Capital Markets Investment Properties FIRESTONE RENTON Triple Net Lease Opportunity 17808 108th Avenue SE Renton, Washington FirestoneRenton.com
EXCLUSIVELY MARKETED BY Dino A. Christophilis Senior Vice President 206.292.6152 dino.christophilis@cbre.com Liza Janssen Client Services Coordinator 206.292.6058 liza.janssen@cbre.com Daniel Tibeau Associate 206.292.6052 daniel.tibeau@cbre.com Parker Ksidakis Associate 206.292.6158 parker.ksidakis@cbre.com
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REPRESENTATIVE PHOTO
INVESTMENT OVERVIEW CORPORATE-BACKED LEASE - A CREDIT The lease is backed by Bridgestone Corporation, the world s largest manufacturer of tire and rubber products. The credit is classified as investment-grade with a rating of A by Standard & Poor and A2 by Moody. This is the highest credit rating in the auto-service STNL sector. 20-YEAR LEASE WITH ESCALATIONS The initial 20-year term expires in 2038. The rent is $210,500 per year for the first 10 years, which increases to $225,500 per year for the next 10 years. There are four additional 5-year renewal options, each with 10% rent bumps. NNN LEASE STRUCTURE All common expenses are paid directly by the tenant with no landlord expense obligations. The ownership is only responsible for structural repairs, including the roof, utility lines, etc., however ownership is responsible for building repairs during the first year of the lease. INVESTMENT SUMMARY List Price $4,500,000.00 NOI (Years 1-10) $210,500.00 Cap Rate (Years 1-10) 4.68% Building Size ± 8,261 SF Price per SF $544.73 Lot Size Lease Type ±38,234 SF ±0.88 Acres NNN Parking Property Address County ±24 spaces 17808 108th Avenue SE Renton, WA 98055 King Parcel Number 3223059104 Zoning CA - Commercial Arterial Estimated Delivery Spring 2018 REPRESENTATIVE PHOTO
AREA HIGHLIGHTS RAPIDLY GROWING RETAIL NODE The immediate area has been exploding with commercial and multi-family development. Since 2013, the area added a new CVS Pharmacy, McDonalds, Wendy s, as well as hundreds of multi-family units and mid-rise self-storage facilities. The subject stands to benefit from this recent development, as traffic to the area continues to grow. PROXIMITY TO SEATTLE Renton is a flourishing submarket located just outside of the city limits of Seattle. Transportation to Seattle is easily accessed via several major highway systems located in the immediate area. The Renton community directly benefits from the rapid growth occurring in the core of Seattle. STRONG DEMOGRAPHICS The area offers high population and income levels with an average household income of $90,338 and a population over 115,000 within a 3- mile radius. Both of these factors are well above-average for the region and contribute to the ongoing growth in the submarket. HIGH TRAFFIC COUNTS The property offers excellent visibility from the primary arterial of 108th Ave with traffic counts ranging from 25,000-31,000 vehicles per day. PRIMARY INTERSECTION WITH HEAVY DRAW The intersection of two primary arterials, Carr Rd & 108th Ave, is dominated by the 275,000 sf Fred Meyer shopping center which is located across the street from the subject. This center is the primary retail destination for the southern portion of Renton with an expansive customer base. DRIVE-TIME DEMOGRAPHICS 5 Minute 10 Minute 15 Minute PLACE OF WORK Total Businesses 813 4,599 10,374 Daytime Employment (Total Employees) 10,746 69,913 150,964 POPULATION 2017 Estimated Population 33,154 115,466 294,170 2022 Projected Population 35,521 122,867 314,076 HOUSEHOLDS 2017 Estimated Households 12,577 42,656 109,021 2022 Projected Households 13,396 45,137 115,598 INCOME 2017 Est. Average Household Income $81,511 $90,338 $85,030 2022 Prj. Average Household Income $92,868 $102,034 $96,303 SITE TRAFFIC COUNTS 25,000 to 31,000 vehicles per day HOUSING 2017 Estimated Housing Units 13,392 44,700 114,957 2017 Est. Average Housing Value $317,843 $348,779 $370,399
Summerhill Apartments SE CARR ROAD SE PETROVITSKY ROAD Redtown Apartments SE CARR ROAD 108 TH AVENUE SE = Starbucks
PROPERTY HIGHLIGHTS NEW BUILD-TO-SUIT CONSTRUCTION The building is scheduled for delivery by Spring 2018. The design will be a prototype configuration with 8 service-bays and a retail/showroom area. TOP QUALITY FAÇADE The City of Renton mandated above-average exterior design features and façade treatments. The building will be above the standard of a typical concept Firestone store. SE CARR RD 108 TH AVENUE SE 108 TH AVENUE SE SE PETROVITSKY RD
108 TH AVENUE 109 TH AVENUE BUILDING FRONT BUILDING REAR
AFFILIATED BUSINESS DISCLOSURE CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an Affiliate ) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the Property ) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. CONFIDENTIALITY AGREEMENT This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the Owner ), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc. DISCLAIMER 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. 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.
Capital Markets Investment Properties FIRESTONE RENTON 17808 108th Avenue SE Renton, Washington CONTACT US Dino A. Christophilis Senior Vice President 206.292.6152 dino.christophilis@cbre.com Daniel Tibeau Associate 206.292.6052 daniel.tibeau@cbre.com Parker Ksidakis Associate 206.292.6158 parker.ksidakis@cbre.com Liza Janssen Client Services Coordinator 206.292.6058 liza.janssen@cbre.com 2017 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. 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. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. Capital Markets Investment Properties FirestoneRenton.com