POINT WEST PLAZA. Sacramento, California $27,500,000. Summary Brochure Contact broker for full offering memorandum

Transcription

1 POINT WEST PLAZA Sacramento, California $27,500,000 Summary Brochure Contact broker for full offering memorandum

2 Executive Summary Property Point West Plaza Arden Way Sacramento, CA List Price $27,500,000 Cap Rate 7.1% Price Per Sq Ft $230 PSF Occupancy 100% Total GLA 119,619 SF Traffic Counts Exposition Blvd 36,000 VPD Arden Way 51,000 VPD Attractive Assumable In-Place Financing Approx Loan Amount $16,858,000 (as of 9/1/2018) Cash Required $10,641,000 (39%) Interest Rate 5.25% Maturity Date September 2034 Assumption Fee 0.5% Lender Thrivent Financial Exclusively Listed by: Mark Denholm CA BRE # John DuBois CA BRE # Jon Gianulias CA BRE # Point West Plaza 2

3 Highlights Attractive in-place assumable financing at a current market interest rate of 5.25% with good leverage of approximately 60% of the purchase price. This loan eliminates any interest rate risk until the September 2034 maturity date. Point West Plaza is situated in the heart of the most active retail corridor in Sacramento, across the street from the super-regional Arden Fair Mall and near other shopping centers with significant retail traffic generators. In addition to the regional retail draw, the center benefits from proximity to over 2.3 million square feet of professional office space and Cal Expo, home of the California State Fair and many trade expositions. National tenants on long-term leases with fixed rental increases that provide an 18% increase in NOI over a 10-year holding period. Both Old Navy and Pier 1 Imports relocated their stores from within the trade area to Point West Plaza. Both tenants made substantial investments to improve their market position, and according to management both tenants have experienced substantial increases in sales. Famous Footwear is consolidating two existing store locations to Point West Plaza with an estimated November 2018 opening date. Recently redeveloped center with no deferred maintenance. Point West Plaza 3

4 Aerial View Arden Fair Mall Nordstrom, Macy s, JC Penney, Sears, Apple, Coach, Lululemon, Michael Kors Market Square at Arden United Artists Theatre Barnes & Noble Ulta, Urban Outfitters Best Buy & DSW Urban Air Adventure Park Coming Soon New Starbucks & Retail Center Coming Soon Point West Plaza Point West Plaza 4

5 Trade Area Retailers Arden Fair Mall 167,000 VPD ARDEN WAY 51,000 VPD EXPOSITION BLVD 36,000 VPD HOWE AVE Howe Bout Arden ARDEN WAY Point West Plaza ETHAN WAY WATT AVE AMERICAN RIVER Point West Plaza 5

6 Demographics Radius 3 Miles 5 Miles 10 Miles Estimated 2017 Population 143, ,974 1,137,205 Average Household Income $77,992 $80,408 $80,377 Daytime Population (Employees) 83, , ,679 Total Businesses 9,103 23,711 45,606 Point West Plaza 6

7 Nearby Retail Tenants (NAP) Point West Plaza 7

8 POINT WEST PLAZA 2264 Fair Oaks Blvd, Suite 201 Sacramento, CA Exclusively listed by: Mark Denholm CA BRE # John DuBois CA BRE # Jon Gianulias CA BRE # Contact brokers for full Offering Memorandum COPYRIGHT ALL RIGHTS RESERVED. CORE Commercial ( Agent ), CA DRE Lic , has presented this brief, selected information pertaining to the Property and shall not be considered all-inclusive or unchanged since the date of preparation. No warranty as to the accuracy or completeness is expressed or implied. The information has been received from sources believed to be reliable but is not guaranteed. Prospective purchasers and tenants should independently verify each item of information and have the same reviewed by its tax advisor and/or legal counsel. The Property is being offered on an as-is, where-is and with all faults basis unless otherwise specified. Owner reserves the right to withdraw this offering at any time, without further notice, with or without cause. Point West Plaza 8