Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

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Attributes

Year Built 1961
Building Area

Property Description

JLL is pleased to offer the opportunity to acquire Foothill Square Shopping Center (the “Property”), a 116,609 square-foot grocery anchored shopping center in Oakland, CA. The recently redeveloped Property is shadow anchored by Foods Co separately owned by Kroger) and features a lineup of national retailers, including Ross Dress for Less, Wells Fargo, Shoe Palace, Carl’s Jr., and Rainbow, along with a collection of daily needs and medical tenants, such as DaVita Dialysis. Strategically located adjacent to Interstate 580 with excellent visibility to over 270,000 cars per day, Foothill Square Shopping Center offers investors the chance to acquire a recently redeveloped shopping center in a dense infill area with immediate value creation opportunities.

Investment Highlights

PREMIER GROCERY ANCHOR

  • Anchored by a separately owned, brand new Foods Co that was built by Kroger (Foods Co parent company) in 2014 for $18M+. 

EXCELLENT VISIBILITY AND ACCESS

  • Located adjacent to Interstate 580 with excellent visibility to over 270,000 cars per day, the Property enjoys direct freeway on/off access from 106th Ave. 

RECENTLY REDEVELOPED PROPERTY

  • A full redevelopment of the Property was completed at the beginning of 2017, adding new buildings and revitalizing the Property with new facades and signage. The redevelopment has resulted in stronger tenant sales performance and enhanced curb appeal, while reducing future capital expenditures for a new owner. 

HIGH BARRIERS TO ENTRY

  • The coastal infill location of the Property and lack of surrounding developable land sites ensure income security and continued value appreciation with limited options for future competitive projects. 

STRONG DEMOGRAPHICS

  • Median household income within a 1-mile radius of the Property is over $82,000, which is well above national median of $68,000 and the state median of $75,000.

IMMEDIATE VALUE CREATION OPPORTUNITIES

  • Strong tenant demand for development of 6,000 SF pad site as well as the ability to sell outparcels individually to capture lower single-tenant cap rates.

DENSE AND GROWING POPULATION

  • More than 360,000 people live within a 5-mile radius of the Property and current forecasts predict that the population will continue to grow over the next five years.

 STABLE RENT ROLL

  • The majority of tenants are on long-term leases with over 67% of the GLA contractually leased until 2024 or later. 

LIMITED COMPETITION IN TRADE AREA

  • The Property is well-positioned to capture consumers from the surrounding densely populated Oakland trade area with few other competing grocery retail options.

UNENCUMBERED ASSET

  • The Property is being offered free and clear with no existing debt, providing the opportunity for investors to secure accretive financing and generate attractive leveraged returns.
Last Updated Date: 01 Jul 2021
Bryan Ley
Bryan Ley
Managing Director, Capital Markets
License details
CA-01458927
Eric Kathrein
Eric Kathrein
Senior Director, Capital Markets
License details
CA-01896107

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Last Updated Date: 01 Jul 2021

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