CAP Rate: 7.61%
Net Operating Income: $669,538
Square Footage: 88,447 SF
Price Per SF: $99.49
The Kase Group is pleased to offer the opportunity to acquire Cypress Square, a 90% leased shopping center in Redding, California. The property consists of roughly 88,447 square feet of building space leased to both local and national tenants. The site benefits from excellent visibility from Cypress Avenue, close proximity to Interstate 5 and strong strategic placement for community shopping center use for the surrounding residential neighborhoods. Cypress Square benefits from a diverse, stabilized mix of tenants. The current owner has completed a number of capital improvements/tenant improvements to maintain legacy occupancy and attract new tenants. Development potential: auto service tenant on month-to-month tenancy, site has potential to be converted to fast food site, retail pad, or spun off as separate pad.
Redding, officially the City of Redding, is the county seat of Shasta County, California, in the northern part of the state. It lies along the Sacramento River, is 162 miles north of Sacramento, and 120 miles south of the Oregon border. Interstate 5 bisects the entire city, from the south to north before it approaches Shasta Lake, which is located 15 miles to the north. The 2010 population was 89,861. Redding is the largest city in the Shasta Cascade region, and it is the fourth-largest city in the Sacramento Valley, behind Sacramento, Elk Grove, and Roseville.