Office Development Opportunity 125 Aspen Drive, Martinez, California

Transcription

1 Sale Price $400,000 Office Development Opportunity 125 Aspen Drive, Martinez, California Aspen Drive Brown Drive Micheal Tobin Kidder Mathews Senior Vice President LIC # Tyler Sheldon ProEquity Asset Management Principal tylersheldon@proequityam.com LIC #

2 Table of Contents 1. Executive Summary Area Overview 4. Sales Comparables 5. Lease Comparables 6. Financial Summary 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 Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. 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. Kidder Mathews 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, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews 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. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.

3 Executive Summary Kidder Mathews and ProEquity as exclusive advisors are pleased to offer for sale 125 Aspen Drive, a well-located Office or MOB development site in Martinez, California. OVERVIEW Zoned Office (O-1) Situated between two fully occupied professional service office buildings. - Law firm anchored office building (North) - Medical office building (South) Fortune 500 tenants in immediate area Hertz / Caterpillar The property is situated just south of Highway 4 and immediately adjacent to Interstate 680 in Contra Costa County. Aspen Drive is a quiet, office and professional service corridor off of busy Pacheco Boulevard, protected by Grayson Creek preserve. INVESTMENT SUMMARY Sale Price Land Area Floor-to-Area Ratio (FAR) 0.7 $400,000 ($29/PSF) ±19,602 SF Total Developable SF ±13,721 Office Market Rents (market estimate) -Anchor tenants (5k SF): $21 PSF/YR FSG -Office tenants (1-2k SF): $18 PSF/YR FSG The I-680 and Highway 4 East Bay transit corridor provides ease of access to the nearby communities of Walnut Creek, Pleasant Hill and Concord.

4 PROPERTY OVERVIEW Property Address 125 Aspen Drive, Martinez, CA APN Total Lot Area ±19,602 SF (.045 acres) Zoning Q-1 Height Density Estimated Buildable Area Maximum of 2 1/2 stories or 35 FT Maximum coverage permitted is 35% of total loat area ±13,721 SF ZONING ANALYSIS Permitted Uses The property is zoned for professional offices, medical offices or similar commercial use PARKING Office Medical One space per each 250 SF of gross floor area One space per each 250 SF of gross floor area, plus one space per doctor/dentist

5 Area Overview Vallejo SOLANO COUNTY Benicia Crockett Rodeo Hercules Martinez 125 ASPEN DRIVE San Rafael El Sobrante Concord Greenbrae Larkspur Richmond CONTRA COSTA COUNTY Pleasant Hill Mill Valley MARIN COUNTY Tiburon Sausalito El Cerrito Berkeley Emeryville Lafayette Orinda Walnut Creek Oakland Danville SAN FRANCISCO COUNTY San Francisco Alameda San Ramon Daly City Brisbane Oakland International Airport San Leandro Castro Valley Dublin PACIFIC OCEAN South San Francisco Hayward ALAMEDA COUNTY Pacifica San Francisco International Airport Burlingame Hillsborough San Mateo SAN MATEO Foster City Union City Fremont

6 PLAT MAP

7 Sales Comparables 1 Martinez Pacheco Concord Pleasant Hill 5 Walnut Creek ALHAMBRA AVENUE, #822 Martinez, CA ARNOLD DRIVE Martinez, CA ARNOLD DRIVE Martinez, CA TREAT BOULEVARD Walnut Creek, CA STANWELL DRIVE Concord, CA BOULEVARD WAY Walnut Creek, CA 94595

8 820 Alhambra Avenue, #822 Martinez, California Property Type Property Sub Type Office Office Building Sale Date 11/05/2014 Sale Price Lot Size $870,000 ($117.52/SF) ±7,403 SF 0.11 Acres Year Built Arnold Drive Martinez, California Property Type Property Sub Type Office Office Building Sale Date 11/03/2014 Sale Price Lot Size $1,400,000 ($202.90/SF) ±6,900 SF 0.50 Acres Year Built Stanwell Drive Concord, California Property Type Property Sub Type Office Office Building Sale Date 10/10/2014 Sale Price Lot Size $4,390,000 ($182.64/SF) ±24,036 SF 1.80 Acres Year Built

9 1805 Arnold Drive Martinez, California Property Type Property Sub Type Office Office Building Sale Date 06/04/2014 Sale Price Lot Size $2,500,000 ($214.63/SF) ±11,648 SF 0.62 Acres Year Built Treat Boulevard Walnut Creek, California Property Type Property Sub Type Office Office Building Sale Date 07/03/2014 Sale Price Lot Size $2,419,000 ($152.06/SF) ±15,908 SF 0.32 Acres Year Built Boulevard Way Walnut Creek, California Property Type Property Sub Type Office Office Building Sale Date 06/30/2014 Sale Price Lot Size $1,499,000 ($234.22/SF) ±6,400 SF 0.42 Acres Year Built

10 Lease Comparables Martinez Concord TAYLOR BLVD Pleasant Hill, CA MONUMENT BLVD Concord, CA BACON STREET Concord, CA EAST STREET Concord, CA SALVIO STREET Concord, CA MONUMENT BLVD Pleasant Hill, CA GREGORY LANE Pleasant Hill, CA 94523

11 400 Taylor Boulevard Pleasnt Hill, California Space Available Rental Rate ±2,066-3,141 SF $2.60 SF/Mo Spaces 2 Property Sub-type 1 ±62,946 SF Medical Office SUITE # TOTAL SPACE RENTAL RATE MIN DIVISIBLE MAX CONTIGUOUS LEASE TYPE 3rd Floor ±3,141 SF $2.60 SF/Mo 3,141 SF 3,141 SF Now 303 ±2,066 SF $2.60 SF/Mo 2,066 SF 2,066 SF Now DATE DESCRIPTION Open space plus (6) private window offices of varying sizes. Contiguous with building amenity conference/media room. Large open space with (2) private offices. This is a 3-story Class A Medical Office building. Current tenants make this building perfectly suited for Oncology & Neurology practices. Building amenities include conference/media/class room, onsite building engineer, high speed fiber-optics, park-like setting with outdoor seating area, beautifully manicured landscaping and abundant 4/1,000 parking Monument Boulevard Concord, California Space Available Rental Rate ±1,050-1,400 SF $1.70 SF/Mo Spaces 2 Property Sub-type 2 ±11,400 SF Office Building SUITE # TOTAL SPACE RENTAL RATE MIN DIVISIBLE MAX CONTIGUOUS LEASE TYPE 3rd Floor ±1,400 SF $1.70 SF/Mo 400 SF 3,141 SF FS Now 260 ±1,050 SF $1.70 SF/Mo 2,066 SF FS Now DATE DESCRIPTION square foot Class B office building in Concord, CA Bacon Street Concord, California Space Available Rental Rate ±1,020-2,057 SF Negotiable Spaces 2 Property Sub-type 3 ±11,250 SF Medical Office SUITE # TOTAL SPACE RENTAL RATE MIN DIVISIBLE MAX CONTIGUOUS LEASE TYPE DATE DESCRIPTION 3 ±2,057 SF 2,057 SF 2,057 SF Now Build-to-suit 1 ±1,020 SF 1,020 SF 1,020 SF Now Directly adjacent to John Muir Medical Center On and off freeway access. Generous TI allowances available. New ownership. Recent major project renovations.

12 2425 East Street Concord, California Space Available Rental Rate ±800-1,620 SF Negotiable Spaces 4 Property Sub-type 4 ±16,363 SF Medical Office SUITE # TOTAL SPACE RENTAL RATE MIN DIVISIBLE MAX CONTIGUOUS LEASE TYPE 10 ±1,020 SF 1,020 SF 1,020 SF Now 14 ±1,620 SF 1,620 SF 1,620 SF Now 17 ±800 SF 800 SF 800 SF FS Now 18 ±918 SF 918 SF 918 SF FS Now DATE DESCRIPTION Directly adjacent to John Muir Medical Center. On and off freeway access. Generous TI allowances available. New ownership. Recent major project renovations Salvio Street Concord, California Space Available Rental Rate ±1,530-2,056 SF $1.10-$1.11 SF/Mo Spaces 2 Property Sub-type 5 ±12,814 SF Medical Office SUITE # TOTAL SPACE RENTAL RATE MIN DIVISIBLE MAX CONTIGUOUS LEASE TYPE 301 ±2,056 SF $1.10 SF/Mo NNN Now 302 ±1,530 SF $1.11 SF/Mo NNN Now DATE DESCRIPTION Lease with purchase option will be considered. 12,813 square foot office/medical building. Each unit separately metered. Warm ShellFull exterior renovation, new landscaping, upgraded common areas. Full or partial floors available. Individual suite identity & building signage. Up to 5/1,000 parking available (3/1,000 onsite). Additional parking available in City Garage (one block).

13 2100 Monument Boulevard Pleasant Hill, California Space Available Rental Rate ±625-2,057 SF $1.25-$1.35 SF/Mo Spaces 7 Property Sub-type 6 ±26,150 SF Medical Office SUITE # TOTAL SPACE RENTAL RATE MIN DIVISIBLE MAX CONTIGUOUS LEASE TYPE 8 ±2,057 SF $1.25 SF/MO 2,057 SF 4,473 SF NNN Now 9 ±625 SF $1.25 SF/MO 625 SF 4,473 SF NNN Now 10 ±667 SF $1.25 SF/MO 667 SF 4,473 SF NNN Now 11 ±1,124 SF $1.25 SF/MO 1,124 SF 4,473 SF NNN Now 12 ±1,025 SF $1.25 SF/MO 1,025 SF 1,025 SF NNN Now 15B ±715 SF $1.25 SF/MO 715 SF 715 SF NNN Now 18 ±1,320 SF $1.35 SF/MO 1,320 SF 2,388 SF NNN Now DATE DESCRIPTION Professional offices for medical, dental, allied health professionals and other professionals such as accountants and attorneys. 81 Gregory Lane Pleasant Hill, California Space Available Rental Rate ±1618 SF $1.95 SF/Mo Spaces 1 Property Sub-type 7 ±15,000 SF Medical Office SUITE # TOTAL SPACE RENTAL RATE MIN DIVISIBLE MAX CONTIGUOUS LEASE TYPE 240 ±1,618 SF $1.95 SF/Mo Mod Net Now DATE DESCRIPTION Located at 81 Gregory Lane, Pleasant Hill.

14 Financial Summary OVERVIEW Development Square Feet 13,721 Lot Area 19,602 RENTAL REVENUE RENTABLE AREA STABILIZED MONTHLY RENT STABILIZED ANNUAL RENT Exclusively represented by Micheal Tobin Kidder Mathews Senior Vice President LIC # Suite 1 ±6,861SF $3, $144,071 Suite 2 ±1,715 SF $2, $30,870 Suite 3 ±1,715 SF $2, $30,870 Suite 4 ±1,715 SF $2, $30,870 Suite 5 ±1,715 SF $2, $30,870 TOTAL POTENTIAL GROSS INCOME ±13,721 $14, $267,551 Tyler Sheldon ProEquity Asset Management Principal tylersheldon@proequityam.com LIC # Less Vacancy 10% $26,755 NOI $240,795 Asking Price - Development Site $29 PSF $400,000 CAP RATE VALUE RANGE 6.00% $4,013,258 $292 PSF 6.50% $3,704,545 $270 PSF 7.00% $3,439,935 $251 PSF VALUATION ANALYSIS The study accounts for construction and development costs along with tenant improvement and developer profit margin. The residual land value analysis is based off of the following median rent estimates. *Call to inquire further about specific analytics. OFFICE MARKET RENTS (MARKET ESTIMATE) Anchor Tenants (5k SF) Office Tenants (1-2k SF) $21 PSF/YR FSG $18 PSF/YR FSG