Famous Footwear & Five Below at Canyon Springs

Highlights

• 100% Leased to NNN Tenants – The property is fully leased to NNN tenants responsible for the payment of Common Area Costs, Property Taxes, and Insurance which reduces an investor’s inflationary risk.
• Publicly Traded Companies – Five Below and Famous Footwear are publicly traded companies, providing investors with the comfort and ability to view quarterly published financial statements as required by the SEC.
• YOY Growth – Both tenants show signs of revenue growth year-over-year. Famous Footwear’s parent company (Caleres, Inc.) reported $2.97B in revenue for 2022, a 6.9% increase from 2021. Additionally, Five Below reported $3.08B in revenue for 2022, an 8% increase from 2021.
• Corporate Guarantee – Both leases are backed by a corporate guarantee.
• Target Anchored Center – The subject property is positioned in a highly desirable location directly next to Target, which many retail tenants find attractive.
• Attractive Architecture & Easily Demised – Built in 2003, the subject property benefits from modern architecture and attractive design features that could more easily be demised into smaller units in the future.
• Strong Residential & Daytime Population – Within a 10-minute drive time from the subject property, the region offers nearly 33,500 households and a daytime population of over 60,000.
• High Image Retail Corridor – Canyon Springs Parkway is a hub for major retailers including Target, Best Buy, Smart & Final extra, Hobby Lobby, Pet Smart, Petco, Nordstrom Rack, Marshalls, Michael’s, Guitar Center, Staples, Chick-fil-A, McDonalds, LA Fitness, and more.
• Located on the Day Street Retail Corridor – Day Street is a dominant retail location in the Riverside/Moreno Valley trade area with the Moreno Valley Mall anchoring the east side and national retailers including Target, Walmart, & Sam’s Club anchoring the west side.
• 10-Minute Drive From UC Riverside - Canyon Springs is a quick drive from UC Riverside, a campus with nearly 27,000 students and 1,100 faculty members.
• High Traffic Location – With ±67,150 CPD at the intersection of Day St & Canyon Springs Pkwy and over 270,000 CPD at the I-215 & US-60 freeway interchange, the subject property enjoys prime positioning to service the substantial daytime traffic and a large customer reach.
• One of Southern California's Strongest Retail Markets – The city of Riverside boasts a retail vacancy rate of only 4.1% well below the Inland Empire’s retail vacancy rate of 5.8%, LA County’s retail vacancy rate of 5.4%, and comparable to Orange County’s retail vacancy rate of 4.5%. (Source: Costar)

Location

Getting Around

• Walk Score ®

  43/100 Car-Dependent

• Transit Score ®

  34/100 Some Transit

• Bike Score ®

  42/100 Somewhat Bikeable

Points of Interest