Description
The Shops at Mangrove are located in the heart of Chico at the gateway to downtown and California State University, Chico. This is one of the city's most attractive retail centers directly across from Chipotle, RiteAid and the Safeway anchored Park Plaza Shopping Center. This is a daily needs drive by location at the corner of Mangrove & Vallombrosa, with a combined traffic count of more than 35,000+ vehicles per day.Within walking distance to Chico Junior High, Chico State and Chico High School. The center is 90% leased out. The center consists of three separate buildings on two parcels. Two of the buildings at 605Mangrove (Parcel 003-210-018) are a leasehold interest with a long term ground lease. The third building at 615 Mangrove (Parcel 003-210-019) is on a fee parcel. The ground lease has approximately 42 years ofcontrol remaining including options. The NOI has been calculated net of the annual ground lease payments. The ground lease provides for a 12% increase every five years. The leasehold interest vs fee ownershipallows an investor to own a newer quality center at a higher than average cap rate compared to comparable quality assets in California.
School Ratings & Info
Description
The Shops at Mangrove are located in the heart of Chico at the gateway to downtown and California State University, Chico. This is one of the city's most attractive retail centers directly across from Chipotle, RiteAid and the Safeway anchored Park Plaza Shopping Center. This is a daily needs drive by location at the corner of Mangrove & Vallombrosa, with a combined traffic count of more than 35,000+ vehicles per day.Within walking distance to Chico Junior High, Chico State and Chico High School. The center is 90% leased out. The center consists of three separate buildings on two parcels. Two of the buildings at 605Mangrove (Parcel 003-210-018) are a leasehold interest with a long term ground lease. The third building at 615 Mangrove (Parcel 003-210-019) is on a fee parcel. The ground lease has approximately 42 years ofcontrol remaining including options. The NOI has been calculated net of the annual ground lease payments. The ground lease provides for a 12% increase every five years. The leasehold interest vs fee ownershipallows an investor to own a newer quality center at a higher than average cap rate compared to comparable quality assets in California.
Based on information from California Regional Multiple Listing Service, Inc. as of 2024-10-15T11:26:45.873. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Bob Kelly Team | Berkshire Hathaway Home Services Ca. Properties. Licensed in the State of California, USA.