$45M Retail Sale Closed At 695 Herndon Ave, Clovis By Mark Lucescu
SOLD
$45,000,000
California
See Similar DealsRetail326,608 SF
SOLD
$45M Retail Sale Closed At 695 Herndon Ave, Clovis By Mark Lucescu
695 Herndon Ave, Clovis, CA, 93612
See Similar DealsRetail326,608 SF
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$137
Total Square Footage:326,608 SF
Transaction Type:Sale
The Clovis Commons Shopping Center in Clovis, California, was recently sold for $45 million. The retail center spans 326,608 square feet and is home to anchor tenants such as Target, Best Buy, T.J. Maxx, PetSmart, Office Depot, and Dollar Tree.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $45,000,000.00
- Address: 695 Herndon Ave, Clovis, CA, 93612
- Market: Clovis
- Anchor Tenants: Target, Best Buy, T.J. Maxx, PetSmart, Office Depot, Dollar Tree
- Additional Tenants: Round Table Pizza, Farmer Boys, Massage Envy, Sequoia Sandwich Co., El Pollo Loco, Chronic Taco, Verizon Wireless, Starbucks Coffee, Subway, GameStop, Kumon, Menchie’s, Cost Cutters, GNC
Mark Lucescu of Lucescu Realty represented the seller, Brixmor Property Group, in the sale of Clovis Commons Shopping Center to an affiliate of a Southern California-based privately held investment and management company.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,400,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50
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