Investment Highlights
Corporate Guaranteed Lease / Strong National Tenant | 2022 Revenue: $5.46 Billion
Long Term Historical Occupancy / 46 Years (Since 1978)
Relocated within the Center to Double Square Footage to 27,799 SF | Over $1 Million in Building Renovation
Low Rent to Sales Ratio of 5.74% / High Profit Store Location
Part of Larger Center with Strong Co-Anchor Tenants Cost Less Foods / Supermarket, Valley Fitness
Below Market Rent @ 0.75 PSF/Month ($9.00 PSF/Year)
Executive Summary
Faris Lee Investments is pleased to offer for sale the fee simple interest (land & building) in a single-tenant, corporate, NNN leased Big Lots located in Hanford, CA. Big Lots has historically operated within this shopping center for forty-six(46) years (since 1978) and recently relocated within the center to double their square footage to 27,799 square feet, demonstrating Big Lots commitment and strength at this proven location. Additionally, the property underwent a $1M building renovation in 2015 providing well furbished improvements and new warranties for the roof and HVAC. PNS Stores, Inc. is a wholly owned subsidiary of Big Lots, Inc, which is a publicly traded company, with 2022 revenues of $6.15 billion, net income of $232 million, assets of $3.92 billion, 1,425 Big Lots locations in 48 states.Big Lots is strategically located within in a Fit Republic and Cost Less Foods co-anchored shopping center at the signalized, hard corner intersection of S. 11th avenue and W. 5th Avenue, and at the on/off ramp to California Highway 198 (over 62,000 combined vehicles per day). S. 11th Avenue is a main north/south thoroughfare serving the city of Hanford with many strong national tenants. Additionally, there are more than 105,000 permanent residents with average household incomes exceeding $82,000 within 10 miles of the subject property. The trade area is also supported by more than 25,000 daytime employees within a 10 mile radius.
