Hobby Lobby & Guitar Ctr| Bay Area | 64K VPD 1280 Willow Pass Rd 73,992 SF 100% Leased Retail Building Concord, CA 94520 $31,513,442 CAD ($425.90 CAD/SF) 6.75% Cap Rate
INVESTMENT HIGHLIGHTS
- Bay Area Urban Infill Location | 35 minutes from downtown San Francisco and 20 minutes from Oakland
- Strongest Intersection in Trade Area | Willow Pass Road and Diamond Way (64,000 VPD) | Nearby I-680 (144,817 VPD) and Highway 242 (127,315 VPD)
- Located Near High-End Lifestyle Center and High Density Residential Developments
- Highly Successful & Industry Leading Retailers | 100% occupied by national, credit tenants, Hobby Lobby & Guitar Ctr | +$2.3B in Sales 2023
- Long Term Tenant Occupancy & Recent Lease Extensions Exercised | Guitar Center over 20 years and Hobby Lobby over 10 years with 5 year option
- Significant Barriers to Entry | Long Term Higher and Better Use Potential with WMX Zoning
EXECUTIVE SUMMARY
Faris Lee Investments is pleased to present the rare opportunity to acquire a fully stabilized 2 tenant offering with national retailers located in one the most sought after communities in the Core Bay Area - Concord. The property is occupied by Hobby Lobby and Guitar Center, both of which boast extremely high performance at this location. For both retailers, 1280 Willow is the only location serving the densely populated and highly affluent County of Contra Costa. The center’s service oriented tenants make it a desirable destination for the surrounding family-oriented neighborhoods. This area has over 146,784 permanent residents with average household incomes over $129,899 within a 3-mile radius.
The property is positioned at one of the most heavily trafficked intersections in the trade area Willow Pass Road and Diamond Way (64,000 VPD). It is also flanked by 680 Freeway (144,817 VPD) and State Route 242 (127,315 VPD), with direct off ramp access from the 680, the main freeway running through Concord.
Investors stand to benefit with recent lease extensions by both tenants which shows their long term commitment to the site with no alternative options available in a highly supply constrained area. In the long term, 1280 Willow presents an investor with an extremely rare redevelopment opportunity. The property is currently zoned and ideally suited for mixed use, office, hospitality, or further retail development, and will likely be zoned for high-density residential in the coming years.
The property is positioned at one of the most heavily trafficked intersections in the trade area Willow Pass Road and Diamond Way (64,000 VPD). It is also flanked by 680 Freeway (144,817 VPD) and State Route 242 (127,315 VPD), with direct off ramp access from the 680, the main freeway running through Concord.
Investors stand to benefit with recent lease extensions by both tenants which shows their long term commitment to the site with no alternative options available in a highly supply constrained area. In the long term, 1280 Willow presents an investor with an extremely rare redevelopment opportunity. The property is currently zoned and ideally suited for mixed use, office, hospitality, or further retail development, and will likely be zoned for high-density residential in the coming years.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
73,992 SF
Building Class
B
Year Built
1980
Price
$31,513,442 CAD
Price Per SF
$425.90 CAD
Cap Rate
6.75%
NOI
$2,127,042 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
5 Exterior
Building FAR
0.27
Lot Size
6.38 AC
Zoning
WMX
Parking
296 Spaces (4.05 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Freeway Visibility
Bike Score®
Very Bikeable (80)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 127-220-021-1 | Improvements Assessment | $22,463,829 CAD |
| Land Assessment | $11,923,105 CAD | Total Assessment | $34,386,934 CAD |
