Value Add Community Shopping Center on Hard Corner of Busy Thoroughfare
RealINSIGHT Marketplace and NKF Capital Markets Private Capital Group are pleased to offer the opportunity to acquire the fee simple interest in Century Center (the “Property”), a 214,389 square-foot grocer anchored community shopping center located in Modesto, California. The seven-building, single-story retail center was delivered in 1979 and sits on 17.86 acres.
Century Center is located on a hard corner at the busy intersection of Oakdale Road and East Orangeburg Avenue. The Property is a well-known retail center with great visibility along a high-traffic major thoroughfare (33,419 VPD – Oakdale Rd). The Property has a well-defined trade area, with natural barriers to the south and east, as well as minimal competition or threat of new supply. Additionally, Century Center is located in a densely populated area with an abundance of rooftops in almost every direction.
The Property is anchored by a Raley’s (dark), as well as an MB2 Racecar (50,000 SF), with a Planet Fitness sub-anchor (23,240 SF). Raley’s has been dark for several years and operates another location approximately 1.2 miles northeast of the Property. The remaining tenancy consists of an attractive mix of internet-resistant, needs-based, and experience-based retailers that include several national tenants such as Pizza Hut, Jamba Juice, UPS Store, JP Morgan Chase Bank, GNC, and Vision Works Optometry. As of May 2018, the Project’s economic occupancy was 81.4% with 58% physical occupancy.
Century Center presents the opportunity to acquire a well-established community shopping center with a prime location on a hard corner of a high-traffic intersection. A sophisticated investor will add value by upgrading the visual appeal of the center, leasing up the remaining vacancy, and backfilling the dark anchor space.
All investors who are interested in engaging Holliday Fenoglio Fowler, L.P. (“HFF”) and CW Capital Markets (“CW”) (collectively “HFF/CW”), a financial intermediary, to assist in arranging financing for the property should contact Brock Cannon at HFF, L.P. via email (firstname.lastname@example.org) or by phone at (212) 632-1808.
Throughout the marketing period HFF will provide investors with real time debt quotes from various capital sources. It is to the investor’s benefit to contact Brock Cannon early in the process in order to discuss all available terms, along with the advantages of engaging HFF/CW on the financing versus completing an all-cash acquisition.
Benefits of Engaging HFF/CW In Arranging Financing Include:
Note: Benefits referenced above will only be made available to investors who engage HFF/CW prior to the auction start date. It is recommended that investors contact HFF early in the process.
HFF’s Debt Placement Services
As a leading mortgage banker in the U.S., HFF’s extraordinary transaction volume provides the unparalleled capital markets knowledge necessary to develop the most creative financing strategies to meet and exceed client expectations. Our established relationships with insurance companies, investment banks, foreign and domestic banks, a Fannie Mae lender, Freddie Mac and pension funds have allowed us to provide our clients with the most competitive terms and most reliable executions in the debt and equity market.
Loan Types HFF Assists With Include:
HFF’s 2017 Commercial / Multifamily Annual Origination Rankings per the MBA:
Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.
Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.
You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
2401 East Orangeburg Ave., Modesto, CA 95355
Platform fee for this transaction is 5.00% or a minimum of $25,000.
Cooperating brokers may be eligible for a 0.50% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.
c/o Fisher Auction Company Inc.