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BASHFORD COURTS
Downtown Prescott, AZ Across from Historic Courthouse Square
FOR SALE
OFFERING MEMORANDUM
CONFIDENTIALITY AGREEMENT
Cushman & Wakefield (“Advisor”) serves as the exclusive advisor in connection with the solicitation of offers for the purchase of a portion of Bashford Courts (“Asset”). The solicitation and potential sale is to be governed by this Confidential Offering Memorandum, as it may be modified or supplemented (“Offering Memorandum”) and the Purchase Agreement governing the sale of the Asset. Prospective purchasers are advised that as part of the solicitation process, Seller will be evaluating a number of factors including the current financial qualifications of the prospective purchaser. Prospective purchasers are further advised that the Seller expressly reserves the right, in its sole and absolute discretion, to evaluate the terms and conditions of any offer and to reject any offer without providing a reason. Further, Seller reserves the right to terminate the solicitation process at any time prior to final execution of the Purchase Agreement.
The information contained in this Offering Memorandum is confidential, furnished solely for the purpose of a review by a prospective purchaser of the Asset, and is not to be used for any other purpose or made available to any other person without the express written consent of the Seller or Advisor. Prospective purchasers should conduct their own due diligence, including, but not limited to, engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the Asset or used in the construction or maintenance of the building(s) at the Asset.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Asset, or information provided herein or in connection with the sale of the Asset shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Advisor or any of their affiliates or any of their respective officers, directors, shareholders, owners, employees or agents, for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Asset. A Prospective purchaser is not to construe the contents of the Offering Memorandum or any prior or subsequent communications from the Seller or Advisor or their affiliates or any of their respective officers, directors, shareholders, owners, employees or agents as legal, tax or other advice. Prior to submitting an offer, prospective purchasers should consult with their own business advisors, legal counsel and tax professionals to determine the consequences of an investment in the Asset and arrive at an independent evaluation of such investment.
CHRIS HOLLENBECKSenior Director +1 602 224 4475 [email protected]
BASHFORD COURTS 3
OFFERING MEMORANDUM
OFFERING MEMORANDUM
EXECUTIVE SUMMARY 4The Offering
Property Features
Location Highlights
PROPERTY OVERVIEW 7Tenant List
Aerials
Demographics & Traffic Counts
TABLE OF CONTENTS
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OFFERING MEMORANDUMEXECUTIVE SUMMARYE
THE OFFERINGCushman & Wakefield has been retained as exclusive advisor for the disposition of Bashford Courts Atrium Mall, a restaurant and specialty boutique shopping center located in the Downtown Historic Courthouse Square of Prescott, Arizona.
Bashford Courts Atrium Mall is a 33,000 square foot prime retail center on a 18,750 square foot lot and is located across from the historic, Courthouse Square, which hosts numerous year-round events that draw thousands of tourists throughout the year. Bashford Courts houses the famous Prescott Brewing Company and 13 specialty boutique shops on three levels surrounded by an atrium. The center is 97% leased, with mostly long-term agreements. Some tenants have been with Bashford Courts for more than 10 years.
Bashford Courts is a recession proof asset because of the year-round tourism Courthouse Square receives from visitors around the country. The limited retail vacancy in downtown Prescott also keeps the demand high for retail space. Prescott is continually rated as a top place for retirement in the United States.
www.bashfordcourts.com
BASHFORD COURTS 5
OFFERING MEMORANDUM
OFFERING MEMORANDUM EXECUTIVE SUMMARYE
PRICE: $5,400,000
CAP: 8.2%
CURRENT NOI: $443,045.56
OFFERING TERMS
PROPERTY FEATURESPROPERTY NAME: Bashford Courts
ADDRESS: 103 W Gurley Street, Prescott, AZ 86301
PARCEL NUMBER: 113-15-116
PROPERTY TYPE: Retail Center
LOCATION: NEC Gurley St & Montezuma St
ZONING: C-2 | City of Prescott
RBA: ±33,000 SF
LAND SIZE: ±18,750 SF
YEAR BUILT: Heavily Renovated in 1990
OCCUPANCY: 97%
PARKING: Public parking lot in both north and south side of the building
6 CUSHMAN & WAKEFIELD | OFFERING MEMORANDUM
OFFERING MEMORANDUMEXECUTIVE SUMMARYE
THE OFFERING• Located in the historic Courthouse Square with year around
Tourism
• Downtown Prescott has almost no retail vacancy and there are limited retail alternatives
• Many large events are hosted in downtown Prescott, such as Antique Auto Club & Car Show, World’s Oldest Rodeo, and famous holiday parades
• Prescott Brewing Company has been extremely successful with tremendously high sales
• Low price per square foot purchase price
INCOMESCHEDULED BASE RENT: $511,584.12
PLUS EXPENSE REIMBURSEMENT $63,634.44
GROSS INCOME: $575,218.56
ESTIMATED OPERATING EXPENSESCAM EXPENSE $67,465
INSURANCE $4,600
PROPERTY TAXES $16,286
RESERVE $9,900 - $0.30 PSF
UTILITIES $34,553
TOTAL OPERATING EXPENSES $132,173
NET OPERATING INCOME $443,045.56
OFFERING PRICE $5,400,000
CAPITALIZATION RATE 8.2%
PRICE PER SQUARE FOOT $141.53
• Major Capital Improvements were made in 2016 and 2017
• Extremely stable at 97% occupancy with little tenant turnover
• High Yield 8.2% CAP with over 10% Cash on Cash Return
• Irreplaceable real estate in the center of a historic square
BASHFORD COURTS 7
OFFERING MEMORANDUM
OFFERING MEMORANDUM PROPERTY OVERVIEWE
WEBSITE: https://www.facebook.com/home-bodyprescott/
OWNERSHIP Private
# OF LOCATIONS: 1
GUARANTEE: Personal
WEBSITE: https://www.facebook.com/pg/Foot-Fe-tish-174550272615293/
OWNERSHIP Private
# OF LOCATIONS: 1
GUARANTEE: Personal
WEBSITE: http://lostinsocks.com/
OWNERSHIP Private
# OF LOCATIONS: 2
GUARANTEE: Personal
Homebody sells goods to experience a spa setting in the comfort of your own home. Homebody specializes in lotions, soaps, oils, and more.
Foot Fetish is a retailer of affordable women’s clothing that has called Bashford Courts home for 8 years.
Lost In Socks has incredibly diverse inventory of socks for any occasion. They also have another location in Ventura, CA.
Current Tenant List
WEBSITE: https://www.prescottbrewingcompany.com/
OWNERSHIP Corporate
# OF LOCATIONS: 1
GUARANTEE: Corporate
Prescott Brewing Company is an award winning microbrewery restaurant that has been in business since 1994. Rated #1 by “Ranking Arizona” in 2010 and 2011.
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OFFERING MEMORANDUMPROPERTY OVERVIEWE
WEBSITE: http://www.manatleisure.com/
OWNERSHIP Private
# OF LOCATIONS: 1
GUARANTEE: Personal
WEBSITE: https://oliveunaturally.com/
OWNERSHIP Private
# OF LOCATIONS: 1
GUARANTEE: Personal
WEBSITE: https://www.mullystouchofireland.com/
OWNERSHIP Private
# OF LOCATIONS: 2
GUARANTEE: Personal
WEBSITE: http://www.pralinesofprescott.com/
OWNERSHIP Private
# OF LOCATIONS: 1
GUARANTEE: Personal
Man at Leisure has a unique upscale selection of men’s clothing and accessories. Their featured brands contain, but are not limited to, Pendleton, Woolrich, True Grit, George Roth, Luchiano Visconti, Reyn Spooner, and Tori Richard.
Olive U is a producer and retailer of assorted olive oils.
Mully’s is a store that specializes in Irish wares. After having success in Old Town Scottsdale they have since brought their business to Prescott.
Pralines is Prescott’s premier handmade candy shoppe. They specialize in the creation of pralines, fudge, truffles, brittle, and toffee all without the use of preservatives.
Current Tenant List
BASHFORD COURTS 9
OFFERING MEMORANDUM
OFFERING MEMORANDUM
OWNERSHIP Private
# OF LOCATIONS: 1
GUARANTEE: Personal
OWNERSHIP Private
# OF LOCATIONS: 1
GUARANTEE: Personal
WEBSITE: http://www.timberwoofpetboutique.com/
OWNERSHIP Private
# OF LOCATIONS: 1
GUARANTEE: Personal
Rendezvous has a variety of women’s items that they sell such as home décor, purses, jewelry, scarfs, etc
Prescott Country Store provides one of a kind handmade items created by local artists. These items include painted decorative southwest tiles, ornaments, dicroic glass jewelry, and Prescott “branded” merchandise.
Timberwoof provides pets and their owners an assortment of gifts and collectibles.
PROPERTY OVERVIEWECurrent Tenant List
WEBSITE: www.allieollie.com
OWNERSHIP Private
# OF LOCATIONS: 3
GUARANTEE: Personal
Allie Ollie is a sophisticated boutique with wares for women of various styles.
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OFFERING MEMORANDUM
WEBSITE: https://www.facebook.com/The-Wild-Daisy-Clothing-Co-148412031873864/
OWNERSHIP Private
# OF LOCATIONS: 1
GUARANTEE: Personal
WEBSITE: www.zemado.com
OWNERSHIP Private
# OF LOCATIONS: 1
GUARANTEE: Personal
Wild Daisy specializes in high quality upscale women’s clothing. In addition, they provide footwear, accessories, and leather goods.
Recently relocated from Old Town Scottsdale, Zemado specializes in handmade, leather goods. In addition, they sell home accessories, boots, and clothing.
PROPERTY OVERVIEWECurrent Tenant List
BASHFORD COURTS 11
OFFERING MEMORANDUM
OFFERING MEMORANDUM PROPERTY OVERVIEWESite Location
BASHFORD COURTS
MURPHY’S
PRESCOTTCENTER FOR
THE ARTS
LONE SPUR CAFE
CHI’S CUISINELYZZARD’S LOUNGE
OFFICE OF SEN.JOHN MCCAIN
THE OFFICERESTAURANT & BAR
THE RAVEN CAFE
MOUNTAIN SPIRITCO-OP
CORTEZ STREETEMPORIUM
THE MARKETPLACE
COUNTRY BANK
US SOCIALSECURITY
ADMINISTRATION
BIN 239
CANTONDRAGON
DOWNTOWNGREEK PITA
TAJ MAHALRESTAURANT
& LOUNGE
THE POINT BAR& LOUNGE
HIKE SHACK
SHANNON’S GOURMET
CHEESECAKES
GURLEY ST
CORTEZ ST
WILLIS STMONT
EZUM
A ST
AC WILLIAMSGRANITE CREEK
PARK
YAVAPAI REGIONALMEDICAL CENTER PRESCOTT HIGH
SCHOOL
APS
OLD CAPITALMARKET
DEJA VU
MID-CENTURYMADNESS ANTIQUES
BLACK ARROW
DRAWN WEST
GRANITE MOUNTAINBREWING
PAPA’S ITALIAN
EL CHARRO
12 CUSHMAN & WAKEFIELD | OFFERING MEMORANDUM
OFFERING MEMORANDUMPROPERTY OVERVIEWESite Location
GURLEY STMOUNTAIN SPIRITCO-OP
CORTEZ STREETEMPORIUM
THE MARKETPLACECOUNTRY BANK BILL’S PIZZA
MARINO’S MOB BURGERS& ICE CREAM TARA FINE
THAI CUISINE
UNION ST
HASSAYAMPA INN
US SOCIALSECURITY
ADMINISTRATION WILLIS STPRESCOTT STATION
BASHFORD COURTS
LONE SPUR CAFECHI’S CUISINE
LYZZARD’S LOUNGEOFFICE OF SEN.JOHN MCCAIN
THE OFFICERESTAURANT & BAR
COURTHOUSESQUARE
OLD CAPITAL MARKET
DEJA VU
MID-CENTURYMADNESS ANTIQUES
YAVAPAI COLLEGE
BLACK ARROW
PRESCOTT RESORT &CONFERENCE CENTER
YAVAPAI CASINO
DRAWN WEST
PAPA’S ITALIAN
GRANITE MOUNTAINBREWING
ELKS THEATER& PERFORMING ARTS
CETNTER
BASHFORD COURTS 13
OFFERING MEMORANDUM
OFFERING MEMORANDUM
GURLEY STMOUNTAIN SPIRITCO-OP
CORTEZ STREETEMPORIUM
THE MARKETPLACECOUNTRY BANK BILL’S PIZZA
MARINO’S MOB BURGERS& ICE CREAM TARA FINE
THAI CUISINE
UNION ST
HASSAYAMPA INN
US SOCIALSECURITY
ADMINISTRATION WILLIS STPRESCOTT STATION
BASHFORD COURTS
LONE SPUR CAFECHI’S CUISINE
LYZZARD’S LOUNGEOFFICE OF SEN.JOHN MCCAIN
THE OFFICERESTAURANT & BAR
COURTHOUSESQUARE
OLD CAPITAL MARKET
DEJA VU
MID-CENTURYMADNESS ANTIQUES
YAVAPAI COLLEGE
BLACK ARROW
PRESCOTT RESORT &CONFERENCE CENTER
YAVAPAI CASINO
DRAWN WEST
PAPA’S ITALIAN
GRANITE MOUNTAINBREWING
ELKS THEATER& PERFORMING ARTS
CETNTER
PROPERTY OVERVIEWESite Location
GURLEY ST
MOUNTAIN SPIRITCO-OPCORTEZ STREET
EMPORIUMTHE MARKETPLACE
COUNTRY BANK
HASSAYAMPA INN
US SOCIALSECURITY
ADMINISTRATION
WILLIS ST
BASHFORD COURTS
LONE SPUR CAFE
CHI’S CUISINE
LYZZARD’S LOUNGE
OFFICE OF SEN.JOHN MCCAIN
THE OFFICERESTAURANT & BAR
OLD CAPITAL MARKET
DEJA VU
MID-CENTURYMADNESS ANTIQUES
MONTEZUMA ST
BLACK ARROW
MURPHY’S
THE RAVEN
YAVAPAI COLLEGENORTHERN ARIZONAVA HEALTHCARE
SYSTEM
PRESCOTT RESORT &CONFERENCE CENTER
YAVAPAI CASINO
DRAWN WEST
PAPA’S ITALIAN GRANITE MOUNTAIN
BREWING
COURTHOUSESQUARE
14 CUSHMAN & WAKEFIELD | OFFERING MEMORANDUM
OFFERING MEMORANDUMPROPERTY OVERVIEWESite Location
GURLEY ST
MOUNTAIN SPIRITCO-OPCORTEZ STREET
EMPORIUMTHE MARKETPLACE
HASSAYAMPA INN
CORTEZ ST
BASHFORD COURTS
LONE SPUR CAFE
CHI’S CUISINELYZZARD’S LOUNGE
OFFICE OF SEN.JOHN MCCAIN
THE OFFICERESTAURANT & BAR
COURTHOUSESQUARE
OLD CAPITAL MARKET
DEJA VUMID-CENTURY
MADNESS ANTIQUES
MONTEZUMA ST
BLACK ARROW
THE RAVEN
W H I S K E Y R O WBILL’S PIZZA
MARINO’S MOB BURGERS& ICE CREAM
TARA FINETHAI CUISINE
UNION ST
COURTHOUSESQUARE
YAVAPAI COUNTYCOURTHOUSE
PRESCOTT CHAMBEROF COMMERCE
PRESCOTT POSTOFFICE
PRESCOTT PUBLICLIBRARY
PRESCOTT POLICEDEPARTMENT
CUPPERS
TAJ MAHALRESTAURANT
& LOUNGE
THE POINT BAR& LOUNGE
HIKE SHACK
HIKE SHACK
SHANNON’S GOURMET
CHEESECAKE
PRESCOTTPUBLICHOUSE GINZA SUSHI &
ASIAN CUISINE
GENOVESES
WHISKERS BARKERY
HOTEL ST. MICHAELOLD SAGE
BOOKSHOP
PALACE RESTAURANT& SALOON DEVIL’S PANTRY
BIRD CAGE SALOONMOCTEZUMI’S BAR
DRAWN WEST
EL CHARRO
COPPERTOPALEHOUSE
FAR FROMFOLSOM
THE BARLEYHOUND
PAPA’S ITALIAN
GRANITE MOUNTAINBREWING
ELKS THEATER& PERFORMING ARTS
CETNTER
MATT’S SALOON
BASHFORD COURTS 15
OFFERING MEMORANDUM
OFFERING MEMORANDUM
DEMOGRAPHICS (ESRI 2017)
1 MILE 3 MILES 5 MILES
TOTAL POPULATION 9,074 31,947 46,348
DAYTIME POPULATION 17,174 42,548 59,102
TOTAL HOUSEHOLD 4,402 15,084 22,030
MEDIAN HOME VALUE $239,600 $319,003 $307,448
AVERAGE HOUSEHOLD INCOME: $49,762 $67,120 $68,610
TRAFFIC COUNTS
GURLEY STREET: 21,917 VPD
STATE ROUTE 69: 43,240 VPD
DEMOGRAPHICS
Downtown Prescott receives over 30,000 tourists per year.
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OFFERING MEMORANDUM
OFFERING MEMORANDUM
BASHFORD COURTS
Downtown Prescott, AZ Across from Historic Courthouse Square