Colliers Retail Capital Market Team is pleased to present the sale of East Hills Plaza, a 37,160 square foot neighborhood retail center centrally located in Bakersfield, California just southeast of the 178 Freeway and the Mt. Vernon Avenue exit.
The shopping center is shadow anchored by a Walmart Supercenter and is 100% occupied by 11 quality tenants including Big Lots, Sally Beauty, Metro PCS and Baskin Robbins.
East Hills Plaza is an exceptional opportunity to acquire a stable cash flow with attractive growth in the revenue from fixed annual increases and below market rent. Combine this with historically low interest rates and double digit leveraged return are achievable.
- 37,160 SF retail center that is 100% leased to 11 tenants including Big Lots, Sally Beauty, GameStop, Metro PCS and Baskin Robbins.
- Conveniently located in northeast Bakersfield just south of the 178 freeway at the Mt. Vernon Avenue exit.
- Shadow Anchored by a Walmart Supercenter.
- Anchored by Big Lots, a publicly traded company with over 1,400 stores in 47 states and $5 billion in revenue.
- Attractive projected NOI growth rate of 3.7% annually over the next 10 years.
- Stable cash flow with 7 of the 11 tenants occupying their space for over 10 years.
- New financing projected to provide a leveraged return of 12.97%.