RAINBOW DUNES CENTRE. For Sale, Lease or Joint Venture. Las Vegas Redevelopment Opportunity ±7.64 ACRES/ ±106, 400 SF.

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1 RAINBOW DUNES CENTRE For Sale, Lease or Joint Venture Las Vegas Redevelopment Opportunity ±7.64 ACRES/ ±106, 400 SF S. Rainbow Blvd. RAINBOW BLVD LV, CHINA TOWN SPRING MOUNTAIN RD 3405 S. RAINBOW BLVD. KOREA TOWN POST OFFICE 3405 SOUTH RAINBOW BLVD. REDEVELOPMENT OPPORTUNITY Tom Naseef,CCIM, SIOR Jeff Naseef COLLIERS INTERNATIONAL P. 1

2 EXECUTIVE TABLE OF CONTENTS SUMMARY Table of Contents EXECUTIVE SUMMARY RAINBOW DUNES CENTRE 7.64 ACRES > Property Highlights > Property Aerials > Regional Map > Local Map PROPERTY INFORMATION RAINBOW DUNES CENTRE 7.64 ACRES > Physical Description > Parcel Numbers > Taxes > Zoning > Reports OFFER SUBMITTAL > Terms DISCLAIMER COLLIERS INTERNATIONAL P. 2

3 EXECUTIVE SUMMARY Rainbow Dunes Centre - ±7.64 ACRES/ ±106, 400 sq ft S. Rainbow Blvd. PROPERTY HIGHLIGHTS Rainbow Dunes Centre is a former K-mart superstore with twelve units of inline shop space. The property is situated on approximately 7.64 acres. The property is located on a signalized corner across from Target, Wal-Mart, Sam s Club, Radio Shack, Applebee s, Korea Town Shopping Center and public transportation on Rainbow. > Spring Mountain Frontage > Rainbow Frontage > 4.89 miles from the strip > The property is located 2.7 miles from China Town COLLIERS INTERNATIONAL P. 3

4 EXECUTIVE SUMMARY SUBJECT The Chinatown (or the Asian business district) extends for 2.5 miles (4.0 km). The western end terminates at Korea Town Plaza at the intersection of Spring Valley Road and Rainbow Boulevard. The Chinatown in the Las Vegas Valley is a series of large strip malls with ethnic Chinese and other pan-asian businesses on Spring Mountain Road, with the original called Chinatown Plaza. The Chinatown area is in Spring Valley, Nevada. It continues to grow as the Asian population in Las Vegas expands rapidly. The Chinatown area has gained much popularity, receiving national attention in a 2004 article by The Wall Street Journal. The Chinatown (or the Asian business district) extends for 2.5 miles (4.0 km). Public bus route #203 runs at half hour intervals starting from the bus stand next to the Fashion Show Mall near the base of the pedestrian bridge crossing from Treasure Island. Transit time on the bus to the district is from 8 to 18 minutes from the eastern end to western end. The western end terminates at Korea Town Plaza at the intersection of Spring Valley Road & Rainbow Boulevard. Greenland Supermarket is the anchor tenant in Korea Town Plaza, which has 90,000 square feet. The owners of the grocery store in October2009 estimated that Las Vegas has 200,000 Asian-Americans, of which 30,000 are Korean. The census bureau has previously estimated 128,594 Asian-Americans in their Community Survey for Clark County. But an additional 127,215 respondents checked the some other race category which may include many people who decline to choose a race with which they most closely identify. Another 10,036 responded Native Hawaiian and Other Pacific Islander and 60,416 responded two or more races. Adding in another 10% growth in county population since that time, the figure of 200,000 may be an underestimate. In comparison with the early 1990s when the size of the Chinese population was nominal, Las Vegas now has Chinese-language newspapers and a Chinese American Chamber of Commerce. COLLIERS INTERNATIONAL P. 4

5 AERIAL MAP Rainbow Dunes Centre - ±7.64 ACRES/ ±106, 400 sq ft S. Rainbow Blvd. COLLIERS INTERNATIONAL P. 5

6 AERIAL MAP Rainbow Dunes Centre - ±7.64 ACRES/ ±106, 400 sq ft S. Rainbow Blvd. PROPERTY AERIALS S. Rainbow Blvd. Spring Mountain Rd. S. Rainbow Blvd. LOOKING EAST LOOKING WEST COLLIERS INTERNATIONAL P. 6

7 PROPERTY DESCRIPTION Property Information S. Rainbow Blvd. RAINBOW DUNES CENTRE - ±7.64 ACRES/ ± 106,400 sq ft The 106,400 square-foot shopping center is located on the Northwest corner of Rainbow and Spring Mountain road. Regional Infrastructure: Rainbow Dunes Centre sits on the Northwest corner of Rainbow and Spring Mountain Rd miles from the Las Vegas Boulevard. The site also benefits from street frontage of both Spring Mountain and Rainbow. Property Details 3405 SOUTH RAINBOW BOULEVARD, LAS VEGAS, NV Property Type Retail Community Center Total Building Area: Approximately 106,400 square-feet Previous K-mart: Approximately 88,200 square-feet Inline Shops : Approximately 18,200 square-feet Stories: One Construction: Masonary Year Built: 1983 Land Area: Approximately 7.64 acres (332,791 SF) Parking: 236 surface spaces Zoning: C2 Commercial County: Clark Street Frontage: 668 feet on Rainbow 629 feet on Spring Mountain Signalized Intersection: Yes Dedicated Turn Lane Pylon Signs on both streets Public Transportation APN: S RAINBOW BLVD 3 MILE RADIUS Summary Demographics 2012 Population 192, Households 77, Median Disposable Income $38, Per Capita Income $24,677 COLLIERS INTERNATIONAL P. 7

8 PROPERTY DESCRIPTION Property Information Site Plan ROSANA ST. 420 SPRING MOUNTIAN RD. FORMER K-MART +/- 88, Inline shops Inline shops +/- 17,000 NAP *Square Footages Approximate RAINBOW BLVD. COLLIERS INTERNATIONAL P. 8

9 OFFER SUBMITTALS Offers Submittals & Terms ASKING PRICE SALE: $11,888, LEASE: $16.80 per Annum NNN JOINT VENTURE SUBMIT OFFER SUBMITTALS Thank you for your continued interest in Colliers International offering of the fee simple interest in the Rainbow Dunes Redevelopment Development Opportunity, in Las Vegas, NV. The following provides an outline for submittals and terms: All offers should be submitted to: Tom Naseef, CCIM, SIOR Sr. Vice President I Brokerage Services Direct Main Fax tom.naseef@colliers.com Jeff Naseef Associate Direct Main Fax jeff.naseef@colliers.com Colliers International 3960 Howard Hughes Parkway, Suite 150, Las Vegas, NV United States Offers will be evaluated based upon a combination of purchase price, transaction timing, closing certainty, and due diligence completed to date. At a minimum, offer submissions should include the following: > Terms Price > Deposit Amounts > Conditions of Purchase and Contingencies, if any > Proposed Due Diligence and Closing Timeframe > Description of Purchasing Entity with Resume/Schedule of recently acquired real estate > Due Diligence Completed to Date, and a timeline that includes a Due Diligence period not longer than 30 days. COLLIERS INTERNATIONAL P. 9

10 Disclaimer Colliers International has been engaged as exclusive representative to Seller and related companies, in connection with Seller s solicitation of offers for the purchase of The Rainbow Dunes Centre described in the Offering Memorandum. This Confidential Offering Memorandum shall govern said solicitation and potential sale, as it may be modified or supplemented and the definitive purchase agreement(s) governing the sale of the Asset ( Purchase Agreement(s) ). Prospective purchasers are advised that as part of the solicitation process, Seller will be evaluating a number of factors including the current financial qualifications of prospective purchasers. Prospective purchasers are further advised that the Seller expressly reserves the right in its sole and absolute discretion to evaluate the terms and conditions of any offer and to reject for any reason, or no reason, any offer without providing a reason therefore. Further, Seller reserves the right to terminate the solicitation process at any time prior to final execution of the Purchase Agreement(s) and to negotiate with any prospective purchaser individually or simultaneously with other prospective purchasers. This offering does not constitute a solicitation or an offer for the purchase of the Property or any portions thereof, nor a solicitation or offer to sell the Property or any portions thereof. Colliers International and Seller shall not incur any obligation or liability on account of this offering or any submission made in connection with this offering or any other reason. Condition of the Property Bids are invited for the Property on an As Is, Where Is basis, without representations or warranties of any kind, nature or description by Seller and Colliers International. Permits and Approvals Bidders should consult with local zoning and land use authorities regarding permitted uses and development of the Property. The Property will be conveyed subject to all local zoning and land use laws, regulations, ordinances, and procedures. Contingencies All bids should be submitted with a reasonable contingency period not to exceed 30 days. Expenses Seller shall not be liable for any costs or expenses incurred by any bidder in responding to this offering, in connection with the Property or under any other circumstances. All costs and expenses incurred by each bidder in connection with this offering or the Property will be borne by the bidder, including, without limiting the foregoing, all costs and expenses in connection with: surveys, reports, studies, research and other due diligence work, preparation of each bid, and advice and representation of legal counsel. Brokers Bids shall be accepted from Brokers with written authorization and principles. Seller shall pay Buyer s Broker s fee. 1.5% as a separate agreement. Submission of a bid by a bidder in response to this offering constitutes an undertaking by the bidder to hold harmless and indemnify and defend Seller and Colliers International from and against any and all expenses, damages or liability (including, without limiting the foregoing, attorneys fees and disbursements) arising out of any claim for such fees, commissions or other compensation made in connection with such bidder s response to this offering, selection or non-selection there under or execution (or non-execution) of a Purchase and Sale Agreement. While the Seller and Colliers International have no reason to believe that the information provided herein, or in any other Information provided, contains any material inaccuracies or omissions, neither the Seller, Colliers International, nor their affiliates, nor any of their respective officers, directors, shareholders, owners, employees, contractors, representatives, counsel, advisors, or agents make any representations or warranties, express or implied, as to the accuracy or completeness of the Information, including, without limitation, any financial projections, appraisals and Information as to engineering or environmental matters, or as to the future performance of the Assets. Without limiting the foregoing, prospective purchasers should realize that any financial projections are estimates only, and are based on assumptions and factors that may change in the future. Accordingly, any such projections, as well as any such appraisals, should not and may not be relied upon. Prospective purchasers should make their own projections, conduct their own appraisals and form their own conclusions without reliance upon the material contained herein or any other Information and should conduct their own due diligence, including engineering and environmental inspections, to determine the condition of the Assets and the existence of any potentially hazardous material located at the property sites or used in the construction or maintenance of the building(s) at such sites. The information furnished has been obtained from sources we deem reliable and is submitted subject to errors, omissions and changes. Although Colliers International has no reason to doubt its accuracy, we do not guarantee it. The recipient prior to any purchase, exchange or execution of legal documents should verify all information. Acquisition of the Assets described herein involves a high degree of risk and is suitable only for persons and entities of substantial financial means who have no need for liquidity and who can hold the Assets indefinitely and bear the partial or entire loss of the value of such Assets. BY ACCEPTING THIS COPY OF THIS CONFIDENTIAL OFFERING MEMORANDUM, THE RECIPIENT (1) AGREES NOT TO COPY, DISTRIBUTE, DISCUSS OR OTHERWISE DISCLOSE THIS CONFIDENTIAL OFFERING MEMORANDUM OR THE CONTENTS HEREOF OR ANY OTHER RELATED INFORMATION PROVIDED BY SELLER, OR BY COLLIERS INTERNATIONAL, TO ANY PERSON, OTHER THAN EMPLOY- EES OR AGENTS OF RECIPIENT EVALUATING THIS INVESTMENT OPPORTUNITY ON BEHALF OF RECIPIENT, WITHOUT THE PRIOR WRITTEN CONSENT OF SELLER, AND (2) CONFIRMS THAT IT IS A QUALIFIED PURCHASER. COLLIERS INTERNATIONAL P. 10

11 3405 South Rainbow Blvd. Las Vegas Redevelopment Opportunity COLLIERS INTERNATIONAL NASEEF ADVISORY Tom Naseef, CCIM, SIOR Jeff Naseef Howard Hughes Pkwy., Ste 150 Las Vegas, Nevada T F vegas