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
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