FOR SALE ABSOLUTE NNN BANK GROUND LEASE North Palm Avenue Fresno, CA 93704

Transcription

1 ABSOLUTE NNN BANK GROUND LEASE 5240 North Palm Avenue Fresno, CA Property Features: Absolute Triple Net Ground Lease - Zero Landlord Responsibilities High Volume Branch - Over $128M in Deposits Credit Tenant and subsidiary of Zions Bancorp with assets in excess of $57B High Traffic Location - Over 73,000 Shaw and Palm Ave Part of the Premier Fig Garden Financial Center Established Bank Branch Location since 1988 Price: $4,577,600 CAP Rate: 6.0%

2 Investment Offering PRICE: $4,577,600 CAP RATE: 6.0% LEASE TERM: 1/01/1985-1/01/2020 TENANT: California Bank & Trust BUILDING: 9,448 ± S.F. LOT: 1.30± AC LEASE TYPE: Ground Lease - Absolute Triple-Net (NNN) The subject offering consists of a free-standing, brick construction, high deposit (over $128M) bank branch leased to California Bank & Trust and located within the prestigious Fig Garden Financial Center, in the affluent northwest area of the City of Fresno, California. The subject property is encumbered by an original 35-year, Absolute Triple Net (NNN), Ground Lease that extends to January 1, 2020 and there are three additional lease extension option periods of 5-years each. The subject property is located within the premier Fig Garden Financial Center which contains over 300,000 square feet of Class A office space. Tenants within the project include major stock brokerages, law firms, financial services companies and banks including Bank of America, Union Bank, and Comerica Bank. The subject property is located on an approximate 1.3 acre parcel near the main signalized entrance to the Fig Garden Financial Center (Palm Avenue and San Jose Avenue) and the nearby intersection of Palm Avenue and Shaw Avenue which boosts traffic counts in excess of 73,000 cars per day. The property is located immediately adjacent to Fig Garden Village, Central California s premier open-air lifestyle shopping center featuring over 275,000 square feet of retail space leased to some of the most exclusive specialty, national, regional, and local retailers in the trade area. Notable Tenant s in Fig Garden Village include Whole Foods, Pottery Barn, Banana Republic, Williams-Sonoma, Coach, Lululemon, J. Crew, plus many more.

3 Tenant Overview California Bank & Trust, a subsidiary of Zions Bancorporation (NASDAQ: ZION) with assets in excess of $57 Billion, is one of the largest banks headquartered in California with over $11 Billion in assets, over $9.7 Billion in deposits and more than 100 branches statewide. California Bank & Trust is headquartered in San Diego, California 2014 Total Assets: $11.34 Billion 2014 Total Deposits: $9.7 Billion Number of Branches: 100 Number of Employees: Approximately 1,700 Credit Rating: BBB - (Fitch) - Baa3 (Moody s) For over 60 years, CB&T has helped generations of Californians grow and prosper providing a full array of financial solutions for businesses and individuals, including commercial lending, small business lending, SBA financing, cash management, international banking and wealth management. For more information on California Bank & Trust please visit: About California Bank & Trust s Parent Company: Zions Bancorporation California Bank & Trust is an autonomous subsidiary of Zions Bancorporation (Nasdaq: ZION), a bank holding company with assets in excess of $57 Billion. Zions size and reputation as a premier financial services provider gives California Bank & Trust financial stability and access to all the expertise and services available within the holding company, while retaining the ability to make local decisions. Zions is included in the S&P 500 and NASDAQ Financial 100 indices and is a national leader in Small Business Administration lending, public finance, advisory services, and agricultural finance. Zions Bancorporation operates its banking affiliates under local management teams and community entities through approximately 475 full-service offices in 11 Western states including Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. For more information on Zions Bancorporation please visit:

4 Lease Summary Tenant: California Bank & Trust, a California State Chartered Bank and subsidiary of Zions Bancorporation Lease Type: Ground Lease - Absolute Triple-Net (NNN) Lease Term: January 1, 1985 to January 1, 2020 Renewal Options: Three (3) for a Period of Five (5) Years Each Rent: $22, monthly / $274, annually Renewal Option Rent: Option #1 - Fair Market Value, But No Less Than Previous Rent Option #2 - Fair Market Value, But No Less Than Previous Rent Option #3 - Fair Market Value, But No Less Than Previous Rent Expenses: Tenant is responsible for Payment of the Property Taxes, Payment of the Property Insurance, and Repair and Maintanence of the Interior and Exterior of the Building and Land Improvements. Tenants Right to Purchase: None Estoppel Certificate: Tenant Must Provide Within Ten (10) Business Days From Notice

5 Subject Property

6 Property Photos

7 Location Aerial

8 Neighboring Properties

9 Site Plan

10 Accessors Parcel Map

11 Location Overview: Fresno, California Fresno is located in the central San Joaquin Valley 175 miles south of the San Francisco/Bay Area, 215 miles north of Los Angeles, and 110 miles east of the central coast. The county has a diverse population of approximately 1 Million people. Covering an area of more than 6,000 square miles, Fresno is the state s sixth largest county. Fresno County s economy is based in agriculture and produces more crops in terms of gross value than any other area in the United States. Fresno is home to a wide variety of manufacturing operations many with ties to agriculture in the food processing, meat and dairy industries. Due to its central location within the state of California, Fresno has become a thriving distribution and logistics hub. Distributirs can reach nearly all parts of California, a market of over 30 million people, overnight by truck. Five major Freeways pass through Fresno County including 99, 41, 180, 168 and Interstate 5, as well as rail service from Burlington Northern Santa Fe and Union Pacific. Fresno is known as the gateway to the Sierras, and offers a wide variety of outdoor recreational opportunities including Yosemite and Sequoia National Parks, numerous lakes and rivers, snow skiing, water sports and east access to the central coast popular for surfing, fishing, whale watching and wine. Residents of Fresno also enjoy a very low cost of living relative to California (Median home price $185,000), boast an uncongested freeway system, have access to great shopping and entertainment, top ranked schools, opportunities for higher education including California State University Fresno and the mild California climate.

12 Fig Garden Financial Center 25 th ANNIVERSARY Fig Garden Financial Center w o u ld like to s ay for 25 years of loyalty On the 25th anniversary of Fig Garden Financial Center, we would like to take this opportunity to thank our many loyal tenants and their great employees for continuing to make the 350,000 s.f. complex the best location to do business in the Greater Fresno area. Daily you experience the convenience of walking to the many Fig Garden Village stores and restaurants. Collectively you manage over 11 billion dollars of assets dilligently and in a professional manner. You have shown your loyalty and approval by extending your lease terms into the next two decades. Thanks you. You came because you thought Fig Garden Financial Center was the best place to do business - you stayed because it is. Richard V. Gunner and George Andros The Largest assembly of Financial Professionals in Central California: Attorneys CPAs...52 Stock Brokers Banking Professionals...63 Insurance/Other Professionals TOTAL PROFESSIONALS Est. Assets Under Management ~ 10.5 BILLION DOLLARS BANK OF AMERICA (25 years) WACHOVIA BANK (25 years) UNION BANK (24 years) DIETRICH, GLASRUD, MALLEK & AUNE (24 years) MORGAN STANLEY SMITH BARNEY (24 years) BAKER MANOCK & JENSEN (23 years) MERRILL LYNCH (22 years) AON RISK SERVICES (22 years) CINGULAR WIRELESS (22 years) DELOITTE (22 years) KIMBLE, MACMICHAEL & UPTON (21 years) CALIFORNIA BANK & TRUST (21 years) BERRY & HOMEN CPA S (19 years) ATF/SECRET SERVICE (18 years) HARTFORD INSURANCE (18 years) CASWELL BELL & HILLISON LLP (17 years) CHIELPEGIAN LAW OFFICES (17 years) ARGONAUT INSURANCE CO. (17 years) UBS FINANCIAL SERVICES (16 years) RBC DAIN RAUSCHER (16 years) LANG, RICHERT & PATCH (16 years) KELLY SERVICES, INC. (15 years) JULIA ANN BRUNGESS (14 years) BERBERIAN BROTHERS (13 years) COMERICA BANK (13 years) BLUE SHIELD OF CALIFORNIA (12 years) AEGON USA REALTY ADVISORS (11 years) ROBERT HALF INTERNATIONAL (11 years) SHAHBAZIAN, BACON & MILES (11 years) ROBERT KOLIGIAN, JR. (10 years) RUTH ANN EDGINTON (10 years) MCCOLLOM & BUNCH (9 years) LITTLER MENDELSON PC (9 years) HOWARD CONSULTING (8 years) BIGGS CARDOSA ASSOCIATES, INC. (8 years) NEW ENGLAND FINANCIAL (8 years) DECIPHER (7 years) ZURICH AMERICAN LEGAL (6 years) THOMAS H. ARMSTRONG (4 years) AG STRATEGIES, INC (4 years) BOOS & ASSOCIATES (3 years) CULVER CAREERS (3 years) STARBUCKS REGIONAL OFFICE (3 years) FRESNO REGIONAL FOUNDATION (3 years) KATHLEEN P. CLACK (2 years) WELLS FARGO INSURANCE SERVICES (2 years) KLEIN, DENATALE, GOLDNER, COOPER, ROSENBLIEB & KIMBELL, LLP (1 year)

13 Demographics 5240 N. Palm Avenue Fresno, California POPULATION 2013 Estimated Population 2018 Estimated Population 2010 Census Population 2000 Census Population Historical Growth 2000 to MILE RADIUS 2 MILE RADIUS 5 MILE RADIUS 10 MILE RADIUS 11,148 62, , ,631 11,173 62, , ,093 10,695 59, , ,881 10,561 58, , , % 6.8% 10.4% 20.9% HOUSEHOLDS 2013 Est. Households 2018 Proj. Households 2010 Census Households 2000 Census Households 4,630 23, , ,701 4,662 23, , ,561 4,613 23, , ,209 4,711 22, , ,272 BUSINESS 2013 Total Daytime Population 16,678 77, , , Total Number of Employees 9,982 39, , , Total Daytime at Home Population 6,696 37, , ,382 INCOME 2013 Est. Average Household Income $79,887 $63,066 $60,309 $64, Est. Median HH Income $58,343 $45,807 $45,532 $49, Est. Per Capita Income $33,769 $23,615 $20,602 $20,607 RACE 2013 Est. White Population 77.2% 61.4% 55.4% 54.4% 2013 Est. Black or African American Population 3.4% 7.4% 7.3% 6.9% 2013 Est. Asian Population 4.5% 6.3% 9.9% 11.9% 2013 Est. Native Hawaiian and OPI Population.1%.2%.2%.2% 2013 Est. American Indian and Alaska Native Population.9% 1.4% 1.7% 1.6% 2013 Other Races Population 9.2% 18.0% 20.4% 20.2% EDUCATION 2013 Est. Adult Population (25 years and over) 8,157 39, , , Est. High school graduate, GED, or alternative 15.6% 23.2% 23.9% 23.1% 2013 Est. Some college, 1 or more years, no degree 18.8% 18.3% 18.3% 17.3% 2013 Est. Associate's degree 10.1% 9.0% 8.2% 8.1% 2013 Est. Bachelor's degree 25.5% 18.0% 15.0% 15.1% 2013 Est. Master's degree 10.0% 5.6% 4.6% 4.6%

14 Disclaimer Commercial Retail Associates, Inc. hereby advises all prospective buyers of property as follows: The information contained in this Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Commercial Retail Associates, Inc. and should not be made available to any other person or entity without the written consent of Commercial Retail Associates, Inc. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Commercial Retail Associates, Inc. and it s Agents has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Commercial Retail Associates, Inc. and it s Agents has not verified, and will not verify, any of the information contained herein, nor has Commercial Retail Associates, Inc. and its Agents conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential Buyers must take appropriate measures to verify all of the information set forth herein. All property showing are by appointment only. Please consult your Commercial Retail Associates Agent for more details. By accepting this Marketing Brochure you agree to release Commercial Retail Associates, Inc. and it s Agents and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property. FOR FURTHER INFORMATION CONTACT TOM ANDERSON CA BRE Lic # BRYAN CIFRANIC CA BRE Lic # (559)