investment offering...exclusive investment advisors: 18301 von karman avenue, suite 800, irvine, ca...
TRANSCRIPT
Investment Offering
2315 California AvenueCorona, CA 92881
exclusive investment AdvisOrs:
18301 Von Karman Avenue, Suite 800, Irvine, CA 92612 P (949) 221-1800 F (949) 221-1830 farislee.com
2315 California avenue, Corona, Ca 92881
Thomas ChichesterManaging [email protected](949) 221-1820License No 01915137
nick D’argenzio, MreDManaging [email protected](818) 281-7893R.E. License No. 0143404
FInAnCIAl AnAlysIs
AreA overvIew
ProPerty overvIew tAble Of Contents
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S tat e m e n t o F C o n F i d e n t i a l i t y & d i S C l a i m e rFaris Lee Investments (“FLI”) has been engaged as the exclusive financial advisor to the Seller in connection with Seller’s solicitation of offers for the purchase of the property known as Car Wash, City of Corona, County of Riverside, State of CA. 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. 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 therefore. 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 and furnished solely for the purpose of a review by a prospective purchaser of the Property, and it is not to be used for any other purpose or made available to any other person without the express written consent of Seller or FLI. The material is based in part upon information supplied by the Seller and in part upon financial information obtained
by FLI from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and qualified in their entirety by the actual document to which they relate.
No representation or warranty, expressed or implied, is made by the Seller, FLI, or any of their respective affiliates as to the accuracy or completeness of the information contained herein. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the Property site or used in the construction or maintenance of the building at the Property site.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein
or in connection with the sale of the Property 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 FLI 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 Property.
Prospective purchasers are not to construe the contents of this Offering Memorandum or any prior or subsequent communication from FLI or Seller 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 legal counsel and personal and tax advisors to determine the consequences of an investment in the Property and arrive at an independent evaluation of such investment.
prOperty overview
Faris Lee Investments is pleased to offer for sale, the rare opportunity to acquire the business and real estate for South Corona Auto Spa, a highly successful Southern California flex car wash located in the heart of Corona, CA. In 2018, the site was converted from a full-service operation to a flex car wash. The seller purchased approximately $500,000 of tunnel equipment from Bellinger, and also added a pay station along with a gate to one of the vacuum lanes for express customers. There are currently 4 self-serve vacuum stalls for the express customers with plenty of space to add more.
The property is ideally situated at the busy on/off ramp of the I-15 Freeway (over 150,000 vehicles per day) and E. Ontario Avenue which is one of the most highly trafficked retail corridors in the city. The car wash was built in 2004 and has enjoyed over 16 consecutive years of operations with limited competition in the area.
The site is well positioned in the middle of a large shopping hub, making it an ideal car wash destination and draw for customers. National credit tenants surrounding the site include: Sam’s Club, Home Depot, Walmart, Albertson’s, LA Fitness, and In-N-Out to name a few, which together create a robust shopping environment providing plenty of tenant synergy and cross-over shopping between all the tenants.
This major retail center dominates the trade area, while also drawing consumers from the nearby communities. There are over 207,000 people with an additional 78,000 daytime workers within a 5-mile radius of the subject property, with an average household income in excess of $110,000. This is a once in a lifetime investment opportunity for an operator/investor, who is ready to take over a historically high performing car wash business, located within one of the most dynamic and busy retail shopping hubs in the trade area, evidenced again by the strong presence of national tenants directly surrounding the site, and the reliable historical sales at this particular location.
*Do not Disturb the Tenant. This is a highly successful business & real estate opportunity. Please call and/or email the listing agents to schedule any site tours. also, a non-Disclosure agreement must be signed prior to reviewing the Profit and loss statements, please contact listing agent as well to receive a copy of the nDa.
S P e C i F i C at i o n S :
Gla: 10,557 SF land area: 1.46 Acres
$9,995,000 PrICInG
150,000 vPD I-15 FreewAy
100,000 resIdents
t e n a n t:
South Corona Auto Spal o C at i o n :
2315 California avenue, Corona, Ca 92881
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Pa
rC
el
Ma
P
ParCel aCreS SQ Ft
120-510-018 1.46 63,598
rentable Area
10,557 SF
ownership
Fee Simple (Land & Building)
Access
There are several access points along Compton Avenue, East Ontario Avenue, and California Avenue.
year Built
2004
Parking
There are approximately 12 dedicated parking stalls on the owned parcel with plenty of room
to add more vacuums and parking if buyer desires.
traffic Counts (REGis 2019)
Interstate 15: 150,000 VPDE Ontario Avenue: 44,725 VPDCalifornia Avenue: 16,640 VPD
land Area
1.46 Acres (63,598 SF)
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ProPerty sPeCifiCation2315 California Avenue, Corona, CA 92881
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* P l e a s e C o n Ta C T l i s T i n G a G e n T f o r M o r e i n f o .8
Ideal Location with 16+ Year History and Proven Success
•SouthCoronaAutoSpawasbuiltin2004andhasenjoyed16+consecutiveyearsofoperationwithlimitedcompetitioninthearea
•Historicallyhighvolumeandhighperformingcarwash
•ContactListingAgenttosignNDA,inordertoreviewprofitandlossstatements
Recent Flex Car Wash Conversion
•Thesellerconvertedthesitein2018fromafullservicetoaflexcarwash
•Thesellerpurchasedapproximately$500,000oftunnelequipmentfromBellingerandalsoaddedapaystationalongwithagatetooneofthevacuumlanes
Upside as New Business Operator
•Current expenses are based on passive ownership•Potential upside through decreased labor cost/expenses and/or
converting to an express car wash•Potential sale-leaseback of lube and oil facility•A slab on the large freeway monument sign along I-15 is
allocated for the car wash but is not being utilized right now, allowing for future upside and visibility along the freeway
Freeway Location - Adjacent to Interstate-15
•TheSouthCoronaAutoSpaisideallylocatedofftheI-15freewayfeaturing(150,000VPD)andthebusyEastOntarioAvenue(44,700VPD)
•ThislocationisoneofthemosttravelledcorridorswithinthecityofCorona,settingSouthCoronaAutoSpaupforlong-termsuccess
Rare Business and Real Estate Opportunity in Southern California
•Thisisanowner-userpropertythatoffersararebusinessandrealestateopportunityforaninvestor
•Onceinalifetimeinvestmentopportunityforanoperatorand/orinvestor
•Allowsanewownertheabilitytotakeoverahistoricallyhighperformingcarwashbusiness,locatedwithinoneofthemostdynamicandbusyretailshoppinghubsinthetradearea,evidencedagainbythestrongpresenceofnationaltenantsdirectlysurroundingthesite
•Strongandreliablesalesatthislocation
Located in the Heart of Shopping and Entertainment Hub Featuring Excellent Tenant
Synergy
•The site is well positioned in the middle of a dynamic
shopping center, making it an ideal car wash location from
easy draw of customers
•National credit tenants surrounding the site include: Sam’s
Club, Home Depot, Walmart, Albertson’s, LA Fitness, In N
Out, Pielogy, to name a few, which together creates a robust
shopping environment providing plenty of tenant synergy and
cross-over shopping between all tenants
Strong Demographics within the Surrounding
Trade Area
•Over 207,000 residents with an additional 78,000 daytime
workers within a 5-mile radius of the subject property
•Average Household Income in excess of $110,000
ProPerty highlights
area overview
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a e r i a l - C l o S e
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Market insight
d i S t a n C e F r o m C i t y
XX XX
X miles X milesX miles X miles
8.7%Population growth since 2010
168,000Estimated population
5.3%Home appreciation in the last 10 year
$110,459Average household income in 5 mile radius
3.4Number of people per household
2.2%Recent job growth over the last year
36 minutesAverage commute time
d i S t a n C e F r o m C o r o n a
Palm SpringsOrange County San DiegoLos Angeles
20 miles 40 miles 60 miles 75 miles
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Company
Corona-Norco School District
Corona Regional Medical Center
Kaiser Permanente
City of Corona
Fender Guitar
All American Asphalt
Monster Energy
CoreMark International
employment
4,932
1,082
995
785
625
596
500
372
Major eMPloyers
the city Of cOrOnAThe City of Corona is located approximately 45 miles southeast of Los Angeles in western Riverside County. The City limits encompass 39.2 square miles and the population is over 168,000. A city whose heritage spans more than a century, Corona has emerged as an ethnically diverse community, where a significant percentage of the population is made up of young, well educated families. The Corona community boasts many amenities that provide a first-rate quality of life for residents. The City has more than 394 acres of parks, with sports fields, basketball courts, playgrounds, tennis courts, two skateparks and an outdoor pool. The Corona Public Library and the Circle City Center provide cultural and educational programming, and the Senior Center is a hub of activity with programs, workshops and social gatherings. The City also operates a recreational airport.
ecOnOmic highlightsCorona’s industrial base has played an important role in the growth of the City and its employee base. Corona’s economy is strong and getting stronger! There are more than 42,000 jobs within the city of Corona and there is a workforce of more than 84,000. Retail and commercial areas are expanding and office development is booming. Corona has more than 34 million square feet of industrial space and more than 3 million square feet of office space existing, under construction, or planned. Economic Development is the business advocate always looking for ways to help the business community with incentives, communication, and team building.
City overview
d e m o g r a P h i C S
Po
pu
lati
on
Ho
use
ho
lds
Eth
nic
ity
Bu
sin
ess
Inco
me
Corona, CA (reGis 2019) 1 mile 3 mile 5 mile
2019EstimatedPopulation 13,279 92,305 207,293
2024ProjectedPopulation 14,141 98,416 220,952
2010CensusPopulation 12,162 84,332 187,613
2000CensusPopulation 9,901 64,419 152,210
ProjectedAnnualGrowth2019to2024 1.3% 1.3% 1.3%
HistoricalAnnualGrowth2000to2019 1.8% 2.3% 1.9%
2019MedianAge 36.2 34.9 34.3
2019EstimatedHouseholds 3,985 26,005 60,796
2024ProjectedHouseholds 4,144 27,064 63,240
2010CensusHouseholds 3,623 23,520 54,831
2000CensusHouseholds 3,104 18,680 45,921
ProjectedAnnualGrowth2019to2024 0.8% 0.8% 0.8%
HistoricalAnnualGrowth2000to2019 1.5% 2.1% 1.7%
2019EstimatedAverageHouseholdIncome $113,136 $119,763 $110,459
2019EstimatedWhite 61.9% 57.2% 55.1%
2019EstimatedBlackorAfricanAmerican 6.8% 5.8% 6.8%
2019EstimatedAsianorPacificIslander 10.8% 10.3% 11.1%
2019EstimatedAmericanIndianorNativeAlaskan 0.8% 0.8% 0.8%
2019EstimatedOtherRaces 19.8% 25.9% 26.1%
2019EstimatedHispanic 39.6% 48.7% 49.3%
2019EstimatedTotalBusinesses 631 3,932 8,774
2019EstimatedTotalEmployees 5,536 34,302 78,278
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* P l e a s e C o n Ta C T l i s T i n G a G e n T f o r M o r e i n f o . s e v e r a l aT T r a C T i v e f i n a n C i n G o P T i o n s a r e ava i l a b l e .
finAnciAl analysis
MonumentSign
California Avenue
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S I T E P L A N
SITE PLAN NOT TO SCALE
Self V
acuu
m C
en
ter
Car Wash Entrance
Cell Phone Repair
Car Wash Drive Thru
Deta
il A
rea
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South Corona auto Spa www.southcoronacarwash.com
South Corona Auto Spa is a flex service, privately owned car wash in Corona, California. They offer a wide variety of detail services including hand waxing, carpet shampoo, complete interior shampoo, leather seat treatment, exterior buff, hard water removal, clay treatment, and an ultimate 3 step exterior detail. The South Corona car wash also offers a 100% hand wash with a variety of packages to choose from including a simple wash, VIP package, executive package, and an ambassador package. All hand washes are 100% brushless and completely by hand. The business offers an express exterior only wash as well with self-serve vacuums. Lastly, the South Corona Auto Spa has a lube & oil service center that includes the offerring of filters, air filters, synthetic lubricants, transmission service, brake fluid, wiper blades, and more. The friendly staff is well-trained to provide quick, professional service to satisfy customer needs.
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t e n a n t S y n o P S i S
18301 Von Karman Ave., Suite 800 Irvine, CA 92612 P (949) 221-1800 F (949) 221-1830 farislee.com
exclusive investment AdvisOrs:
Thomas ChichesterManaging [email protected](949) 221-1820License No 01915137
nick D’argenzio, MreDManaging [email protected](818) 281-7893R.E. License No. 0143404