4-Tenant NNN Retail Bldg | Below Mkt Rents 1673 W Lacey Blvd

Faris Lee Investments is pleased to offer for sale a high-profile, 4-tenant highly successful national & regional tenant investment opportunity in Hanford, California. The tenants at this location include Boot Barn, Urban Air Trampoline Park, Ideal Furniture, and Serrano’s Furniture. Boot Barn is a publicly traded national retailer (NYSE: BOOT) with over 400 stores nationwide and a market cap of $4.93B. Urban Air is the largest air adventure park operator in the world, with over 350 locations, providing family entertainment. Ideal Furniture and Serrano’s Furniture are well-established regional operators, with a combined 14 locations in California’s San Joaquin and Central Valleys.
All of the lease rates are under market for junior anchor space. There are strong rental increases including annual as well as double digit increases. These increases act as an excellent hedge against inflation.
Located at the most highly trafficked intersection in Hanford, at W Lacey Blvd and 12th Ave, with 43,000 vehicles per day (VPD), the property benefits from excellent visibility and easy access to Highways 198 and 99. This prime location places the property in the heart of the Central Valley, one of California’s fastest-growing regions. The property is in close proximity to major national retailers such as Walmart, Target, Home Depot, and Lowe’s, as well as popular restaurants like McDonald’s, Chipotle, and Starbucks.
Hanford is experiencing strong residential growth with 7 subdivisions currently under construction totaling 1,105 single family homes. Another 8 subdivisions have been approved for an additional 1,652 homes. Hanford is a relatively young community and has been named one of the most affordable places to live. There is an estimated population of 109,964 within ten miles of the subject property, which includes 34,339 daytime employees. The average household income is over $90,000 within a five mile radius.
This investment not only generates strong cash flow, but it provides excellent tax benefits through cost segregation. Additionally, the acquisition price is well below replacement cost under $140 psf, adding intrinsic value and making this an excellent 1031 Exchange opportunity. This provides an investor potential upside when the rental rates increase over time.
Adventist Health Center is the Largest Full Service Hospital in the region, serving 4 nearby counties with comprehensive medical care, including 24 HR emergency services and a 173 bed occupancy across 176,000 square feet. Adjacent to the hospital is the three-story, 60,000 square foot Medical Pavilion, which houses a range of outpatient and specialty services. The future Kings / Tulare high speed rail station, located near the intersection of Highway 198 and SR 43, will serve as a regional hub connecting Kings and Tulare counties as well as the neighboring communities. It will be part of the Cross Valley corridor: a proposed 80 mile route with passenger rail service connecting Hanford, Visalia, Porterville and surrounding cities to each other. Nearby, the upcoming Heroes Park at Grangeville Blvd and 9 ¼ Ave will offer 40 acres of recreational amenities including athletic fields, a dog park, an outdoor amphitheater, pickleball courts, a skate park, basketball courts, water features, and a community garden.