Village Fair Shopping Center

Transcription

1 Village Fair Shopping Center PuyALLUP, WA Neighborhood Grocery Anchored Retail Center in Seattle MSA 611 South Meridian Street, Puyallup, WA [ ]

2 PRICE: $8,790,000 CAP: 5.4% Investment Highlights LEASABLE SF...±50,101 SF LAND AREA...±148,540 SF LEASE TYPE NNN ORIGINAL CONSTRUCTION PARKING...±188 Spaces or 3.8/1,000 SF CORE CHARACTERISTICS SAFEWAY ANCHOR WITH 50-YEAR TENURE AND CONSISTENT STORE SALES TRENDING UPWARD NEW 10-YEAR TERM WITH JUNIOR ANCHOR, ACE HARDWARE SUCCESSFUL ACE HARDWARE FRANCHISEE OPERATES EIGHT LOCATIONS IN WASHINGTON CLOSE PROXIMITY TO PUYALLUP FAIRGROUNDS AND 1.1M ANNUAL VISITORS LIMITED GROCERY COMPETITION IN IMMEDIATE TRADE AREA LOW BASE RENTS ACROSS THE ENTIRE CENTER AND MINIMAL NEAR TERM ROLLOVER. ADDRESS: 611 South Meridian Street, Puyallup, WA VILLAGE FAIR SHOPPING CENTER 2

3 Site Plan S Meridian 10,450 Daily CLASSY CHASSIS CAR WASH BOURBON STREET BAR & GRILL 7th Ave SE AVAILABLE - RENT GUARANTEED WEIGHT WATCHERS KYOTO TERIYAKI AMOCAT SPEED IMPORIUM APARTMENT APARTMENT 4th Ave SE 2nd St SE SITE PLAN KEY PARCEL OUTLINE: LAND AREA: BUILDING AREA: NOT A PART: INGRESS/EGRESS: ±148,540 SF ±50,101 SF *Site Plan Not To Scale VILLAGE FAIR SHOPPING CENTER 3

4 Retail ,000 DAILY SOUTH HILL MALL Applebee s BJ s Restaurant Macy s Olive Garden Red Robin Regal Cinemas ADDITIONAL RETAIL Armstrong Fitness Bed Bath & Beyond Best Buy Big Lots Burger King Chipotle Mexican Grill Denny s Dollar Tree Domino s Pizza FedEx Office Print & Ship Center Five Guys Burger & Fries Fred Meyer Goodwill Haggen Market Home Depot Jack in the Box Les Schwab Tire Center Little Caesars Pizza Lowe s McDonald s Men s Wearhouse Sears Target Toys R Us CLICK HERE FOR FULL LIST OF RETAILERS Michaels Office Depot Papa John s Pizza Papa Murphy s Petco Ram Restaurant & Brewery Ross Dress for Less Safeway Shari s Restaurant & Pies Sleep Train Mattress Centers Sports Authority Sportsman s Warehouse Starbucks Taco Bell Taco Del Mar Taco Time Total Wine & More Tractor Supply Co UPS Store Walgreens Walmart Wendy s 82,000 DAILY 512 Village Fair Shopping Center SOUTH HILL MALL 10,450 DAILY 161 S MERIDIAN ,000 DAILY MULTICARE GOOD SAMARITAN HOSPITAL

5 Aerial THE WASHINGTON STATE FAIR IS ONE OF THE TEN LARGEST FAIRS IN THE UNITED STATES AND ATTRACTS MORE THEN 1.1 MILLION VISITORS TO THE IMMEDIATE AREA EVERY YEAR. PUYALLUP HIGH SCHOOL ,450 DAILY Village Fair Shopping Center KALLES JUNIOR HIGH SCHOOL 512 S MERIDIAN VILLAGE FAIR SHOPPING CENTER 5

6 Featured Photos VILLAGE FAIR SHOPPING CENTER 6

7 Demographics POPULATION 139,733 RESIDENTS VILLAGE FAIR SHOPPING CENTER 1-Mile 3-Miles 5-Miles ,607 59, , ,711 60, , ,981 63, ,321 1 MILE 3 MILES 2015 HH INCOMES 1-Mile 3-Miles 5-Miles AVERAGE $61,334 $76,074 $78,512 MEDIAN $49,516 $61,244 $64,063 5 MILES VILLAGE FAIR SHOPPING CENTER 7

8 Financial Summary Target Price Range PRICE $8,790,000 Capitalization Rate 5.40% Price Per Foot $175 NET OPERATING INCOME SUMMARY SCHEDULED INCOME Per SF Scheduled Rent: 12/1/2016 $7.16 $358,842 Plus: Expense Reimbursement $3.80 $190,454 Plus: Percentage Rent¹ $2.79 $140,000 Plus: Other Income² $0.03 $1,550 Equals: Scheduled Gross Income $13.79 $690,846 Vacancy Factor* 5% ($0.32) ($16,121) Equals: Effective Gross Income (EGI) $13.47 $674,725 Less: OPERATING EXPENSES Per SF CAMS $1.79 $89,585 Property Taxes $1.47 $73,748 Insurance $0.26 $13,000 Management Fee 3.5% of EGI $0.47 $23,615 Total Operating Expenses $3.99 ($199,948) Equals: NET OPERATING INCOME $9.48 $474,777 *Vacancy factor excludes Safeway 1) Based on Safeway's annual sales. 2) Based on seasonal parking income related to the Puyallup Fair. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. VILLAGE FAIR SHOPPING CENTER 8

9 Rent Roll TENANT INFO LEASE TERMS CURRENT RENT RENT INCREASES OPTIONS LEASE TYPE Tenant Name Size % of SF Occupancy Lease Monthly Base Date of Monthly Base Additional Rent/SF/YR Date Expiration Rent Increase Rent Annual Safeway 26, % 9/1/66 8/31/21 $5,549 $ Yr NNN comments: Tenants option periods renew automatically unless 180 days notice is See Comment given. 1st option period is flat, final two options at $6,104.08/month. Percentage 180 Days Notice rent for Safeway will equal 2% of gross sales less base rent. Weight Watchers 1, % 9/1/12 8/31/17 $2,400 $ YR NNN comments: Exclusive for a weight management center. $2/SF Increase 180 Days Notice RAC 4, % 11/8/04 12/31/19 $5,163 $13.50 NNN comments: Exclusive for a rent-to-own store. Co-tenancy clause with Safeway, tenant has the right to terminate if anchor space is vacant for six months. Guaranteed by RAC corporate. Tenant has one-time termination right on 12/31/2017 given 180 days notice and termination fee of $30,976. Kyoto Teriyaki 1, % 11/25/92 11/30/19 $2,414 $ /1/17 $2, YR NNN 12/1/18 $2,561 FMR > Prior 180 Days Notice Classique Hair & Nails % 4/11/02 12/31/17 $700 $11.20 NNN 180 Days Notice Yoga Soleil 1, % 11/2/15 12/31/18 $950 $8.93 1/1/18 $1, YR NNN comments: Tenant still in free rent period, with full rent to commence in January FMR Lease is personally guaranteed. Landlord has relocation right with 90 days 180 Days Notice notice and payment of reasonable relocation expenses. Ace Hardware 8, % 2/14/08 4/30/25 $7,079 $ /1/20 $7, YR NNN comments: New owner took over Ace store in May Operator has long 95% of FMR history of hardware store operations and currently runs eight stores statewide. 180 Days Notice Exclusive for a hardware store. Available - Rent Guarantee 5, % $5,649 $13.50 NNN comments: Seller will guarantee rent for one year period if not leased by close of escrow. Totals: 50, % $29,903 $7.16 $0 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. VILLAGE FAIR SHOPPING CENTER 9

10 Operating Expenses PROJECTED OPERATING EXPENSES REIMBURSEMENTS Total /SF Notes CAMS $89,585 $ $89,585 Property Taxes $73,748 $ $73,748 Insurance $13,000 $ $13,000 Management $23,615 $ $14,121 Total Expenses $199,948 $3.99 $190,454 Notes: 1) Based on 2016 Operating Budget 2) Based on 216 Pierce County Tax Assessment 3) Based on 3.5% of EGI. Reimbursements include Admin Fees. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. VILLAGE FAIR SHOPPING CENTER 10

11 Reimbursements Tenant Name Pro Rata % CAMS Property Taxes Insurance Management Admin Fee Expense Total $89,585 $73,748 $13,000 $23,615 Admin Collected Notes Tenant Totals Safeway 53.33% $47,776 $39,330 $6,933 7% $1,575 1, 2 $95,614 Weight Watchers 3.19% $2,861 $2,355 $415 $754 $6,385 RAC 9.16% $8,206 $6,755 $1,191 15% $1,407 3, 4 $17,558 Kyoto Teriyaki 3.29% $2,950 $2,429 $428 $778 15% $1,891 4 $8,476 Classique Hair & Nails 1.50% $1,341 $1,104 $195 $354 15% $390 4 $3,383 Yoga Soleil 2.55% $2,283 $1,880 $331 $602 $5,096 Ace Hardware 16.96% $15,190 $12,505 $2,204 $4,004 $33,903 Available - Rent Guarantee 10.02% $8,978 $7,391 $1,303 $2,367 $20,038 TOTAL % $89,585 $73,748 $13,000 $8,858 $5,263 $190,454 Notes: 1) Admin Fee is collected in lieu of management fee. 2) Admin Fee based on controllable CAM charges, excluding taxes, insurance, and utilities. 3) Management and Admin Fees cannot exceed 15% of CAMs. 4) Admin Fee based on percentage of CAMs only. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. VILLAGE FAIR SHOPPING CENTER 11

12 A unique HUMAN RESULTS-DRIVEN client experience THE CAPITAL PACIFIC EXPERIENCE - OUR DAILY COMMITMENT TO OUR CLIENTS [ ] SEAN TUFTS stufts@capitalpacific.com (206) DAVID GELLNER dgellner@capitalpacific.com (206) SCOTT FRANK sfrank@capitalpacific.com (503) KEVIN ADATTO kadatto@capitalpacific.com (503) MICHAEL HORWITZ mhorwitz@capitalpacific.com (503) PETER DUNN pdunn@capitalpacific.com (503) SEAN MACK smack@capitalpacific.com (503) [ Copyright 2016 Capital Pacific LLC ]