san diego (el cajon), ca newly constructed core strip
TRANSCRIPT
Jones Lang LaSalle Americas, Inc. (“JLL”), real estate license #01223413
N E W L Y C O N S T R U C T E D C O R E S T R I P C E N T E R S H A D O W A N C H O R E D B Y S A N D I E G O ’ S T O P H O M E D E P O T
S A N D I E G O ( E L C A J O N ) , C A
(NAP)
I N V E S T M E N T O V E R V I E WJLL has been exclusively retained by Ownership to offer qualified investors the exciting opportunity to acquire Fletcher Marketplace (the “Property”), a 11,996 square foot newly constructed strip center located in El Cajon, CA. The Property is comprised of two buildings and is 100% leased to five tenants with a weighted average lease term remaining of 9.2 years. Located just off of the I-8 and SR-67 Freeways at Fletcher Parkway, the Property benefits from exceptional visibility and access as well as a regional draw from one of San Diego’s top Home Depot stores.
PROPERTY SUMMARY
PRICE: $11,650,000
CAP RATE: 4.85%
GLA: 11,996 SF
% LEASED: 100%
YEAR BUILT: 2020
SITE AREA: 1.97 AC (85,813 SF)
YEAR 1 NOI: $564,711
ADDRESS: 110 Fletcher ParkwayEl Cajon, CA 92020
CLICK TO VIEW ON GOOGLE MAPS
(NAP)
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1-MILE 3-MILE 5-MILEPOPULATION2020 POPULATION: 25,359 162,298 335,7552025 PROJECTED POPULATION: 25,917 165,112 341,809POPULATION GROWTH 2020 -2025: 2.20% 1.73% 1.80%HOUSEHOLDS2020 TOTAL HOUSEHOLDS: 9,390 56,779 123,200HH GROWTH 2020 - 2025: 6.86% 6.17% 5.93%2020 MEDIAN HOME VALUE: $355,146 $492,669 $523,083HOUSINGAVERAGE HOUSEHOLD INCOME: $55,962 $83,442 $95,564
D E M O G R A P H I C S
HWY 67 (106,000 VPD)
N MAGNOLIA AVE (12,200 VPD)FLET
CHER
PAR
KWAY
(35,
000
VPD)
LA MESASAN DIEGO
FLETCHER VILLAGE
PARKWAY PLAZA
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FLETCHERMARKETPLACE
DOWNTOWN EL CAJON
SAN DIEGO
HWY 67 (106,000 VPD)
FLETCHER PARKWAY (35,000 VPD)
I-8 FWY (160,000 VPD)
N MAGNO
LIO AVE (12,200 VPD)
FREEWAY-ADJACENT PYLON SIGNAGE
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I N V E S T M E N T H I G H L I G H T S
SUPE RIOR RE GION AL TENANT ROSTER WITH LO N G TE RM WALTAll tenants at Fletcher Marketplace are signed to long-term leases, with an average remaining lease term of 9.2 years offering investors predictable and stable income with minimal capital costs for years to come.
IRRE P LACE ABLE F RE E WAY LOCATION WITHIN PR I MARY RE TAIL N ODEFletcher Marketplace’s location adjacent to Highway 67 (106,000+ vehicles per day) just north of the I-8 Freeway (160,000+ cars per day) Interchange provides unparalleled visibility and access. The Property is also situated within a retail node featuring dozens of national retailers, providing consistent traffic to the Property.
BRAN D N E W, H IGH -QUALITY CONSTRUCTIONThe construction of Fletcher Marketplace was completed in 2020 and Ownership has signed long-term leases with strong regional tenants to complement the high-quality construction. Prospective investors will enjoy the benefits of a brand-new, 100% leased center.
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FLETCHERMARKETPLACE
INTERNET RESISTANT TENANCYFletcher Marketplace is 100% leased to a roster of food and service-oriented tenants such as California Fish Grill and The Joint Chiropractic. The E-Commerce resistant tenancy mix will continuously draw customers to the Property and boost tenant performance.
SUPERIOR LOCATION WITH HIGH BARRIERS TO ENTRYThe Property is located within a supply-constrained, infill trade area with virtually no availability for future development. This creates a high barrier to entry and has secured Fletcher Marketplace’s long-term growth and success. Fletcher Parkway and North Magnolia Avenue enjoy 47,000+ vehicles per day. This traffic combined with the adjacent highway and freeway results in over 299,000 daily vehicle impressions.
EASE OF MANAGEMENTThe NNN lease structure for all Tenants at Fletcher Marketplace provides new ownership an extremely passive investment with limited management/maintenance.
LOCATED ADJACENT TO A TOP PERFORMING HOME DEPOTThe Home Depot adjacent to Fletcher Marketplace is ranked #1 within a 50-mile radius and 18th within the chain’s 2,000 country-wide locations. With 1.99M annual visits, the store is a regional draw generating significant foot-traffic to the immediate area.
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Built in 2020, Hampton Inn & Suites El Cajon is an upper Midscale hotel with 96 rooms. The new four-story hotel’s amenities include a pool, fitness center, fire pits, business center & meeting rooms.
H A M P T O N I N N & S U I T E S E L C A J O N
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FLETCHERMARKETPLACE
GLEB LVOVICHManaging Director+1 949 798-4115 [email protected] Lic. #01496699
I N V E S T M E N T A D V I S O R Y T E A MDANIEL TYNERDirector+1 949 [email protected] Lic. #01959818
JOHN MARSHALLDirector+1 949 798 [email protected] Lic. #02022107
F I N A N C I N G A D V I S O R
DON MOSERCo-Founder, Retail Insite+1 858 523 [email protected] Lic. #00821359
MIKE MOSERPartner, Retail Insite+1 858 523 [email protected] Lic. #00977876
L O C A L M A R K E T E X P E R T S
CONOR QUINNAssociate+1 949 527 [email protected] Lic. #02073016
MAKENNA PETERAnalyst+1 949 296 [email protected] Lic. #02131317
A N A LY S T S