Grocery Outlet & Office Depot Anchored Center

INVESTMENT OVERVIEW

Essential CRE is pleased to present the opportunity to acquire the fee simple interest in the Valley Oaks Shopping Center located at 2313-2425 S Mooney Boulevard in Visalia, CA. The subject property is 76,898 SF, resides on 5.3 acres of land and is anchored by Grocery Outlet and Office Depot. The Valley Oaks Shopping Centers benefits from excellent exposure and access from South Mooney Boulevard and is surrounded by a wide spectrum of national and regional retailers. Adjacent to the subject property is the Visalia Mall anchored by Macy's and JC Penney. Chase Bank, Bank of the West and Yoshinoya are on pads in front of the Valley Oaks Shopping Center. Additional retailers within close proximity to the subject property include In-N-Out, Dollar General, Ace Hardware, Denny's Bank of America, Men's Warehouse, Ross and Kohl's.

INVESTMENT HIGHLIGHTS

Synergistic Mix of Retail and Medical Tenants on Thriving Commercial Corridor; Priced Well Below Replacement Costs at $156 PSF; In-Place Rents Below Market; Mixed-Use Redevelopment Potential
Strong Historical Occupancy 27+ Years - Office Depot, 18+ Years - Grocery Outlet; 2nd Generation Adaptive Retail-to-Medical Conversion; Family Healthcare Network & BioLife Plasma Services

MARKET OVERVIEW

Visalia is a city situated in the agricultural San Joaquin Valley of California, approximately 230 miles southeast of San Francisco, 190 miles north of Los Angeles, 36 miles west of Sequoia National Park and 43 miles south of Fresno. The City of Visalia had a population of 136,515 as of July 1, 2021. Visalia is the 5th largest city in the San Joaquin Valley after Fresno, Bakersfield, Stockton and Modesto; the 44th most populous in California; and 198th in the United States. As the county seat of Tulare County, Visalia serves as the economic and governmental center to one of the most productive single agricultural counties in the country.
Historically, Visalia has based its economy mostly upon agriculture and related industries. In recent years, however, the city has diversified its economic base to include many other types of industrial enterprises. The economy of Visalia is driven by agriculture (especially grapes, olives, cotton, citrus, and nursery products), livestock, and distribution and manufacturing facilities (electronics and paper products are a couple of significant manufacturing sectors). Light manufacturing and industrial/commercial distribution represent the fastest growing portion of Visalia’s employer base. The top ten employers in the city are, Tulare County, Kaweah Delta Medical Center, College of the Sequoias, Family Healthcare Network, the City of Visalia, VF, International Paper, Jostens, Cigna, and Visalia Medical Clinic.
Yosemite, Sequoia, and Kings Canyon National Parks are located in the nearby Sierra Nevada mountains, the highest mountain range in the contiguous United States. Visalia houses 23 parks encompassing over 220 acres of land. The city is also home to a number of cultural and recreational sites. Visalia Unified School District serves the entire city of Visalia, as well as several surrounding communities, with a student population of about 30,000. The Tulare County Public Library operates its largest branch, the Visalia Branch in Downtown Visalia. There are other smaller libraries in Visalia, such as the Visalia Learning Center.