SANTA FE SPRINGS Promenade
Increased NOI 70% in less than two years.
Santa Fe Springs Promenade is a 115,000-square foot shopping center with several drive-thru pads along Telegraph Road. In 2011, the Property was about 90% occupied, but with many short-term, non-credit tenants at low rents.
We felt strongly, given the Property was well-located a block from the 605 freeway, and boasted over 60,000 cars per day on the corner, we would attract brand name tenants to the center. Additionally, the Property had deferred maintenance and a "tired look". We saw an opportunity to re-tenant and re-position the project.
We completed a remodel of the center and leased space to 99 Cent Only, AutoZone, Starbucks and several other tenants. After extending the Jack in the Box lease (on the corner) for another 10 years, we sold it individually at a very favorable cap rate, then we sold the rest of the center in 2016. The project yielded a 23% annual return on investment.