Sylvan Square
Location
This property is ideally located in the affluent Northeast neighborhoods of Modesto, California.
Square Footage
76,962 square feet
About this Property
Sylvan Square is a stabilized, fully renovated, senior-focused, post-Amazon retail center in a well-located neighborhood.
Anchored by Walgreens and fully leased to a mix of restaurants, retail, medical, and office tenants. The property offers excellent stability (average remaining lease term of over seven years), an e-commerce resistant tenant mix, and a highly visible location.
Key Features
This property features long-term tenancy with minimal rollover. It is also a high traffic location in a high occupancy market (4.4% market vacancy rate) with substantial projected residential growth.
Its tenant makeup currently consists of:
47% government senior services
24% restaurants
16% medical offices
8% healthy and beauty services
sylvan square
Our Strategy
Graceada Partners acquired this property below market value and well below replacement cost (9.40% capitalization rate and $161 per square foot) with minimal capital expenditure.
Tenants are on long-term leases. Investors can expect long-term returns from this asset.
Total Acquisition Cost
$12,896,500
Renovation Cost
$180,000
Initial Investment
$4,600,000
Current Value
$14,139,718
Current Investor Equity
$5,673,538
Annualized Dividend/Distribution
13.83%
Current Return of Capital
127%
Anticipated 10-year IRR
15.92%
