Investment Highlights
Regionally Dominant, Open-Air Shopping Center in Southwest Arizona.
Yuma Palms is a prominent, super-regional shopping center destination featuring more than 1,000,000 square feet of retail space with dozens of high-performing national anchors, lifestyle retailers and restaurants within a growing trade area that extends beyond a 50-mile radius of the center. Top-ranked in the state of Arizona, Yuma Palms features a large-format power center and pedestrian-friendly lifestyle village anchored by a state-of-the-art, 14-screen Harkins Theatre which has been at the center since it opened 17 years ago and recently reported full-year 2022 theater sales exceeding $6 million (a powerful 73% year-over-year increase in sales). According to Placer.ai, Yuma Palms is the #3 most visited open-air/power center in the state of Arizona.
Seasoned Tenancy with Cash Flow Dependability & Opportunity to Push Rents Higher.
Over 50% of the existing tenants at Yuma Palms are original tenants and have occupied the center since 2006. This asset provides reliable cash flow stability and allows an investor the opportunity to drive a significant amount of future rents materially higher. Current annual base rents average $17.20 per square foot which is considered below-market for this regional submarket, and half of the tenants at Yuma Palms do not have renewal options. Two (2) undeveloped outparcels are included in this offering.
Tremendous National Credit Tenant Line-Up with Strong Tenant Sales.
More than 93% of Yuma Palms’ existing gross leasable area (GLA) is leased to national credit tenants. Best Buy, Marshalls ($15M in annual sales), Ross, PetSmart, ULTA, Michaels, Old Navy, Five Below and Harkins Theatre are among the primary anchors of Yuma Palms’ power center component. Numerous lifestyle tenants and restaurants are generating high annual sales per square foot including Bath & Body Works ($1,544 PSF), American Eagle Outfitters ($505 PSF), Buffalo Wild Wings ($897 PSF), Foot Locker ($720 PSF), Kay Jewelers ($1,139 PSF), Hot Topic ($661 PSF), Zumiez ($523 PSF), Journeys ($1,150 PSF) and Journeys Kidz ($851 PSF) among many others. See slides in Offering Memorandum for more tenant sales data.
Growing Population with Attractive Household Incomes in Captive Market.
Yuma Palms’ success is driven by an expansive trade area and is further enhanced by the cross-border spending of Mexican visitors who provide an estimated annual impact of $2.4 billion. The city has a retail shed of nearly 50 miles with a resident population of 235,000 which represents a gain of almost 20% since 2010. Average household incomes surrounding Yuma Palms exceed $65,179 within a 5-mie radius and $68,966 within a 10-mile radius. These incomes are projected to grow 3.9% annually over the next five (5) years.
Exceptional Foot Traffic and Plethora of Top-Performing Stores Backed by Placer.ai Data.
More than 9.7 million customer visits occurred during the last 12 months at Yuma Palms, which features forty-eight (48) primary tenants and directly benefits from five (5) high-traffic shadow-anchor tenants including Target, Sam’s Club, Kohls, JC Penney and Dillard’s. At Yuma Palms, Marshalls is the #1 store in Arizona (1 of 16) while Ross and Petsmart are both #2 stores in Arizona (2 of 64 and 2 of 52, respectively) according to Placer.ai data. Numerous other tenants at Yuma Palms have top-ranked stores in Arizona, and the majority of tenants at the center have high percentile rankings both nationally and statewide (see slides in Offering Memorandum for more statistical information).
Prime Visibility and Excellent Access.
Yuma Palms is strategically located on the northeast corner at the key intersection of Interstate 8 and Hwy. 95 in Yuma, Arizona. More than 70,300 vehicles pass by the center each day. There are two (2) large multitenant pylon signs along the perimeter of the shopping center that provide maximum tenant exposure. There are also several interior monument/directional signs that provide tenant identification and directions for shoppers along the Yuma Palms Parkway ring road.
Site Plan
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Demographics
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Location
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Yuma Palms War Room
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