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CBRE is pleased to present a unique opportunity to acquire Las Cumbres Square in the Mission Valley trade area. The investment is directly across from Riverwalk Golf Course, a future master-planned redevelopment site that will include 4,300 residential units. With a core location on Friars Road and less than 1 mile from Fashion Valley Mall, the property benefits from a high-density residential and a large daytime employment base.
Long Term NOI Growth: Currently 83% leased, the NOI is projected to increase 19.25% over the anticipated 5-year hold period due to existing below-market rents.
High Yield San Diego Asset – On a 5-year hold, CBRE projects leveraged IRR’s approaching 19.84% and a stabilized cap rate of 7.93%.
Below Market Rents – Existing rents at the site are currently below prevailing market rates, and the Planned Riverwalk redevelopment will add increased demand over the hold period.
Coveted San Diego Location – Located directly across the street from Riverwalk’s major Planned Redevelopment, a proposed 4,300 residential units.