A multi-tenant retail building has been listed for sale in the San Joaquin Valley city of Hanford. According to the Farris Lee Investments’ marketing brochure, which has the listing, the Boot Barn-anchored asset spans a total of 79,224 square feet located at 1673 W Lacey Blvd. The asking price is listed at a total of $10.636 million, or just over $134 per square foot.
The marketing of the property is handled by the Farris Lee Investments team that includes Managing Principal Jeff Conover, Senior Managing Director Scott De Young, Managing Principal Don MacLellan and Director Greg Lukosky. Public property records show that the current owner is a Los Angles-based entity.
The retail building was originally constructed in 1993 and features four prominent tenants, including Boot Barn, the world’s largest air adventure park operator Urban Air Trampoline Park and regional furniture retailers Ideal Furniture and Serrano’s Furniture. These tenants, coupled with below-market lease rates, create a compelling investment case with a cap rate of seven percent and a net operating income of $744,552 per year, states the marketing brochure.
Boot Barn is a publicly traded retailer with over 400 locations and a $4.93 billion market cap. Urban Air has over 350 locations globally, while regional furniture chains Ideal Furniture and Serrano’s Furniture collectively operate 14 locations across California’s San Joaquin and Central Valleys. With all lease rates under market value and structured to include annual and double-digit rental increases, Ferris Lee believes this investment provides an opportunity for increased cash flow over time.
The retail asset is located at the intersection of W Lacey Boulevard and 12th Avenue, the busiest intersection in Hanford. The property also offers visibility and accessibility to California State Routes 198, 43 and 99. Surrounded by retail outlets such as Walmart, Target, Home Depot and Lowe’s, the area is also home to dining options including McDonald’s, Chipotle and Starbucks.
The marketing brochure also shows that Hanford’s residential market underscores its growth trajectory. With 1,105 single-family homes under construction and approvals for an additional 1,652 homes, the city is experiencing a demographic boom. The area boasts an estimated population of nearly 110,000 within a 10-mile radius, 34,339 daytime employees and an average household income exceeding $90,000 within five miles.
Ferris Lee Investments also believes Hanford is poised for greater connectivity and growth with the future Kings/Tulare high-speed rail station and the proposed Cross Valley Corridor, linking nearby cities with efficient passenger rail service. Additionally, adjacent to the property is the Adventist Health Center, a comprehensive medical facility serving four counties, and the upcoming Heroes Park, a 40-acre recreational hub.
