For Sale
$9,100,000

300 Highland Springs Ave Banning, CA 92220

Banning, CA: Prime Retail Investment

Overview

Added:
Dec 11, 2024
Days on market:
136
This exceptional 97,380 square-foot retail center in Banning, California, presents a compelling value-add opportunity. Located at 300 S Highland Springs Ave, this property boasts a prime location with high visibility from Highland Springs Avenue (23,300 vehicles per day) and the I-10 Freeway (275,000+ vehicles per day), enhanced by a monument sign and a 65-foot freeway sign. The center is anchored by three national, investment-grade tenants: Marshalls, Hobby Lobby, and Big 5 Sporting Goods, operating under net leases. Currently at 80% occupancy, the property offers significant upside potential with 20,020 square feet of leasable space available at market rents of $1.25 per square foot, compared to the current blended average of $0.80 per square foot. Built in 2016, this multi-tenant property features a total of four units and sits on a 7.79-acre parcel. The asking price is $9,100,000, representing a 6.84% cap rate and a pro-forma cap rate of 10.14%. The property's strong NOI of $622,542 and pro-forma NOI of $922,842 further highlight its investment potential. The surrounding Beaumont and Banning trade area is experiencing robust residential growth, with over 7,000 new homes recently built and thousands more planned, fueling increased retail demand. This property's strategic location, strong tenant base, and significant value-add potential make it an ideal investment for discerning buyers. The property's APN is 419-140-064.

Highlights

  • Below-market rents: $0.80/SF blended average vs. $1.25/SF market rent.
  • Premium location: High-traffic corner at S. Highland Springs Ave (23,300 VPD) and I-10 Freeway (275,000+ VPD).
  • Strong trade area growth: 7,000+ new homes built, 5,000+ planned.
  • 97,380 SF institutional-quality retail building with three investment-grade tenants.
  • Three national tenants: Marshalls, Hobby Lobby, and Big 5 Sporting Goods.
  • Value-add opportunity: 20,020 SF available for lease at $1.25/SF.

Property Details for 300 Highland Springs Ave

Property type
Lifestyle centers, Power centers
Square Feet
97,380 SF
Year Built
2016
Units
4

Location Insight

City
Banning
County
Riverside
State
California
Latitude
33.923818187535
Longitude
-116.94575325148

FAQs

What type of property is this?
Lifestyle center - Banning, CA: Prime Retail Investment
Where is the lifestyle center located?
The property is located at 300 Highland Springs Ave Banning, CA.
What is the asking price?
The asking price for this property is $9,100,000.
What are key features of this property?
This property features: Below-market rents: $0.80/SF blended average vs. $1.25/SF market rent.; Premium location: High-traffic corner at S. Highland Springs Ave (23,300 VPD) and I-10 Freeway (275,000+ VPD).; Strong trade area growth: 7,000+ new homes built, 5,000+ planned.
How can I contact the broker?
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300 Highland Springs Ave
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