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9918 Mission Gorge Road

Macy's Leases 30,000 SF Retail Space At Santee Trolley Square
LEASEDRetail

Macy's Leases 30,000 SF Retail Space At Santee Trolley Square

9918 Mission Gorge Road

Building Size

30,000 SF

Asset Type

Retail

Closing

Sep 7, 2023

AI

A 30,000-square-foot small-format retail store is set to open in Santee Trolley Square located at 9918 Mission Gorge Road in Santee. The lease agreement was secured by JLL, representing the landlord Kimco Realty Corporation. This move by Macy's reflects their strategy to meet the demands of modern consumers and enhance the tenant mix at Santee Trolley Square.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Address: 9918 Mission Gorge Road, Santee
  • Market: Santee
  • Landlord: Kimco Realty Corporation - Zach Blatteis
  • Tenant: Macy's - Jeffrey Gennette
  • Landlord's Representative: Brian Quinn & Bryan Cunningham - JLL
  • Tenant's Representative: Dave Hagglund & Andrew Roth - CBRE

Macy's decision to open a small-format store in Santee Trolley Square demonstrates their commitment to adapting to the preferences of modern consumers. With the lease secured by JLL for Kimco Realty Corporation, the tenant mix at Santee Trolley Square is expected to be enhanced, providing shoppers with a wider range of options.

Players

Bryan Cunningham

JLL

Broker

$5.3M

vol

2 deals

Broker
Kimco Realty
Kimco RealtyLandlord
Macy's
Macy'sTenant

Santee Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93