Paul Yoo And Associates, Co. is pleased to present for sale 1061 E. Avenue J, a 32,600 square foot multi-tenant shopping center in Lancaster, CA. The shopping center also known as Challenger Square Phase-II, is an ideal opportunity for investors to acquire an excellent property located in a desirable and growing market.
Challenger Square Phase-II is occupied by several local shop tenants as well as a freestanding pad occupied by two quick-serve food tenants totaling 32,662 SF of GLA.
Challenger Square Phase-II is comprised of two (2) buildings that are situated on 103,472 square feet (per tax record) lot and houses a mix of nationally recognized and mom & pop tenants.
Challenger Square Phase-II houses a mix of food, financial, and general merchandise service tenants make it highly resistant to recessionary and e-commerce pressures. The famous local bakery and both restaurants have stable cash flow due to in-place lease but also offer flexibility with month to month tenants. 1061 E. Avenue J also provides the buyer with immediate upside and ability to increase NOI after CAM Reconciliation.
The center features a strong and highly synergistic tenant line up comprised of popular local operations and large national brands. Several existing tenants are paying below-market rates.
The opening of Superior Grocers at the opposite side of the intersection is certain to further enhance the strength of the intersection and will magnify the prominence of the location as the retail hub for the surrounding neighborhoods. The site is surrounded by existing residential communities with potential for additional housing units. The opportunity is ideal for an investor seeking a stable stream of revenue from strong national tenants such as Check into Cash, as well as long time established local tenants.