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Orchard Shopping Center, Tehachapi, CA

Orchard Shopping Center

CA, USA

Price $8,500,000
Cap Rate
NOI
Lease Term Various
Lease Type
Rental Increases Various
Year Built 2010: Building A 2008: Buildings B, C, D, and E
Building Size 39,258 sq. ft.
Lot Size Five (5) Parcels, Totaling 4.20 Acres
Status Sold
Lead Broker Information Ryan Forsyth
Senior Managing Director
415.228.9114
ryan.forsyth@cushwake.com
CA RE License #01716551

Vince Aicale
Senior Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

ANCHORED SHOPPING CENTER WITH BROAD TENANT BASE AND SCHEDULED RENT INCREASES
» Leased to strong national and local tenants, including Family Dollar and Big 5 Sporting Goods
» Proven tenant base, with high historical occupancy
» Exceptional bank deposits for Union Bank at $58 million
» Recent lease extensions by AT&T Wireless, Subway Veritas Wine & Cheese, First American Title Company, Hungry Howie Pizza, Zombie Games demonstrating long-term commitment to the center

HIGH-TRAFFIC LOCATION IN PRIMARY RETAIL CORRIDOR WITH LOW VACANCY
» Adjacent to successful Albertsons and SaveMart shopping centers – the primary necessitybased retailers in Tehachapi
» Constrained market with only 7,500 SF available along Tucker Road
» Tehachapi vacancy rate at 3.50% providing strong stability to the shopping center

CLOSE PROXIMITY TO NEW DEVELOPMENTS
» Adjacent to planned Red Apple Promenade power center and a 157,000 square foot Walmart Supercenter-anchored shopping center
» Tenants expected in the immediate vicinity include Chipotle, Dunkin Donuts, Circle K, Panda Express, and Carl’s Jr.

LOCATED IN ONE OF CALIFORNIA’S FASTEST GROWING MARKETS
» Tehachapi was California’s fourth fastest growing city in 2007
» Tehachapi’s population has grown 12.71% since 2009
» Kern County’s population is projected to almost double by 2040
» Excellent demographics, with average household incomes above $76,000, 25% higher than the Kern County average

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located at the hard corner of Conway Avenue and Tucker Road, Tehachapi’s main thoroughfare, which experiences a high traffic count of 14,310 vehicles per day in front of the site. Located in Tehachapi’s retail corridor, the property is surrounded by other retail centers featuring major national tenants, including Albertsons, McDonald’s, Save Mart, Sears, and more. The site is located less than a mile from State Route 58, which boasts a traffic count of 23,000 vehicles per day. State Route 58 is an east-west highway connecting Tehachapi with Bakersfield to the west and Barstow, Nevada to the east.

The property benefits from its close proximity to multiple new developments. The proposed Red Apple Promenade power center is directly next to the site. The Planning Commission of Tehachapi recently approved the development of a Walmart Supercenter-anchored shopping plaza across from the property. The new shopping center will include a 154,570 square foot Walmart Supercenter and three outparcel lots for future development. Additionally, the property is approximately two miles from the 77 acre event center that has been approved by the city. The development will include an event center, rodeo grounds, and BMX/motocross park.

Contact Us About This Property

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