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Monday, March 27, 2023

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Citrus Heights retail building near casino listed for $4.6M

Date:

The property at 6422 Tupelo Drive has been listed for sale at $4.6 million and includes 100 parking spots. // Image source: Google Maps, with property boundary approximated based on listing.

Updated March 9, 4:57 p.m.–
By Mike Hazlip— A Citrus Heights retail center home to Falling Prices is on the market for $4,600,000, according to a recent listing by commercial real estate site LoopNet.

A listing brochure published by Oakland-based investment brokerage NAI NorCal shows the retail center near Stones Gambling Hall at 6422 Tupelo Drive is currently home to BidRL, and Falling Prices. A third tenant, TMZ Market, is shown taking up the rear left corner of the building, according to the document.

Hollywood Rock tobacco shop also occupies a suite attached to the building, but is not a part of the offering, documents show.

Listing agent Joshua Ballesteros of NAI NorCal said in a phone call Thursday that the listing is still new, but he’s already received some interest. He said that although transaction volume has slowed due to rising interest rates, the center is “well positioned” for buyers looking for a good return in the current market.

The seller originally purchased the property when it was vacant, Ballesteros said, and was able to find tenants and reduce blight that often accompanies vacant sites. He said TMZ Market is an incoming tenant with a lease signed, which will be a middle eastern-style deli.

The 27,798-square-foot, single-story center is 100 percent leased and sits on three acres of land with 100 parking spots included in the listing price.

The Sentinel previously reported BidRL opened in October of 2021, with Falling Prices opening early in of 2022. The building sat vacant for years before the discount secondary market retailers opened.

The building was constructed in 1985 and renovated in 2020, according to the listing. Recent improvements include a new roof and eight new AC units.

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