CITRUS HEIGHTS | SEE’S CANDIES MEGASTORE
5499 Sunrise Blvd, Citrus Heights, CA
Tallen Capital Partners acquires a freestanding former Patelco Bank Branch building and is converting it to See’s Candies Megastore.
- High visibility and high traffic signalized intersection on the hard corner surrounded my numerous brand name national retailers.
- A rare well located 2-story 10,621 SF “pad” building from the Owner/User due to facility downsizing.
- The location draws from 123,000 households within a 5-mile radius with household incomes of $97,000 within a 3-mile radius.
- Acquisition price is well below replacement cost.
- It has been represented by Retail Watchers that Amazon Fresh will occupy an anchor premises in the adjacent shopping center.
- Trader Joes, Starbucks, City Sports, Rite Aid, Oliver Garden, habit Burger, California Fish Grill and numerous restaurants are located adjacent to the property.
- High barriers to entry.
GLA: 10,621 Sq. Ft.
Acquire the property and achieve key entitlements, finance, redevelop and procure a national credit tenant to occupy a 10,621 former bank branch building.
Tallen Capital Partners, acquired the former Patelco Bank Building located in Citrus Heights, CA in May of 2022 at a favorable basis. This 10,621 square foot is a well-located pad building at the high traffic intersection of Sunrise Blvd. and Madison Ave. in Citrus Heights, CA. During due diligence Tallen Capital procured one of America’s favorite retailers to lease the entire building in a creative lease structure and negotiation. In mid-May and prior to the close of escrow Tallen Capital leased the entire building to Berkshire Hathaway owned, See’s Candies under a new 15-year lease agreement.
Tallen Capital Partners is recognized as one of the leading firms in the acquisition, leasing, management and repurposing of retail real estate for our investors and partners. During due diligence Tallen Capital Partners procured one of America’s favorite retailers to lease the entire building in a creative lease structure and negotiation. In mid-May and prior to the close of escrow, Tallen Capital Partners leased the entire building to Berkshire Hathaway owned, See’s Candies under a new 15-year lease agreement.
“By aggressively pursuing the leasing of this asset with our national, regional and local tenant and broker relationships, in record time, we procured one of the finest retailers in the Country to occupy the building,” says Chairman and an CEO, Terrence Tallen. Our business plan was to lease the building during our due diligence and we executed on this business plan.”
See’s Candies is a favorite American manufacturer and distributor of candy, particularly chocolates. It was founded by Charles See, his wife Florence, and his mother Mary in Los Angeles, California in 1921. The company is now headquartered in South San Francisco, California. The company has been owned by Warren Buffett’s Berkshire Hathaway Corporation since 1972. See’s Candies operates over 200 stores in the following U.S.states: Arizona, Arkansas, California, Colorado, Hawaii, Idaho, Illinois, Indiana, Massachusetts, Minnesota, New Mexico, New York, Nevada, Ohio, Oklahoma, Oregon, Tennessee, Texas, Utah, Washington, and Wisconsin. There are also stores outside the U.S. in Hong Kong, Taiwan, Singapore, and South Korea, taking advantage of the proximity of the plant to San Francisco International Airport. In 2020, See’s Candies opened a store in Abu Dhabi in Nation Towers.
During due diligence, a long-term lease was executed with See’s Candies. See’s will consolidate three other locations within the trade area for its first of a kind combination facility which include the traditional See’s Candies retail store, their corporate sales facility (business to business unit) and their regional offices. Tallen Capital Partners will evaluate the market in mid-2023 to determine the long-term plan for this asset.