Retail
The Plant

The Plant 7880 Van Nuys Blvd.
Panorama City, CA 91402

  • Unpriced

    Asking Price

  • $4,692,931

    NOI

  • 94%

    Occupancy

  • 219,978

    Square Feet

  • 19.56

    Acres

  • Multi

    Tenancy

Offering Summary

Address

  • 7880 Van Nuys Blvd.
    Panorama City, CA 91402

Pricing

  • Asking PriceUnpriced
  • NOI$4,692,931

Details

  • Property TypeRetail
  • Listing StatusOn Market
  • Square Feet219,978
  • Occupancy94%
  • Year Built1999
  • Acres19.56
  • TenancyMultiple

Address

  • 7880 Van Nuys Blvd.
    CA 91402

Pricing

  • Asking PriceUnpriced
  • NOI$4,692,931

Details

  • Property TypeRetail
  • Listing StatusOn Market
  • Square Feet219,978
  • Occupancy94%
  • Year Built1999
  • Acres19.56
  • TenancyMultiple

Description

INVESTMENT SUMMARY

The Newmark Retail Capital Markets Team is pleased to present qualified investors the opportunity to acquire The Plant, one of the premier regional shopping centers in the San Fernando Valley.  

Since the project was completed in 1999, The Plant has enjoyed a dominant position in the trade area and remains the primary retail destination serving a sub-market characterized by extraordinary daytime and residential densities coupled with average household incomes exceeding $100,000 per year. The project offers a diverse and complimentary merchandizing mix consisting of “best in class” operators in most of the major retail, entertainment, and restaurant categories. In addition, these tenants all have a long history of exceptional sales performance at this location further demonstrating the dominance of The Plant. 

Major tenants at The Plant include Home Depot (NAP), PetSmart, and Five Below who create the coveted “daily needs” draw, while top tier soft goods operators such as Ross, Burlington Coat Factory (NAP), Old Navy, and Gap round out the mix. The long tenure and recent extension by Regency Theatres at a low and sustainable rent also solidifies a key component driving traffic and extending the hours of operation for the center, benefiting all tenants. 
 
Given the extraordinary sales performance by retailers in this sub-market, demand remains high, while inventory is extremely limited. The limited supply coupled with high demand has resulted in a significant increase in rents. Rents at The Plant are very conservative relative to market creating strong future income growth potential and provides durability and reliability in the in-place cash flow. In addition, given where land is trading in this market, long term investors could view this opportunity as a potential covered land play as the underlying land value for the 19.56 acres site would be extremely high based upon comparable land sales occurring in the immediate vicinity. Industrial land values in the area are trending at $175/ft. The 8.52 acre theatre parcel could make an ideal industrial or last mile redevelopment opportunity in the future.

This offering provides investors the unique opportunity to acquire one of the true iconic retail assets in Southern California. The Plant is one of a handful of regional shopping centers in Los Angeles County that has consistently experienced high tenant demand, strong rent growth, and exceptional tenant sales performance.

INVESTMENT HIGHLIGHTS

  • One of the top performing regional shopping centers in Southern California
  • Dense infill trade area with over 750,000 residents within five (5) miles
  • Institutional quality asset
  • Center is patronized by over 5.45 million visitors annually
  • Well balanced merchandizing mix of “best in class” tenants
  • Recent theatre renewal demonstrating a strong commitment to the location
  • Large scale residential and mixed use projects planned in close proximity to the center
  • Top tier sales from all tenants in the center
  • Exceptional demographics in terms of residential and daytime densities
  • Long term upside in a number of the leases
  • Tremendous embedded land value 
  • 8.52 acre theatre parcel presents excellent long term redevelopment potential
  • The Home Depot at The Plant ranks 15th out of 2,000 locations in the US in terms of visits
  • This Ross location ranks 90th/1,500 stores nationally, putting it in the top 6% of stores in terms of visits

Deal Team

Bill Bauman

Bill Bauman

Vice Chairman

213-298-3593 bill.bauman@nmrk.com

CA RE Lic. #00969493

Kyle Miller

Kyle Miller

Executive Managing Director

310-227-0826 kyle.miller@nmrk.com

CA RE Lic. #01716644