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Parthenia Plaza – 16904, 16908 & 16950 Parthenia Street
Northridge, CA 91343

Price: $7,500,000 Zoning: C2-1VL; P-1VL
Bldg SF: 20,576 SF Price/SF: $365
Land SF: 106,726 SF Occupancy: 95%
CAP Rate: 5.29% Property Type: Retail
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685

Price: $7,500,000
Bldg SF: 20,576 SF
Land SF: 106,726 SF
CAP Rate: 5.29%
Price/SF: $365
Occupancy:  95%
Property Type: Retail
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685

Investment Highlights

Unique Opportunity to Acquire a McDonald’s Anchored Shopping Center or a Single Tenant McDonald’s and Prime In-Line Retail Space in an Excellent West San Fernando Valley Location

 

  • Unique opportunity to purchase a 95% leased McDonald’s anchored shopping center located just East of the highly trafficked intersection of
    Parthenia Street and Balboa Boulevard in Northridge, CA
  • Buyers have the unique opportunity to purchase a single tenant NNN ground lease McDonalds leased through 2038 with 4 five-year options
  • McDonald’s has successfully operated at this location for 59 years since 1962
  • McDonald’s has 12-15% rent increases every five years and 15-18% rent increases in each option period
  • Average rents on the in-line space is $1.73 per SF plus NNN
  • The stable and seasoned tenant mix has performed well during the Covid pandemic
  • The center can be purchased as a whole, or the McDonald’s and the in-line shops can be purchased individually
  • McDonald’s has recently completed a $1million dollar remodel + with second drive thru line has potential of boosting 33%

 

McDonald’s is the World’s Largest Restaurant Chain

 

  • McDonald’s serves over 68 million customers daily in 120 countries
  • McDonald’s has over 37,000 locations Worldwide
  • Annual revenue exceeds $21 billion
  • Annual Net income exceeds $9 billion
  • Traded on the NYSE
  • Worlds second largest private employer with 1.7 million employees
  • Ranked 131st on the Fortune 500 of the largest US Corporations

 

Excellent Northridge Location

 

  • There have been well over 2 million square feet of new construction completed in the last 10 years in the Northridge sub-market
  • Parthenia Plaza is ideally located four miles from the Northridge Fashion Center, a shopping center which contains over 1.4 million square feet of retail floor area
  • Within four miles from Symmetry, a recently completed 6.9-acre mixed-use complex featuring 429 units and 21,000 square feet of retail amenities

 

Ideally located Proximate to a number of Retail Amenities and Restaurants

 

  • Proximate retail amenities include: Target, Albertsons, CVS, and Home Depot
  • Nearby restaurants include: KFC, Chipotle Mexican Grill, Five Guys, and Jack in the Box
  • Just 4 miles from the property is the Northridge Fashion Center, which features retail amenities such as Apple, JCPenney, Macy’s, Ross Dress For Less, GameStop, and Foot Locker. It also features a variety of restaurants including California Pizza Kitchen, Mrs. Fields, Red Robin, and Starbucks

 

Strong Immediate Demographics

 

  • Over 17,700 people are located within one mile of the property, 300,000 within three miles of the property, and 700,000 within five miles of the property
  • There are approximately 5,600 households within one mile of the property, 90,000 within three miles of the property, and 218,000 within five miles of the property
  • Average household income within one mile of the property surpasses $111,000, $80,000 within three miles of the property, and $88,000 within five miles of the property
  • Total specified consumer spending in 2020 was well over $189 million within one mile of the property, over $2.457 billion within three miles of the property, and over $6.224 billion within five miles of the property