A grocery-anchored retail center on the far east side of Long Beach has recently been placed on the market. Listed by Hanley Investment Group, the retail asset – also known as El Dorado Center – is currently offered at $22.17 million, or about $298 per square foot.
Located at 8105 E Wardlow Road, the 74,493 square foot shopping center is currently owned by an entity associated with Doerken Properties Inc., which acquired it in 2001 for $6.8 million, according to public records.
The property is anchored by both Dollar Tree and Grocery Outlet, with other tenants including Goodwill, Kick it Up Kidz, Reverie Nails & Spa and more. At 84 percent occupied, the property offers a net operating income of more than 1.1 million percent, with average monthly rent at $1.62 per square foot.
Grocery Outlet recently re-upped its lease in 2019, with 10 percent increases every five years. Dollar Tree has also been at the property since 2009, extending their lease by five years in 2019. The two anchor tenants are located nationwide, with Grocery Outlet operating 415 stores throughout California, Washington, Oregon, Pennsylvania, Idaho, Nevada and New Jersey. Likewise, Dollar Tree operates 8,060 stores across North America.
The property is located on the border of Long Beach and Los Alamitos, just 20 miles south of downtown Los Angeles. The property is also within close proximity to the Pacific Ocean and a short commute to the Long Beach Airport.
The retail center also serves a large population, with 34,0000 students and staff at the nearby California State University-Long Beach campus. Additionally, over 513,000 residents with an average household income of $120,000 are living within a 5-mile radius of the retail center.