300 Highland Springs Ave Banning, CA 92220

Property Details for 300 Highland Springs Ave

Year built

2016

Property size

97,380 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 97,380 square-foot retail center in Banning, California, presents a compelling value-add opportunity. Located at 300 S Highland Springs Ave, this property boasts a prime location with high visibility from Highland Springs Avenue (23,300 vehicles per day) and the I-10 Freeway (275,000+ vehicles per day), enhanced by a monument sign and a 65-foot freeway sign. The center is anchored by three national, investment-grade tenants: Marshalls, Hobby Lobby, and Big 5 Sporting Goods, operating under net leases. Currently at 80% occupancy, the property offers significant upside potential with 20,020 square feet of leasable space available at market rents of $1.25 per square foot, compared to the current blended average of $0.80 per square foot. Built in 2016, this multi-tenant property features a total of four units and sits on a 7.79-acre parcel. The asking price is $9,100,000, representing a 6.84% cap rate and a pro-forma cap rate of 10.14%. The property's strong NOI of $622,542 and pro-forma NOI of $922,842 further highlight its investment potential. The surrounding Beaumont and Banning trade area is experiencing robust residential growth, with over 7,000 new homes recently built and thousands more planned, fueling increased retail demand. This property's strategic location, strong tenant base, and significant value-add potential make it an ideal investment for discerning buyers. The property's APN is 419-140-064.

Location Insight

City

Banning

County

Riverside

State

California

Longitude

-116.946

Latitude

33.9238