7% to $42.2 billion
» Best Buy’s stock price has increased more than 200% over the past five years

RELOCATION AND EXPANSION STORE
» Best Buy’s store sales are rumored to be $1,000 per square foot at previous location
» Best Buy is relocating from a smaller space within Packwood Creek, where it has operated successfully for 15 years
» Best Buy is moving from the Lowe’s-anchored side of Packwood Creek to the superior, Target-anchored side of Packwood Creek
» Best Buy increasing its footprint is a testament to how well the store is doing in the Packwood Creek retail area

HIGH-TRAFFIC LOCATION IN REGIONAL POWER CENTER
» Prime location in Packwood Creek, part of Visalia’s largest power center
» Excellent location on Mooney Boulevard, Visalia’s primary retail corridor
» Situated between Mooney Boulevard’s signalized intersections with Visalia Parkway and West Cameron Avenue, with excellent access to 53,300 vehicles per day
» Part of the highly successful Packwood Creek Center, with anchor national tenants, including Target, Costco, and Lowe’s
» Costco, which draws an estimated 1.4 million customers annually from a significantly wide radius, greatly increasing the property’s customer base

PRIME LOCATION IN REGIONAL SHOPPING HUB WITH LARGE CUSTOMER BASE
» Visalia is the largest city between Fresno and Bakersfield and has a trade area of approximately 733,000 people
» Population of 144,762 within a five-mile radius of the property

Click Here to Download Offering Memorandum


Property Description

The property is located in Packwood Creek – West, situated between Mooney Boulevard’s signalized intersections with Visalia Parkway and West Cameron Avenue, with excellent visibility and access to a combined traffic volume of 53,300 vehicles per day. Packwood Creek – West and Packwood Creek – East make up Visalia’s largest power center, featuring major national tenants like Target, Lowe’s, Michaels, Kirkland’s, Pier 1 Imports, Cost Plus World Market, and many others. Additionally, the property is within walking distance of The Grove at Packwood Creek, a regional shopping center development featuring Sportsman’s Warehouse, along with approximately 247,900 square feet of additional retail space. The property is also close to a high-volume Costco, which draws an estimated 1.4 million customers annually from a significantly wide radius, greatly increasing Best Buy’s customer base. Other major shopping centers in the nearby area include Visalia Mall, anchored by Macy’s and JCPenney, and Sequoia Mall, featuring Sears and Regal Cinemas.

The property benefits from its prime location within a regional shopping hub. The property is supported by robust demographic, with a population of 144,762 within a five-mile radius. Additionally, as the largest city between Fresno and Bakersfield, Visalia serves as a regional trading center for an estimated 733,000 people living within the Tulare, Kings, southern Fresno, and northern Kern counties.

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