REDEVELOPMENT OPPORTUNITY SRS Real Estate Partners is proud to announce this exciting redevelopment opportunity with an asking price of. Target will continue to operate in the Chandler, AZ market, but will close this location as of February 2, 2014, leaving this 102,395 SF facility and 12,414 SF garden center available for re-occupancy or redevelopment. This property will be available approximately April 1, 2014. We invite you to review this information package and to make an offer on this property. A printed version of this package is available upon request
, Over 100,000 SF of retail at this intersection including PGA Superstore & AMF Bowling. Big 5 Sporting Goods is an adjacent retailer. 37,551 cpd on Arizona Avenue- 28,781 cpd on Warner Road Excellent access to the site with full turning lanes on Arizona and Warner Road 3 monument signs are available, 1 with visibility from Warner Road, 1 visible from Arizona Avenue and 1 on the hard corner (2013 ESTIMATE) 3 MILE POPULATION 140,543 MEDIAN HH INCOME $62,206 AVERAGE HH INCOME $75,293 MEDIAN AGE 34.4 NUMBER OF HOUSEHOLDS 52,543 Property will be sold subject to the following deed restrictions: No portion of the property shall be used for the operation of a discount department store containing more than 40,000 square feet or greater of floor area. Other restrictions as to use, other than described herein, may be imposed by the City of Chandler or similar agencies having jurisdiction over the site, or as part of the Construction, Operation and Reciprocal Easment Agreemnt and Easement Restriction Agreement. See Files for Download.
All tours or investigations of the property must be pre-arranged with the broker. The following information is included herein for informational reference purposes only and all building specifications shall be confirmed by Buyer at Buyer s expense. DESCRIPTION OF THE LAND LOCATION The subject property is located at the NWC Arizona Avenue (SR 77) and Warner Road. Chandler, a suburb of the Phoenix MSA, is located 14 miles southeast of Phoenix. LEGAL DESCRIPTION 8.72 Acres - Parcel Number: 302-280-07D A portion of land situated in the southeast quarter of Section 16, Township 1 South, Range 5 east of the Gila and Salt River Base and Meridian, Maricopa County, Arizona. LEGAL OWNER / SELLER Target Corporation ( TARGET ), a Minnesota Corporation, formerly known as Dayton Hudson Corporation. AVAILABILITY April 2014 SIZE / DIMENSIONS The subject site contains approximately 102,395 square feet of building area plus a 12,414 square foot garden center on 8.72 acres. CONFIGURATION Irregular - basically rectangular - 350 wide by 313 deep TOPOGRAPHY / DRAINAGE The property is mostly level and at street grade. SIGNAGE Monument signage is visible to both east and westbound traffic on Warner Road and north and southbound traffic on Arizona Avenue. ACCESS Access to the subject property is from curb cuts along Arizona Avenue and Warner Road. The property shares ingress and egress with the balance of the project. There are multiple curb cuts along Arizona Ave. and two curb cuts along Warner Road. The property faces east and fronts on Arizona Avenue. In front of the site, the main arteries comprise 6 lanes and declaration lanes with concrete curbs and gutters. PARKING Asphalt parking lot. ZONING ANALYSIS The City of Chandler has zoned the property C-3 Regional Commercial District. This classification provides for a myriad of commercial uses. DEVELOPMENT DENSITY The subject property represents an approximate 3:3:1 to building ratio. AGE Built in 1986
EASEMENTS/ENCUMBRANCES The subject property features standard easements associated with utility use and cross-access with the adjoining shopping center. See (dated March 20, 1986) for review. UTILITIES Complete public utilities are available to the property, including water, sanitary sewer, natural gas and electricity. TAXES: TAX YEAR 2013 TOTAL ASSESSED VALUE $4,491,752 REAL ESTATE TAXES $110,534 DESCRIPTION OF IMPROVEMENTS EXTERIOR DESCRIPTION SIZE/DESIGN The building contains an estimated gross building area of approximately 102,395 square feet and a +/- 12,414 square feet garden center. This gross building area excludes storage mezzanine. The building is generally rectangular in configuration. The center depth of the store is approximately 313 feet. There are three loading docks. EXTERIOR WALLS/WINDOWS Tilt wall exterior walls. The store features two primary entrance at the southeast corner of the building. The main entry features four sets of double glass doors and a single cart door. There is also a separate entrance to the garden center. ROOF/DRAINAGE The building has a JM PVC membrane roof system over a panelized wooden roof deck with wooden joists. The roof membrane was coated in March 2006. INTERIOR DESCRIPTION DIMENSIONS OF SPACE The subject is an irregularly shaped retail box with a large sales floor and back storage area. The building is basically rectangular, but is roughly 350 wide by 313 deep. Column spacing is approximately 34 X 44. CEILINGS, WALLS AND FLOOR COVERINGS Ceilings feature suspended 2 x 4 acoustical tile ceiling grids with recessed, reflective parabolic lighting fixtures. The interior dropped ceiling height is 14 feet in the retail sales area. Wall coverings in the finished areas are generally painted gypsum board. Floor coverings are 12 inch vinyl tile and commercial grade carpet. The loading and stock areas have sealed concrete floors and exposed ceiling (metal deck). LOADING DOCKS Three dock high doors. EQUIPMENT AND MECHANICAL SYSTEMS HVAC, ELECTRICAL AND PLUMBING HVAC units are roof-mounted package units and they were in operable condition at time of store closing.
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The median age within 5 miles of the subject property is 33.9 years, with a median household income of $62,155 The estimated median housing value for this population for 2013 is $254,411. Demographics represent only full-time residents and actual home ownership. (2013 ESTIMATE) 3 MILE 5 MILE 10 MILE POPULATION 140,543 358,981 1,055,285 MEDIAN HH INCOME $62,206 $62,155 $59,460 AVERAGE HH INCOME $75,293 $76,396 $74,929 MEDIAN AGE 34.4 33.9 33.8 NUMBER OF HOUSEHOLDS 52,543 132,793 396,925 For a more detailed demographics report, see the Files for Download section.
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CITY OF CHANDLER, ARIZONA GEOGRAPHIC LOCATION Chandler is located approximately 14 miles southeast of Downtown Phoenix, AZ, in the south eastern portion of the Phoenix Metropolitan. Phoenix is the sixth largest city in the US and the largest in Arizona. POPULATION YEAR CHANDLER 2013 246,684 NEIGHBORHOOD ANALYSIS CITY SUMMARY AND ACCESS In 1891, Dr. Alexander John Chandler, the first veterinary surgeon in the territory of Arizona, bought 80 acres of land from the federal government south of Mesa in the Salt River Valley. Dr. Chandler studied the relatively new science of irrigation engineering and was instrumental in building an early system of canals in what was then an arid desert. Chandler is situated in the heart of the Silicon Desert, named so for the high-tech industry with large campuses that dominate the city s major employer list, including Intel, Orbital Science and Honeywell. This formidable economic base has helped make Chandler one of the fastest growing cities in the country. Chandler is also a great Arizona vacation spot, boasting world-class golf facilities, resorts, restaurants of every cuisine, premier shopping and a variety of fun activities. HOMOGENEOUS USES Land uses in the neighborhood are primarily retail and heavy commercial. The neighborhood reflects typical planning criteria with the commercial concentrations along the higher traffic areas with single-family development surrounding the shopping center. Commercial uses of land within the neighborhood are focused along the defining arterial route of the intersection at Queen Creek Road and Alma School Road, while the neighborhood also benefits from neighboring residential developments that complement the area and provide retailers with a large economic base. NEIGHBORHOOD The median age within 5 miles of the subject is 33.9, with a median household income of $62,155. The estimated median property value for this population in 2013 is $254,411.
ECONOMIC SUMMARY Chandler is located southeast of Phoenix along Loops 101 and 202 and encompasses 64.59 square miles. Chandler is surrounded by the cities of Phoenix, Mesa, Tempe, and Gilbert, almost all of Chandler s private property has been developed. Chandler has a strong employment base with most of Arizona s high tech users located on both the Loop 101 and Chandler Boulevard. Access is excellent with two major freeways. A demographic summary of the city of Chandler has a 2013 estimated population of 358,981 in approximately a 5 mile radius. The 2013 estimated median household income is $62,155. The unemployment rate for the city of Chandler is 6.1% compared to Arizona at 8.2% and the US at 7.3%. The cost of living for Chandler is 100 which is the same as the national average at 100. Around 32.5% of the population has obtained their college undergraduate degree. Many colleges are located in Chandler including Chandler-Gilbert Community College, Northern Arizona University Chandler-Gilbert College, University of Phoenix - Chandler Campus, and Western International College - Chandler East Valley Campus. Arizona State University - Polytechnic Campus is one of the largest colleges that is closest to Chandler and is located in Mesa, but the closest major university is Arizona State University Main campus located 6 miles to the northwest in Tempe.
SRS Real Estate Partners, Inc. ( SRS Real Estate Partners ), has been retained as exclusive advisor and broker to Target Corporation ( Owner ), regarding the sale of a 102,395 square foot building being referred to as Target (T-0252) in ( Property ). This Confidential Offering Memorandum has been prepared by SRS Real Estate Partners for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by SRS Real Estate Partners, Owner and designated sources and are based upon assumptions relating to the general economy, competition and other factors beyond the control of SRS Real Estate Partners and Owner, and therefore are subject to variation. No representation is made by SRS Real Estate Partners or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, SRS Real Estate Partners, Owner and their employees, disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, SRS Real Estate Partners, Owner, and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Confidential Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Confidential Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or Owner since the date of preparation of the Confidential Offering Memorandum. Analysis and verification of the information contained in the Confidential Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon request to interested and qualified prospective investors. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing the Confidential Offering Memorandum or making an offer to purchase the Property unless and until such offer is approved by Owner, a written agreement for the purchase of the Property has been fully executed, delivered and approved by Owner and its legal counsel, and any conditions to Owner s obligations there under have been satisfied or waived. This Confidential Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Confidential Offering Memorandum, you agree that you will not use the Confidential Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or SRS Real Estate Partners.
Documents will open in a new window and may take a few minutes to download. If you are not prompted to Save or Open, click refresh on your browser s window. You may also request a hard copy & disc of plans from Mike Polachek at mike.polachek@srsre.com, Brian Polachek at brian. polachek@srsre.com or Mark Reeder at mark.reeder@srsre.com. DOWNLOAD BROKER REGISTRATION CERTIFICATE DOWNLOAD FULL DEMOGRAPHIC REPORT DOWNLOAD LETTER OF INTENT NOTICE TO PARTIES DOWNLOAD SITE PLAN DOWNLOAD DOWNLOAD EASEMENT AND RESTRICTION AGREEMENT DOWNLOAD FLOOR PLAN CONSTRUCTION, OPERATION AND RECIPROCAL EASEMENT AGREEMENT DOWNLOAD ZONING
FOR MORE INFORMATION, PLEASE CONTACT: BROKER MIKE POLACHEK BRIAN POLACHEK Executive Vice President First Vice President 602.682.6080 602.682.6045 mike.polachek@srsre.com brian.polachek@srsre.com SRS Real Estate Partners SRS Real Estate Partners 3131 E. Camelback Road 3131 E. Camelback Road Suite 110 Suite 110 Phoenix, AZ 85016 Phoenix, AZ 85016 602.682.6080 Main 602.682.6080 Main 602.682.6012 Fax 602.682.6012 Fax MARK REEDER Executive Vice President 214.560.3251 mark.reeder@srsre.com SRS Real Estate Partners 8343 Douglas Avenue Suite 200 Dallas, TX 75225 214.560.3200 Main 214.560.6900 Fax CITY CONTACT NUMBERS PLANNING AND ZONING OFFICE 480.782.3000 FIRE MARSHALL 480.782.2120 FIRE ADMINISTRATION 480.782.2120 POLICE DEPARTMENT (NON-EMERGENCY) 480.782.4100 BUILDING INSPECTION AND PERMITS 480.782.3100 For more information on the city, visit www.chandleraz.gov ADJACENT OWNER CONTACT East Valley Partners, LLC ATTN: Michael Robbe, Partner Collett & Associates 1111 Metropolitan Avenue, Suite 700 Charlotte, NC 28204
OFFERING TERMS The asking price is. INITIAL DUE DILIGENCE The opportunity to investigate and tour the Property will be made available upon request to interested and qualified buyers. Buyers and their representatives MAY NOT tour the interior of the building on their own. Once arranged in accordance with these guidelines, property tours will be scheduled coordinated and conducted by representatives of SRS Real Estate Partners. Each prospective Buyer is to rely solely upon its own investigation, evaluation and judgment as to the conditions attributes and value of the property. INSPECTION PERIOD EXPIRATION DATE Recommend sixty (60) days due diligence period. CLOSE OF ESCROW Recommend thirty (30) days from expiration of due diligence. PERSONAL PROPERTY, TRADE FIXTURES AND SYSTEMS On or before the Closing Date, notwithstanding any provision in this Agreement that may be construed to the contrary, Seller shall have the right (but not the obligation) to remove from the Property: (i) any or all of Seller s inventory, trade fixtures and other removable personal property (including but not limited to point of sale equipment), (ii) Seller s compactor, bailer and generator, and (iii) Seller s security, energy management and phone systems. DEED RESTRICTIONS No portion of the property shall be used for the operation of a discount department store containing more than Forty Thousand (40,000) square feet of floor area. COREA (DATED 3/3/1986): Section 5.1. No part of the shopping center can be used for other than retail sales,or services for commercial purposes. No use or operation shall be permitted in the shopping center which is obnoxious to a first class shopping center. Such uses include, unless shown on cross hatched area on the site plan: dry cleaning plant, bowling alley, skating rink, theater, bar, tavern or cocktail lounge where liquor sales exceed 60% of gross revenue, health spa or fitness facility; second hand store or flea market Review document in Files to Download section for complete information. CONDITION OF SALE The property is being offered in its as is condition. Purchaser shall confirm by Purchaser s own due diligence the condition and suitability of the property, without any reliance upon information provided herein. DOCUMENTATION TARGET will prepare the Option Agreement and related documents. TITLE REPORT To be provided by TARGET, upon execution of the Option Agreement. EXCLUSIVE BROKER SRS Real Estate Partners, hereinafter referred to as Seller s Broker, pursuant to a separate listing agreement with Target Corporation. All brokers and prospective purchasers must sign and return the Broker Registration Certificate contained in the Files for Download section herein.
, CONT. PROPERTY A list of informational contacts is included in the Contacts section of this presentation. OFFER FORMAT It is highly recommended that all offers be made in the form of a Letter of Intent (LOI) and should include, at a minimum, the following information. Please note that an LOI for this property, in Target s required format, is available for download in the Files for Download section of this package. A full outline of the terms offered. Purchase price upon close of escrow. Contingencies (detailed) and length of due diligence period. Source of Buyer s financing. Amount of initial deposit monies (not less than $75,000) to be deposited and held with a designated Title Company in an interest bearing account. Upon completion of the due diligence period, an additional non-refundable deposit of $75,000 to be deposited and held by the designated Title Company in an interest bearing account. In no event shall the due diligence period go beyond sixty (60) days. Close of escrow to be no sooner and no later than thirty (30) days after completion of due diligence, unless extended by Target as described elsewhere herein. A detailed description of the proposed use of the site, including the nature of the planned operator(s). In this regard, Target intends to confirm anchor tenant(s) interest in this location. A Buyer s corporate resume including a list of recent purchases of similar properties with at least five related references. A contact name and means of contact for Buyer s firm (including e-mail address). Identification of Buyer s broker, if any, together with a statement that no other brokers are involved whom can rightfully claim to represent the Buyer. Buyer understands that TARGET will rely on this information. See the Broker Registration Certificate included herein which must be completed and submitted with each bid.
REVIEW OF OFFER(S), CONT. Right to Reject SRS Real Estate Partners and TARGET will review all offers. Acceptability of offers will be based on purchase price, Buyer s financials, Buyer s business resume and reputation, ability and willingness of the Buyer to close the sale, length of time to close and other pertinent factors of concern to TARGET. SRS Real Estate Partners and TARGET expressly reserve the right, in their sole discretion, to review and/or reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any person or entity at any time with or without notice. TARGET shall have no legal commitment or obligations to any person or entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until such offer is approved by TARGET, an Option Agreement for the purchase of the Property has been fully executed, delivered and approved by TARGET and its legal counsel, and any conditions to TARGET s obligations thereunder have been satisfied or waived. Confidentiality, Conditions and Disclaimer This Offering Memorandum has been prepared by SRS Real Estate Partners for use by a limited number of parties, and does not purport to provide a necessarily accurate summary of the subject Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyers may need or desire. No representation is made by SRS Real Estate Partners or TARGET as to the accuracy or completeness of the information contained herein, nor in subsequently provided materials, and nothing contained herein is or shall be relied on as a promise or representation as to the condition of or future performance of the Property. Although the information contained herein is believed to be correct, SRS Real Estate Partners as well as TARGET and its employees disclaim any responsibility for inaccuracies, and expect prospective buyers to exercise independent due diligence in verifying all such information. Further, SRS Real Estate Partners, TARGET and its employees disclaim any and all liability for representations and warranties, expressed and/or implied, contained in or for omission from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there have been no changes of any nature involving the Property since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective Buyer.