Garey-Olive Center 5 Retail Properties Offered at $21,631,100 CAD in Pomona, CA

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Cap Rate Yr 1 - 6.0% Cap; Cap Rate Yr 3 - 6.97%; Cap Rate Yr 5 - 7.39%
Extremely limited shop space inventory in trade area. A 50K sq. ft. center across the street was demolished to build the adjacent townhomes.
Faris Lee Investments is pleased to offer Garey Olive Center for your investment consideration. The offering comprises a 34,485 square foot quintessential strip center with ample parking on 2.41 acres. Annual rent bumps are found in 97% of the leasable square footage allowing for a projected 30% growth in NOI over 5 years upon lease up of the existing vacancies. The majority of the suites are less than 1,400 square feet enabling easier lease-up and strong rental rates. Garey Olive Center offers tenants excellent visibility and provides ease of accessibility to customers as they travel to or from either State Highways 71 (Corona Expressway) or 60 (Pomona Freeway). In addition to commercial/retail use, the Specific Plan for this part of Garey Avenue also allows high density residential, medical, and office uses giving the investor the added value of capturing the highest and best use for the investment.
Given the flexible zoning provided by the Garey Avenue Specific Plan, the adjacent parcels have been recently redeveloped into high density residential with 131 townhomes and 41 single family residences. In doing so, an older 50,000 square foot retail center was demolished to make way for these developments. This illustrates the on-going gentrification and the true lack of shop space serving this densely populated trade area. The Target, Walmart, Food 4 Less, and Cardenas anchored centers in the immediate area provide a strong customer draw though only offer minimal shop space options allowing Garey Olive Center to provide the majority of the shop space in this micro market.