OPICS Brokerage, LLC 12121 Wilshire Blvd. Suite 555Los Angeles, CA 90025
T W O T E N A N T I N V E S T M E N T O P P O R T U N I T Y5 5 5 W 2 n d S t r e e t | S a n B e r n a r d i n o , C A
EXCLUSIVELY MARKETED BY:
Fara RabanLic. 01857257(310) [email protected]
OPICSBrokerage, LLC
COntEntS
InVESTMEnT SUMMARY ........ 3Synopsis Investment Highlights
fInAnCIALS ......................... 6Cash Flow Projections Rent Roll Tenant Profiles
PRoPERTY oVERVIEw............ 9Property Description Parcel Map Site Plan
AREA oVERVIEw ..................13City Overview County Overview Demographics
FOOD 4 LESS | ROSS DRESS FOR LESS | 3
Investment Summary SynopsisOPICS Brokerage, LLC is proud to offer this outstanding two tenant net-leased investment
opportunity featuring Food 4 Less and Ross Dress for Less. Continually operating at this
location since 1988, Food 4 Less has a long established and extremely successful
operating history at the property, evidenced by their multiple lease renewals and
phenomenal store sales (sales are reported). In addition, Food 4 Less has already
excersised their next option period in advance, further signaling the superb strength of this
location for the nationally recognized grocer. Ross joins Food 4 Less as the
property’s second tenant and features a signed 10-year primary term lease. An S&P 500 and
Fortune 500 Company, Ross is the largest off-price apparel and home fashion chain in the U.S.
INVESTMENT SUMMARY
Offering Price $14,000,000Year 1 noI $799,577
occupancy 100%
Price per Square foot $167.14
CAP Rate 5.71%Total GLA 83,760 SF
Total Land Sf 265,716 SF
Total Land Acres 6.10 Acres
FOOD 4 LESS | ROSS DRESS FOR LESS | 4
RARE Two TEnAnT GRoCERY AnChoRED oPPoRTUnITY
• 100% occupied by Food 4 Less (Kroger Credit: nYSE: KR, market cap of
±$22.57 Billion) and Ross Dress For Less (Ross Credit: nASDAQ:
ROSt, market cap of ±$32.04 Billion).
• Food 4 Less has already exercised their next scheduled optionperiod in advance.
• Both tenants feature “net” leases, allowing all property expenses to be
passed though to tenants.
• Rare opportunity to purchase an established grocery anchor shopping center
at a significant discount to replacement cost (estimated to be over $250 PSF
including land).
STRonG InVESTMEnT fUnDAMEnTALS
• 100% Leased to national credit tenants.
• Food 4 Less has been operating at the center for about 30 years andreports phenomenal store sales (contact broker for details).
• Both Food 4 Less and Ross offer strong remaining primary lease terms and
in-place rent averages just $0.75 PSF NNN.
• Property is offered free and clear of existing financing, allowing a buyer to take
full advantage of historically low interest rate environment.
• Ownership in 2015 spent over $200,000 for Seismic Retrofitting.
PRIME LoCATIon In ESTABLIShED TRADE AREA
• Property is ideally located to cater to the core demographics and ideal
customer base of current tenants, ensuring long-term desirability.
• Immediate access to:
– Interstate 215 (145,000 cars per day – ±0.25 miles west on 2nd St)
– Interstate10 (173,293 cars per day – ±2.50 miles south)
– Interstate 210 (116,156 cars per day – ±2.50 miles north)
• Directly across from the new San Bernardino transit center, featuring bus and
major Metrolink hub.
• Convenient access with multiple points of ingress and egress on all four sides of
the property and two signalized intersections.
• Strong Demographics, with over 359,080 people living within 5 miles.
Low MAnAGEMEnT hASSLE
• two-tenant property provides easy ownership oversight and “net” leases allow all
operating expenses to be passed through to tenants.
• Ownership upkeep and recent property improvements have avoided any deferred
maintenance issues.
INVESTMENT SUMMARY
Investment Highlights
FOOD 4 LESS | ROSS DRESS FOR LESS | 5INVESTMENT SUMMARY
E STREET
2n
D STR
EET
Rapid Transit Center and Metrolink Station
FOOD 4 LESS | ROSS DRESS FOR LESS | 6FINANCIALS
SUMMARY
Pricing Summary Propery SpecificationsPurchase Price $14,000,000 Year Built 1972Cap Rate 5.71% Total Rentable Area 83,760 SFPurchase Price / SF $167.14 Occupancy 100%
Potential Loan ScenarioLoan Amount $9,100,000Down Payment $4,900,000LTV 65.00%Rate MarketAmortization/Term 30/10
OPERATING CASH FLOW Year 12013
REVENUEFood 4 Less Base Rent 582,320Ross Base Rent 188,141Expense Reimbursement Revenue 281,966
Effective Gross Revenue 1,052,428
OPERATING EXPENSESCAM 116,182Insurance 10,720Property Taxes 155,064
Total Operating Expenses (281,966)
Net Operating Income $770,461
All Cash Return 6.35%FINANCING (Proposed)
Less Loan Payment (494,247)Leveraged Cash Flow $276,214
Leveraged Cash on Cash Return 7.59%
[1] Real estate taxes reassessed @ 1.3082%
Fiscal year commences June 1
SUMMARY / CASH FLOW
*No assumable financing in place -buyer may pay all cash or secure new loan.
VALUATION ANALYSIS - Food 4 Less/Ross555 W. 2nd St - San Bernardino, CA
Matt BurnettVice President
CBRE Private Capital Group909.418.2098
[1]
SUMMARY
Pricing Summary Propery SpecificationsPurchase Price $12,133,250 Year Built 1972Cap Rate 6.35% Total Rentable Area 83,760 SFPurchase Price / SF $144.86 Occupancy 100%
Potential Loan ScenarioLoan Amount $8,493,275Down Payment $3,639,975LTV 70.00%Rate 4.13%Amortization/Term 30/10
Year 12018
REVENUE611,436Food 4 Less Base Rent [1]
Ross Base Rent 188,141Expense Reimbursement Revenue 325,686
Effective Gross Revenue 1,125,263
OPERATING EXPENSES121,48812,270
191,928Total Operating Expenses (325,686)
Net Operating Income $799,577
All Cash Return 5.45%
[1] Rent based on Food 4 Less as of Feb-2019, with Buyer credit at escrow closing.
[2] Real estate taxes reassessed @ 1.3082%
OPERATING CASH FLOW Fiscal year commences September 1
SUMMARY / CASH FLOW
*No assumable financing in place - buyermay pay all cash or secure new loan. Callbroker for details.
VALUATION ANALYSIS - Food 4 Less/Ross555 W. 2nd St - San Bernardino, CA
Matt BurnettVice President
CBRE Private Capital Group909.418.2098
CAMInsurance Property Taxes [2]
Property Cash Flow
FOOD 4 LESS | ROSS DRESS FOR LESS | 7
Square Recovery
Feet Pro-rata Begin End Begin Monthly PSF Annually PSF Type
58,232 69.52% Feb-1988 Jan-2024 Current $48,526.67 $0.83 $582,320.00 $10.00
Feb-2019 $50,953.00 $0.88 $611,436.00 $10.50
Feb-2024 Jan-2029 Future $53,379.33 $0.92 $640,552.00 $11.00
25,528 30.48% Feb-2011 Jan-2022 Current $15,678.45 $0.61 $188,141.36 $7.37
Feb-2022 Jan-2027 Future $16,742.11 $0.66 $200,905.36 $7.87
Feb-2027 Jan-2032 Future $17,805.78 $0.70 $213,669.36 $8.37
Feb-2032 Jan-2037 Future $18,870.28 $0.74 $226,443.36 $8.87
Feb-2037 Jan-2042 Future $19,931.36 $0.78 $239,176.36 $9.37
83,760 100% $66,631.45 $0.75 $779,577 $8.94
[1] Original lease expired 1/31/2009. Food 4 less is in it's 2nd option period and has already exercised its 3rd option starting Feburary 1, 2019.[2] Pricing based on Food 4 Less rent as of Feb-2014, with Buyer credit.
Base rent is flat for years 1-10,
Option
Lease Term Base Rent
Tenant
TOTALS/AVG:
Tenant is in 2nd option period, and has already exercised next option through Jan. 2024.
Rental Increases / Options
NNN + 10%
Admin
Food 4 Less
Option
Ross NNN + 5%
Admin
VALUATION ANALYSIS - Food 4 Less/Ross555 W. 2nd St - San Bernardino, CA
Matt BurnettVice President
CBRE Private Capital Group909.418.2098
[1] [2]
FINANCIALS
Rent Roll
FOOD 4 LESS | ROSS DRESS FOR LESS | 8
Public Company: Subsidy of Kroger Co.
Website: www.food4less.com
no. of Locations: ±145 (Food 4 Less)
±2,800 (Kroger)
2017 Sales: $122.7 Billion (Kroger)
S&P Credit Rating: BBB (Kroger)
Public Company: Ross Stores
Website: www.rossstores.com
no. of Locations: ±1,622
2017 Sales: $14.13 Billion
S&P Credit Rating: A-
Tenant Profiles
FINANCIALS
fooD 4 LESS
Food 4 less is a national warehouse store grocery chain that was founded in 1977 and is a
subsidy owned by Kroger Co – the country’s largest grocery store chain. It is a price impact
“no-frills, low cost” grocery store that features a wide selection of grocery, health and beauty
care items, quality meat, seafood, poultry, dairy, baked goods and fresh produce items. Kroger
currently operates ±145 Food 4 Less stores in California, Illinois, Indiana, nebraska and
nevada.
Kroger is the country’s largest grocery store chain, the second largest general retailer by
revenue and fourth largest retailer in the world. With more than 2,800 locations, Kroger offers a
store format for nearly every kind of shopper, operating under banner names that include
Kroger, Food 4 Less, Ralphs, Fred Meyer, Fry’s, QFC, and Dillons.
RoSS DRESS foR LESS
Ross Stores, Inc. is an S&P 500, Fortune 500 and nasdaq 100 (ROSt) company headquartered
in Pleasanton, California, with fiscal 2017 revenues of $14.13 billion. The Company
operates Ross Dress for Less® (“Ross”), the largest off-price apparel and home fashion
chain in the United States with 1,622 locations in 37 states, the District of Columbia and Guam.
Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear
and home fashions for the entire family at everyday savings of 20% to 60% off department and
specialty store regular prices. the Company also operates 213 dd’s DISCOUntS® in 16 states.
FOOD 4 LESS | ROSS DRESS FOR LESS | 9
PRoPERTY ADDRESS
555 West 2nd Street
San Bernardino, CA 92401
LoCATIon DESCRIPTIon
the Property is located at the Southwest corner of 2nd
Street and E Street in San Bernardino, California just east
of the I-215 in the City of San Bernardino – San Bernardino
County.
BUILDInG AREA
two (2) retail buildings totaling approximately 84,120
square feet of rentable space.
PARCEL
this property consists of one single parcel containing
approximately 6.1 Acres and 265,716 square feet of land
area.
Address Parcel Acres
555 W. 2nd Street 0134-371-10 6.10
ZonInG
this shopping center is zoned general commercial by the
city of San Bernardino.
PARKInG
the property contains approximately 326 parking spaces,
providing for a parking ratio of 4 spaces per 1,000 square
feet of leasable area.
ACCESS
There are five direct points of access to the property and
reciprocal easements with the adjacent properties providing
additional points of entry. the property is easily accessible
from the I-215, I-10, and I-210 freeways.
YEAR BUILT
the property was originally built in 1973, and was partially
remodeled with the addition of Ross in 2010.
Ownership in 2015 spent over $200,000 for Seismic Retrofitting.
PROPERTY OVERVIEW
Property Description
FOOD 4 LESS | ROSS DRESS FOR LESS | 10
Site Plan
PROPERTY OVERVIEW
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FOOD 4 LESS | ROSS DRESS FOR LESS | 11LOCATION
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San BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoSan BernardinoInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational AirportInternational Airport
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290895
3 MiLeS
FOOD 4 LESS | ROSS DRESS FOR LESS | 12
Over 359,080 people within 5 miles.
LOCATION
FOOD 4 LESS | ROSS DRESS FOR LESS | 13
CITY of SAn BERnARDIno
San Bernardino is a steadily growing community of over 216,995
people, and the 17th largest city in the state by population. the
City of San Bernardino is one of the oldest communities in the
State of California, incorporated in 1857 it soon afterward
became an important trading hub in Southern California, the city
has since grown steadily due largely to its supply of affordable
and quality family housing, as well as its close proximity to major
metropolitan areas.
the City also serves as a key hub for the railroad, trucking and distribution industry, with major
companies such as BNSF, Yellow Freight Systems, Pacific Motor Trucking, Kohl’s, Mattel, Pep
Boys, Stater Bros. Markets and Amazon.com all operating major distribution centers in the city.
InLAnD EMPIRE
the Inland Empire, comprised of Riverside and San Bernardino Counties, is the largest region
of Southern California. With a population of more than 4,000,000 people this region is also
larger than 24 of the 50 U.S. states. Its borders span from the Orange and Los Angeles
County lines on the west, more than 100 miles east to the “low desert” communities of Palm
Springs, La Quinta, and Rancho Mirage. It also runs nearly 150 miles from north to south,
from the state-line border with nevada in the north, to the southern-most city in the region,
temecula. the Inland Empire market saw a population surge in the late 1990’s and early
2000’s, following the demand for affordable family housing, and is still growing today. this
robust market is also in close proximity to major Southern California airports, ports, and train
routes which makes it an ideal location for not only retail, but industrial distribution as well.
AREA OVERVIEW
1 MiLe 3 MiLeS 5 MiLeS
POPU
LAtI
On
2013 Estimated Population 12,716 141,688 359,080
2018 Projected Population 13,536 147,610 372,725
2010 Census Population 12,204 138,329 351,544
2000 Census Population 11,431 122,883 317,828
Growth 2010-2013 4.19% 2.43% 2.14%
Growth 2013-2018 6.45% 4.18% 3.80%
1 MiLe 3 MiLeS 5 MiLeS
HO
USE
HO
LDS
2013 Estimated Households 3,640 36,673 101,110
2018 Projected Households 3,931 38,216 104,859
2010 Census Households 3,433 35,811 99,153
2000 Census Households 3,283 34,164 96,108
Growth 2010-2013 6.03% 2.41% 1.97%
Growth 2013-2018 7.97% 4.21% 3.71%
1 MiLe 3 MiLeS 5 MiLeS
InC
OM
E
2013 Estimated Households 3,640 36,673 101,110
– Income Less than $15,000 1,564 8,910 19,000
– Income $15,000 to $24,999 647 6,534 15,073
– Income $25,000 to $34,999 445 5,612 14,068
– Income $35,000 to $49,999 459 5,694 16,531
– Income $50,000 to $74,999 316 5,639 18,637
– Income $75,000 to $99,999 129 2,437 8,950
– Income $100,000 to $149,999 74 1,559 6,306
– Income $150,000 to $199,999 6 168 1,511
– Income $200,000 to $499,999 1 106 916
– Income $500,000 and over 1 13 118
2013 Est. Average Household Income $27,313 $38,922 $48,326
2018 Prj. Average Household Income $27,368 $39,026 $48,575
DEMoGRAPhICS
Confidentiality AgreementCONFIDENTIALITY AGREEMENTThis 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 OPICS Brokerage, LLC. 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 OPICS Brokerage, LLC, 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 Ownerʼs 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 OPICS Brokerage, LLC. 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 OPICS Brokerage, LLC.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to OPICS Brokerage, LLC.
OPICS Brokerage, LLC 12121 Wilshire Blvd. Suite 555Los Angeles, CA 90025
EXCLUSIVELY MARKETED BY:
Fara RabanLic. 01857257(310) [email protected]
OPICSBrokerage, LLC