pomona, ca ve - loopnet...nhra auto club raceway at pomona, powerade winternationals drag racing...
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SINGLE TENANT RETAIL INVESTMENT
FALLAS STORESSOUTHERN CALIFORNIA
611 E Holt Ave Pomona, CA
Casey MetcalfAssociate
Lic. 01901071+1 310 363 4871
Richard RizikaVice ChairmanLic. 01044064
+1 310 363 [email protected]
EXCLUSIVELY MARKETED BY:
E Holt Ave 33,518 CPD
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Potential Pad Development
Table of Contents
INVESTMENT SUMMARY ................3Parcel Map Surrounding Retail Investment Highlights Affluent Demographics Tenant Profile Property Details
PROPERTY OVERVIEW.....................8Property Details Site Plan
AREA OVERVIEW ..........................10City Overview County Overview Sale Comparables
Casey MetcalfAssociate
Lic. 01901071+1 310 363 4871
Richard RizikaVice ChairmanLic. 01044064
+1 310 363 [email protected]
EXCLUSIVELY MARKETED BY:
© 2017 CBRE, Inc. All Rights Reserved.
611 E HOLT AVENUE SURROUNDING RETAIL
611 E HOLT AVENUE
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HIGH TRAFFIC & HIGH VISIBILITY LOCATION
• Property is located on Holt Avenue, which has over 35,500+ cars per day
• Newly constructed building is situated prominently at the intersection of Holt Avenue andCaswell Avenue
• Reciprocal easement with the adjacent Rite Aid property allows more multiple access pointson Holt Avenue, San Antonio Avenue and Caswell Avenue
• Located adjacent to national retailers Rite Aid, 99 Cents Only and Cardenas Market
• Close proximity to residential and commercial density
NATIONAL TENANT INVESTMENT WITH DEVELOPMENT UPSIDE
• Anchored by Fallas Stores, a national credit tenant with over 350 stores
• New ten (10) year lease provides stable, long term income
• Potential pad development opportunity at the corner of Holt Avenue and Caswell Avenue
• Pad opportunity could provide additional NOI to owner
DENSE SOUTHERN CALIFORNIA TRADE AREA
• More than 28,000 people in a 1-mile radius with an Average Household Income over$54,600
• More than 198,000 people in a 3-mile radius with an Average Household Income over$65,800
• More than 424,000 people in a 5-mile radius with an Average Household Income over$77,900
Investment Highlights
Demographics
1 MILE 3 MILES 5 MILES
POPULATION
2016 Estimated Population 28,195 198,495 424,530
2021 Projected Population 28,870 205,147 439,121
2010 Census Population 27,766 191,764 408,498
2000 Census Population 27,891 187,408 400,674
Growth 2010-2016 0.25% 0.55% 0.62%
Growth 2016-2021 0.47% 0.66% 0.68%
AGE
Estimated Average Age 28.9 31.2 32.8
HOUSEHOLDS
2016 Estimated Households 7,676 52,309 121,672
2021 Projected Households 7,833 53,839 125,458
2010 Census Households 7,609 51,022 117,956
2000 Census Households 7,618 49,456 116,009
Growth 2010-2016 0.14% 0.40% 0.50%
Growth 2016-2021 0.41% 0.58% 0.61%
INCOME
2016 Est. Average Household Income $54,630 $65,814 $77,958
Investment SummaryOffering Price $3,840,000
Cap Rate 6.25%
Total SF 30,000 SF
First Floor 18,623 SF
Second Floor 11,377 SF
Land Area ±2.57 Acres
Year Built 2012
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Fallas, is a family-owned company headquartered in the Harbor Gateway area of Los Angeles, California with more than 350 locations in twenty-two states and Puerto Rico. Fallas does business as: Fallas, Fallas Paredes, Fallas Discount Stores, Factory 2-U, Conway, CW Price, Fallas and Anna’s Linen’s, and offer brand name and private label clothing for men, ladies, boys, girls, juniors, infants and toddlers along with lingerie, shoes and household items. Fallas Paredes caters to the Hispanic American community.
Tenant Profile Company ProfileCompany Type: Private
Lease Summary
Lessee: FP Stores, Inc, a California Corporation
Lease Commencement: Feb 2017
Lease Expiration: Jan 2027
Term: 10 years
Renewal Options: Four (4), Five (5) year
Total SF 30,000 SF
First Floor 18,623 SF
Second Floor 11,377 SF
Rent: $8.00
Rent Increases: 7% every 5 years
Cam Recovery Type: Net
* Analysis assumes new ten (10) year lease at COE
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PROPERTY ADDRESS611 East Holt Ave,Pomona, CA 91767
LOCATION DESCRIPTIONLocated on the Northeast corner of Holt Avenue and Caswell Avenue in Pomona, CA
PARCELThe tax assessor’s parcel number are 8337-017-034 and 8337-017-035
LAND AREAApproximately 2.57 acres or 111,835 square feet
of land
BUILDING AREATotal: 30,000 SFFirst Floor: 18,623 SFSecond Floor: 11,377 SF
VISIBILITY & FRONTAGEExcellent visibility along Holt Avenue with over
240 feet of frontage
ACCESSProperty has access from Caswell Ave and Holt Avenue through an easement with adjacent property.
ZONINGPOC4
YEAR BUILTBuilt in 2012
Property Details
NEIGHBORING RETAILERS
611 E HOLT AVENUE
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Site Plan
611 EAST HOLT POMONA, CALIFORNIA
AVAILABLE UNITS
UNITS SQUARE FEET TYPE
2284-K2 1 ,000 SF Former Restaurant
2292-K6 1 ,250 SF Former Restaurant
2298-K8 965 SF End Cap
FOR MORE
INFORMAT ION
PLEASE CONTACT:
Mitchell Hernandez
Lic. 01875229
T 310.765.2613
Richard Rizika
Lic. 01044064
© 2011 CB Richard Ellis, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. 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. CBRE, CB RICHARD ELLIS and the CBRE CB RICHARD ELLIS logo are service marks of CB Richard Ellis, 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.
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611 E. Holt
LOCATOR MAP
Possible Pad Developement
NAP
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Floor Plan - First Floor
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Floor Plan - Second Floor
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Parcel Map
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POMONA
Pomona is a city in Los Angeles County, California, United States. Pomona is
located in the Pomona Valley, between the Inland Empire and the San Gabriel
Valley. Pomona is an urban area of Los Angeles County in the Pomona Valley.
According to the United States Census Bureau, the hit has a total area of
22.964 square miles, over 99% of it land. Pomona is 27 miles east of Downtown
Los Angeles. Pomona is also located near many universities including Cal Poly
Pomona, Pomona College & the Claremont Colleges, Western University of
Health Sciences, and Devry University.
DEMOGRAPHICS
The 2010 United States Census reported that Pomona had a population of
149,058. The population density was 6,491.2 people per square mile. The
racial makeup is 48% white, 7.3% African America, 1.2% Native American,
8.5% Asian, 0.2% Pacific Islander, 30.3% from other races, 4.5% from two or
more races, and 70.5% Hispanic or Latino.
HOUSING
There were 38,477 households, out of which 19,690 (51.2%) had children under
the age of 18 living in them. There were 39,620 housing units at an average
density of 1,771.8 per square mile, of which 21,197 were owner-occupied, and
17,280 were occupied by renters. The homeowner vacancy rate was 2.0%; the
rental vacancy rate was 5.9%. 80,968 people (54.3% of the population) lived
in owner-occupied housing units and 63,952 people (42.9%) lived in renting
housing units.
City OverviewANNUAL CULTURAL EVENTS
The city is the site of the Fairplex, which hosts the LA County Fair and the
NHRA Auto Club Raceway at Pomona, Powerade Winternationals Drag Racing
competition. The city also hosts the Pomona Swap Meet and the Classic Car
Show.
LABOR POOL
Home to a large labor pool, Pomona can provide employers with qualified
workers. The work force is extremely diverse, including men and women with
a wide variety of job capabilities, from entry-level to management skills. Top
employers in the area include Pomona Valley Hospital Medical Center, California
Acrylic Industries, Casa Colina Rehabilitation, and Verizon.
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LOS ANGELES
Los Angeles County is the most heavily populated county in the country
with approximately 9.8 million people including about 1 million that live
in unincorporated areas of the county. The metropolis formed by the five
neighboring counties of Los Angeles: Ventura, Kern, San Bernardino, Riverside,
and Orange is home to approximately 19 million residents. Los Angeles County
is home to one of the most educated labor pools in the country and offers a
labor force of more than 4.7 million, of which more than 1.5 million are college
graduates. Los Angeles County has the largest population of any county in the
nation, exceeded only by eight states. According to the United States Conference
of Mayors, Los Angeles County boasts a GDP among the twenty largest in the
world. Los Angeles County’s continued economic growth, in contrast to other
areas of the state and nation, is due to its diversified economy and abundant,
well-trained workforce.
Los Angeles County is served by one of the largest freeway networks in the
country, providing access to the five neighboring counties as well as the rest of
the state and nation. Los Angeles County’s extensive freeway network facilitates
the movement of people and freight throughout the region, the state and the
nation.
Los Angeles International Airport (LAX) services the Los Angeles County area
with nearly 62 million passengers per year and is the sixth busiest airport in the
world. It is supplemented by its proximity to Ontario International Airport in the
City of Ontario (San Bernardino County), Burbank Airport (Los Angeles County)
and John Wayne Airport in Santa Ana (Orange County). Municipal bus and light
rail service is proved by the Los Angeles County Metropolitan Transportation
Authority (MTA).
County Overview
Located on the southern coast of California, Los Angeles County covers 4,061
square miles and includes San Clemente and Santa Catalina islands. The County
is comprised of approximately 88 vibrant and divers cities hosting more than
244,000 business establishments—the greatest concentration in the state. Los
Angeles County has a Gross Domestic Product (GDP) of approximately $446
billion—placing it among the top 20 economies in the world. The combined
GDP of Los Angeles and its five surrounding counties places it in the top 10.
California is generally considered to be in the top five.
Los Angeles County is home to more than 244,000 businesses, with more
minority and women owned businesses than any other in the nation and is the
nation’s top international trade center and manufacturing center. Los Angeles
is recognized worldwide as a leader in entertainment, health sciences, business
services, aerospace and international trade. Because the Los Angeles area is so
large and diverse, it has something to offer to everyone. While Hollywood and
the Los Angeles beach culture are part of the collective image of Los Angeles,
the city also has more museums than any other city in the U.S. and some of the
best hotels in the world.
Through recent decades, Los Angeles County has developed a diverse economic
base, supported by a number of Fortune 500 companies with headquarters in
the area, including Walt Disney, Northrop Grumman, Occidental Petroleum,
Computer Sciences, DirecTVGroup, Health Net, KB Home, Jacobs Engineering
Group, Avery Dennison, Mattel, Ryland Group, and Hilton Hotels. Key factors
positively influencing the region’s economic position include increased local
media production by the entertainment industry; a continuing expansion of
import flows; and growth in aerospace, homeland security and the private
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business sector. Over $25 billion in on-going infrastructure construction activity is underway to support the local economy, including expansions of the ports of Long
Beach and Los Angeles and an extension of the Metro Gold Line. Los Angeles County’s well educated labor pool, numerous universities, appealing climate, and world-
class infrastructure will enable Greater Los Angeles to continue to be a world leader in economic and cultural influence.
AFFILIATED BUSINESS DISCLOSURE
CBRE, Inc. operates within a global family of companies with many subsidiaries and 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, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgment of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).
CONFIDENTIALITY AGREEMENT
Your receipt of this Memorandum constitutes your acknowledgment that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.
DISCLAIMER
This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
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 at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.
© 2017 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. 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. 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. Macintosh HD:Users:KLou:Box Sync:Southern California:GLAOC Marketing:Property Marketing:South Bay:Fallas OM - RRizika:Former Fallas_OM_v07KL.indd
Affil iated Business Disclosure & Confidentiality Agreement
Richard RizikaVice ChairmanLic. 0144064+1 310 363 [email protected]
EXCLUSIVELY MARKETED BY:
Casey MetcalfAssociateLic. 01901071+1 310 363 [email protected]