1130, SE EVERETT MALL WAY EVERETT WA 98208

Transcription

1

2 OFFERING MEMORANDUM SUMMARY Everett Village Center is an institutional quality, 100% leased, superbly located retail center in the heart of the Everett trade area adjacent to Everett Mall. All tenants, with the exception of Jersey Mike s, have been at the center since the initial construction and opening over ten years ago, and have demonstrated the strength of this location and trade area with their performance and recent renewals. All tenants are nationally recognized credit tenants with strong sales. The stability, combined with the upside through the Bank of America pad, provide a great story. With its superb location, Everett Village will not be out-positioned by a competing center. OFFERING TERMS Year 1 NOI: $1,966,495 Cap Rate: 6.9% Price: $28,500,000 Price/SF: $236 Year 1 Cash-On-Cash Return*: Address: 9.07% Building SF: 120,859 Land Area: 1130, SE Everett Mall Way, Everett, WA Acres *Assumes a new loan: 65% LTV, 4.0% interest rate, 30 yr. AM 2.

3 OFFERING MEMORANDUM TENANTS Bank of America Best Buy Jersey Mikes Mattress Firm Bed Bath and Beyond PetSmart TJMaxx Hobby Town USA 3.

4 OFFERING MEMORANDUM HIGHLIGHTS Exceptional Tenancy - Everett Village Center provides a stable income stream backed by national credit tenants including TJ Maxx, Best Buy, Bed Bath & Beyond, PetSmart and Bank of America. This excellent tenant line-up provides draw, stability and credit to the investment. Tenant Sales/Lease Renewals The major tenants report strong sales, are successful at this location, and have all recently renewed. Bank of America Pad The Bank of America pad provides tremendous future rental and/ or development upside. The under-market Bank of America rent and excess land, which can accommodate an additional 15k sf pad building, provide real upside. There is also the ability to sell off the Bank of America pad separately in the future, maximizing value on that piece. 100% Leased - The asset is fully leased which is a testament to the location and quality of the project. Excellent Location - Everett Village Center is ideally located along Everett Mall Way, adjacent to the I-5 Freeway and Everett Mall, which generates draw and further substantiates the quality of the location. Strong Retail Corridor The mall periphery location includes the highest concentration of retail in the Everett trade area with a solid presence of large national tenants. Ease of Management - With eight tenants, 100% occupancy, and high-quality construction, Everett Village Center requires minimal management. Solid Demographics - The current demographic base within a 5-mile radius of the property has a population over 246,000 and an average household income in excess of $86,000. Dominant Center - There are very few available land tracts for significant retail developments, which results in barriers to entry in the immediate area. Due to the barriers to entry and being located in the mall parking lot, Everett Village Center will continue to be the dominant center in the trade area. High Quality Construction/Curb Appeal - Constructed in 2005, Everett Village Center presents a recently constructed, high quality shopping center. High Traffic Counts - Traffic counts are more than 65,000 cars per day at the intersection of Everett Mall Way (Hwy. 99) and West Mall Drive and over 169,000 cars per day on I-5. 4.

5 OFFERING MEMORANDUM DEVELOPMENT UPSIDE The 1.67 acre Bank of America parcel provides tremendous future rental and/or development upside. In 2023, when Bank of America s term is up, the land may be redeveloped to include two pads; a smaller bank building and a larger 15,000 sf concept with a major tenant. This will provide real upside to the current under-market Bank of America rent. There is also the ability to sell off the parcel separately in the future, maximizing the value on this piece. NORTH ELEVATION BANK WEST ELEVATION BANK MAJOR CONCEPT EAST ELEVATION 5.

6 SITE PLAN SE Everett Mall Way OFFERING MEMORANDUM W Mall Dr Everett Mall (NAP) 5 SUITE TENANT SQUARE FT A 1130B 1130C 1130D 1130E F TOTAL Bank of America Best Buy Jersey Mikes Mattress Firm Bed Bath and Beyond PetSmart TJ Maxx Hobby Town USA 9,046 30,300 1,197 6,056 25,300 20,015 26,019 2, ,859 6.

7 Seattle SITE AERIAL OFFERING MEMORANDUM 5 Everett Mall (NAP) SE Everett Mall Way W Mall Dr 78,000 VPD 7.

8 113 0, S E E V E R E T T M A L L WAY E V E R E T T WA O F F E R IN G M E M O R A N D U M RE TA IL A ERI A L EVERETT MALL

9 DEMOS Population 1 mile 3 miles 5 miles 2000 Population 15,845 94, , Population 17, , , Population 18, , , Population Projection 20, , , Annual Rate 1.03% 1.62% 2.10% Annual Rate 1.06% 1.03% 1.36% Annual Rate Projection 1.41% 1.36% 1.59% 2016 Median Age Median Household Income 1 mile 3 miles 5 miles 2016 Median Household Income $51,261 $56,385 $67, Median Household Income $53,531 $60,990 $77, Annual Rate Projection 0.87% 1.58% 2.64% Average Household Income 2016 Average Household Income $62,268 $71,204 $86, Average Household Income $67,069 $77,141 $93,863 Projection Annual Rate Projection 1.50% 1.61% 1.71% Per Capita Income 2016 Per Capita Income $24,183 $27,697 $33, Per Capita Income Projection 25,987 $29,896 $35, Annual Rate Projection 1.45% 1.54% 1.61% Population 246, Mile 3 Miles 5 Miles 9 $86,000+ Average Incomes 9.

10 Investment Advisors PAUL SLEETH Executive Managing Director Direct BILLY SLEETH Executive Managing Director Direct Debt & Equity Finance JESSE LOWE Managing Director Direct Retail Analyst JOHN DEMPSEY, CFA Financial Analysis Director Direct