20,072 SQUARE FOOT FLEX-INDUSTRIAL PROPERTY FOR SALE

Transcription

1 MURRIETA // CALIFORNIA // REMINGTON AVENUE TEMECULA CALIFORNIA ,072 SQUARE FOOT FLEX-INDUSTRIAL PROPERTY FOR SALE

2 01 Property Overview 02 Market Overview 03 Area Overview Contact Information: STAN NOWAK, Principal CalBRE# CODY LERNER, Associate CalBRE# Avison Young 4655 Executive Drive, Suite 325 San Diego, CA avisonyoung.com Avison Young. All rights reserved ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

3 01 Property Overview ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

4 PROPERTY DESCRIPTION OVERVIEW: Excellent Southwest Riverside County location in an explosive industrial development area central to Orange, San Diego, Riverside and San Bernardino Counties. 20,072 sf flex industrial building divisible up to eight (8) individual suites 13,978 sf footprint plus 6,094 sf second story office. Approximately 12,468 sf total office/r&d/display area and 7,604 sf warehouse area Great location near I-215 and I-15 interchange Panoramic views in select suites FIOS enabled Surveillance camera security system of exterior and partial interior - 24 hour remote access 12 x 14 GL roll-up doors 7,516-11,596 square feet available for immediate occupancy. Single tenant occupying approximately 10,000 sf will surrender Suite D totaling 1,756 square feet to accommodate up to 11,596 square feet occupancy. Remote access 24 hour video surveillance JCTB, Inc., dba Think Big currently leases suites D - H totaling 10,232. Single tenant occupying 10,232sf will consider early termination/relocation or downsizing to accommodate larger owner-occupant. Lease expires January 31, Currently paying $8,463.52/mo IG rent with scheduled increase to $8,802.06/mo IG on February 1, Tenant has one (1) Option to Renew for an additional three (3) years but currently does not intend to renew its Lease in this location. ASKING PRICE: $2,995, ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

5 PROPERTY DETAILS Address: Elm Street, Murrieta, CA APN: Title: Fee Simple Interest Building Size: 20,072 SF Land Size 1.07 Acres Year Built: 2004 Construction: Concrete Tilt-up Electric Service: seven (7) meters plus (1) E-mon D-mon submeter; 1,000 amps 3 phase ELM STREET Clear Height: 22 Drive Ins: 8 Parking Spaces: ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

6 SITE PLAN ELM STREET COMMON AREA DRIVE ISLE ELM STREET - N.A.P ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

7 FLOOR PLAN - FIRST FLOOR GL GL GL GL GL GL GL GL Tenant Occupied Tenant Occupied - Can be delivered with 1 month notice *FLOOR PLANS MAY NOT REPRESENT CURRENT AS BUILT IMPROVEMENTS AND MAY NOT BE TO SCALE ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

8 FLOOR PLAN - SECOND FLOOR Warehouse Open to Below Warehouse Open to Below Warehouse Open to Below Tenant Occupied *FLOOR PLANS MAY NOT REPRESENT CURRENT AS BUILT IMPROVEMENTS AND MAY NOT BE TO SCALE ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

9 PARCEL MAP INTERSTATE ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

10 02 Market Overview ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

11 INLAND EMPIRE 5.0% Total Vacancy Rate 4.5% Unemployment Rate 7.1m sf Net aborbption $.51 PSF Asking Rental Rate Weighted Average Source: Avison Young: Second Quarter 2017 Indusrial Market Report The Inland Empire industrial market is performing at optimal levels with a healthy economy as of the mid-point of Vacancy remains tight, contracting slightly from the previous quarter. Reliable leasing demand has allowed rental rates to move higher quarter-over-quarter and year-over-year at a modest pace. The counties of Riverside and San Bernardino, which make up the Inland Empire market, are experiencing strong economic fundamentals, and rapid growth in population and quality inventory. These factors are driving heightened developer interest and elevated investor appetite. The Inland Empire is a powerhouse of industrial inventory that supports the demands of the entire Southern California region. Construction activity resumed rapidly post-recession and has met pre-recession levels with fervor. The market had 106 industrial properties under construction at the second quarter of the year, amounting to 23,598,071 sf of new inventory that is expected to be delivered in 2017 and The Inland Empire industrial market recorded a total net absorption of positive 7M sf for the quarter, and positive 20.8M sf for the most recent 12 month period. Rental rates for the entire market on average have reached $0.51 psf FSG as of the second quarter of 2017, an increase over the previous quarter, and a slim increase seen from $0.48 psf FSG at the same time in the previous year. As of the second quarter of 2017, vacancy in the Inland Empire s industrial market contracted to 5.0%, down from 5.4% in the previous quarter, yet up only slightly from the same time in the previous year at 4.9%. On a year-over-year basis, vacancy has been hovering around flat levels, with a slight trend toward contraction. Competitive vacancy levels have been sustainable in the market in spite of the consistent addition of new inventory. The Inland Empire s unemployment rate, as of May 2017, dropped to 4.5%, down from 5.4% one year earlier. Within the market, unemployment was 4.6% in Riverside County and 4.4% in San Bernardino County ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

12 TEMECULA VALLEY MARKET OVERVIEW Temecula Valley Industial Market 14,758,283 SF in 622 buildings* Vacancy Rate 2.0% 1.0 *Excludes Wildomar and Lake Elsinore Vacancy Rate (Percent) 2016 Q Q Q Q Vacancy Rate (Percent) 2016 Q Q Q1 Murrieta - 10,000-30,000 SF Industial Market 1,693,177 SF in 103 buildings Vacancy Rate 0.6% ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA Q2 The Temecula Valley market is comprised of approximately 14,758,283 square feet in 622 buildings, with a current vacancy rate of 2.0%. After 4 quarters of positive absorption, 2Q 2017 fell by -0.5%. The Temecula-Murrieta Valley Industrial submarket is one of the strongest in the Inland Empire market. The City of Murrieta can be further broken down by the core competitive set of properties between 10,000-30,000 square feet. The subgroup contains 103 buildings totaling 1,693,177 square feet with a vacancy of 0.6%. The low vacancy rate has helped to drive lease rates within the last year.

13 SANTA ROSA PLATEAU 03 Area Overview ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

14 Road LOCATION MAP Nutmeg Street 15 Adams Road California O aks Roa d Hancock Avenue Los Ala mos R oad 215 Wh itewood Roa d MURRIETA Pourroy Roa d Jefferson Avenue Murrieta Hot Springs Road Winchester Road Nicholas Road 15 Ynez Road TEMECULA La Serena Way Anza Road Diaz Road Margarita Ro ad Rancho California Road Meadows Parkway Paub a Road Butterfield Stage DePortola Road Temecula Parkway 15 Vail Ranch Parkway Pechanga Parkway Santa Margarita Ecological Reserve ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

15 SURROUNDING AREA Madison/I-15 Corridor I-215 Corridor MADISON AVENUE MURRIETA HOT SPRINGS ROAD ELM STREET JEFFERSON AVENUE YNEZ ROAD Promenade Regional Mall WINCHESTER ROAD ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

16 SURROUNDING AREA Promenade Regional Mall Minutes from Regional Destinations Madison/I-15 Corridor R Original(Find from best brands) Recreated PMS ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA I-215 Corridor

17 AREA OVERVIEW - MURRIETA M urrieta is a young affluent community in close proximity to San Diego, Los Angeles and Orange County. The Valley has a wide range of new shopping, dining and recreational options, a diverse choice of housing and a world-class educational system. Murrieta is centrally located along the I-15 and I-215 freeway corridor in Southwest California, just north of the San Diego county line. Murrieta is very close to Southern California s beaches and its mountains, within minutes of large lakes for recreation, the region s many wonderful wineries, or the largest Indian casinos in the nation, Pechanga. With a population of just over 114,000, this city continues to build on its success; it attracts those who demand a high quality of life. Over the past two decades, the City of Murrieta has evolved into an innovative, dynamic City and a regional economic center for Southwest Riverside County, all while retaining its small town feel and character. Many families began to move to the area from San Diego and Orange County drawn by the affordable housing prices and the popular wine country. Murrieta is an affluent community, supported by high median and mean income levels. Murrieta remains the ideal city for relocating, expanding and developing a new project in Southern California. Murrieta boasts an educated, high-income population comparable to communities in nearby San Diego and Orange County. Contributing to this is the exceptional school district that continually exceeds the state s exemplary marks. Murrieta also has easy access to many colleges and universities in the Southern California region. More than 34% of Murrieta s residents have a BA or advanced degree; 63% have attended college. Recently recognized again as one of the safest cities in the nation for populations of 100,000 or more, Murrieta has the lowest crime rate in Riverside and San Diego Counties. Murrieta s safety is attributed to the City having its own police department, creating a partnership with the community. The focus of The Murrieta Police Department is on crime prevention with the philosophy of Working Together to Keep Murrieta Safe. Murrieta places a strong emphasis on hiring experienced police officers. In addition, many of the officers live and are encouraged to participate in the community. The City also has a number of interactive programs to encourage community participation. Murrieta has a perfect climate and close to 600 acres of parkland including the Santa Rosa Plateau Ecological Preserve providing miles of hiking and riding trails. Murrieta has three golf courses, including Bear Creek Gold & Country, designed by Jack Nicklaus. The community s mix of entertaining activities and friendly residents makes visitors want to return again and again ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

18 AREA OVERVIEW - MURRIETA MURRIETA DEMOGRAPHICS Murrieta Top Employers Census 2010 Summary Population: 103,466 2,355 Employees 1,474 Employees Household: 32,749 Median Age: 33.4 Census 2017 Summary 929 Employees COUNTY OF RIVERSIDE Riverside County, California Established Employees Population: 109,737 Household: 34,483 Median Age: 34.5 Median Household Income: $81, Employees 350 Employees Average Household Income: $104,055 Census 2022 Summary Population: 115, Employees 330 Employees Household: 36,246 Median Age: 34.7 Median Household Income: $88, Employees 200 Employees Average Household Income: $118,129 Trends: Annual Rate Population: 1.08% Household: 1.00% Median Household Income: 1.74% ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

19 AREA OVERVIEW - RIVERSIDE COUNTY RIVERSIDE DEMOGRAPHICS Census 2010 Summary Population: 2,189,641 Household: 686,260 Median Age: 33.7 Census 2017 Summary Population: 2,388,710 Household: 741,071 Median Age: 34.6 Median Household Income: $60,180 Average Household Income: $83,526 Census 2022 Summary Population: 2,542,192 Household: 583,386 Median Age: 35.3 Median Household Income: $66,148 Average Household Income: $94,665 Trends: Annual Rate Population: 1.25% Household: 1.16% Median Household Income: 1.91% Riverside County is one of the fastest growing counties in the United States, leading the rapidly changing Inland Empires market, with rivers, mountain peaks, deserts and fertile valleys, Riverside County offers diversity that few locations can match. More than two million people live in Riverside County, making it the fourth most populous county in California, taking advantage of affordable housing, nearby beaches, mountains, hiking and bike trails, the Wine Country near Temecula and resorts that offer oases in the desert. Riverside Country covers 7,208 square miles on Southern California. Together, Riverside and San Bernardino Counties have been dubbed the Inland Empire. California s fourth largest county by population is expanding its economy, working to diversify beyond the housing industry that has driven the region s economy for years. Centrally located in the heart of Southern California, Riverside County boarders San Bernardino, Orange and San Diego Counties. Interstate 10 runs thought the entire County from east to west, and Interstate 15 and 215 connect Riverside County with San Diego County and San Bernardino County. Highway 60 and 91 link Riverside County to Los Angeles and Orange Counties. Attractive to many businesses, rail service connects Riverside County businesses with important markets, ports of entry and key airports to expedite major national and international commerce transactions. Metrolink accomodates a large number of commuters from Riverside to Los Angeles, Orange and San Bernardino Counties. In addition, Riverside County is presently served by 3 airports including the rapidly expanding Ontario International Airport, Palm Springs International Airport and San Bernardino International Airport ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

20 CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Avison Young and should not be made available to any other person or entity without the written consent of Avison Young. 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. Avison Young 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, Avison Young has not verified, and will not verify, any of the information contained herein, nor has Avison Young 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. NON-ENDORSEMENT NOTICE Avison Young is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Avison Young, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Avison Young, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR AVISON YOUNG AGENT FOR MORE DETAILS ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

21 LEASED PROPERTY DISCLAIMER Avison Young hereby advises all prospective purchasers of leased property property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Avison Young has not and will not verify any of this information, nor has Avison Young conducted any investigation regarding these matters. Avison Young makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a leased property property, it is the Buyer s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Avison Young expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any leased property property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer s legal ability to make alternate use of the property. By accepting this Marketing Brochure, you agree to release Avison Young and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this leased property property ELM REMINGTON STREET AVENUE MURRIETA TEMECULA CALIFORNIA CALIFORNIA

22 Contact Information: STAN NOWAK, Principal CalBRE# CODY LERNER, Associate CalBRE# Avison Young 4655 Executive Drive, Suite 325 San Diego, CA Ynez Road, Suite 204 Temecula, CA avisonyoung.com 2018 Avison Young Commercial Real Estate Southern California Inc. All rights reserved. The above statement was made based upon information furnished to us by the owner or from sources we believe are reliable. While we do not double its accuracy, we have not verified it and we do not make any guarantee, warranty or representation about it. The property offered is subject to prior sale, lease, change of price or withdrawal from the market without notice. CalBRE License #