Min e r a l Ki n g Pl a z a - visalia, Ca

Transcription

1 Min e r a l Ki n g Pl a z a - visalia, Ca DuBois Gianulias $8,250,000 Exclusively Offered By Jon Gianulias Senior Vice President jon.gianulias@cbre.com mineral king ave John DuBois Senior Vice President john.dubois@cbre.com Mark Denholm Associate m a r k. d e n h o l c b r e. c o m Erik Litvinchuk Sales Assistant erik.litvinchuk@cbre.com 198 w noble ave CB Richard Ellis, Inc. 555 Capitol Mall, Suite 100 Sacramento, California Fax: linwood rd For more information, please go to

2 Min e r a l Ki n g Pl a z a 4315 w noble avenue visalia, California highlights In-Line Retail, Shadow Anchored by Vons and Longs Drugs Consists of Five Separate Parcels Stable Investment 96% Leased To Be Delivered Free and Clear of Debt summary Accepting Offers Immediately Price: $8,250,000 Cap Rate: 7.1% Projected NOI: $585,709 Property: Leasable Space Included: Land Included: 4315 W Noble Ave Visalia, CA ±39,060 SF ±3.065 Acres Year Built: demographics property description Our offering of Mineral King Plaza includes the ±39,060 SF of shops space within Mineral King Plaza Shopping Center, a grocery and drug center anchored by Vons (Not A Part) and Longs Drugs (Not A Part). The Offering is consists of in-line shops (currently demised into 12 in-line suites), two junior anchors and a pad demised into two suites. Two significant tenants in the center included in the offering are Chuck E Cheese s and Tuesday Morning. 1 Mile 3 Mile 5 Mile 2006 Population (est) 16,196 84, ,380 Population Growth ( ) 11.9% 17.2% 17.5% Average Household Income $62,746 $63,556 $63,151 market description With a population of over 107,000, Visalia is a gateway to the Sequoia National Forest, Sequoia and Kings Canyon National Park and the Sequoia National Monument, hosting millions of visitors each year. Visalia is a regional trading center serving an estimated 500,000 people living in Tulare County, southern Fresno County, Kings County, and northern Kern County. This regional draw provides a large customer base for Mineral King Plaza s tenants. Over the past 10 years, the city has averaged approximately 40 percent of the retail sales in Tulare County, while having 27 percent of the population. Visalia is located midway between Fresno and Bakersfield, with affordable airport shuttle service between the two airports and Visalia.

3 financial summary Income 7/08-6/09 In-Place Proforma Min. Rent, In-Place 550, ,100 Min. Rent, Vacancy 71,111 Reimbursements, In-Place 205, ,398 Reimbursements, Vacancy 18,584 Other Income 1 4,355 4,355 Total Gross Income 759, ,548 Vacancy Allowance 2 3% (18,513) Effective Gross Income 759, ,035 Expenses 3 CAM Expenses 113, ,365 Insurance 15,455 15,455 Property Taxes 91,657 91,657 Management Fees 4% 22,004 24,849 Total Expenses (242,481) (245,326) Net Operating Income $517,372 $585,709 Footnotes: 1. Misc. per Seller's budget (undefined) plus tenant-specific mgmt 2. Total general vacancy, excluding CAM from NAP anchors 3. Based on 2006 Year-End Income and Expense statement Tenant Sales information will be available to interested parties upon request. Please contact us for further information. D uboi s Gi a n u l i a s

4 Min e r a l Ki n g Pl a z a 4315 w noble avenue visalia, California site plan Tuesday Morning parcel map 4335 NOT TO SCALE -- ALL DIMENSIONS ARE APPROXIMATE. = AVAILABLE

5 rent roll Rentable Increases Suite Tenant Sq Ft (±) Share Start End Annual Rent Mon. Rent $/Sq. Ft. On To Options / Comments 4117 Check Into Cash 1, % Sep-05 Sep-08 $19,200 $1, $1.60 Option $1,750 1, 3-yr option at $1,750/mo, fixed 4121 Scotty's Donuts % Jul-96 Mar-13 $16,200 $1, $1.80 Fixed None 4125 Copy Pack N Ship 1, % Dec-95 Jun-12 $27,000 $2, $1.80 Jul-08 $2,338 None Annually 4% 4129 Cigarettes 4 Less % Aug-02 Aug-12 $21,600 $1, $2.00 Annually 3% None Remain 4133 Fashion Nail % Jul-00 Aug-10 $17,988 $1, $1.67 Fixed None 4137 Port of Subs % Sep-03 Mar-12 $22,680 $1, $2.10 Sep-08 $1,989 None Annually 5% 4141 LA Weight Loss 1, % Jun-03 Apr-08 $24,672 $2, $1.14 Option CPI 2-6% 2, 5-yr options with annual CPI increases of 2-6% Annually CPI 2-6% 4231 Dollar Zones 3, % Apr-06 Mar-13 $38,840 $3, $1.03 Apr-09 $3,366 1, 7-yr option with 5% annual increases Annually 4% 4239 Visalia Family Dentistry 2, % Sep-03 Aug-08 $40,836 $3, $1.62 N/A None 4247 Tuesday Morning 6, % Dec-04 Jan-10 $60,000 $5, $0.83 Option 1 $5,450 2, 5-yr options at set rents Option 2 $5, Sally Beauty 1, % Oct-90 Oct-12 $29,748 $2, $1.42 Fixed None Remain 4337 Fun Time Cuts 1, % Oct-06 Sep-11 $11,588 $ $0.77 Oct-08 $995 1, 3-yr option with 3% annual increases Oct-09 $1,350 Oct-10 $1, Armed Forces Recruiting 3, % Sep-05 Sep-08 $88,200 $7, $1.96 N/A None 4345 Chuck E Cheese's 10, % Mar-83 Mar-13 $127,274 $10, $1.04 Fixed None Remain Subtotal Leased 35, % $45, $1.27 Average In-Place Rents 4111 Available 1, % Availlable 4303 (Edible Arrangements) 1, % Vacating 2Q08 Subtotal Available 3, % TOTAL OFFERING GLA 39,060 Not a Part of Offering 501 Carl's Jr 4, Something Fresh 3, Vons 40, Arby's 2, Longs Drugs 25,905 TOTAL CENTER 115,336 D uboi s Gi a n u l i a s

6 Min e r a l Ki n g Pl a z a 4315 w noble avenue visalia, California Min e r a l Ki n g Pl a z a vons The first Vons was opened in 1906 as a small grocery in Los Angeles. By 1928, there were 87 Vons stores, operating with a focus on cash and carry sales. After WWII the chain focused on offering pre-packaged perishables to offer self-service produce and deli. By the 1970s there were 160 Vons stores. The chain now stretches from San Diego to Fresno, from Clark County, Nevada to the Pacific. Its 325 stores serve millions of Southern Californians and Nevadans. longs drug Longs Drug Stores is a leading drugstore chain with about 500 stores in the western US and Hawaii. Longs prides itself on customer service and on giving store managers autonomy to select merchandise. Longs stores add local flavor by carrying specialty items popular in the neighborhoods they serve. With larger stores than its rivals -- such as CVS and Walgreen -- the company surpasses the industry average when it comes to selling higher-margin, front-store items such as cosmetics, food, greeting cards, and over-the-counter medications. Longs Drug s RxAmerica subsidiary provides pharmacy benefit management services. Chuck E Cheese s tuesday morning Tuesday Morning CEC Entertainment operates the Chuck E. Cheese s chain of pizza parlors, with more than 500 locations throughout the US and in Canada. The restaurants, which are especially popular for birthday parties, feature dining-room entertainment provided by robotic characters, arcade games, and other activities targeting families with young children. The menu includes a variety of pizzas, sandwiches, salads, and desserts. CEC Entertainment owns about 475 of their restaurants, while the remaining few are franchised. Tuesday Morning is a closeout retailer offering discontinued merchandise from name-brand manufacturers at steep discounts. Its merchandise typically includes linens, china, cookware, rugs, and collectibles. Tuesday Morning s 730-plus stores, located in 46 states, operate only during monthly sales events (with the exception of January and July). The retailer keeps costs down by selling from low-rent locations and using seasonal help -- less than 25% of its workers are full-time employees.

7 cash flow Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 For the Years Ending Jun-2009 Jun-2010 Jun-2011 Jun-2012 Jun-2013 Jun-2014 Jun-2015 Jun-2016 Jun-2017 Jun-2018 Potential Gross Revenue Scheduled Base Rental Revenue 621, , , , , , , , , ,556 Total Reimbursement Revenue 223, , , , , , , , , ,349 Other Income 2,286 2,319 2,354 2,390 2,425 2,461 2,499 2,536 2,573 2,613 Tenant-Specific Mgmt 2,069 2,164 2,259 2,224 1,940 2,094 2,158 2,222 2,290 2,358 Total Potential Gross Revenue 849, , , , ,456 1,151,121 1,204,990 1,239,976 1,275,989 1,312,876 General Vacancy (18,513) (15,683) (25,305) (23,585) (22,003) (34,106) (35,096) (36,112) (37,153) Effective Gross Revenue 831, , , , ,456 1,129,118 1,170,884 1,204,880 1,239,877 1,275,723 Operating Expenses R&M 24,062 24,783 25,528 26,291 27,081 27,896 28,730 29,593 30,480 31,395 Janitorial 36,517 37,612 38,740 39,903 41,100 42,333 43,601 44,912 46,258 47,646 HVAC 5,451 5,616 5,782 5,958 6,136 6,318 6,509 6,706 6,906 7,114 Parking Repair 5,853 6,029 6,209 6,398 6,587 6,786 6,989 7,199 7,414 7,638 Signage Security ,007 Trash 11,833 12,187 12,551 12,930 13,316 13,718 14,128 14,552 14,987 15,440 Tenant Expense 2,526 2,601 2,680 2,759 2,842 2,928 3,015 3,106 3,200 3,294 Electricity 19,467 20,051 20,651 21,273 21,909 22,567 23,245 23,942 24,659 25,400 Water 6,400 6,591 6,789 6,994 7,202 7,419 7,641 7,871 8,107 8,349 Liability Policy 7,525 7,753 7,983 8,223 8,470 8,726 8,986 9,256 9,533 9,819 Property Policy 7,930 8,166 8,412 8,665 8,924 9,190 9,469 9,753 10,043 10,347 Property Taxes 91,657 93,490 95,360 97,269 99, , , , , ,539 Management Fee 24,849 26,130 28,283 29,055 29,166 33,977 35,418 36,479 37,576 38,702 Total Operating Expenses 245, , , , , , , , , ,320 Net Operating Income 585, , , , , , , , , ,403 Leasing & Capital Costs Tenant Improvements 7,750 15,914 2,387 5,947 56,909 20,751 Leasing Commissions 18,658 32,837 5,747 14, ,672 49,956 Capital Reserves 11,708 12,058 12,419 12,793 13,175 13,572 13,978 14,399 14,828 15,276 Total Leasing & Capital Costs 38,116 60,809 20,553 33, ,756 84,279 13,978 14,399 14,828 15,276 Cash Flow Before Debt Service 547, , , , , , , , , ,127 w noble ave 198 mineral king ave D uboi s Gi a n u l i a s

8 VISALIA, CALIFORNIA Area Malls & Major Retailers AVENUE 328 I V A N H O E 99 ELDER AVE G O S H E N 0 1 / 2 1 M i l e s CAMP CAMP CAMP CAMP CAMP CAMP CAMP CAMP CAMP DR DR DR DR DR DR DR DR DR ALTA AVE VISALIA MUNICIPAL AIRPORT AVENUE W GOSHEN AVE SUBJECT PROPERTY VISALIA MARKETPLACE Albertsons, Rite Aid, Kmart, Montgomery Ward (Dark) MINERAL KING PLAZA Vons, Longs Drugs mineral king plaza 198 VISALIA MALL Gottschalk's, JCPenney VISALIA VILLAGE Save Mart, Rite Aid Home Depot CALDWELL AVE ROAD 92 Rite Aid RANCHO VIEJO Save Mart N AKERS ST VISALIA PAVILION WinCo Foods SEQUOIA MALL Sears, Mervyn's, Blockbuster N DEMAREE ST W WALNUT AVE AVENUE 264 N MOONEY BLVD W HOUSTON AVE Big Lots OSH FoodsCo, Staples W RIGGIN AVE V I S A L I A CB Richard Ellis, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction Seller herby advises receiving party that Seller is not currently the owner of the property, and receiving party expressly acknowledges and understands that any transaction contemplated herein is expressly subject to and conditioned upon Seller becoming the owner of the Property pursuant to successful completion of the pending merger between seller and Pan Pacific Retail Properties, Inc. 63 W MAIN ST S COURT ST Copeland Sports Wal-Mart Target TOWN & COUNTRY VILLAGE S MOONEY BLVD W WHITENDALE AVE E OAKDALE AVE ROAD 132 Fairway IGA Mkt., Family Bargain Center Sunset Market E GOSHEN AVE Sentry Foods IVANHOE DR N LOVERS LN E WALNUT AVE VALLEY OAK Office Depot, Michaels, Dollar Tree, Western Warehouse SEQUOIA PLAZA Costco, Circuit City, Pier 1 (Dark) PACKWOOD CREEK Target, Lowe's, Best Buy, Pier 1, Sport Chalet Food Maxx AVENUE MARY'S VINEYARD PLAZA Save Mart, Longs Drugs, Blockbuster John DuBois john.dubois@cbre.com Mark Denholm mark.denholm@cbre.com Jon Gianulias jon.gianulias@cbre.com Joe DuBois joe.dubois@cbre.com