1940 w. glendale ave.€¦ · 1940 w. glendale ave. | offering memorandum colliers international p....

COLLIERS INTERNATIONAL P. 11940 W. GLENDALE AVE. | OFFERING MEMORANDUM

PRESENTED BY

Primary Contact:Philip Wurth, CCIMExecutive Vice President 480 655 [email protected]

COLLIERS INTERNATIONAL 8360 E. Raintree Dr. Suite 130

Scottsdale, AZ 85260480 596 9000

www.colliers.com/arizona

1940 W. Glendale Ave.PHOENIX, ARIZONA 85021 85021

Secondary Contact:Alexandra LoyeSenior Vice President 602 222 [email protected]

Offering Memorandum > For Sale > Owner-User Investment Opportunity


PRESENTED BY

Philip Wurth, CCIMExecutive Vice President

480 655 [email protected]

TABLE OF CONTENTS

LOCATIONOVERVIEW

INVESTMENTSUMMARY

PROPERTY OVERVIEWOPPORTUNITYHIGHLIGHTSSUMMARY

1FINANCIALANALYSIS

TENANT PROFILEFINANCIAL SUMMARY

3 4PROPERTY

INFORMATION

2

PROPERTY PHOTOGRAPHSPROPERTY MAPS

FLOOR PLAN

CITY OF PHOENIX | HOSPITALSAREA DEMOGRAPHICS

1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERS INTERNATIONAL 2

1 INVESTMENT SUMMARY

COLLIERS INTERNATIONAL 3

1940 W. Glendale Ave.

1940 W. GLENDALE AVE. | OFFERING MEMORANDUM


Overview

INVESTMENT SUMMARY>Project Overview


1940 W. Glendale Avenue is a 1.44 acre parcel comprised of a single-story building with an adjacent surface parking lot. The building totals approximately 13,969 SF and was built in 2018. The property is surrounded by established residential and retail development and is part of the 19North redevelopment area. The building is on the northwest corner of the signalized intersection at Glendale and 19th Avenues and offers convenient access to I-17 and SR-51. Banner Urgent Care is open daily from 8:00 a.m. to 9:00 p.m. The urgent care practice brings individuals and families to the center each day who would frequent adjacent medical facilities including: imaging, dialysis, OB/GYN, ENT, pediatrics, ophthalmologist or optometrist and physical or occupational therapy. The property is situated on the light rail transit corridor and is adjacent to a passenger station. This area experiences a high volume of automobile and pedestrian traffic each day = 135,067 vehicles per day and 2,300 light rail passengers per day.

The Opportunity1940 W. Glendale Avenue is ideally situated for an owner user or investor looking for value added upside. Banner Urgent Care occupies 5,000 SF of the building, leaving the adjacent 8,969 SF vacant for an owner/user to occupy or investor to lease up. The vacant space is in shell condition and can easily accommodate retail, service industry or office uses. A truckwell runs alongside the north side of the building.

Property Highlights > Newer construction with contemporary finishes > Strong tenant identity with direct frontage > Ingress/Egress on 19th and Glendale Avenues > Convenient access to I-17 and SR-51 > Close to mature neighborhoods and established retail and dining > Located in Phoenix’s 19North Retail Corridor > Decreasing vacancy in trade area > Building Signage available fronting 19th and Glendale Avenues > Surface parking lot (89 spaces) > Adjancent to the Light Rail Transit Station at 19th and Glendale Avenues > Truckwell with roll-up door

1940 W. GLENDALE AVE. • PHOENIX ARIZONA


Offering Summary

Price: $3,400,000

Price per Square Foot: $243.40

Occupancy: 31.1%

NOI: $158,000.08

Address: 1940 W. Glendale AvenuePhoenix, AZ 85021

Building Size: ±13,969 SF

Land Size: 62,789 SF / 1.44 AC

Year of Construction: 2018

Tax Assessor Parcel Number: 157-17-039L

Zoning: C-3

No. of Stories: 1

2019 Taxes: $41,806.00

Construction: Block and Steel

> Property Information


2 PROPERTY INFORMATION




PROPERTY INFORMATION>Project Photos





PROPERTY INFORMATION>Project Photos


PROPERTY PHOTOGRAPHS, continued from page 9




PEORIA AVE.PEORIA AVE.

PROPERTY INFORMATION>Aerials




DUNLAP AVE.DUNLAP AVE.

NORTHERN AVE.NORTHERN AVE.

GLENDALE AVE.GLENDALE AVE.

BETHANY HOME RD.BETHANY HOME RD.

CAMELBACK RD.CAMELBACK RD.

19TH AVE.19TH AVE.

7TH AVE.7TH AVE.

CENTRAL AVE.CENTRAL AVE.

7TH ST.7TH ST.

15TH AVE.15TH AVE.

35TH AVE.35TH AVE.

PHOENIX LIGHTRAILPHOENIX LIGHTRAIL


GLENDALE AVE.GLENDALE AVE.

19TH AVE.19TH AVE.


FRY’S MARKETPLACE

ABRAZO CENTRALCAMPUS

(1.3 MILES / 3 MINUTES)GRAND CANYON UNIVERSITY

MIDTOWN

ARIZONABILTMORE

CAMELBACKCORRIDOR

PHOENIXMOUNTAINPRESERVE

DREAMY DRAWRECREATION AREA

HONORHEALTHJOHN C. LINCOLN MEDICAL CENTER

(4 MILES / 9 MINUTES)

NORTH MOUNTAIN

PARK

PHOENIXMETROCENTER

WENDY’S

1940 W. GLENDALE AVE.

CUBE SMART SELF-STORAGE

LEXINGTONSERVICES

SUBJECT PROPERTY

PROPERTY INFORMATION>Aerials (northwest)1940 W. GLENDALE AVE. • PHOENIX ARIZONA

COLLIERS INTERNATIONAL 91940 W. GLENDALE AVE. | OFFERING MEMORANDUM


GLENDALE AVENUE - 80,632 VPD

GLENDALE AVENUE - 80,632 VPD 19TH AV

ENUE -

54,43

5 VPD

19TH AV

ENUE -

54,43

5 VPD

METR

O LIG

HT R

AIL T

RANS

IT.

METR

O LIG

HT R

AIL T

RANS

IT.

MONUMENT SIGN

MONUMENT SIGN

LIGHT

RAI

L TRA

NSIT

STAT

ION


PROPERTY INFORMATION>Aerials (south)1940 W. GLENDALE AVE. • PHOENIX ARIZONA


19TH

AVEN

UE -

54,43

5 VPD

19TH

AVEN

UE -

54,43

5 VPD

GLENDALE AVENUE - 80,632 VPDGLENDALE AVENUE - 80,632 VPD4 MILES TO SR 51

I-17 - 2.5 MILES

LIGHT RAILTRANSIT STATION

2,300 PASSENGERSPER DAY

QUIK TRIPBARRY’SACE HARDWARE

WENDY’S

CUBESMART SELF STORAGE

7-11 CONVENIENCE STORE

FIRSTBANK

FRY’SMARKETPLACE

ABRA

ZO C

ENTR

AL C

AMPU

S - 1

MILE


LEXINGTON SERVICES

MONUMENT SIGN

MONUMENT SIGN

DOWNTOWN PHOENIX

P H O E N I X

GLENDALE

CHANDLER

PEORIA

SUNCITY

GOODYEAR

PARADISEVALLEY

FOUNTAINHILLS

BUCKEYE

QUEEN CREEK

GILBERT

MESA

TEMPE

SURPRISE

CAREFREECAVE CREEK

SCOTTSDALE

VAN BUREN ST

CENT

RAL

AVE

BUCKEYE RD

CAMELBACK RDCAMELBACK RD

NORTHERN AVE

67TH

AVE

BELL RD

POW

ER R

D

MCKELLIPS RD

MAIN ST

LAKE

PLE

ASAN

T PK

WY

PIM

A RD

CAREFREE HWY

PEORIA AVE SHEA BLVD

BUSH HWY

SCOT

TSDA

LE R

D

ELLS

WO

RTH

RD

QUEEN CREEK RD

LITC

HFI

ELD

RD

REEM

S RD

COTT

ON

LN

51ST

AVE

CAVE

CRE

EK R

D

HAPPY VALLEY RD

7TH

ST

BELL RD

7TH

ST

7TH

AVE

BASELINE RDRU

RAL

RDBASELINE RD

51ST

AVE

67TH

AVE

RIGGS RD

PROPERTY INFORMATION>Valley Location1940 W. GLENDALE AVE. • PHOENIX ARIZONA



PROPERTY INFORMATION>AREA HOSPITALS1940 W. GLENDALE AVE. • PHOENIX ARIZONA


1 St Josephs Westgate Medical Center2 Banner Estrella Medical Center3 Abrazo Arrowhead Campus 4 Encompass Health Valley of the Sun Rehabilitation Hospital5 Aurora Behavioral Health System - West6 Banner Thunderbird Medical Center7 Valleywise Behavioral Health Center - Maryvale8 HonorHealth Deer Valley Medical Center9 Quail Run Behavioral Health10 CORE Institute Specialty Hospital11 Abrazo Central Campus 12 Haven Behavioral Hospital of Phoenix13 Phoenix Area Indian Health Service14 Banner - University Medical Center Phoenix15 St Josephs Hospital and Medical Center16 Phoenix Childrens Hospital17 Abrazo Arizona Heart Hospital18 Phoenix VA Health Care System 19 Phoenix Indian Medical Center20 Calvary Healing Center21 HonorHealth John C Lincoln Medical Center22 Arizona State Hospital23 Valleywise Health Medical Center24 OASIS Hospital 25 Valley Hospital 26 Abrazo Scottsdale Campus

Hospitals In 10 Mile Radius


Floor Plans - Second FloorPROPERTY INFORMATION>Floor Plan


Floor Plan



SUITE 101±5,000 SF

TRUCKWELL

GLENDALE AVE.

19TH

AVE

.

AVAILABLE2,000 - 8,969 SF

SHELL-DEMISABLE



3 FINANCIAL ANALYSIS




Tenant Profile

FINANCIAL ANALYSIS>Operating Information




Banner Urgent Care treats non-emergency medical problems that include wound care, insect bites, and respiratory infections to name a few. Their services include flu shots and other vaccinations, on-site x-ray, stitches and more. As part of Banner Health system, the urgent care team provides access to advanced care from their family of medical professionals including specialist follow-ups. Banner Urgent Care is open daily from 8:00 a.m. – 9:00 p.m.

LEASE INFORMATION

Suite Size: ±5,000 SF

Lease Term: 144 months (12 years)

Lease Commencement: June 1, 2017

Lease Expiration: May 31, 2029

Lease Type: NNN

Option to Renew: Two – 5-year

renewal options

Monthly Base Rent: $11,666.67

Additional Income: N/A

Total Monthly Income: $11,666.67

Option to Purchase: N/A


Financial Summary

FINANCIAL ANALYSIS>Operating Information




Conventional Loan OptionTotal Square Footage of Building: 13,969

PricePurchase Price Per S.F. $3,400,000.00

Cost of Tenant Improvements ($90 x 8,969 sf vacant suite) $1,257,210.00

Total Cost $4,657,210.00

Conventional Loan10% down payment, 25 yr ammortized, 4% interest* $465,721.00

loan amount $4,191,489.00

Monthly Pmts (P & I only) ($22,124.22)

Cost per sq. ft. year NNN $19.01

Cash Flow:Monthly Loan Pmts ($22,124.22)

Add Monthly Lease Income - Banner Health $12,833.34

Buyers Total Cost Per month ($9,290.88)

Annual Cost ($111,490.60)

Buyers Cost psf per year to own vacant 8,969 s.f. $7.98


COLLIERS INTERNATIONAL 16Halsted Medical Plaza | OFFERING MEMORANDUM

Halsted Medical Plaza> Property Information


4 LOCATION OVERVIEW




LOCATION OVERVIEW>City of Phoenix | Hospitals


Phoenix Economic OverviewMARKET OVERVIEW

The Greater Phoenix metro area consists of Maricopa County and Pinal County, which together include nearly 4.8 million residents. As of 2020, the US Census Bureau ranks Phoenix as the 12th largest Metropolitan Statistical Area (MSA) in the United States. The Phoenix metro area is by far the largest metro area in the Mountain West, with a population that outpaces Denver by nearly one million residents, and more than double the size of Las Vegas. The region is also growing at a robust pace. In 2019, the population in Maricopa County expanded by more than 88,000 residents, marking the largest population addition of any county in the United States.

Primary employment regions inlude Downtown Phoenix, the Camelback Corridor, the Southeast Valley cities (Tempe, Chandler, Mesa and Gilbert) and Scottsdale. Populations in the West Valley cities, including Buckeye, Avondale, Glendale and Surprise, are usually smaller than those to the north and the east, but are growing more rapidly than most established areas in the Phoenix MSA. Growth in the West Valley cities is traditionally in the form of single-family housing rather than multifamily housing. In addition to housing-related industries, the West Valley economy is heavily influenced by the continued presence of Luke Air Force base, which has an annual economic impact of more than $2.2 billion.



ABRAZO CENTRAL CAMPUS

Abrazo Central Campus has provided hospital care in Central Phoenix since 1963. As a 221-bed acute care and teaching hospital, we offer a complete range of healthcare services, from emergency care, oncology, orthopedic, inpatient rehabilitation, mammography, to cardiac care and neurology.

• Type of Hospital – Short Term Acute Hospital• Member of –Tenet Healthcare• Year opened – 1963• Licensed Beds – 221 • Total Employees – 5,200 • Total Physicians – 775

HONORHEALTH JOHN C. LINOCLN MEMORIAL CENTER

John C. Lincoln Medical Center is a 262-bed, full-service hospital. It’s a leader in robotic and scarless surgery and has extensive cardiology and heart care services with a radiation-free, 3D heart mapping system. The hospital is an American College of Surgeons-verified Level I Trauma Center, a Primary Stroke Center, and an accredited Chest Pain Center. General surgery residents are trained here.

Other services include a specialty surgery unit to care for orthopedic, urology, neurology and other surgery patients, inpatient and outpatient rehabilitation services, critical care unit, interventional radiology, and inpatient and outpatient medical imaging.

• Type of Hospital – Short Term Acute Hospital• Member of – HonorHealth• Year opened – 1954 • Licensed Beds – 262 • Total Employees – 1,400 • Total Physicians – 2,337


LOCATION OVERVIEW>Area Demographics1940 W. GLENDALE AVE. • PHOENIX ARIZONA

31515

1 Mile 25,1233 Miles 213,2845 Miles 475,478

135,067 at Glendale Ave and 19th Ave.

1 Mile $40,1163 Miles $42,0055 Miles $43,183

20 Minutes to Sky Harbor International Airport

2,300 Passengersper day at Glendale Ave. and 19th Ave. Lightrail Transit Station

POPULATION MEDIAN HH INCOME VPD

Demographics

CONFIDENTIALITY & DISCLAIMER STATEMENT

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 1940 W. Glendale Ave., Phoenix, AZ 85021.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information that 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 Colliers International. 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. Neither the Owner nor Colliers International AZ, LLC, a Delaware limited liability company (hereinafter referred to as “Colliers” or “Colliers International”), 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.

The Owner expressly reserves 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 Colliers International. 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 Colliers International.

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 agree-ments 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.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to Colliers International.

Primary Contact:Philip Wurth, CCIM Executive Vice President | Office PropertiesDirect 480 655 3310 | Mobile 602 369 9261 Main 480 596 9000 | Fax 480 948 [email protected]

CONFIDENTIALTY AGREEMENT>

COLLIERS INTERNATIONAL 8360 E. Raintree Dr. Suite 130

Scottsdale, AZ 85260480 596 9000

www.colliers.com/arizona



Secondary Contact:Alexandra LoyeSenior Vice President Direct 602 222 5169 | Mobile 602 625 4220 Main 480 596 9000 | Fax 480 948 [email protected]


1940 w. glendale ave.€¦ · 1940 w. glendale ave. | offering memorandum colliers international p....

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