U.S. Realty Partners and Compass Acquisition Partners are seeking investors to co-invest in the Cable Park Shopping Center located at 6261 Hazel & 8801-8893 Greenback Lane, Orangevale, CA 95662. The property was built in 1964, renovated in the 1990’s and most recently in 2017. It consists of approximately 161,310 square feet of leasable area situated on approximately 15.56 acres of fee simple land. It is a dominant shopping center in the trade area and is anchored by CVS, Ross Stores, Grocery Outlet, U.S. Post Office, Goodwill, Taco Bell, Denny’s, Papa Murphy, and UPS Store. Ross Stores (21,937 sf), Grocery Outlet (18,125 sf), and Goodwill (21,909 sf) recently opened and have new 10-year triple net leases. The property is currently 90+% leased. This is a stable cash flowing shopping center with built in rent increases. Over 75% of the tenant roster is comprised of national and regional high-quality daily needs, restaurant and service-oriented tenants that have a high level of resistance to internet competition. The Company is purchasing the property based solely on in-place income. More than 80% of the tenants have been at the property for over 5 years, and more than 50% have been there for 10+ years. $5+ Million has been spent in the past 24 months by an affiliate of the sponsors for improvements to the property and redevelopment of the 60,000 SF box space for Ross, Grocery Outlet and Goodwill.
There are value-add opportunities at this property (Note that projections ONLY include the lease up of vacant shops to 95%, not the other potential value-add opportunities):
Westlake Village, CA
Available to Registered Users
Available to Accredited Investors:
Cable Park Shopping Center receives a tremendous amount of exposure as it is strategically located at the intersection of Greenback Lane and Hazel Avenue in Orangevale, CA (Sacramento County). Traffic counts exceed 40,000 cars per day on Hazel Avenue and more than 36,000 cars per day on Greenback Lane. Additionally, the property is surrounded by a dense population of more than 100,000 people within the 3-mile trade area and average household incomes over $104,000. The center features excellent frontage and visibility to Greenback Lane and Hazel Avenue.
Available to Accredited Investors:
Below are some of the most frequently asked questions about this offering.
The funding deadline is December 30th, 2018.
The first projected distribution is scheduled for April 2019.
Distributions are scheduled to go out on a monthly basis.
No, this investment is offered to US Residents only.
The Property was purchased from Kimco by an affiliate of the Sponsor's in December 2015 as part of a four-property portfolio. The original allocated acquisition cost was $18.5M. The affiliate subsequently replaced the 60,000 SF dark anchor tenant with Ross Stores, Grocery Outlet and Goodwill and spent over $5.0M on renovations, tenant improvements and leasing commissions. Although originally planning to market the Property for sale, the affiliate concluded that the value-add opportunity provided by any remaining upside was a more attractive option - the affiliate decided to sell only a portion of the equity interest in the Property. The present implied acquisition price of $24.0M is based on an appraisal from a national appraisal firm which determined an as-is value of $27.6M.
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