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Yuma, AZ - Furniture Land & Allo Fiber
302 W. 32nd Street | Yuma, AZ 85364
Description
SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a 100% occupied, two-tenant, e-commerce resistant retail investment property located in Yuma, Arizona. The retail center features a diversified, community-based tenant line up of Furniture Land and ALLO Fiber. Both tenants recently executed brand new leases that feature variable rental increases throughout the initial term, growing NOI and hedging against inflation. Built in 1982, the retail strip is situated on 3.52 acres of land with approximately 214 onsite parking spaces, an ample parking ratio of 5.25 spaces per 1,000 SF of GLA. Additionally, both tenants operate under leases which are NNN in nature, limiting expense leakage for a future investor.
Location
The subject property is strategically located along W. 32nd Street, a major commuter thoroughfare for the trade area averaging 44,600 vehicles passing by daily. The asset is ideally situated as a co-anchor to Big Curve Shopping Center, a 230,000 SF regional shopping center anchored by Albertsons. Grocery anchored centers significantly increase consumer draw to the immediate trade area and promote crossover store exposure for the site. Other nearby national/credit tenants include a Walmart Supercenter, Lowe’s Home Improvement, Burlington, Barnes & Noble, Ashley Furniture, Ross Dress for Less, and more. Moreover, the site is within close proximity to multiple apartment complexes including El Encanto (283 units), Catalina Square (100 units), and Palm Apartments (152 units), providing a direct residential consumer base from which to draw.
Nestled in the southwest corner of Arizona bordering California, Yuma is known as the bistate crown jewel of the desert. Situated on Interstate 8, more than 9 million vehicles annually enter Arizona from California. The military is the second largest sector in the area behind agribusiness. The 5-mile trade area is supported by a population of more than 95,300 residents and nearly 45,000 daytime employees with an average household income of $66,343.
Contact
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215