CAP Rate: 4.75%
Net Operating Income: $695,000
Land Size: 12 AC
Year Built/Renovated: 2003
Zoning: C-2; Commercial
The subject offering is a 164,351 square foot Lowe’s Home Improvement Center situated on 12 acres located in Clovis, California. The fee simple ground lease is corporately guaranteed by Lowe’s Companies Inc. (NYSE:LOW). Lowe’s Companies Inc. maintains an Investment Grade ‘A’ Rating from S&P. The Property is situated at the intersection of Shaw Avenue and Clovis Avenue, close to Highway 168, which boasts an off ramp depositing vehicles directly onto East Shaw Avenue, which carries over 140,000 cars per day. Economic and commercial development is also on the rise in the area with the recently planned Costco new development. The retailer will build a much bigger store in Clovis across from Sierra Vista Mall.
Lowe’s Companies Inc. is subject to an absolute triple-net ground lease providing for zero landlord obligations. There are nearly 10 years remaining on the initial term and scheduled rental increases of 5% in each of the five, 5 year option periods.
This Lowe’s store boasts sales of $51,456,898.50*, making it the best performing Lowe’s Home Improvement store in the Central Valley.
Over the years, Clovis city officials have gone to great lengths to build a city to serve a variety of residents. The efforts have paid off. People from all walks of life make Clovis their home.
Not too many years ago, Clovis primarily was known as a community for young families. That remains true today. Many young couples eager to set down roots still select their first home in Clovis. But as those families – young a few years back – age, they’ve decided to stay put in Clovis, too. And so Clovis is home to families with older children as well as families experiencing the empty-nest syndrome. Seniors and young, single adults find their niche here, too. A wide selection of mobile home parks and apartment complexes offer a variety of housing options.
In all housing selections, there are varieties in price ranges, too. Working-class families to seniors on fixed incomes to professional, double-income families settle here. There are choices in lot sizes, ranging from large acreage, larger-estate lots, to conventional single-family parcels and townhouses and condominiums.