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6900 S. Mccarran Blvd. 2,601 Square Feet 58,624 Square Feet

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6900 S. Mccarran Blvd. 2,601 Square Feet 58,624 Square Feet FOR SALE > Village at Lakeridge 6900 S. McCarran Boulevard Reno, NV 89509 COLLIERS INTERNATIONAL Class A Office and Retail 5520 Kietzke Lane, Suite 300 Reno, Nevada 89511 Complex in Heart of Reno +1 775.823.9666 www.colliers.com/reno -CONFIDENTIAL OFFERING MEMORANDUM- COLLIERS INTERNATIONAL | RENO RENO OFFICE SERVICES Colliers International | Reno Melissa Molyneaux, SIOR, CCIM Tim Ruffin Executive Managing Director Executive Vice President Senior Vice President +1 775 823 4670 DIRECT +1 775 823 4674 DIRECT +1 775 745 1594 CELL +1 775 762 7990 CELL [email protected] [email protected] RENO RETAIL SERVICES Colliers International | Reno Roxanne Stevenson Senior Vice President + 1 775 823 4661 DIRECT +1 775 848-3673 CELL [email protected] 2 VILLAGE AT LAKERIDGE RENO, NEVADA TABLE OF CONTENTS 04 Executive Summary 08 Property Description 12 Site Floor Plans 20 Major Tenant Profiles 25 Financial Highlights 30 Market Analysis 3 CONFIDENTIAL OFFERING MEMORANDUM INVESTMENT OFFERING Colliers International is pleased to present the opportunity to acquire the prestigious Village at Lakeridge office and retail complex in the heart of Reno, NV. The 71,678 square foot project consisting of four buildings is 100% leased with a mix of strong office and retail tenants spanning from Fortune 500 and publically traded entities such as Merrill Lynch, Bank of America, UBS, Apple/Braeburn Capital, Starbucks and CBRE to some of Reno’s strongest and most recognizable businesses such as Bradley Drendel and Jeanney, Sierra Nevada Properties and Moxie’s M3 Restaurant. The strong location on the corner of S. McCarran Boulevard and Lakeside Drive, diverse tenant mix, recent capital improvements and staggered rent roll makes for a sound investment. The lease expirations run between 9/30/19 and 8/31/23 allowing the next owner to capitalize on Reno’s rebounded economy and quickly growing rental rates. Given the superiority of this asset, there is very little tenant turnover and the asset has many long-term tenants who consistently renew. The property is in remarkable condition and was originally developed with high-end finishes and attention to detail. The Village at Lakeridge has very well maintained and has received recent capital improvements to all major systems. The Village at Lakeridge is located in Reno’s best performing office and retail submarket. The location is truly in the center of Reno and benefits being in close proximity to US 395 /I580, near S. Virginia Street and located directly on S. McCarran Blvd., all which are main thoroughfares. Further, the property is located in an area with high household income and home values making it a true class A location. This submarket experiences the highest rental rates and lowest vacancy. The building also receives additional revenue from parking fees in the underground parking garage as well as storage. PROPERTY SUMMARY 6990, 6890, 6950 and 6900 Addresses: South McCarran Boulevard, Reno, NV 89509 APN: Washoe County Assessor’s Parcel Number 040-880-24 71,678 Square Feet in Four Buildings Building A 6990 S. McCarran (Mixed Use Building): 8,998 Sq Ft Building B 6890 S. McCarran (Starbucks Building): 2,601 Sq Ft Project Square Footages: Building C 6950 S. McCarran (Restaurant Building): 5,896 Sq Ft (note 3,392 Sq Ft main level and 2,584 Sq Ft lower level) Building D 6900 S. McCarran (Office Building): 54,302 Sq Ft Land Acres 4.86 acres or 211,702 square feet Parking: Surface and Underground Parking ($75/space per month) 4 EXECUTIVE SUMMARY VILLAGE AT LAKERIDGE RENO 5 CONFIDENTIAL OFFERING MEMORANDUM 15 MILES RENO TENANT MIGRATION 19 MINUTES FROM SITE TAHOE RENO INDUSTRIAL CENTER NORTH VALLEYS BATTERY SUPPLIES DOWNTOWN RENO 25.5 MILES 30 MINUTES FROM SITE 4.0 MILES 10 MINUTES FROM SITE RENO TAHOE INTERNATIONAL AIRPORT 4.0 MILES 11 MINUTES FROM SITE SOUTH RENO SUBJECT PROPERTY 4.5 MILES 9 MINUTES FROM SITE Doctors XL 6 EXECUTIVETENANT PROFILES SUMMARY 15 MILES 19 MINUTES FROM SITE TAHOE RENO INDUSTRIAL CENTER NORTH VALLEYS BATTERY SUPPLIES DOWNTOWN RENO 25.5 MILES 30 MINUTES FROM SITE 4.0 MILES 10 MINUTES FROM SITE RENO TAHOE INTERNATIONAL AIRPORT 4.0 MILES 11 MINUTES FROM SITE SOUTH RENO SUBJECT PROPERTY 4.5 MILES 9 MINUTES FROM SITE Doctors XL VILLAGE AT LAKERIDGE RENO 7 CONFIDENTIAL OFFERING MEMORANDUM Site Information Site Description The site has been graded to create a flat pad for the building and adjacent parking areas. The natural slope in the area is away from the building on all sides. Storm water is directed by sheet flow across the asphalt paving to curb inlets. Water is then directed underground to the municipal system in the center of the adjacent streets. Site Location The Property is located at the southeast corner of S. McCarran Boulevard and Lakeside Drive. The surrounding properties include commercial and medical to the east, residential to the south, north and apartments to the west. The site is located ¾ mile east of US Highway 395 and approximately three miles south of Reno-Tahoe International Airport. Landscaping Maturing landscaping is provided throughout the project. Screening to the south to block the residential neighbors. Landscaping on the NW corner compliments the signage and visibility allowing the project to be seen and giving it an upscale and well maintained look. Signage Select tenant signage is located at the top of the NW corner of the office building. Monument signage is located at the property entrance along S. McCarran Blvd. Single story buildings have various signage for tenants. Paving Asphalt concrete paving and pavers are utilized at the driveways and parking areas around the perimeter of the building. Poured in place concrete curbs are provided at the perimeter of the parking area and around the landscaped island planters. Concrete aprons are provided at the vehicular access driveways. 8 PROPERTY DESCRIPTION Building System Description Building Construction Plumbing The construction is steel frame with concrete floors. Domestic water supply is through copper pipes with domestic waste and ventilation though PVC pipes. Building Insulation Exterior Insulation and Finish Systems (EIFS). The product Elevators is also called synthetic stucco and refers to a multi-layered Two Otis Elevators, currently serviced by Otis. exterior finish. Fire/Life Safety Roof Construction The building is sprinklered with fire horns & strobes. Currently The office building has a single ply roof. The retail buildings being service by Overhead Fire. have metal roofs. Foundation HVAC Concrete pads. One Trane Intellipack, One Trane Package Unit & two gas fired Parking Lochinvar boilers. Updated Trace Tracer controls were installed The parking lot is asphalt and pavers. in 2016. Two Lochinvar boilers were installed in April 2017. Utility Providers Real Estate Taxes Electricity Assessor Parcel Number NV Energy 040-880-24 Sewer Number of Parcels City of Reno Sewer 1 Water County/Reassessment Date Truckee Meadows Water Authority Washoe County Gas NV Energy VILLAGE AT LAKERIDGE RENO 9 CONFIDENTIAL OFFERING MEMORANDUM Zoning Flood Zone Zoning Designation Flood Zone General Office (GO) Shaded X Interior Building Information Walls Doors Conventional steel stud-framed walls, steel columns Solid core in factory finished metal frames. However all tenant spaces have been customized and may vary. Windows Aluminum-framed units with fixed panes of glazing Flooring Flooring consists of commercial grade carpet squares and vinyl Lobbies tile Carpet and marble Restrooms Finishes Restrooms vary from building to building. Interior walls of the office areas consist of gypsum board walls with a painted finish. However all tenant spaces have been Plumbing customized and may vary. Domestic water supply is through copper pipes with domestic waste and ventilation though PVC pipes. Ceiling Office area ceilings typically consist of a suspended ceiling system with recessed fluorescent lighting. However all tenant spaces have been customized and may vary. Recent Capital Expenditures The Village at Lakeridge has received numerous recent upgrades in addition to being very well maintained. The Village at Lakeridge has been professionally managed by NAI Alliance and is in very good condition. DESCRIPTION COST $200,000.00. Consisted of two new boilers, upgraded controls, four HVAC new compressors for the air handlers and entire system balanced. Parking Lot $46,212.00 Updated Security Cameras $7,767.24 Carpet for common areas $25,1350.00 Roof Replacement & Repairs $146,216.00 Landscape & Paver Repair $19,523.00 Outside Led lighting $5,950.00 Awning repairs $3,300.00 10 PROPERTY DESCRIPTION VILLAGE AT LAKERIDGE RENO 11 CONFIDENTIAL OFFERING MEMORANDUM Village at Lakeridge – Four Building Portfolio– APN: 040-880-24 6990 S. McCarran Blvd. 6950 S. McCarran Blvd. 9,286 Square Feet 3,392 Square Feet with 2,584 Square Foot Basement 6890 S. McCarran Blvd. 6900 S. McCarran Blvd. 2,601 Square Feet 58,624 Square Feet 12 PROPERTY DESCRIPTION 6900 S. McCarran Blvd. – First Floor UBS PAINE WEBBER SF: 7,693 LED: 11/30/22 SUITE 1020 ASPEN MANAGEMENT CORP. SF: 4,563 LED: 4/31/22 SUITE 1010 COMMON AREA MEL RAY HOMEGATE REALTY SF: 2,416 LED: 6/16/21 SUITE 1040 MERRIL LYNCH SF: 6,770 LED: 6/30/19 SUITE 1080 VILLAGE AT LAKERIDGE RENO 13 CONFIDENTIAL OFFERING MEMORANDUM 6900 S. McCarran Blvd. – Second Floor PINNACLE CAPITAL MORTGAGE SF: 6,291 LED: 7/14/20 SUITE 2020 PHILIP STONE, ATTORNEY SF: 1,839 LED: 11/30/19 SUITE 2040 COMMON AREA BRADLEY, DRENDEL & JEANNEY SF: 9,866 LED: 5/31/21 SUITE 2060 14 PROPERTY DESCRIPTION 3RD FLOOR PLAN - 6,017 USF 6,017 - PLAN FLOOR 3RD CBRE 534 Lander Street, Reno, NV 89509 775-329-7624 FX 329-7626 FX 775-329-7624 89509 NV Reno, Street, Lander 534 j architecture arada RENO, NEVADA 89509 NEVADA RENO, 6900 S. McCarran Blvd., Bldg. D Bldg.
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