premier investment opportunity 3905 state · for sale | ± 14,346. sf. neighborhood retail center....
TRANSCRIPT
3905 STATESTREET SANTA BARBARA, CA 93105
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Jim Turner805.879.9621
[email protected] Lic. 01887788
Aus tin Herlihy805.879.9633
[email protected] Lic. 01518112
Steve B row n805.879.9607
[email protected] Lic. 00461986
PREMIER INVESTMENT OPPORTUNIT Y
NEW PRICE$9,7 5 0 ,0 0 0
±14,346 SF Retail Center
on ±41,817 SF Corner Lot
100% Occupied
Located at high traffic
signalized intersection
directly across from
new Target store
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Jim Turner805.879.9621
[email protected] Lic. 01887788
Aus tin Herlihy805.879.9633
[email protected] Lic. 01518112
Steve B row n805.879.9607
[email protected] Lic. 00461986
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Property Highlights
• 100% occupied shopping center anchored by TD Ameritrade and Peet’s Coffee.
• Situated at the signalized corner of State Street and La Cumbre, one of Santa Barbara’s busiest intersections.
• Ideally located directly across the street from a new Target store with several residential developments under construction in the neighborhood.
• Within close proximity to La Cumbre Plaza Shopping Center
Offering Specifics
New Price $9,750,000
Building Size ±14,346 SF ($680/SF)
Lot Size ±41,817 SF
CAP Rate 5.9%
NOI $572,417
Suites 9
Parking 47 Spaces
Zoning General Commercial
APN 051-021-005
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SHOPPING CENTER TENANTS
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Jim Turner805.879.9621
[email protected] Lic. 01887788
Aus tin Herlihy805.879.9633
[email protected] Lic. 01518112
Steve B row n805.879.9607
[email protected] Lic. 00461986
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
PEET’S COFFEE
Peet’s Coffee is a San Francisco Bay Area-based specialty coffee roaster and retailer owned by JAB Holding Company. Founded in 1966 by Alfred Peet in Berkeley, California, Peet’s introduced the United States to its darker roasted Arabica coffee in blends including French Roast and grades appropriate for espresso drinks.Peet’s offers freshly roasted beans, brewed coffee and espresso beverages, as well as bottled cold brew. Peet’s coffee is sold in over 14,000 grocery stores across the United States. peets.com
THE GOOD FEET STORE
Good Feet began as a family-owned business in 1992, with a mission to help people who suffer from tremendous foot and back pain. The Good Feet system encompasses over 100 individually owned and operated stores throughout the world. goodfeet.com
CHAMPAGNE NAIL BAR
High-end nail salon serving refreshments in luxurious surroundings.https://champagne-nail-bar.business.site
THAIRPY SALON
Built on the foundations of renowned salons in Santa Barbara, Thairpy Salon offers a broad range of services from men, women and chirldrens cuts to trending hair colors, extensions and Brazilian blowouts.thairapysb.com
QUEST DIAGNOSTICS
Quest Diagnostics Incorporated is an American clinical laboratory founded in 1967 as Metropolitan Pathology Laboratory, Inc. It became an independent corporation with the Quest name on December 31, 1996. As a Fortune 500 company, Quest operates in the United States, United Kingdom, Mexico, and Brazil.questdiagnostics.com
AGELESS MEN’S HEALTH
Ageless Men’s Health was founded by a team with an extensive clinical background, who noticed a problem: low testosterone levels in men were un-derdiagnosed and treated poorly. The company believes in empowering trained medical profes-sional to use the most advanced scientific tech-niques. Their clinics are managed and run by RNs, and use scientifically-proven methods to deliver sustainable health benefits to men. instagram.com/shopheavenscent
UNITED PARCEL SERVICE
United Parcel Service (UPS) is an American multinational package delivery and supply chain management company. The global logistics com-pany is headquartered in the U.S. City of Sandy Springs, Georgia, which is a part of the Greater Atlanta metropolitan area.ups.com
MZ NUTRITION
Operating since 2005 and one of the largest online stores offering dietary supplements in Poland. In 2015 the company opened their second warehouse in England with another soon to open in Goerlitz, Germany. MZ Nutrition offers brands such as Douglas Laboratories, Kirkman, Doctor’s Best, Jarrow Formulas, Natural Sources, Life Ex-tensions, Now Foods, Swanson, Source Naturals, Seeking Health, and Thorne. mz-store.com
TD AMERITRADE
Operating since 1975, TD Ameritrade opened its doors as First Omaha Securities building a business model that put investors’ needs first by making investing accessible, understandable, and valuable. amtd.com
T E N A N T S
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Jim Turner805.879.9621
[email protected] Lic. 01887788
Aus tin Herlihy805.879.9633
[email protected] Lic. 01518112
Steve B row n805.879.9607
[email protected] Lic. 00461986
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
2019 DEMOGRAPHICS 1 MILE 3 MILE 5 MILE
Average HHI: $109,500 $123,257 $123,950
Population: 14,977 78,987 137,249
Daytime Population: 15,292 64,997 135,726
2019 Estimates from SitesUSA
TRAFFIC COUNTS
S. La Cumbre at State Street 15,981 ADT
State Street at US Hwy 101 28,427 ADT
Traffic Counts from LandVision
S L
A C
UM
BR
E R
OA
D
STATE STREETUS HWY 101
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Jim Turner805.879.9621
[email protected] Lic. 01887788
Aus tin Herlihy805.879.9633
[email protected] Lic. 01518112
Steve B row n805.879.9607
[email protected] Lic. 00461986
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
Parcel MapSite Plan
STATE STREET
S L
A C
UM
BR
E R
D
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.7 . 2 9 . 2 0
Proforma Income
ADDRESS TENANT SIZE (SF) PRICE/SF YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5RENT
ADJUSTMENTS
279-R1 MZ Nutrition 1,200 $2.81 $40,484 $41,698 $42,949 $44,238 $45,565 3%
279-R2 Peet's Coffee 1,512 $4.00 $72,576 $72,576 $72,576 $72,576 $72,576 —
279-R3 Ageless Men's Health 833 $2.77 $27,684 $28,515 $29,370 $30,251 $31,159 3%
279-R4 Champagne Nail Bar 1,345 $2.57 $41,446 $42,689 $43,970 $45,289 $46,648 3%
279-R5 TD Ameritrade 3,064 $5.36 $197,076 $202,989 $209,078 $215,351 $221,811 3%
279-R6 The Good Feet 1,736 $2.95 $61,454 $63,298 $65,197 $67,153 $69,167 3%
279-R7 UPS 1,783 $3.82 $81,830 $84,285 $86,813 $89,418 $92,100 3%
279-R8 The Hair Salon 1,609 $2.00 $41,737 $42,989 $44,279 $45,607 $46,976 3%
279-R9 Quest 1,264 $3.95 $59,861 $61,657 $63,507 $65,412 $67,374 3%
SUBTOTAL: 14,346 $3.63 $624,149 $640,696 $657,740 $675,295 $693,377
Additional Rent* $8,004 $8,004 $8,004 $8,004 $8,004
Tenant Reimbursables (NNN)**: 86% $211,480 $207,954 $213,195 $218,575 $224,097
Total Annual Rent: $843,633 $856,655 $878,939 $901,874 $925,478
Vacancy (3%): ($25,309) ($25,700) ($26,368) ($27,056) ($27,764)
*Hair Salon pays amortized TI of $667/month throughout lease term **Owners courtesy cap on CAM charges reducing collectibles to 86%.
Annual Gross Income: $818,324 $830,955 $852,571 $874,818 $897,713
(Less Expenses) ($245,907) ($241,807) ($247,901) ($254,157) ($260,578)
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
NET OPERATING INCOME: $572,417 $589,148 $604,670 $620,661 $637,135
CAP RATE: 5.9% 6.0% 6.2% 6.4% 6.5%
PURCHASE PRICE: $9,750,000
PRICE PER SQUARE FOOT: $680
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Jim Turner805.879.9621
[email protected] Lic. 01887788
Aus tin Herlihy805.879.9633
[email protected] Lic. 01518112
Steve B row n805.879.9607
[email protected] Lic. 00461986
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
STATE STREET
STATE STREET
S. HOPE AVENUE
LAS POSITAS ROAD
S. LA CUMBRE RD.
La CumbrePlaza Mall
OntarePlaza
San RoquePlaza
Santa BarbaraGolf Club
Five Points Shopping Center
Nearby Businesses & Amenities
1 Target
2 The Marc Luxury Apartments
3 Gold’s Gym
4 Five Points Shopping Center
5 Big 5 Sporting Goods
6 Ross Dress For Less
7 Petco
8 La Cumbre Plaza Mall
9 Macys
10 Pottery Barn
11 Williams-Sonoma
12 Lure Fish House
13 Panera, Chipotle, See’s Candy
14 Whole Foods
15 Rabobank
16 Best Western Plus Pepper Tree Inn
17 Wells Fargo Bank
18 Bank of America Financial Center
19 Ontare Plaza
20 Jeannine’s Restaurant & Bakery
21 San Roque Plaza, Gelson’s Market
22 Santa Barbara Golf Club
23 Acura, Mercedez Benz, Lexus, Tesla
24 Tori Apartments
25 Hope Gardens Senior Living
26 Estancia Luxury Residences Development
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3 4
89
10 11
13
1415
19
21
22
23
24
25
26
20
16
17
1812
7
5
63905
STATE ST.
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Jim Turner805.879.9621
[email protected] Lic. 01887788
Aus tin Herlihy805.879.9633
[email protected] Lic. 01518112
Steve B row n805.879.9607
[email protected] Lic. 00461986
The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
A D D I T I O N A L P R O P E R T Y P H O T O S
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The Seller, through Radius Commercial Real Estate (“Sales Agent”) has available for study certain information (“Evaluation Materials”) regarding 3905 State St. in Santa Barbara, CA (the “Property”). We are prepared to furnish the Evaluation Materials to you in connection with discussions concerning your possible investment in the Property only on the condition that you agree to treat the Evaluation Materials confidentially and agree specifically as follows:
1.) The Evaluation Materials furnished to you will not be used for any purpose other than to evaluate a possible investment in the Property by you as a Principal or broker;
2.) You will not make any of the Evaluation Materials available, or disclose or distribute, either orally or in writing, any of the contents of the Evaluation Materials, to any person other than your counsel, analyst (s), equity partner(s), brokers(s), or potential lender(s) (hereinafter “Excluded Persons”);
3.) You will not disclosed to any person, other than Excluded Persons, either the fact that discussions or negotiations are taking place concerning a possible investment in the Property by you or any of the terms, conditions or other facts with respect to any such possible investment, including the status thereof;
4.) You agree that you will not contact the tenant or property management staff of the Property in connection with your review of the Evaluation Materials. Any and all questions related to the Evaluation Materials must be directed solely to Jim Turner, Austin Herlihy and Steve Brown at Radius Commercial Real Estate.
5.) You acknowledge that neither the Seller, nor Radius Commercial Real Estate, nor any affiliate of either of such persons, nor any partner, director, officer, employee, agent of or consultant to any such persons (collectively, “Seller/Agent”) has made any representation or warranty as to the completeness or accuracy of the Evaluation Materials, and any representation or warranty in connection therewith is hereby expressly excluded. The Evaluation Materials provided to you are subject to change of price or terms, withdrawal from market without notice, and prior sale. You agree that the Seller/Agent shall have no liability to you resulting from the delivery to, or use by, you of the Evaluation Materials or otherwise with respect thereto, and you agree to defend, indemnify and hold the Seller/Agent harmless from and against all loss, damage or expense sustained or incurred by Seller/Agent by reason of any unauthorized distribution or disclosure of the Evaluation Materials by you or by any Excluded Person;
6.) We may elect at any time to terminate access to the Evaluation Materials, and you agree that you will, following any request by us or if you do not wish to invest in the Property, promptly redeliver to us all written Evaluation Materials and any other written material (and agree to delete any analyses contained in a database or spreadsheet type format) containing information in the Evaluation Materials and will not retain copies of such written material;
7.) You acknowledge that you have not dealt with any broker other than Radius Commercial Real Estate concerning the investment in the Property; and
8.) You acknowledge that when you make available the Evaluation Materials to any Excluded Person, you will inform such Excluded Persons of the confidential nature of the Evaluation Materials and the existence and terms of this Agreement.
Please acknowledge your agreement to and acceptance of the foregoing by signing where indicated below and returning one (1) executed copy to our attention.
ACCEPTED AND AGREED effective as of , 2019.
PRINCIPAL BROKER
By:
Name:
Company:
Tel:
Email:
By:
Name:
Company:
Tel:
Email:
Mailing address: 205 E. Carrillo St., Ste. 100, Santa Barbara, CA 93101. Fax: 805.965.5300
Deliver to the attention of:
Aus tin Herlihy Executive Vice President805.879.9633
[email protected] Lic. 01518112
Jim Turner Senior Vice President805.879.9621
[email protected] Lic. 00970829
Steve B row n Principal & Foundar 805.879.9607
[email protected] Lic. 00461986
C O N F I D E N T I A L I T Y A G R E E M E N T