Updated Oct 29, 2024
Private Family Office Acquires Modesto Property For $25 Million With Broker Alexander Moore
3501 McHenry Ave, Modesto, CA, 95356
$25,000,000
$211/SF
Building Size
118,485 SF
Asset Type
Retail
Closing
Nov 19, 2023
About this deal
AI
The Promenade Shopping Center, located at 3501 McHenry Ave, Modesto, CA 95356, was sold for $25,000,000.00. The retail center spans a total of 118,485 square feet and was fully occupied at the time of the sale by notable tenants including Ross Dress for Less, Barnes & Noble, AutoZone, Skechers, Hallmark, Cold Stone Creamery, and Subway.
Summary of transaction details:
- Property Type: Retail Center
- Transaction Amount: $25,000,000.00
- Address: 3501 McHenry Ave, Modesto, CA 95356
- Square Footage: 118,485
- Market: Modesto
- Buyer's Representative: Alexander Moore-Hanley Investment Group- Real Estate Advisors
- Buyer: Private Family Office
- Seller: Ownership group managed by West Valley Properties
Faris Lee Investments facilitated the transaction, with Alexander Moore, Sean Cox, and Don MacLellan representing the buyer throughout the acquisition process.
On the Map
$25,000,000
$211/SF
Retail
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Players
Modesto Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93