Description

We are pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a Neighborhood Center anchored by Regal Cinemas located in Merced, CA. The Anchor Tenant, Regal Cinemas, has an absolute NNN, Corporate guaranteed Lease and has exercised their first option of five years, providing an additional five years of firm cash flow.  The Landlord and Tenant are in negotiations to construct a new IMAX theater with estimated completion by the end of 2023, which further demonstrates their commitment to the site. The lease is guaranteed by the corporate entity Cineworld Group plc, and is absolute NNN with zero landlord responsibilities, making this an ideal, management-free investment opportunity for a passive investor.  With over 400 locations, Regal Cinemas is the second largest cinema chain in North America and this location is the only new release movie theater in Merced, CA.  Additional Tenants in the Neighborhood Center include; Pretty Good Burger, The Den, Little Oven Pizza, Cold Stone Creamery and Vinho’s Wine, Lounge & Tapas. Mainplace Merced is strategically located at the hard corner intersection of Main Street and K Street, two blocks from Martin Luther King Jr. Way (17,200 VPD) and 16th Street (28,138 VPD), averaging a combined 45,338 vehicles passing by daily. The asset benefits from direct on/off ramp access from Martin Luther King Jr. Way into Highway 99 (47,500 VPD), a major north-south highway stretching almost the entire length of the Central Valley. Mainplace Merced also benefits from excellent visibility via significant street frontage. The asset is ideally situated in the center of Downtown Merced, and is within walking distance to El Capital Hotel, The Tioga Apartments, University of California Downtown Center and more. Recent major development projects in the surrounding area include the tenants; El Capital by Hyatt Hotels, the University of California Downtown Campus, Merced County Office of Education, Bitwise Industries and others. Furthermore, Mainplace Merced is near the proposed ACE Train Station, providing direct access to residents and communities in the San Joaquin Valley.