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33490-33492 Oak Glen Rd, Yucaipa, California 92399

Center Point Plaza

Price: 
Land Price / SF:

$12,356,283

$450

Year Built: 

2007

APN: 

0318-031-09-0000

Building Area:
Land Area: 
Zoning:
Status: 

27,464 SF

220,849 SF

CG

Active

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100% Leased Shopping Center with Value-Add Pad Ground Lease Opportunity:

  • Center Point Plaza Shopping Center Presents a Significant Value-Added Prospect, Boasting Substantial Short-Term Included NOI Potential.

  • The Property Encompasses a Vast Retail Footprint Totaling Around 27,464 Square Feet, with the Opportunity to Enhance the Center with Another 3,500 Square Foot Fully Entitled Pad.

 

Strong Resilient Tenant Lineup:

  • Two Multi-Tenant Retail Buildings, Totaling Approximately 23,468 Square Feet, Showcase a Diverse Array of Service, Medical, Fitness, and Restaurant Tenants. This Dynamic Mix, Alongside a History Of Long-Term Occupancy, is Further Strengthened by Newly Signed Leases and Extensions, Solidifying the Center’s Appeal. Additionally, a 3,996 Square Foot Single-Tenant Medical Building Complements the Ensemble.

  • Tenants Operate Under Triple Net Leases With Staggered Lease Renewals, Strategically Minimizing Expense Leakage and Enhancing the Property’s Attractiveness to Future Investors.

  • Lease Agreements Incorporate Annual Rent Escalations, Serving as a Prudent Hedge Against Inflationary Pressures.

  • The Subject Property Occupies a Prime 5.07-Acre Parcel, Affording Prospective Buyers the Flexibility to Potentially Divide the Property Into Separate Parcels for Future Disposition or Financing Endeavors.

 

Existing Passive Income:

  • During the Pad Ground Lease Efforts or Development of the Fully Entitled Drive-Through Pad, Investors Can Enjoy Passive Income for the Next Year.

  • The Fully Leased Center Offers Yearly Rent Increases in 99% of its Square Footage, Serving as a Hedge Against Inflation.

  • The Property’s Pad is Positioned to Attract Interest from Potential National Drive-Through Tenants, Highlighting its Potential for Ongoing Revenue Growth.

 

Location Advantages – Strong Demographics:

 

  • During the Pad Ground Lease Efforts or Development of the Fully Entitled Drive-Through Pad, Investors Can Enjoy Passive Income for the Next Year.

  • The Fully Leased Center Offers Yearly Rent Increases in 99% of its Square Footage, Serving as a Hedge Against Inflation.

  • The Property’s Pad is Positioned to Attract Interest from Potential National Drive-Through Tenants, Highlighting its Potential for Ongoing Revenue Growth.

 

City and Growth Factors:

  • Yucaipa’s Robust Economy is Projected to Experience 38.3% Job Growth Over the Next Decade, Supported by Various Sectors Including Logistics, Healthcare, Construction, and Manufacturing.

  • The Property Enjoys Close Proximity, Just 3 Miles Away, to the San Bernardino International Airport (SBD), Renowned for its Remarkable Cargo Capabilities. A $200 Million Redevelopment Project has Been Approved, Solidifying the Airport’s Status as a Robust Air Cargo Distribution Center, With Major Players Like Amazon Involved.

 

Market Drivers & Demographics:

  • Strategic Placement Near Two Significant College Campuses Enhances the Property’s Appeal, Located 2 Miles North of Crafton Hills College and 6.5 Miles from the College of Redlands.

  • Within a 3-Mile Radius, the Area Boasts a Dense, High-Income Population of Approximately 91,000 Individuals, With an Impressive Average Household Income of $111,782. Moreover, the Average Household Retail Expenditure Reaches $142,191, Reflecting Strong Consumer Spending Habits.

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The Ovaness-Rostamian Group of Marcus & Millichap proudly presents Center Point Plaza Shopping Center, a fully leased retail hub spanning 27,464 square feet with 15 tenants in service, medical, restaurant, and fitness sectors. Notable tenants include WaBa Grill, Yucaipa Urgent Care, Time Out Sports Bar, Allstar Physical Therapy, Reps for Life Fitness, Quest Diagnostics, CenterPoint Dental, and Yucaipa Care Pharmacy. Additionally, the property offers 15,000 square feet of developable drive-through pad space entitled for a 3,500 square foot tenant, with direct visibility from over 830 linear feet of frontage along Oak Glen Rd. Access points into the center include one entrance off Oak Glen Rd. and two entrances off Yucaipa Blvd. Center Point Plaza provides 167 parking stalls, equivalent to a 6.08 spaces per 1,000 SF parking ratio.

This investment opportunity provides existing passive income with potential NOI growth over the next two years through rental escalations or drive-through pad development. Built in 2007, Center Point Plaza is offered directly by the original developers.

Situated in Yucaipa, known for its natural beauty and quality of life, the shopping center is positioned as an essential neighborhood-serving location, a quarter block away from Yucaipa’s busiest intersection, boasting over 42,000 cars per day. Multiple points of ingress/egress on Yucaipa Boulevard ensure convenient access, complemented by large LED pylon and monument signs. The property also enjoys easy access to Interstate-10 Freeway, only 1.4 miles away at the Oak Glen Road Exit.

Yucaipa’s robust economy, predicted 38.3% job growth over the next decade, is supported by various sectors including logistics, healthcare, construction, and manufacturing. Since 2010, logistics employment increased by 94%, construction and housing-related industries employment increased by 45%, healthcare jobs grew by 38%, professional, scientific, and technical services increased by 25%, and manufacturing employment increased by 17%. Riverside-San Bernardino ranked 5th for job growth out of 200 places analyzed by Forbes in 2017.

With approximately 89,105 residents within 5 miles, boasting an average household retail expenditure of $142,191, and proximity to health-centric Loma Linda, the area is a sanctuary for health, wellness, and recreation.

The property is conveniently located 14.6 miles from San Bernardino International Airport (SBD), experiencing significant air cargo growth with a 164% increase between 2018 & 2020. A $200 million redevelopment approval for SBD is underway to serve as an air cargo distribution center, attracting companies like Amazon. Additionally, Ontario Airport is within 32 miles, showing strong growth in both freight and passenger volume over the past decade.

Furthermore, the site benefits from its proximity to two major college campuses, Crafted Hill College (approximately 8,000 students) and The College of the Redlands (approximately 5,000 students), within a 6.5-mile radius.

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