OPPORTUNITY OVERVIEW
Positioned among Buildings C & D, a third of the enclosed mall will be demoed and reconfigured to make room for a 56,000 square-foot luxury Cinemark movie theater, Cinemark has a contingent lease in place, and an outdoor Theater Square, featuring a promenade with gathering space and multiple restaurants.
FINANCIAL OVERVIEW
Sale Price
MARKET TO
DETERMINE
GLA
±328,923 SF
Big Box WALT
±6.7 YRS
27.83 AC
LOT SIZE
34
INLINE TENANTS
80.2%
BLDGS A & B OCCUPANCY
STRUCTURED
VACANCY
BLDGS C & D OCCUPANCY
328,923 SF
GLA
$30M+
TAX GENERATED
±6.7 YRS
BIG BOX WALT
<1 YR
INLINE WALT
INVESTMENT HIGHLIGHTS
MERCED, CA GROWTH
Located in the rapidly growing Central region of California, the city of Merced is projected to experience significant population growth. California’s population is estimated to grow by over 10M people by 2030, San Joaquin Valley is expected to see a significant portion of this growth. The City of Merced has planned for a growing community while preserving its small town feel.
NEW DEVELOPMENT - MERCED GATEWAY
Under 5 miles from Merced Mall at Highway 99 and Campus Parkway interchange is the location of the new ±77 acre master planned community of Merced Gateway. This development has 496 planned apartment units and 2,200 detached residential units. The new development also includes connecting South and North Merced via a 4 lane expressway.
VALUE-ADD PROPOSITION | BASIS
This offering is positioned to provide an investor an exceptional basis. Pricing expectations are grounded in Retail Land Value and Discounted Replacement Value.
READY-BAKED
Ownership has worked with the city of Merced to fully permit the redevelopment/repositioning of the premises. The City of Merced will act like a partner in facilitating the develop plans due to the Mall’s ground-zero location within the city.
REPOSITIONING
Only Kohl’s and JCPenney have more than 5 years of term remaining, which allows for full discretion in creating a new site plan. The Open-Air Concept site plan has been created to build a modern campus for all customers. While the option to create an Experiential Use, including Cinemark’s approval of the site feasibility would drive
foot traffic for all tenants.
REDEVELOPING
The site also has the potential for Housing and Student Housing to create a mixed-use campus. Having an ultralow basis only enhances the optionality of the project, as it allows for more opportunities to increase equity.
PLACER STATS
3.66M
MERCED MALL VISITORS ANNUALLY
#2
MERCED MALL’S RANK IN
REGIONAL VISITS
Per Placer Ai., of the 66 regional malls in California, Merced Mall receives over 3.66 million visits annually, ranking in the top 55% in the State and 80%
in the Country. The National median visit count for Regional Malls in the United States is 1.768 million. Within 100 mile radius of the site, Merced Mall
ranks no. 2 in regional visits.
1. SHERWOOD MALL | |||
Visits | 4M (84% California) | GLA | 790,000 SF |
Occupancy | 80% | Distance from Subject | ±69 Miles |
Anchors | Dick’s Sporting Goods, HomeGoods, Sprouts Farmers Market, Burlington |
2. MERCED MALL | |||
Visits | 3.66M (54% California) | GLA | 328,923 SF |
Occupancy | 67% | Distance from Subject | Subject Property |
Anchors | JCPenney, Kohl’s & Target (NAP) |
3. FIG GARDEN - FRESNO | |||
Visits | 3.5M (51% California) | GLA | 518,000 SF |
Occupancy | % | Distance from Subject | ±50 Miles |
Anchors | Whole Foods (NAP), Lululemon |
4. VISALIA MALL - VISALIA | |||
Visits | 4.8M (51% California) | GLA | 435,000 SF |
Occupancy | % | Distance from Subject | ±92 Miles |
Anchors | JCPenney & Macy’s |
AREA OVERVIEW
EXCLUSIVELY LISTED BY:
MATT LOPICCOLO
Lead Listing Agent, First Vice President
DIR +1 (858) 289-3957
MOB +1 (858) 336-1518
License No. 01835052 (CA)
|
CLAY SMITH
Vice President
DIR +1 (615) 412-1630
MOB +1 (404) 316-3197
License No. 361676 (TN)
|
KEEGAN MULCAHY
Market Leader
DIR +1 (310) 955-1782
MOB +1 (415) 847-5588
License No. 02067187 (CA)
|