Value-Add Investment Offering

Transcription

1 Value-Add Investment Offering 1 Palomar Triad 2011 Palomar Airport Road, Carlsbad, CA Waples Industrial Centre 9540 & 9550 Waples Street, San Diego, CA Del Abeto Commerce Center 6352 & 6354 Corte Del Abeto, Carlsbad, CA % Leased, Stabilized & Diverse, Value-Add INVESTMENT 210,038 SF office, Flex & Industrial in 4 PROJECTS / 9 BUILDINGS Carlsbad, Sorrento Mesa, Mira Mesa/Miramar Mira Este Business Park 9225, 9245, 9265 & 9285 Dowdy Drive, San Diego, CA

2 INVESTMENT SUMMARY 210,038 SF 4 Properties 9 Buildings 91.4% LEASED Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity for an investor to acquire a dynamic collection of office, flex and industrial buildings located in the highly sought after submarkets of Carlsbad, Sorrento Mesa and Miramar/Mira Mesa within North & Central San Diego County. The Portfolio encompasses a total of 210,038 square feet of space in 9 buildings within 4 properties: Palomar Triad, Del Abeto Commerce Center, Waples Industrial Centre and Mira Este Business Park ( the Portfolio ). Each building is designed with contemporary architectural aesthetics, flexible floor plates, extensive landscaping and on-site amenities, all creating spectacular corporate environments. The Portfolio also features amenity-rich locations with exceptional access to freeways, prominent corporations, and executive housing. The Portfolio is 91.4% leased to a diverse array of 135 tenants that collectively provide stable cash flow with varied expirations through In-Place Rents 13.9% Below Market 44.8% rollover in Year-1 PRIME LOCATIONS WITH Strong MARKET FUNDAMENTALS OFFERS WILL BE ACCEPTED FOR THE PROPERTIES TOGETHER OR INDIVIDUALLY. OFFERS WILL BE REVIEWED AS SUBMITTED. NO FORMAL CALL FOR OFFERS DATE AT THIS TIME % of the tenants that occupy the Portfolio occupy less than 10% of the rentable area within each project, providing diversity that creates insulation from market and rent roll fluctuations. The Portfolio offering represents a fantastic value-add opportunity, as approximately 44.8% of the in-place leases expire by the close of Year-1, while a well-balanced lease expiration schedule with stable income continue thereafter through The in-place rents average 13.9% below market significantly enhance value and capture additional income through current and future lease-up. Additionally, the Portfolio benefits from the market s outstanding fundamentals, where availability is exceptionally limited, demand remains high and rental rates are strong. These positive market fundamentals, combined with the Portfolio s quality, flexibility, superb locations and potential upside create a fantastic opportunity for an investor to acquire a critical mass of diversified real estate in North and Central San Diego County.

3 Investment Advisors MARK AVILLA Senior Director T CA Lic JUSTIN HALENZA Senior Director T CA Lic MICHAEL MAHONEY Director T CA Lic Financial Analysis STEVEN HILDEBRAND Managing Director T CA Lic IAN BRADLEY Financial Analyst T CA Lic Debt & Equity GARY GOSS Managing Director T CA Lic OCEANSIDE CAMP PENDLETON CARLSBAD LEUCADIA ENCINITAS SOLANA BEACH DEL MAR LA JOLLA PACIFIC BEACH MISSION BEACH OCEAN BEACH 76 DEL ABETO PALOMAR TRIAD 5 VISTA SAN MARCOS SORRENTO VALLEY MIRAMAR WAPLES INDUSTRIAL KEARNY MIRA ESTE MESA RANCHO BERNARDO MISSION VALLEY 15 DOWNTOWN ESCONDIDO POWAY SANTEE LEMON GROVE 8 EL CAJON Aviara Parkway, Suite 100 Carlsbad, CA T F CORONADO NATIONAL CITY 54

4 1Palomar Triad 46,550 SF Class A Multi-Tenant Office Building 85.5% LEASED 1987 / 2013 YEAR BUILT / Renovated 4.1/1,000 USF Parking Ratio BUILDING SIZE SUMMARY 46,550 Square Feet BUILDING TYPE 3-Story, Steel-Frame Class A Multi-Tenant Office MARKET / SUBMARKET Carlsbad, CA North San Diego County PERCENT LEASED 85.5% # OF TENANTS 13 Tenants IN-PLACE NOI $591,660 IN-PLACE RENTS 16.8% Below Market APN# LOT SIZE 4.87 AC (212,137 SF)

5 2011 Palomar Airport Road, Carlsbad, CA Quality Class A Multi-Tenant Office Building Oversized lot provides opportunity for enhancements & Amenities In-Place Rent are 16.8% below Market Distinctive architectural Designs and High-Quality Improvements PALOMAR AIRPORT ROAD 2011 CAMINO VIDA ROBLE Prominent location on main thoroughfare in a premier office market

6 Del Abeto Commerce Center2 63,893 SF 2-Building Multi-Tenant Flex / Industrial 100% LEASED 1986 YEAR BUILT 2.4/1,000 SF Parking Ratio SUMMARY BUILDING SIZE 63,893 Square Feet BUILDING TYPE (2) Reinforced Concrete Multi-tenant Flex/Ind MARKET / SUBMARKET Carlsbad, CA North San Diego County PERCENT LEASED 100% # OF TENANTS 10 Tenants IN-PLACE NOI $622,678 IN-PLACE RENTS 9.5% Below Market APN# LOT SIZE 5.78 AC (251,777 SF)

7 6352 & 6354 Corte Del Abeto, Carlsbad, CA Highly Sought After, 93% Leased Multitenant Industrial Submarket 360,000 SF of positive net absorption YTD 2018 in Carlsbad Diverse industry clusters driving demand in Carlsbad include Action Sports, General Manufacturing, Medical Device, Information & Communications and Clean Tech. Approximate 62.4% Tenant Rollover within Year-2 CORTE DEL ABETO In-Place Rent are 9.5% below Market CAMINO VIDA ROBLE

8 3Waples INDUSTRIAL Centre 35,294 SF 2-Building Multi-Tenant Flex / Industrial 88.1% LEASED 1988 YEAR BUILT 3.57/1,000 SF Parking Ratio BUILDING SIZE SUMMARY 35,294 Square Feet BUILDING TYPE (2) Reinforced Concrete Multi-tenant Flex/Ind/Retail MARKET / SUBMARKET Sorrento Mesa Central San Diego County PERCENT LEASED 88.1% # OF TENANTS 9 Tenants IN-PLACE NOI $306,156 IN-PLACE RENTS 16.9% Below Market APN# & 24 LOT SIZE 2.0 AC (87,120 SF)

9 9540 & 9550 Waples Street, San Diego, CA Highly Sought After, 95% Leased Multi-tenant Industrial Submarket Development scarcity High Barriers to entry Located in San Diego s Premier tech Market, Sorrento Mesa WAPLES STREET Approximate 40% Tenant Rollover in year-1 In-Place Rent are 16.9% below Market 9550 MIRA MESA BOULEVARD 9540 HUENNEKENS STREET

10 4Mira Este Business Park 64,301 SF 4-Building Multi-Tenant Flex / Industrial / office 88.8% LEASED YEAR BUILT 3.06/1,000 SF Parking Ratio BUILDING SIZE SUMMARY 64,301 Square Feet BUILDING TYPE (4) Masonry constructed Multi-tenant Flex/Industrial MARKET / SUBMARKET Mira Mesa/Miramar Central San Diego County PERCENT LEASED 88.8% # OF TENANTS 103 Tenants IN-PLACE NOI $556,680 IN-PLACE RENTS 12.9% Below Market APN# & 41 LOT SIZE 2.86 AC (124,582 SF)

11 9225, 9245, 9265 & 9285 Dowdy Drive, San Diego, CA Highly Sought After, 87% Leased Industrial / FLEX Submarket 800k SF of positive Net Market Absorption in the past 6 years Submarket boasts continuous demand, supply constraints & rent growth 9285 Superior location, Quality & Flexibility Have Led to Historical high tenant retention DOWDY DRIVE Approximate 89% Tenant Rollover in year-1 MIRAMAR ROAD