Investment Highlights
Corporate Backed Leases / Harbor Freight / Dollar Tree (NASDAQ: DLTR) / Big Lots (NYSE: BIG)
Strategic Location in Strong Performing Sales Retail Hub & Adjacent To Highly Successful Premium Outlets
Ease of Management & 100% Leased - 3 Credit Tenants
Strong Credit Tenant Lease Terms - All Tenants Executed 10 Year Terms
Signalized Intersection / High Traffic Counts / 99 Freeway Adjacent & Tenant Pylon Signs
Well Below Replacement & Below Market Rents | $115 PSF
Executive Summary
Faris Lee is pleased to offer an exciting investment opportunity to acquire a portion of the Tulare Pavilion Shopping Center (the ?Property?), consisting of three strong industry-leading national/credit retailers that are focused on daily needs and resistant to the internet - Dollar Tree, Harbor Freight Tools, and Big Lots. Big Lots: (NYSE: BIG) 1,392 stores, $15.6 billion 2023 total revenue. Harbor Freight Tools: 1,400+ stores in 47 states. Estimated sales - $7 billion total revenue per Creditintel. Dollar Tree: (NASDAQ: DLTR), S&P: BBB, 15,500 stores, over $28 billion 2023 total revenue. The Subject Property features corporate-executed, long-term NNN leases, with new store facades and tenant buildouts. The investment is ideal for the passive investor with ease of management. This investment is priced well below replacement cost at $115 PSF. An investor enjoys intrinsic value based on the below-market rents ranging from $7.15 to $9.00, which ensures the longevity of tenant occupancy in the center.The Tulare Pavilion Shopping Center is situated at the dominant retail intersection within the entire Tulare trade area, experiencing over 57,000 vehicles per day (VPD) at Prosperity Ave and Hillman Street. The property is shadow anchored by Ross and DD's Discounts, along with outparcels featuring Blaze Pizza, Del Taco, Carl?s Jr, and Jamba Juice, providing strong co-tenant synergy. Additionally, the property benefits from its adjacency to the highly successful Tulare Outlet Center, which sees over 4 million annual visitors and is anchored by Galaxy Theaters, Nike, Skechers, Coach, Vans, Bath & Body Works, and Sunglass Hut. Customers visiting Tulare Premium Outlets will pass by Tulare Pavilion to access the site. Moreover, the site is directly across from Walmart, Lowes, and Smart & Final. With close proximity to Highway 99 and located within a high-growth county experiencing over 27% population growth since 2000, these factors contribute to the overall success and strength of the real estate.
