PITTSBURG, CA 7.3% CAP RATE E LELAND RD TOTAL NET RENTABLE AREA: ±21,400 SF PLUS SURFACED PARKING PERCENT LEASED: 100% PURCHASE PRICE: $3,149,000 CAP R ATE: 7.3% BRIAN T. SLOCUM Vice President, CCIM Lic. 01471483 T +1 925 296 7756 C +1 925 984 6989 brian.slocum@cbre.com www.cbre.com/brian.slocum
EXECUTIVE SUMMARY THE OFFERING CBRE is pleased to present East Leland Road, as a new Freeway Visible multi-tenant commercial/auto leased investment opportunity in Pittsburg, California. The site may also be purchased by a User who intends to occupy a portion of the property. With five (5) separate tenants and 100% leased, 2961-2695 East Leland Road offering provides a strong tenant roster of service commercial and auto uses, along with a rare income producing billboard on the property. The investment is being offered at a 7.3% capitalization rate based on the asking price, or roughly $147 PSF based on rooftop building area of ±19,400 SF plus ±2,000 SF of second floor partially finished mezzanine area. The site also includes ±2.84 acres which provides for added surface parking for vehicles.
EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS LOCATION E. Leland Drive in Pittsburg is located off the prominent Auto Center Drive/Somersville Rd exit in Antioch, on the south side of the freeway from the Century Way Auto Center complex of dealerships in Pittsburg CA. (near the Pittsburg/ Antioch City border) Freeway Visible from Highway 4 and across the street from the Los Medanos Community College in Pittsburg CA, the property provides excellent exposure to traffic counts in the region, thus enhancing the profile of any business associated with East Leland Road. OCCUPANCY The property consists of one (1) building and is 100% leased, and has a leased billboard on property which adds to the net rental income. Tenant uses include Auto Sales, Auto accessories, Pest Control related supplies, and an advertising billboard. PROPERTY CONDITION Well maintained building project with nicely landscaped exterior. Asphalt areas in good condition for vehicle parking and storage. Freeway visible exposure PARKING Expansive parking areas fully surround the building area. Numerous parking stalls given the abundance of outdoor surfaced parking area.
PROPERTY OVERVIEW OVERVIEW Address: E. Leland Road, Pittsburg CA 94565 APN: 088-152-001-9 Building Size: One (1) building totaling ±21,400 SF Property Size: ±2.84 Acres Suites: 4 Year Built: 1982 Occupancy: 100%, plus additional income for Billboard on the property Parking: Numerous stalls, count to be verified Metal build exterior Fully surfaced lot for vehicle parking Partially furnished mezzanine/ office on second floor Zoning: CS *Square footage to be verified by buyer. There is a discrepancy between the rent roll & public records.
PROPERTY OVERVIEW TECH OFFICE OFFICE OFFICE OFFICE COVERED OUTDOOR SPACE RR CLOSET RR OFFICE WALKWAY OFFICE SALES AREA KITCHEN OFFICE OFFICE TECH OUTDOOR RECEPTION *APPROXIMATE LAYOUT. BUYER TO VERIFY
TENANT OVERVIEW CSS CHAMPION SPR AY SYSTEMS *APPROXIMATE TENANT AREAS PER EXISTING LEASES. BUYER TO VERIFY.
TENANT OVERVIEW CONTRA COSTA PUBLIC AUTO AUCTION Description pulled from tenant website: Contra Costa County Public Auto Auction offers up to 200 quality used cars, trucks, sport utility vehicles, minivans, travel trailers, and RVs first Saturday of every other month. We are open Monday through Friday from 10am-5:30pm, Saturday 10-5pm and Sundays from 10-5pm. You can get pre-approved for bank financing to make your buying experience go more smoothly. www.cccpaa.com YC AUTO GROUP YC AUTO GROUP intends to sell top-quality used vehicles at at competitive prices. YC AUTO GROUP will develop excellent working relationships with local dealers and auctions to bring the savings to the customer. www.ycautogroup.com CLEAR CHANNEL OUTDOOR Description pulled from tenant website: Clear Channel Outdoor is one of the world s largest outdoor advertising companies with more than 675,000 displays reaching more than half a billion people in more than 40 countries on five continents each month. www.clearchanneloutdoor.com CHAMPION SPRAY SYSTEMS Local prominent Pest Control Supplies and Equipment provider. LINE-X Description pulled from tenant website: LINE-X is widely known as the market leader in spray-on truck bedliners, and with over 20 years of industry experience and technical expertise, our applicators are the best in the business. Our passion for protection and innovation has expanded LINE-X applications beyond bedliners into other areas of the automotive aftermarket like specialty automotive coatings and accessories as well as the commercial, industrial, and manufacturing realms. LINE-X products and people are up for almost any challenge. www.linex.com
PROPERTY OVERVIEW PARCEL MAP
AREA OVERVIEW SAN FRANCISCO BAY AREA The San Francisco Bay Area, located in Northern California, is home to more than 7 million people. The area consists of nine counties, all of which touch the San Francisco Bay, 101 cities, and comprises 7,000 square miles. The Bay Area has a land area of 4.4 million acres (excluding bay waters and large lakes), and in 2010, approximately 17.8 percent of the region s total acreage was developed for urban use. While San Francisco is the most urbanized county with 80 percent of its land area developed, Napa is the most rural county with approximately 5 percent of its land area developed. Like many large urban centers, the Bay Area will continue to grow in the foreseeable future. With some 44% of its adult residents obtaining at least a bachelor s degree, compared to 28% nationwide, the Bay Area has a much higher concentration of knowledge-based occupations especially professional and executive positions than the nation as a whole, and its percentage of computer, math, and engineering jobs is twice the national average. Core skills include building and managing global businesses, innovating in products, services and business models, and creating new industries. Furthermore, compared to the US economy, the Bay Area is becoming more concentrated in knowledge-intensive industries. For instance, the share of local employment in computer and electronic product manufacturing increasingly exceeds the US average, while the share in traditional manufacturing is falling behind. Employment share in professional and business services and in information technology is also much larger in the Bay Area than in the US as a whole. With big name companies such Google, Facebook, Sales Force, Twitter, and Apple headquartered throughout the region, the Bay Area has become the largest business center on the West Coast. The Bay Area has twenty-nine companies in the U.S. Fortune 500, twenty-eight of the firms in the Fortune Global 500, and has three of the top ten global companies ranked by market capitalization. The region is also home to many of the nation s fastest-growing private companies, and thirty companies on Inc. magazine s Inc. 500: America s fastest-growing private companies list are based in the Bay Area.
AREA OVERVIEW ECC REGION PITTSBURG ANTIOCH OAKLEY E. LELAND RD. BRENTWOOD CONTRA COSTA COUNTY One of the original 27 counties established in California in 1850, Contra Costa County is comprised of 19 cities and is home to more than one million residents, making it the ninth most populous county in the state. Stretching approximately 40 miles from west to east and approximately 20 miles from north to south, Contra Costa County covers 805 square miles and is adjacent to Alameda, San Joaquin, Sacramento, and Solano counties. Contra Costa County contains three distinct areas: West County, Central County, and East County, which is composed of the Pittsburg-Antioch area, as well as Brentwood and Oakley. East County is the largest land area in the County and stretches along Route 4 from Willow Pass grade northeast of Concord to Route 84 near Oakley, as well as surrounded unincorporated areas including Knightsen, Byron, and Discovery Bay. The East Contra Costa County market (ECC) is a region that has experienced explosive growth over the past two decades. With a vibrant industrial core and history, the ECC region has seen remarkable population growth due to residential housing development and overall job growth in the San Francisco Bay Area. Families and professionals have flocked to the region for newer and more affordable housing, which has in turn created a need for supportive professional services throughout the region. After a slow down during the recessionary years, recently residential housing development has picked up once again, and added demand for services within the ECC communities has as well; this trend is expected to continue. Between the years 2005 and 2030, more than 32,000 households and 47,000 jobs are expected to be added in the four communities of Antioch, Brentwood, Oakley, and Pittsburg alone. In addition, more houses and jobs will be added to the unincorporated areas of the County. As East Contra Costa County continues to add households and jobs, traffic delay and congestion on SR 4 and on the few alternative street and highway routes available to commuters have increased dramatically. Caltrans and regional transportation agencies have widened SR 4 and are building out the Pittsburg/ Bay Point BART station line into Antioch, which is expected to be up and running by Spring 2018 in an effort to provide convenient access and improve the flow of traffic for commuters.
AREA OVERVIEW CITY OF PITTSBURG Pittsburg has been a city in progress for nearly a century and a half. Located at the point where the Sacramento and San Joaquin rivers meet, Pittsburg is a city of both progress and promise. The earliest recorded history of our town starts in the year 1839 when the Mexican government granted almost 10,000 acres to Jose Antone Mesa and Miguel Jose Garcia. Shortly thereafter the little town was named New York of the Pacific, possibly because the man who laid out the town, Colonel J.D. Stevenson, was a native of New York. This area soon became known as New York Landing and thrived on fishing and canning industries. Following the discovery of coal in the hills three miles south of town, the town was renamed Black Diamond in 1868. PITTSBURG MARKET OVERVIEW With a year-end net absorption of 1,095,047 SF for 2016 in the I-680 corridor office market, and the vacancy dropping to a low 7.7%, the lowest vacancy rate since Q2 2001, demand for space remains high and shows no signs of slowing down in the near future. The Martinez, Pittsburg, Antioch market experienced a 19,410 year-end net absorption for 2016, and a 3.8% vacancy for Class B office. With such high demand and low vacancy, as well as the improvements on transportation underway providing convenient access to and from the cities, the positive activity in this market is expected to continue. From a struggling settlement to an industrial center, Pittsburg has grown into a pleasant community of landscaped parks, recreational facilities, shopping centers, affordable housing and planned business and commercial development. Pittsburg is striding into the future, each day more prosperous than the one before. New homes, renovated older homes, new businesses, a historic district being revived are all signs of even better times to come. Additionally, Pittsburg s local government has expanded the parks system, improved the roads, increased commerce and employment, expanded the Marina and built a modern Civic Center to take it into the 21st century. All of this at no additional cost to the taxpayer. Working together, the progress will continue. PITTSURG E. LELAND RD. EMPLOYER USS Posco 1,000 CCC Social Services 593 Los Medanos College 520 Walmart 321 Target 250 Costco 250 NUMBER OF EMPLOYEES
AREA OVERVIEW LOCAL AMENITIES E. LELAND RD. E. LELAND RD CENTURY BLVD LOS MEDANOS COLLEGE DELTA FAIR BLVD DELTA BOWL BUCHANAN RD
FINANCIAL OVERVIEW INCOME DETAILS/PRICING Current NOI: ±$229,360 Attractive ±7.3% Cap Rate Price/PSF: $147 100% leased Sale Price: $3,149,000 Additional rent roll, expenses and tenant/lease details can be provided upon request for qualified prospect inquiries with signed NDA FINANCIAL MODEL CURRENT GROSS INCOME $313,200.00 LESS ANNUAL EXPENSES: PROPERTY TAX: $41,940.00 PROPERTY INSURANCE: $2,000.00 COMMON AREA MAINTENANCE (CAM): Landscaping $3,000.00 Parking Lot Maintenance $1,200.00 PG&E $25,200.00 Water $5,100.00 Propane (Gas) $5,400.00 TOTAL NNN EXPENSES: $83,840.00 TOTAL NET OPERATING INCOME (NOI) $229,360.00
PITTSBURG, CA BRIAN T. SLOCUM Vice President, CCIM Lic. 01471483 T +1 925 296 7756 C +1 925 984 6989 brian.slocum@cbre.com www.cbre.com/brian.slocum 2018 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.