starbucks - anchored...the information contained in the following marketing brochure is proprietary...

O F F E R I N G M E M O R A N D U MBIGBitontiInvestmentGroup

STARBUCKS - ANCHORED

RESTAURANT ROWCalifornia Freeway Location

Corporate Absolute Net Leases

Annual Rent Growth

NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is

intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made

available to any other person or entity without the written consent of Marcus & Millichap. This Marketing

Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to

establish only a preliminary level of interest in the subject property. The information contained herein is not

a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation,

and makes no warranty or representation, with respect to the income or expenses for the subject property,

the future projected financial performance of the property, the size and square footage of the property and

improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance

with State and Federal regulations, the physical condition of the improvements thereon, or the financial

condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy

of the subject property. The information contained in this Marketing Brochure has been obtained from

sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of

the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these

matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the

information provided. All potential buyers must take appropriate measures to verify all of the information set

forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2017 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee

identified in this marketing package. The presence of any corporation’s logo or name is not intended to

indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap,

its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and

is solely included for the purpose of providing tenant lessee information about this listing to prospective

customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Exclusively Listed By

O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

PAUL BITONTIFirst Vice President Investment

Newport Beach, California

Office (949) 419 - 3246

Mobile (714) 267 - 8582

[email protected]

License CA 01325076

STARBUCKS - ANCHOREDRESTAURANT ROW

US OPEN OF SURFING - HUNTINGTON BEACH

TABLE OF CONTENTS

EXCLUSIVELY LISTED BY:

01 23

07 33

15

EXECUTIVE SUMMARYSECTION 1 Investment Overview • Investment Highlights

COMPETITIVE COMPARABLESSECTION 4 Sales Comparables

PROPERTY DESCRIPTIONSECTION 2 Property Details • Regional Map • Property Photos

MARKET OVERVIEWSECTION 5 Location Overview • Location Highlights Market Aerial • Demographics

FINANCIAL ANALYSISSECTION 3 Pricing Details • Operating Data • Rent Roll

TABLE OF CONTENTS

STARBUCKS - ANCHOREDRESTAURANT ROW

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus

& Millichap ACT ID Z0100449

EXECUTIVESU M M A RY

1

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

EX

EC

UT

IV

E

SU

MM

AR

Y


RESTAURANT ROW

INVESTMENT SUMMARY Marcus and Millichap has been selected to exclusively represent the sale of Restaurant Row in Victorville, California, a portfolio of category leading National and Regional restaurants. The subject property is a 11,300 square foot newly constructed inline retail pad sitting on a 2.24 acre parcel. The real estate is well positioned in the trade area, located adjacent to the I-15 Freeway and Bear Valley Road on and off ramps. Fronting both Amargosa Road and the I-15 freeway, the property has excellent identity and traffic exposure. Traffic counts exceed 98,000 cars per day on the I-15 and 52,000 cars at Bear Valley and I-15. The location is prime in the trade area as evidenced by the new development that includes a 75 room Hawthorn Suites by Wyndham, Super Walmart, Kohl’s, Lowes Home Improvement, and a planned Home Goods, TJ Maxx, 24 Hour Fitness, as well as an additional 79 room Best Western Plus. Additionally, there is a proposed 128-bed Trauma Center, medical office building, physician village, day care, spiritual care development with a hotel. This project is comprised of 98 acres along Amargosa Road between Bear Valley and Main Street just 2.8 miles from the subject property. The project is part of the St. Joseph / St. Mary Healthcare system.

The tenant roster is a synergistic mix of restaurants consisting of Starbucks Coffee, Nekter Juice Bar, Which Wich Sandwiches, Pieology Pizza, Ono Hawaiian Barbeque, and Café Rio Mexican Grill. Access points and drive aisles provide excellent ingress and egress from the Hawthorn Suites by Wyndham, Walmart and Kohl’s for easy access to all of the restaurants. 76% of the leasable area (4 of 6 tenants) have corporate signature absolute net leases. The remaining two tenants are strong franchisees with excellent operational histories and personal rent guarantees. The investment provides annual rent growth with increasing cash flow and yield, protecting against inflation with a diversified base of strong restaurant tenants. The Quick Serve building is a catagory that was missing from Restaurant Row. It helps to provide additional choices, making this the main stop for the trade area and freeway traffic.

The Victor Valley includes the communities of Adelanto, Apple Valley, Hesperia, Lucerne Valley, Oak Hills, Phelan, Victorville and Wrightwood. Victorville is the business hub of the area and draws consumers from well beyond its immediate area. It is the largest commercial center between San Bernardino and the Nevada border. The city of Victorville is home to a large and diverse pool of workers and is home to 34 nearby universities, colleges and technical schools providing an abundant supply of skilled labor. Victorville has experienced tremendous growth over the last decade with the population increasing over 117% since 2000. The population continues to grow with projections of additional 20% s over the next five years. Current population is 133,790 people in a 5 mile radius with an average household income of $76,267 within 1 mile of the property, and the high desert is in excess of 500,000 people.2

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

E

XE

CU

TI

VE

S

UM

MA

RY

2

INVESTMENT SUMMARY

4

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

E

XE

CU

TI

VE

S

UM

MA

RY

INVESTMENT HIGHLIGHTS

98,000 Cars Per Day

NNN Leases with Annual Rent Growth

California Freeway Location

Tremendous Growth. Diverse and Experienced Pool of

Workers

Excellent Location - Explosive Area

Growth

P R O P E R T YDESCRIPTION


RESTAURANT ROW7

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

PR

OP

ER

TY

D

ES

CR

IP

TI

ON

PROPERTY LOCATION

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

P

RO

PE

RT

Y

DE

SC

RI

PT

IO

N

8

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

PR

OP

ER

TY

D

ES

CR

IP

TI

ON

9

INTE

RS

TATE

HW

Y 1

5

PARCEL MAP

Restaurant Row

SITE PLAN

FINANCIALA N A LY S I S


RESTAURANT ROW15

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

FI

NA

NC

IA

L

AN

AL

YS

IS

17

PRICING DETAILS

Property Information

Address:11604 Amargosa Road,

Victorville, California 92392

Price: $10,410,000

Buildings 1

Price Per Square Foot: $921.24

GLA 11,300 SF

CAP Rate 5.32%

Year Built 2017

Lot Size 2.24 Acres

Occupancy 100.00%

Net Operating Income $554,243.56

TENANTSQUARE

FOOTAGE% OF GLA INITIAL LEASE TERM OPTIONS ANNUAL RENT ANNUAL RENT / SF ADMIN FEES RENT INCREASES

LEASETYPE

Starbucks 2,000 17.70% 9/15/2016 - 9/14/2026 4 5-Year $126,240.00 $63.12 $3,253.56 10% Per 5 Years NNN

Nekter 1,200 10.62% 7/17/2017 - 2/16/2027 1 5-Year $52,560.00 $43.80 $8,256.002.5% Annual

Begins on Yr 3NNN

Which Wich 1,500 13.27% 8/14/2017 - 8/13/2027 3 5-Year $66,600.00 $44.40 -- 10% Per 5 Years NNN

Pieology 2,000 17.70% 9/1/2017 - 8/31/2027 2 5-Year $89,790.00 $43.80 -- 2.5% Annual NNN

Ono BBW 1,800 15.93% 9/1/2017 - 8/31/2027 2 5-Year $78,840.00 $43.80 $2,352.00 10% Per 5 Years NNN

Café Rio 2,800 24.78% 6/19/2017 - 6/18/2027 2 5-Year $122,080.00 $43.60 $4,272 10% Per 5 Years NNN

TOTAL 11,300 100% $536,110.00 $18,133.56

16

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

TENANTSQUARE

FOOTAGE% OF GLA INITIAL LEASE TERM OPTIONS ANNUAL RENT ANNUAL RENT / SF ADMIN FEES RENT INCREASES

LEASETYPE

Starbucks 2,000 17.70% 9/15/2016 - 9/14/2026 4 5-Year $126,240.00 $63.12 $3,253.56 10% Per 5 Years NNN

Nekter 1,200 10.62% 7/17/2017 - 2/16/2027 1 5-Year $52,560.00 $43.80 $8,256.002.5% Annual

Begins on Yr 3NNN

Which Wich 1,500 13.27% 8/14/2017 - 8/13/2027 3 5-Year $66,600.00 $44.40 -- 10% Per 5 Years NNN

Pieology 2,000 17.70% 9/1/2017 - 8/31/2027 2 5-Year $89,790.00 $43.80 -- 2.5% Annual NNN

Ono BBW 1,800 15.93% 9/1/2017 - 8/31/2027 2 5-Year $78,840.00 $43.80 $2,352.00 10% Per 5 Years NNN

Café Rio 2,800 24.78% 6/19/2017 - 6/18/2027 2 5-Year $122,080.00 $43.60 $4,272 10% Per 5 Years NNN

TOTAL 11,300 100% $536,110.00 $18,133.56

RENT ROLL

17

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

FI

NA

NC

IA

L

AN

AL

YS

IS

Acquisition Financing

Acquisition Financing TypeAll Cash

Existing Financing Available

Seller's Existing Debt

Current Balance $4,000,000.00

Origination Date 7/26/2018

Interest Rate 4.875%

Original Term10 Years

Interest Only for the first 5 years

Maturity Date 7/26/2028

Current Monthly Payment ($16,250)

Prepayment Penalty $0

Loan Type Commercial Bank

Lender Name Citizens Business Bank

PRICING DETAILS

18

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

Operating Data

Scheduled Base Rental Income $554,244

Expense Reimbursement Income $0

Total Other Income $0

Potential Gross Revenue $554,244

Less: General Vacancy $0

Effective Gross Income $554,244

Less: Expenses $0

Net Operating Income $554,244

Tenant Improvements $0

Leasing Commissions $0

Cash Flow $554,244

Debt Service ($195,000)

Debt Service Coverage Ratio 2.84

Net Cash Flow After Debt Service $359,244

Total Return 5.60%

19

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

FI

NA

NC

IA

L

AN

AL

YS

IS

PRIM

AR

Y LE

ASE

TER

M

STARBUCKS NEKTER (1) WHICH WHICH (2) PIEOLOGY ONO BBQ (3) CAFÉ RIO TOTAL NOI(4)

Year 1 $126,240.00 $52,560.00 $66,600.00 $87,600.00 $78,840.00 $122,080.00 $533,920.00 $552,053.56

Year 2 $126,240.00 $52,560.00 $66,600.00 $89,790.00 $78,840.00 $122,080.00 $536,110.00 $554,243.56

Year 3 $126,240.00 $53,874.00 $66,600.00 $92,034.75 $78,840.00 $122,080.00 $539,668.75 $557,802.31

Year 4 $126,240.00 $55,220.85 $66,600.00 $94,335.62 $78,840.00 $122,080.00 $543,316.47 $561,450.03

Year 5 $126,240.00 $56,601.37 $66,600.00 $96,694.01 $78,840.00 $122,080.00 $547,055.38 $565,188.94

Year 6 $138,864.00 $58,016.41 $73,260.00 $99,111.36 $86,724.00 $134,288.00 $590,263.77 $608,397.33

Year 7 $138,864.00 $59,466.82 $73,260.00 $101,589.14 $86,724.00 $134,288.00 $594,191.96 $612,325.52

Year 8 $138,864.00 $60,953.49 $73,260.00 $104,128.87 $86,724.00 $134,288.00 $598,218.36 $616,351.92

Year 9 $138,864.00 $62,477.32 $73,260.00 $106,732.09 $86,724.00 $134,288.00 $602,345.41 $620,478.97

Year 10 $138,864.00 $64,039.26 $73,260.00 $109,400.40 $86,724.00 $134,288.00 $606,575.66 $624,709.22

(1) In addition to the Annual Rent, Nekter shall pay a Percentage rent of 2% times the amount of Gross Sales over $1,400,000 during each calendar year.(2) In addition to the Annual Rent, Which Wich shall pay a Percentage rent of 2% times the amount of Gross Sales over $1,500,000 during each calendar year.

(3) In addition to the Annual Rent, Ono BBQ shall pay a Percentage rent of 3% times the amount of Gross Sales over $3,000,000 during each calendar year.(4) NOI includes Admin Fees.

ANNUAL RENT INCREASE

20

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

ANNUAL CASH FLOW

21

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

FI

NA

NC

IA

L

AN

AL

YS

IS

Tenant Name Starbucks Corporation

Lease Commencement 9/15/2017

Lease Expiration 9/14/2027

Gross Leasable Area 2,000 SF

Original Term 10 years

Option Term 4 (5-year)

Pro Rata Share of Project 17.70%

Headquartered Seattle, Washington

No. of Locations 26,696

Website http://www.starbucks.com/

TENANT SUMMARY

Starbucks Corporation is an American coffee company and coffee-house chain. Starbucks was founded in Seattle, Washington in 1971. Back then, the company was a single store in Seattle’s historic Pike Place Market. From just a narrow storefront, Starbucks offered some of the world’s finest fresh-roasted whole bean coffees. As of Novem-ber 2016, it operates 23,768 locations worldwide. Starbucks has been awarded “One of the Most Admired Companies in America,” by Fortune for twelve years running. Ethisphere has also awarded the company as amongst the “World’s Most Ethical Companies” for eight years in a row. Starbucks has even been recognized in China and Canada for being considered to be “One of the Best Companies to Work For.” in 2014.Starbucks is considered the main representative of “second wave coffee”, initially distinguishing itself from other coffee-serving venues in the US by taste, quality, and customer experience while populariz-ing darkly roasted coffee.Starbucks is publicly traded as NASDAQ: SBUX.

22

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

TENANT SUMMARY

Tenant Name Nekter Juice Bar







Headquartered Costa Mesa, California

No. of Locations 70

Website http://www.nekterjuicebar.com

Privately-owned and founded in Southern California by two healthy living enthusiasts, Steve and Alexis Schulze, Nékter Juice Bar is ded-icated to inspiring a community of kids and adults to live an active, well-balanced, health-minded and compassionate life. Now with over 70 corporate and franchise locations in California, Arizona, Colorado, Nevada and Texas, Nékter Juice Bar is a modern reinvention of the juice bar, and continues to be at the forefront of the juicing revolu-tion, offering an array of cold-pressed juices, smoothies, coffees, and acai bowls that are natural, unprocessed, nutrient-rich, great tasting, and affordable. The “Nékter Life” also includes making a positive difference by offering food with a purpose and by supporting char-itable organizations in the communities they serve. They use fresh, natural, and raw ingredients to maintain the integrity of their menu. All of Nékter’s products are designed to promote healthy living and are natural, raw, and vegan in form. Their menu items are benefical to health, delicious in taste, and affordable in price.

23

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

FI

NA

NC

IA

L

AN

AL

YS

IS

Tenant Name Which Wich Superior Sandwiches




Original Term 10 Years



Headquartered Dallas, Texas

No. of Locations 440

Website https://www.whichwich.com/

TENANT SUMMARY

Which Wich Superior Sandwiches is an American fast casual restau-rant chain specializing in sandwiches and salads. It has its headquar-ters in Downtown Dallas, Texas. As of December 2016, it has 404 locations open in 36 U.S. states as well as the District of Columbia, along with 27 international locations in Bahrain, Guatemala, Kuwait, Mexico, Oman, Panama, Qatar, Saudi Arabia, and the United Arab Emirates. In 2007, the chain ranked as the fastest growing restaurant chain concept with 50 operating stores or less, opening 9 locations during a four-month period at the beginning of the year. In 2009, the chain ranked as the sixth fastest-growing concept in the indus-try, according to restaurantchains.net. In 2013, the chain opened locations in Mexico City, Panama City, and Dubai. In 2015, the chain opened three locations in Guatemala City. Which Wich is known for its ordering system, in which customers use red Sharpie markers to mark up pre-printed menus on sandwich bags. They select a sand-wich from 10 categories, then choose the bread, cheese, spreads, and toppings. The sandwiches are then prepared, and delivered in the personalized sandwich bags.

24

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

TENANT SUMMARY

Tenant Name Pieology



Gross Leasable Area 2,000




Headquartered Rancho Santa Margarita, CA

No. of Locations 150+

Website http://www.pieology.com/

Pieology prides itself on providing the best tasting, healthiest pizza in the world. The fast-casual pizza restaurant is the fastest-growing chain in America, according to data compiled by Technomic. Pieolo-gy offers customizable pies with toppings like pineapple, pepperoni, and cilantro. The chain’s sales grew a whopping 230% in 2014 to $44.6 million, according to Technomic.

Pieology has 140 units in 11 states. The company expects to nearly double that number by the end of the year. 24 new locations are anticipated to open by the end of the summer. Pieology seeks the appeal of customers by allowing them to customize their pizzas (making it similar to Chipotle) — from wheat crust to gluten-free crust to vegetarian pizzas to dairy-free cheese. There are 40 toppings, and a custom pizza is $10 or less. Pielogy also caters to the local de-mographic and alters the menu for each individual community. For instance, it uses garlic from Gilroy, California, in its local pizzas there.

25

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

FI

NA

NC

IA

L

AN

AL

YS

IS

Tenant Name HGL Restaurant Group, LLC




Original Term 10 Years



Headquartered Diamond Bar, CA


Website https://www.onohawaiianbbq.com/

TENANT SUMMARY

Ono Hawaiian BBQ specializes in Hawaiian cuisine by offering an au-thentic selection of Hawaiian “Plate Lunches” and a variety of island inspired foods. “Ono” means delicious in Hawaiian . The key to being Ono is using fresh ingredients and making the dishes in-house dai-ly using their delicious recipes. They create their sauces from scratch and marinate their meats everyday for a blend of perfect flavor. They hand roll their Katsu in panko bread crumbs and cook their soups fresh daily. Their Teriyaki and Katsu sauces are prepared in-house with the unique blend of authentic Hawaiian spices.They have over 70 corporately owned locations throughout California and Arizona, and are actively expanding into the Inland Empire, Or-ange County, San Francisco Bay, Central Valley, Los Angeles County and Phoenix Metro area.

26

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

F

IN

AN

CI

AL

A

NA

LY

SI

S

TENANT SUMMARY

Tenant Name Cafe Rio, Inc







Headquartered Salt Lake City, UT


Website https://www.caferio.com/

Cafe Rio, or Cafe Rio Mexican Grill, is a fast casual restaurant chain based in Salt Lake City, with branches in Arizona, California, Colora-do, Florida, Idaho, Maryland, Montana, Nevada, Utah, Virginia, Wash-ington, and Wyoming. The company specializes in Mexican cuisine. Its menu includes appetizers, tostadas, salads, burritos, desserts, enchiladas, tacos, quesadillas, soups, and beverages. The company also provides catering services. As of October 2017, the chain has 120 locations. Cafe Rio was started in 1997 by Steve and Tricia Stan-ley in St. George, Utah. In December 2004, Bob and Kathleen Nilsen, Spencer K Hill, along with SKM/Apax Partners purchased the chain, which at the time had six restaurants. In 2011, Dave Gagnon took over as CEO and COO at the same time as Bob Baker was appointed President and CFO. The company expanded operations and current-ly has 120 operating restaurants. Cafe Rio’s recipes are inspired from the traditional cooking of the Rio Grande region of Northern Mexico, Southern Texas and New Mexico.

27

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

FI

NA

NC

IA

L

AN

AL

YS

IS

COMPARABLEPROPERTIES


RESTAURANT ROW29

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

CO

MP

AR

AB

LE

P

RO

PE

RT

IE

S

PROPERTY NAME STATUS PRICE CAP RATEPRICE PER

FOOT

Subject Property Just Listed $10,410,000 5.32% $921.24

Shoppes at Corona Vista 10/5/2018 $5,595,000 5.09% $982.14

Spruce Plaza 9/13/2018 $9,618,000 5.31% $996.65

Shops to Walmart - Ontario 8/17/2016 $5,968,800 5.02% $879.58

Amador Plaza - Dublin 7/20/2016 $4,900,000 4.50% $1,088.89

The Plaza - La Mesa 10/18/2017 $4,670,000 4.90% $824.65

Meridian Square - Concord 11/1/6/2016 $7,787,500 5.10% $927.08

SALES COMPARABLES – SUMMARY

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

30

5

6

3

4

1

2

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

CO

MP

AR

AB

LE

P

RO

PE

RT

IE

S

31

SUBJECT PROPERTY11604 Amargosa Rd, Victorville, CA 92392

1

SALES COMPARABLES

SALES PRICE $10,410,000

Sale Date Just Listed

Year Built 2018

Cap Rate 5.32%

Price Per SF $921.24


Sale Date 10/5/2018

Year Built 2018

Cap Rate 5.09%


ADDITIONAL INFO


Lot Size 2.24 Acres

Brand new 2018 construction, 10 year corporate NNN leases with increases

SHOPPES AT CORONA VISTA - PAD 1924 East Ontario Ave, Corona, CA 92881

ADDITIONAL INFO


Lot Size 0.98 Acre

Shadow-anchored by Smart & Final. Supercuts is on a 7-year term with 3% annual increases. Dunkin Donuts and MOD Pizza are on 10-

year terms with 10% increases every 5 years.

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

32

2


Sale Date 9/13/2018

Year Built 2017

Cap Rate 5.31%


SPRUCE PLAZA10877 E Foothill Blvd, Rancho Cucamonga, CA 91730

ADDITIONAL INFO


Lot Size 1.22 Acre

43% of GLA are Franchisees. Tenants are on 10-year leases with 2 (5-year) options. There are 10% rent increases every 5 years. Admin fees

are counted as income.

3

SALES PRICE $5,968.800

Sale Date 8/17/2016

Year Built 2014

Cap Rate 5.02%


SHOPS TO WALMART - ONTARIO1337 N Mountain Ave, Ontario, CA 91762

ADDITIONAL INFO


Lot Size 1.05 Acre

Tenants include T-Mobile, Yogurtland, Waba Grill and Wells Fargo. There is no tenant rollover until 2021 with 77% GLA leased through

2026.

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

CO

MP

AR

AB

LE

P

RO

PE

RT

IE

S

33

4


Sale Date 7/20/2016

Year Built 2014

Cap Rate 4.50%

Price Per SF $1,088.89

AMADOR PLAZA - DUBLIN7295 Amador Plaza Rd, Dublin, CA 94568

ADDITIONAL INFO


Lot Size 0.75 AC

Property is lease to Two Corporate tenants: The Habit and Freeb!rds. At the time of sale, both tenants have 8 years remaining on Primary lease term with 5-year options. 10% rent increases every 5 years.

5


Sale Date 10/18/2017

Year Built 2016

Cap Rate 4.90%


THE PLAZA - LA MESA 8216 Parkway Dr, La Mesa, CA 91942

ADDITIONAL INFO


Lot Size 0.89 AC

Property is leased to The Habit and USE Credit Union.

SALES COMPARABLES

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

34

6


Sale Date 11/16/2016

Year Built 2015

Cap Rate 5.10%


MERIDIAN SQUARE - CONCORD1100 Concord Ave, Concord, CA 94520

ADDITIONAL INFO


Lot Size 0.89 AC

Tenants include The Habit Burger, Jersey Mikes, Noodles & Company, Blaze Pizza.

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

CO

MP

AR

AB

LE

P

RO

PE

RT

IE

S

35

Avg 4.99%

SALES COMPARABLES

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

C

OM

PA

RA

BL

E

PR

OP

ER

TI

ES

36

Avg $949.83

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

CO

MP

AR

AB

LE

P

RO

PE

RT

IE

S

37

M A R K E TOVERVIEW


RESTAURANT ROW39

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

MA

RK

ET

O

VE

RV

IE

W

COUNTY OVERVIEWSan Bernardino County is the largest county in the contiguous United States: The county covers more than 20,000 square miles of land. There are 24 cities and towns in the county and multiple unincorporated areas. The county is bordered by Los Angeles, Orange, Riverside, Inyo and Kern counties as well as the Arizona and Nevada state lines. Interstates 10, 40, and 15, the major vehicle and truck routes into Southern California all travel through San Bernardino County as do the major rail freight routes. San Bernardino County has a population of 2.1 million people and a total of 705,700 wage and salary jobs. The per capita income is $34,414 and the average salary per worker is $54,046. There are at least 35 official wilderness areas in the county that are part of the National Wilderness Preservation System. This is the largest number of any county in the United States. Places of interest within the County include: The Mojave National Preserve, Calico Ghost Town, Zzyzx - a small desert settlement that used to be a health spa and is now the Desert Studies Center, Joshua Tree National Park, San Bernardino National FOrest - home to Big Bear Lake outdoor activities, Goldstone Deep Space Com-munications Complex, Snow Summit and Bear Mountatin Ski Resort.

California State University San Bernardino

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

M

AR

KE

T

OV

ER

VI

EW

40

AIRPORTS

San Bernardino International Airport

LA/ Ontario International Airport

Southern California Logistics Airport

Apple Valley Airport, Baker Airport, Barstow-Daggett Airport, Chino Airport, Needles Airport

Big Bear City Airport, Cable Airport, Redlands Municiple Airport

MAJOR ROADWAYS

Interstate 10, 15, 40, 215

State Route 15, 95, 395, 2, 18, 38, 58, 60, 62, 66, 71, 83, 127, 138, 142, 173, 178, 189, 247, 259, 330

MAJOR EMPLOYERS

California State University, San Bernardino

Caltrans District 8

City of San Bernardino

Community Hospital of San Bernardino

San Bernardino City Unified School District

San Bernardino County Sheriff ’s Department

San Bernardino County Superintendent of Schools

San Manuel Band of Mission Indians

CITY OVERVIEWVictorville is a city located in the Victor Valley of southwestern San Bernardino County, California. Its estimated population as of July 1, 2013 was 121,096. Southern California Logistics Airport, lo-cated in Victorville is a 2,500-acre world-class aerospace services hub, providing aircraft owners, manufacturers and aerospace service providers with an ideal location to serve the global market. It is also the top employer of the city, followed by Victor Valley College, Desert Valley Hospital, Verizon, Victorvalley Union High School District and Victor Elementary School District. The Victor Valley offers numerous recreational options. The Performing Arts Center, located on the Victor Valley College campus, provides a wide variety of cultural entertainment including concerts, speakers, plays, musicals, and more. Old Town Victorville boasts an eclectic selection of antique stores and specialty shops and is home to the nostalgic Route 66 Museum. The Victor Valley Mu-seum, located at Jess Ranch in Apple Valley, provides a look at local history, and the Apple Valley Science and Technology Center gives kids of all ages a glimpse of the future. The San Bernardi-no County Fair in Victorville livens up each spring with carnival rides, livestock competitions, exhibits, a rodeo, a demolition derby, celebrity concerts and much more. Throughout the year the fairgrounds plays host to many other activities including the annual High Desert Opportunity Business Outlook Conference, Home & Garden Show, and Fourth of July Fireworks Spectacular.

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

MA

RK

ET

O

VE

RV

IE

W

41

DEMOGRAPHICS HIGHLIGHTS

133,790

$76,267

85.31%

5-MILE POPULATION

AVERAGE HOUSEHOLD INCOME1-MILE

OWNER OCCUPIED HOUSING UNITS

Sa

lt

L

if

e

|

Hu

nt

in

gt

on

B

ea

ch

,

CA

//

M

AR

KE

T

OV

ER

VI

EW

42

POPULATION 1-MILE 3-MILES 5-MILES2000 Population 1,734 21,892 52,582

2010 Population 5,583 49,485 110,069

2014 Population 5,687 51,013 114,163

2019 Population 7,159 61,045 133,790

INCOME 1-MILE 3-MILES 5-MILES

Average $76,267 $68,547 $62,313

Median $69,739 $58,913 $51,576

Per Capita $19,118 $18,466 $17,481

HOUSEHOLDS 1-MILE 3-MILES 5-MILES2000 Households 4,177 9,817 41,165

2010 Households 3,980 9,904 43,947

2016 Households 4,177 12,099 49,880

2021 Households 4,280 12,381 51,436

Housing (2015) $72,753 $74,485 $77,546

St

ar

bu

ck

s

-

An

ch

or

ed

R

es

ta

ur

an

t

Ro

w

//

MA

RK

ET

O

VE

RV

IE

W

43

E X C L U S I V E LY L I S T E D B Y


RESTAURANT ROW

PAUL BITONTIFirst Vice President Investments

Newport Beach, California

Office: (949) 419 - 3246

Mobile: (714) 267 - 8582

[email protected]

starbucks - anchored...the information contained in the following marketing brochure is proprietary...

Documents