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CAPITAL MARKETS | INVESTMENT PROPERTIES
384 N. Sunrise AvenueROSEV ILLE , C AL I FORNIA
Fully-Leased to Three Tenants • NNN Leases
$13,300,000 • 8.28% Cap • $114.60 psf
OFFERING MEMORANDUM
AFFILIATED BUSINESS DISCLOSURE
CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).
CONFIDENTIALITY AGREEMENT
Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.
DISCLAIMER
This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.
COPYRIGHT NOTICE
© 2017 CBRE, Inc. All Rights Reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. 20823173-199539
2
INVESTMENT CONTACT
RANDY GETZExecutive Vice PresidentLic. 00828903+1 916 446 [email protected]
LOCAL MARKET CONTACT
JON SCHULTZSenior Vice PresidentLic. 00844740+1 916 446 [email protected]
CBRE, Inc.500 Capitol Mall, Ste. 2400Sacramento, CA 95814
CONTENTS
3
EXECUTIVE SUMMARY
As exclusive advisor CBRE is pleased to offer for sale a portion of Center Pointe Shopping Center, a 99%-leased power center in the upscale and steadily-growing city
of Roseville, California.
The Subject offering consists of a building at the north end of the Center that measures approximately 116,000 square feet on 11.5 acres improved with a paved
parking field for 672 vehicles.1 The building has been demised into three spaces: John’s Incredible Pizza has leased 52,000 square feet since 2006; AutoNation is
leasing 37,443 square feet as of December 2016, and V&S Enterprises, dba Rockin’ Jump, which opened in May 2017.
The Property is offered for sale priced at $13,300,000 which equates to $114.60 per square foot. At the asking price the yield on leases-in-place is 8.28%. All leases
are NNN. Our 10-year discounted cash flow analysis projects a cash IRR of 13.24% and an annual leveraged return of 23.63% utilizing debt as modeled.
1 Source: 2006 ALTA survey map
Center Pointe
Sh
opping Center
Roseville Automall
EUREKA RD
N SUNRISE AVE
LEAD HILL BLVD
THE OFFERING
5
EUREKA RD
N
SU
NRI
SE A
VE
6
The entire Center Pointe Shopping Center contains 472,800 square feet anchored by Home Depot, Pet Club, 24 Hour Fitness, and Pacific Sales. The Center lies
between Sunrise Ave. and I-80 immediately south of Eureka Rd. in Roseville, California, and consists of 20 stores on 18 separate parcels. In addition to the anchors, co-
tenants include the occupants within the Subject, as well as Shane Co. Jewelers, Honda Motorsports, Wendy’s, Bob’s Cycle Center, The Good Feet Store and Taco Bell.
John’s Incredible Pizza and Rockin’ Jump are examples of an emerging global and national trend to backfill space vacated by prototypical retailers with “activity”
tenants that have a business model immune to competition from online marketers like Amazon. The article accessed via the following link provides an excellent
summary of the trend: “Kiddie Activity Hubs Seen as Way to Make Malls Amazon-Proof” (National Real Estate Investor).
The Property enjoys excellent freeway visibility and is accessible at three points from N. Sunrise Ave., Eureka Road, and Lead Hill Boulevard. Traffic volume is high
due to the proximity of the freeway and the Eureka Rd. off-ramp. Average daily traffic on Sunrise Ave. is 25,218 vpd, on Eureka Rd. 31,186 vpd, and on I-80 it is
157,000 vpd. The Roseville Auto Mall, the region’s largest with 109 acres and 16 dealerships, is directly across Sunrise Avenue from the Subject.
LEA
D H
ILL
BLV
DEU
REKA RD
N SUNRISE AVE
7
PROPERTY TYPE Retail power center (a portion of)
PROPERTY NAME Center Pointe Shopping Center
ADDRESS OF SUBJECT 384 N. Sunrise Ave., Roseville, California
NET RENTABLE AREA 116,058 square feet
OCCUPANCY/
TENANTS/LEASE TYPE100% / Three tenants / all NNN
OFFERING PRICE $13,300,000 ($114.60 psf)
PROJECTED YIELDS
Capitalization rate: 8.28%
Cash IRR: 12.68%
Leveraged IRR: 23.63% (10-year discounted cash flow projection)
YEAR BUILT 1992
CONSTRUCTION TYPE Concrete tilt-up wall panels with interior steel columns.
• Fully leased to three tenants
• Low (4.3%) submarket retail vacancy
• NNN leases
• High traffic counts and freeway visibility
• Part of a well-anchored power center with 99% occupancy
• Strong local demographics
INVESTMENT HIGHLIGHTS
OFFERING SUMMARY
(opening May 2017)
8
TENANT SF LEASED COMMENCE EXPIRES RENT PSF
John’s Incredible Pizza 52,000 Oct. 2006 Feb. 2022 $13.00
AutoNation 37,443 Dec. 2016 Feb. 2022 $7.64
Rockin’ Jump (1) 25,046 Feb. 2017 Jan. 2028 $8.40
(1) Lease expires 120 months after the rent commencement date. Please see sections 1.4 and 4.2 of the lease and the First Amendment which restates section 1.5 for
further detail.
EUREKA RD
4 grade-level doors
7 dock-high doors
TENANT SUMMARY
9
Roseville is considered one of the region’s most desirable communities in which to live, work, and raise a family. It offers a wide range of housing choices. A high
percentage of its residential stock is less than 25 years old, mostly in the upper-middle and executive price ranges. Roseville is known for excellent schools and for
large, newer retail destinations that feature a wide array of national retailers.
Retail vacancy in the South Placer submarket is trending down while market rents are rising. In Roseville proper, where the Subject is located, retail vacancy at the end
of 2Q 2017 measured only 4.3%. In 2016 a remarkable 57% of the Sacramento region’s total net absorption of retail space occurred in the South Placer submarket.
The Subject enjoys extraordinary visibility as it is bounded by three busy arterials and the I-80 freeway. It is across the street from the region’s largest and busiest auto
mall and roughly one mile from its largest and most successful shopping mall, the 1.9-million square foot Westfield Galleria.
Fountains at Roseville
Creekside Town CenterGalleria at Roseville
Roseville Automall
Fountains at Roseville
Galleria at Roseville
Golfland Sunsplash
AREA OVERVIEW
10
EXECUTIVE SUMMARY
PROPERTY OVERVIEW
NAME Center Pointe Shopping Center
ADDRESS (SUBJECT) 384 North Sunrise Avenue, Roseville, California 95661
COUNTY Placer
PARCEL NUMBER / AREA 048-451-022 / ±11.5 acres
PARKING 672 spaces (2006 ALTA survey map)
YEAR BUILT 1992
FLOOD ZONE Zone X. Outside the 500-year floodplain, per Flood Zone Panel 060243-06061C0479G dated 11/21/01.
SEISMIC Subject is not in a seismic Special Studies Zone as defined by the Alquist-Priolo Earthquake Fault Zone Act.
CONSTRUCTION TYPE Perimeter concrete tilt-up walls with interior steel columns.
EXTERIOR Painted concrete; painted stucco-faced portico
FOUNDATION Concrete
ROOF Steel trusses and steel decking. Roof was replaced in September 2013 and is still under warranty.
LOADING Seven dock-high loading doors and four grade level doors.
HVAC Roof-mounted package units
SECURITY/FIRE Automatic fire sprinkler system.
ELECTRICAL All spaces 277/480V; Suites 130 and 170: 600 amps;
PROPERTY SUMMARY
12
The site is an irregularly-shaped parcel measuring approximately 11.5 acres that is part of the Center Pointe Shopping Center comprising 47 acres and 20 stores
on 18 separate parcels. The Subject enjoys 422 lineal feet of frontage with driveway access on Eureka Road and is otherwise surrounded by the rest of the shopping
center. The paved parking lot includes accommodation for 672 cars as shown on the 2006 ALTA survey map.
EUREKA RD N SU
NRISE AVE
SITE DESCRIPTION
13
PARCEL MAP
14
ROS
EVILLE
www.rosevilleautomall.com
N SUNRISE AVE
EUREKA RD
NNOT TO SCALE --ALL DIMENSIONS
ARE APPROXIMATE.
SITE PLAN
15
FINANCIAL
(opening May 2017)
The offering price is $13,300,000 which equates to
$114.60 per square foot and an initial capitalization rate of
8.28%. Using prospective debt as modeled in our 10-year
cash flow analysis the projected annual return is 23.63%.
Net operating income is $1,100,730 which includes a 5%
vacancy and collection loss allowance.
Additional information related to the financial performance
of the asset is set forth on the following page.
Purchase Price: $13,300,000
Net Rentable Area 116,058
Price per Square Foot $114.60
Potential Financing:
Type Proposed
Interest Rate 4.25%
Principal Amount 65% $8,645,000
Down Payment $4,655,000
Amortization (years) 30
Years Due 10
Estimated Monthly Payment $42,528
Estimated Annual Payment $510,338
Scheduled Gross Income $1,174,283
plus expense reimbursements $296,788
Adjusted Scheduled Gross Income $1,471,071
less 5% vacancy and collection ($73,554)
Effective Gross Income $1,397,518
less Operating Expenses ($296,788)
Net Operating Income $1,100,730
Estimated Annual Debt Service ($510,338)
Pre-Tax Cash Flow $590,391
Initial Capitalization Rate 8.28%
Initial Cash-on-Cash Return 12.68%
Argus™ Unleveraged IRR 13.24%
Argus™ Leveraged IRR 23.63%
You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.
FINANCIAL SUMMARY
17
The rent roll sets forth current rents for each tenant and shows the dates of scheduled rent increases and options to extend. Any unamortized rent abatement on the Rockin’ Jump
lease will be absorbed by Seller. Note that even though Rockin’ Jump does not pay base rent on the storage space, it does reimburse its full pro rata share of operating expenses.
Annual rents are for the 12 months commencing November 1, 2017 including scheduled increases
LEASE TERM CURRENT BASE RENT ESCALATIONS OPTIONS
SUITE TENANTRENTABLE
SQ. FT. START END MONTHLY PER
SQ. FT. ANNUAL LEASE TYPE DATE
NEW MO. RENT
PER SQ. FT.
NO. X TERM
OPTION RENT PRO RATA
150 John’s Incredible Pizza (1) 52,000 Oct-06 Sep-21 $56,333 $1.08 $676,000 nnn flat - - 3x5-yr. CPI 44.8%
170 AutoNation (2) 37,443 Dec-16 Feb-22 $23,832 $0.64 $287,899 nnn Mar-18 $24,311 0.65 2x5-yr. $27,523 32.3%
Mar-19 $25,389 0.68
Mar-20 $25,868 0.69
Mar-21 $26,721 0.71
130 Rockin’ Jump (3) 25,046 Feb-17 Jan-28 $17,532 $0.70 $210,384 nnn Feb-23 $19,285 0.77 2x5-yr. $21,214 21.6%
Storage Rockin’ Jump (4) 1,569 Dec-16 Mar-28 - - - nnn - - - - - 1.4%
116,058 $97,697 $0.84 $1,174,283 100.0%
Expenses shown are based
on Owner’s 2017 budget,
but with property taxes
adjusted to approximate
a re-assessment following
sale. All three leases are
NNN.
Occupancy %: 100% 100% 95%
2017 BUDGET ARGUS INPUT PRO FORMA
Ad Valorem Property Taxes 164,919 1.093% $145,409
Direct Levies - 37,622 37,622
Electricity 15,882 15,882 15,882
Sewer, Water 18,944 18,944 18,944
Insurance 14,255 14,255 14,255
Management (3% of EGI) 31,868 2.50% 35,333
Repairs and Maintenance 12,943 12,943 12,943
Janitorial / Cleaning - - -
HVAC - - -
Security - - -
Landscaping / Parking 16,400 16,400 16,400
TOTAL OPERATING EXPENSES $275,211 n/a $296,788
You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.
(1) Option rents are based on CPI, but in no event less than a 10% increase from previous term. Ten percent increase modeled. Carve-out for structural, but replacements are reimbursable if amortized over useful life. (2) Option to terminate at the end of 36 months with payment of penalty and unamortized leasing costs. Does not reimburse capital items. (3) Tenant received permits on February 13, 2017 and rent commences January 13, 2018. Seller will credit Purchaser for any free rent. The lease expires 1/31/2028. Triple-net reimbursements commence three months following receipt of permits. Capital replacements are reimbursable if amortized over the useful life of the item. (4) Pays NNN charges only; no rent.
RENT ROLL
EXPENSES
18
TENANCY
www.johnspizza.com
In September of 1997 John’s Incredible Pizza founder, John Parlet, opened the first John’s Incredible Pizza Company – a 16,000 square foot location in Victorville, California. Almost 20 years later, with 11 locations, the typical John’s footprint has grown to over 50,000 square feet with an all-you-can-eat buffet, multiple dining rooms, and more than 100 exciting rides, games, and other attractions.
What makes John’s business model successful is the combination of food on one side of the venue and fun on the other. Upon entering guests discover a family-style buffet with many items made from scratch. The buffet features a variety of freshly-made pizzas, fried chicken, pasta with homemade sauces, a large salad bar, soups, potato bar, and desserts. Guests can enjoy their meal in one of many themed dining rooms, including the Tahoe-style “Cabin Fever”, the kid favorite “Toon Time Theatre”, or “Hall of Fame” sports room with big screen TVs. On the other side guests of all ages enjoy Fun World – filled with games, rides and other attractions, including adult-sized Bumper Cars; an intense spinning experience called Twister; Mini Bowling Alley and Air IncrediBear, a swinging airplane. Each venue features numerous party rooms for birthdays, private events and even business meetings.
In January 2017 John’s Incredible Pizza Company announced that in the spring it will be opening a new 65,000 square foot family entertainment center that can accommodate up to 1,000 guests at the newly-renovated NewPark Mall in Newark, California. The shopping center is owned by national retail developer and operator, Rouse Properties. The venue will be located in the mall’s new restaurant pavilion. John’s will add approximately 250 jobs to the local area.
(NYSE: AN)
www.autonation.com
AutoNation, founded in 1996, is the largest automotive retailer in the United States and the leading provider of new and pre-owned vehicles. AutoNation owns and operates 310 franchises throughout the country. It is traded on the New York Stock Exchange and has a market capitalization in January 2017 of $5.3 billion.
For the year ending December 31, 2016 the Company reported net earnings of $431 million on revenues of $21.6 billion. For the quarter ending June 30, 2017 the Company reported net earnings of $87.7 million on revenues of $5.28 billion. The Company reported $52.5 million in cash and cash equivalents on hand and stockholder equity of $2.5 billion. The Company’s long-term debt is rated BBB-/Stable and its short term debt A-3 by Standard & Poor’s.
www.rockinjump.com
Rockin’ Jump was started in 2010 based on a business model designed to create a family-oriented facility where people could stay fit and have fun in the process.
Rockin’ Jump initially opened three corporate locations in the San Francisco Bay Area to perfect the concept before launching the trampoline park franchise program in June 2013. The Company’s Executive Vice President and General Counsel started out as a customer who frequented Rockin’ Jump with his kids and was impressed with the concept. Partnering with two other families, they decided that franchising the concept was the obvious step forward. Since then, Rockin’ Jump has grown exponentially and already has more than 90 Trampoline Park franchise locations either open or in pre-opening development, such as the Subject’s Roseville location.
In addition to California, Rockin’ Jump has locations open or opening soon in South Carolina, Missouri, New Jersey, Wisconsin, Illinois, Georgia, Ohio, Minnesota, Connecticut, Texas, Florida, Maryland, North Carolina, New Mexico, Nevada, Alabama, New York, and Bangkok, Thailand.
TENANT PROFILES
20
AREA OVERVIEW / MARKET TRENDS
HISTORY, EMPLOYMENT AND LIFESTYLE
Roseville started in 1864 as a railroad junction,
became a city in 1909, then grew steadily
in importance and size with rapid growth
during WWII. Although the railroad is still a
major employer, the City soon began to see
diversification in its economic base with growth in
other employment sectors.
Interstate 80 through Roseville was completed in
1956 and the city experienced steady population
growth throughout the ‘60s and ‘70s, as
shopping centers, major retailers, and homes
were constructed throughout the City. In 1985
Roseville’s population stood at 29,000 people.
Five years later it was 44,700 and by 2000 it
was 74,200 people. Some of this growth was
fueled by the arrival of major employers such
as Hewlett Packard in 1979 and NEC in 1983.
Today the estimated population of Roseville alone
is estimated at 131,000 and for the South Placer
submarket which includes Rocklin and Lincoln
the current population is estimated at more than
239,000 residents.
While the character of Roseville has changed
over the years as the City grew from small-town
beginnings to its status as a major urban city
today, it has retained much of its historic charm
and character. Roseville is no longer a “railroad
town”, but the Union Pacific Railroad is still the
sixth largest employer (see Major Employers on
following page).
Roseville Automall
Folsom Lake
LEAD
HIL
L BL
VD
EUREKA RD
N S
UN
RISE AVE
AREA OVERVIEW
22
RETAIL
The Sacramento region’s biggest and most popular retail destination is located roughly one mile
northeast of the Subject. Westfield’s Galleria at Roseville contains more than 1.9 million square
feet anchored by national retailers Nordstrom, JC Penney, Macy’s, and Sears. The Galleria at
Roseville features the only Sacramento-area locations for luxury retailers Louis Vuitton, Burberry,
Tiffany & Co., Omega, Kate Spade New York, and Hugo Boss. Other notable tenants include
Apple, the Disney Store, Guess, Oakley, and Banana Republic. The mall also features a food court
and several notable restaurants such as Ruth's Chris Steak House, The Cheesecake Factory, and Il
Fornaio Italian Restaurant.
Across Galleria Boulevard from the mall is the 372,000 square foot Creekside Town Center. It features
many national retailers including Best Buy, Old Navy, Saks Fifth Avenue, Michaels’s, Nordstrom
Rack, Marshall’s, Babies ‘R’ Us and many more. Across Roseville Parkway is The Fountains, a lifestyle
center located just west of the mall. It contains 40 shops and 9 restaurants and is known for its water
features and frequent special events and concerts. This upscale center had 330,000 square feet in its
first phase, then added a second phase with an additional 240,000 square feet.
Directly across Sunrise Avenue from Center Pointe is The Roseville Automall, the region’s largest
with 16 dealerships representing 24 different marques. Just outside the auto mall proper are a
Hyundai dealership, John L. Sullivan Chevrolet, Enterprise Auto Sales, and CarMax.
EMPLOYER # OF JOBS
Kaiser Permanente 3,231
Hewlett-Packard 2,132
Sutter Roseville Medical Center 1,654
Roseville Joint Union High School District 1,434
Union Pacific Railroad 1,137
Adventist Health 1,019
Roseville City School District 1,000
City of Roseville 991
Wal-Mart 460
MAJOR EMPLOYERS
Fountains at Roseville Galleria at Roseville
23
ROSEVILLE ROCKLIN/ROSEVILLE/LINCOLN
POPULATION
2016 Population - Current Year Estimate 131,005 239,051
2021 Population - Five Year Projection 140,876 256,578
2010 Population - Census 118,795 218,588
2000 Population - Census 80,774 129,677
2010-2016 Annual Population Growth Rate 1.58% 1.44%
2016-2021 Annual Population Growth Rate 1.46% 1.43%
HOUSEHOLDS
2016 Households - Current Year Estimate 49,078 88,600
2021 Households - Five Year Projection 52,622 94,673
2010 Households - Census 45,064 82,343
2000 Households - Census 31,088 48,659
2010-2016 Annual Household Growth Rate 1.37% 1.18%
2016-2021 Annual Household Growth Rate 1.40% 1.33%
2016 Average Household Size 2.65 2.68
HOUSEHOLD
INCOME
2016 Average Household Income $97,296 $97,191
2021 Average Household Income $106,311 $106,460
2016 Median Household Income $78,725 $79,413
2021 Median Household Income $88,353 $89,394
2016 Per Capita Income $36,722 $36,264
2021 Per Capita Income $39,957 $39,498
HOUSING
UNITS
2016 Housing Units 52,381 94,711
2016 Vacant Housing Units 3,303 6.3% 6,111 6.5%
2016 Occupied Housing Units 49,077 93.7% 88,599 93.5%
2016 Owner Occupied Housing Units 31,486 60.1% 59,743 63.1%
2016 Renter Occupied Housing Units 17,591 33.6% 28,856 30.5%
EDUCATION
2016 Population 25 and Over 87,288 159,861
HS and Associates Degrees 49,945 57.2% 91,702 57.4%
Bachelor’s Degree or Higher 32,811 37.6% 59,972 37.5%
PLACE OF WORK2016 Businesses 6,005 9,068
2016 Employees 73,962 105,697
DEMOGRAPHICS
24
MARKET TRENDS
Market fundamentals in the Sacramento retail market and South Placer submarket are favorable. In 2016 retail occupancy in Sacramento increased by 217,000
square feet. Net absorption was impacted by the closures of The Sports Authority and Sports Chalet, both victims of e-commerce. The Subject’s South Placer
submarket demonstrated surprising strength with 123,000 sf of net absorption, 57% of the Sacramento region total.
Although big box closures occasioned by the recession such as those cited above added to vacancy for a while, most such space in good locations has since been
leased, often by national retailers entering the Sacramento market for the first time. Sacramento’s overall retail vacancy is 9.3%, but South Placer’s vacancy rate is
7.7%, and Roseville’s is even lower at 5.8%.
Demand is sufficiently robust that 2.3 million square feet of retail space is under construction in the region. Most is build-to-suit space but the new Delta Shores
master-planned development adjacent to I-5 south of Downtown accounts for 1.3 million square feet of this total. No new retail construction is underway in Roseville.
Fountains at Roseville
Creekside Town CenterGalleria at Roseville
Roseville Automall
Golfland Sunsplash
25
INVESTMENT CONTACT
RANDY GETZExecutive Vice PresidentLic. 00828903+1 916 446 [email protected]
LOCAL MARKET CONTACT
JON SCHULTZSenior Vice PresidentLic. 00844740+1 916 446 [email protected]
CBRE, Inc.500 Capitol Mall, Ste. 2400Sacramento, CA 95814