30472 Haun Rd, Menifee, CA 92584

This property presents a fee simple interest in a long-term ground lease, offering a passive, management-free investment opportunity. Lowe's, having built the property in 2008, is responsible for all repairs, maintenance, and common area management. Lowe's Companies, Inc., an investment-grade tenant with an S&P rating of BBB+, is a prominent global retailer, holding the 39th position in the Fortune 500 rankings for 2023 and recognized as the 2nd largest hardware chain worldwide. The company operates over 1,700 home improvement and outlet stores across the United States, encompassing approximately 195 million square feet of retail space; only about 11% of Lowe’s locations are leased. The property is situated within a fully occupied, 721,858 square foot community shopping center, co-anchored by retailers such as Super Target, Kohl’s, Best Buy, T.J. Maxx, HomeGoods, Michaels, Burlington, Staples, Petco, and Ulta Beauty. The major anchor tenants account for almost 80.0% of the total gross leasable area of the center, with Lowe’s accounting for nearly 20%. The location on Newport Road, with a traffic count of approximately 31,000 vehicles per day, is adjacent to one of the four on/off ramps to Interstate 215 within five miles in each direction, which sees approximately 100,000 vehicles per day. The shopping center has approximately 2,800 feet of frontage along Interstate 215, with four points of ingress and egress, including three signalized intersections. The property is located within one of the more affluent trade areas within Riverside County. Within a 3-mile radius, the 2023 estimated average household income is $105,156 and the 2023 estimated population is 73,871.