Steve Julius. Courtney Luedemann. Client Services Speicalist

Transcription

1 LINCOLN VIEW PlaZA SHOPS 3165 E. Lincoln Drive Phoenix, AZ Offering Memorandum Steve Julius Vice President JESSE GOLDSMITH Vice President Courtney Luedemann Client Services Speicalist

2 TABle OF CONTENTS Executive Summary... 4 FINANCIAL ANALYSIS...9 Location overview...13 Demographics CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. 03/2016 EXECutive SUMMary 3 Lincoln View Plaza Shops CBRE

3 Offering Summary Listing Price...$10,100,000 Current NOI...$505,269 Occupancy Rate...100% Cap Rate % Building Size... ±14,090 SF Price PSF... $ Financing...Cash or New Loan Property Overview Property highlights Trophy Asset Strong Demographics ($150,035 Average Household Income) High Traffic Count, 57,700 VPD Starbucks on End Cap Located in the Prestigious Biltmore Neighborhood Now Free & Clear, Open to New Loan Less than 2 Miles from 51 Freeway ARIZONA BILTMORE RESORT The Arizona Biltmore is a living architectural masterpiece, showcasing the seminal influence of America s most heralded architect, Frank Lloyd Wright. Property Name: Property Type: Address: Year rebuilt: 2012 Parcel Number: Parcel Size: Zoning: Lincoln View Plaza Shops Retail Strip Center 3165 E. Lincoln Drive Phoenix, AZ B 1.15 Acres PSC Investment SUMMary Lincoln View Plaza Pad is a multi-tenant tenant retail center located in the prestigious Biltmore neighborhood of Phoenix, Arizona. The ±14,090 square foot subject property was rebuilt in 2012 and has been immaculately maintained by professional ownership. Demographics at this trophy location boast $150,135 in a 1 mile radius. The property also benefits from traffic counts at 57,700 vehicles per day. The subject property includes national tenants such as Starbucks, which is located on the eastern end cap space of the property. L AMORE Chase Bank Surgery Center Lincoln View Plaza Shops Fidelity Title Coldwell Banker ARIZONA BILTMORE FASHION PARK Great shopping and dining is just the beginning. Hundreds of brands, agencies and retailers place media and promotions yearly using Macerich Shopping Centers as a platform to reach their target market. Biltmore Fashion Park is where the stores are and for brands, it certainly is where the people are. In fact, millions of people visit Biltmore Fashion Park annually. Arizona Biltmore Fashion Park offers a sophisticated top of the line, experience to its visitors year round. Known as The Jewel of the Desert, the Arizona Biltmore was constructed in grand form and has been host to vibrant social events for 85 years. Since 1929 the Arizona Biltmore, a Waldorf Astoria Resort has been a stand-out destination, creating unforgettable memories. Over the years, our 39 acres of gardens, swimming pools and iconic architecture has provided a safe haven for celebrities, diplomats and presidents, and a luxurious resort for guests from all walks of life. Ronald and Nancy Reagan celebrated their honeymoon at the resort, and every president from Herbert Hoover through George W. Bush has been a guest. The Arizona Biltmore is globally recognized as one of the top resorts in the world, due to their championship golf courses, luxury accommodations, award-winning spa, delectable dining options and world-class meeting facilities. 4 LINCOLN VIEW PLAZA SHOPS CBRE 5 Lincoln View Plaza Shops CBRE

4 TENANT OvervieWS PET CLUB Since 1982, Pet Club has been supplying Arizona with a variety of premium pet products at a discount price. We are family owned and operated. Pet Club has over 60 locations in Arizona, Colorado & Texas! Customers are sure to receive excellent service from our friendly and knowledgeable staff. Pet Club offers the largest varieties of premium pet food & treats for: cats, dogs, birds, small animal and equine. Foothills pet resort Foothills Pet Resort opened its orignial location in July 2006, in Ahwatukee, AZ. In April 2014 the successful Pet Resort opened its second location at Lincoln View Plaza Shops. The Resort offers a wide range of Daycare, Boarding, & Grooming Services to its four-legged clients. Your pet will enjoy making new friends in the themed play areas. WEBSITE Guarantee Personal # of Locations ±64 Locations, 3 States WEBSITE Guarantee Personal # of Locations 2 Arizona Locations PICTURE OR PICTURES Squaw peak animal hospital Squaw Peak Animal Hospital is a full-service clinic, your pet can get everything from nail trimmings to major surgery, all in one friendly, convenient place. Their state of the art facility is equipped with the most advanced diagnostic equipment, well trained technicians, and highly renowned vets, ready to help in life-and-death situations. *Relocation, 15 years experience. WEBSITE Guarantee Personal # of Locations Single Location StarBUcks Coffee Starbucks story began in Back then they were a roaster and retailer of whole bean and ground coffee, tea and spices with a single store in Seattle s Pike Place Market. Their mission is to inspire and nurture the human spirit one person, one cup and one neighborhood at a time. *Recognized as a 2016 World s most ethical company for the 10th year in a row. WEBSITE Guarantee Corporate # of Locations ±24,000 Locations, 70 Countries 6 LINCOLN VIEW PLAZA SHOPS CBRE 7 Lincoln View Plaza Shops CBRE

5 Operating Information SUMMARY ACTUAL List Price: $10,100,000 Down Payment (example): 45% $4,575,000 CAP Rate : 5.00% Rentable Square Feet: 14,090 Price Per Square Foot: $ Avg Annual Rent PSF (NNN): $33.50 Occupancy: 100% Annualized OpERATING DATA ACTUAL PSF Gross Revenue Base Rental Revenue () $493,820 $35.05 Reimbursement Revenue $100,705 $7.15 Additional Income (Russ Lyon) (2) $24,000 $1.70 Total Gross Revenue $618,525 $43.90 Expenses ( Estimated) CAM / Utilities ($34,400) ($2.45) Property Taxes* ($56,000) ($3.97) Insurance ($4,200) ($0.30) Management Fee (% of gross) 3.00% ($18,556) ($1.32) *2015 Maricopa County is $52,156 FINANCING EXAMPLE NEW LOAN Loan Amount $5,525,000 Loan to Value 55% Interest Rate 3.90% Amortization 30 Term 7 Years Monthly P & I Payments $26,060 DCR 1.62 Free & Clear Multiple Loan Quotes Available. Contact Listing Agents for Details. Total Operating Expenses ($113,256) ($8.04) Net Operating Income $505,269 $35.86 Debt Service (example): ($312,716) Pre Tax Cash Flow 4.21% $192,553 Plus Principal Reduction: $98,998 Total Return: 6.37% $291,551 Base Rental Revenue is scheduled rental income. Seller shall credit buyer on a prorata basis for the difference between current rent and figures. financial analysis 8 LINCOLN VIEW PLAZA SHOPS CBRE 9 Lincoln View Plaza Shops CBRE

6 RENT ROLL CURRENT projected 12 month budget SUITE TENANT NAME SQUARE FEET % OF SPACE MONTHLY RENT ANNUAL RENT RENT PER SQ. FT. TYPE OF LEASE Est. Monthly NNN Est. Annual NNN Annual NNN PSF LEASE BEGIN LEASE END Option Till NEXT Rental Increase COMMENTS TENANT Jan. Feb. Mar. Apr. Jun. Jul. Aug. Sep. Oct. Nov. Dec. TOTAL 105 Pet Club 3, % $9, $116,721 $33.00 NNN $2, $27,412 $7.85 3/15/12 12/31/19 1,7 Year Option Jan-, $10, Pet Club $10, $10, $10, $10, $10, $10, $10, $10, $10, $10, $10, $123, Foothills Pet Resort Squaw Peak Animal Hospital 4, % $11, $134,772 $33.00 NNN $2, $27,624 $6.76 3/15/14 3/14/20 4, % $12, $152,215 $35.00 NNN $2, $33,705 $7.75 9/1/11 2/9/22 2, 5 Year Option 1,5 Year Option Mar-, $13, Mar-2018, $14, CAM Cap of 5% over Previous Year. Foothills Pet Resort $11, $11, $11, $11, $11, $11, $11, $11, $11, $11, $11, $134, Squaw Peak Animal Hospital $12, $12, $12, $12, $12, $12, $12, $12, $12, $12, $12, $159, Starbucks $5, $5, $6, $6, $6, $6, $6, $6, $6, $6, $6, $75, $493, Mar-2019, $14, Mar-2020, $15, Mar-2021, $16, Starbucks (1) 2, % $5, $69,960 $33.00 NNN $ $11,964 $5.64 3/3/12 2/28/22 4,5 Year Option Mar-, $6, CAM Cap of 6% over Previous Year, MGMT fee no more than 15% of CAM. TOTAL 14, % $39,472 $473,668 $33.50 $8, $100,705 $6.98 OCCUPIED 14,090 95% AVAILABLE 0 0% Note (1): Starbucks has early termination clause at month 84, with 6 month notice and 6 month base rent penalty plus unamortized TI S. Estimated date of March Note (2): Russ Lyon Additional Income. Russ Lyon was a former tenant at this building whom defaulted with an oustanding balance of approximatley $1,550,000 in back rent and fees. The Landlord filed a lawsuit seeking payment. Landlord and Tenant settled per written agreement Settlement Agreement and Mutual Release dated August 29th, The agreement states that tenant will pay its outstanding debt at a monthly payment of $2,000 until it is satisfied. Russ Lyon has been making regular monthly payments for over 5 years and has an estimated balance of $1.4 million today. Therefore the tenant is under agreement to continue paying its monthly amount for approximately 700 more months or until the year This agreement shall be transferred to buyer at close of escrow. 10 LINCOLN VIEW PLAZA SHOPS CBRE 11 Lincoln View Plaza Shops CBRE

7 Plaza Location Aerial BILTMORE PLAZA Safeway Matt s Big Breakfast Nail Salon Hava Java Drybar Phoenix Mexx 32 Central Bistro The Gelato Spot Naughton Jewelers Delux Burger Downtown Phoenix Camby hotel (formerly Ritz-Carlton) South Mountain Mountain Range BILTMORE FASHION PARK Apple Store Hyde Park Jewelers Saks Fifth Avenue BCBGMAXAZRIA J. Crew Seasons 52 Blanco Tacos Macy s Stingray Sushi Brooks Brothers Pottery Barn The Capital Grille California Pizza Kitchen Ralph Lauren The Cheesecake Christopher s Royal Coffee Bar True Food Elizabeth Arden Red Door Spa William s Sonoma Camelback east Tarbell s Van s Golf Shop Tommy V s Osteria Sportsmans Arizona Biltmore Golf Course alta vista park Arizona Biltmore Resort Biltmore Greens Charles Schwab Campus Arizona Biltmore Estates Lincoln Drive Town of Paradise VALLEy 32nd Street Lincoln view plaza (NOT A PART) LOcation overview Lincoln View Plaza Shops 12 LINCOLN VIEW PLAZA SHOPS CBRE 13 Lincoln View Plaza Shops CBRE

8 Lincoln Drive ±39,000 VPD 32nd Street ±18,700 VPD Squaw Peak Animal HOSPital Starbucks Pet Club foothills pet resort 14 LINCOLN VIEW PLAZA SHOPS CBRE 15 Lincoln View Plaza Shops CBRE

9 17 SITE 10 Gainey Ranch McCormack Ranch Biltmore 10 QUEEN CREEK RD. Arcadia OL RD. DEMOGraPHICS 16 LINCOLN VIEW PLAZA SHOPS CBRE 17 Lincoln View Plaza Shops CBRE

10 DEMOGraPHICS 1 mile radius 3 mile radius 5 mile radius Population 2015 Population 2,175 73, , Population 2,232 76, , Population 2,151 70, , Population 2,218 75, ,625 Percent Pop Change: 2010 to % 3.5% 3.3% Percent Pop Change: 2015 to % 4.3% 4.1% Age 2015 Median Age Average Age Households 2015 Households One of the 1,124 37, , Households Highest 1,172 39, , Households in the State 1,078 34, , Households 1,056 35, ,355 Percent HH Change: 2010 to % 7.6% 7.0% Percent HH Change: 2015 to % 6.4% 5.9% Average Household Size Income 2015 Median Household Income $101,629 $55,472 $47, Average Household Income $150,135 $86,359 $76, Per Capita Income $77,549 $43,864 $34,297 Housing Units 2015 Housing Units 1,368 43, ,983 Occupied Units 1,124 37, ,156 Vacant Housing Units 245 5,844 20, Owner-Occupied Housing Units 1,009 21,131 66, Renter-Occupied Housing Units ,039 58,352 Education 2015 Population Age 25 and Over 1,855 55, ,117 High School thru Associates ,185 95,800 Bachelor's Degree ,121 43,482 Graduate Degree ,141 29,375 Place of Work Total Businesses ,220 27,447 Daytime Employment (Total Employees) 2,072 81, , LINCOLN VIEW PLAZA SHOPS CBRE For more information Please Contact: Steve julius Jesse goldsmith Vice President Vice President Steve.Julius@cbre.com Jesse.Goldsmith@cbre.com Courtney LuedEmann Client Services Specialist Courtney.Luedemann@cbre.com