Moreno Marketplace (sale)

Posted by City of Moreno Valley, CA

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Development Site

Development Opportunity

Size

9.75 acres

Ownership

Privately Owned

Availability

For Sale

Site Description

• Grocery Anchored Shopping Center – Anchored by a high performing Stater Bros. along with a synergistic mix of co-tenants including Jack in the Box, Waba Grill, Subway and Wells Fargo Bank providing strong daily necessities draw to the center

» Stater Bros. – Voted #1 best grocery store in the Inland Empire by The Press-Enterprise! Stater Bros. is the dominant grocer in the Inland Empire. Currently operating 171 locations, Stater Bros. is the largest privately owned Supermarket Chain in California and the largest employer in both San Bernardino and Riverside County

• Below Market Rents/Embedded NOI Growth – Property wide, existing rents at Moreno Marketplace average just $1.71 PSF, about 4.0% below current market rates. Paired with embedded rental increases and lease roll over, CBRE projects Moreno Marketplace’s NOI growth will exceed $421,230 (30%), enhancing cash-on-cash returns, and providing a strong inflationary hedge

• Long Term Tenancy – 64% of the tenant leases including Stater Bros., Jack in the Box and Waba Grill have remaining lease terms of 10 years or more. Furthermore, 77% of leased GLA has 5 years or more of term remaining, eliminating any major near-term turnover risk

• Drive-Thru Pad and Inline Development Opportunity – Moreno Marketplace includes two parcels entitled for development, enabling a new investor to add value through adding additional GLA/NOI

Documents

General/Comprehensive Plan Designation

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Master Plan/Specific Plan

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Zoning Designation

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Height Limits

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Floor to Area Ratio (FAR)

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Dwelling Units per Acre

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Parking Requirement

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Other Requirement

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Project Readiness

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Incentives

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Costs

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Fee Schedule

Moreno Valley Fee Schedule

Public Investments

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Private Investment

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Local Development Trends & Market Indicators

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14425 Moreno Beach Dr, Perris Valley, CA 92555

9.75 acres (424510.87 sqft)
Owner
MORENO MARKETPLACE STATION
C/O PHILLIPS EDISON & CO, 11501 NORTHLAKE DR, CINCINNATI OH 45249
Details
APN: 486250024
For Sale
Ground Lease

Contact Melissa McClain

Melissa, from City of Moreno Valley, has more details.

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Created on June 7th, 2018 (last updated 2 months ago)