COCHISE CROSSING RETAIL CENTER
KIDDER.COM 4849 COCHISE ST | CARSON CITY, NV 89703 01 INVESTMENT SUMMARY The Offering TABLE OF Property Highlights 02 CONTENTS FINANCIAL SUMMARY 2020 Pro Forma 04 PROPERTY OVERVIEW Property Summary 03 Property Location Area Demographics TENANCY Tenant Mix Tenant Site Plan Building Elevations 05 MARKET OVERVIEW Northern Nevada Overview Carson City Overview
EXCLUSIVELY LISTED BY
MARK KEYZERS TROY KEENEY 775.8875 775.470.8874 [email protected] [email protected] LIC N° BS.0044999 LIC N° S.0183933 KIDDER.COM
The 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 Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. 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. Kidder Mathews 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, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews 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. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. 01 INVESTMENT SUMMARY
THE OFFERING
INVESTMENT HIGHLIGHTS
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 3 THE OFFERING
4849 Cochise St, Carson City, Address NV 89703 Price $6,000,000 INVESTMENT Cap Rate 4.9% Occupancy 100%
SF 8,300 SUMMARY Land area 1.53 Acres Zoning GC New to Carson City, Cochise S Carson Street in Carson City, power centers and neighborhood Crossing Retail Commercial Center Nevada. This intersection not only centers with large retailers including services Minden and Gardnerville Costco, Walmart, Best Buy, Raley's, will be delivered Fall of 2020. Vault, Sports Clips and The Joint Chiropractic but is also the continuation of the Save Mart, Ross, Tuesday Morning, Cochise Crossing is strategically have 5 year leases. The Chik-Fil-A (NAP) has a beginning of highway 50 West Bed Bath & Beyond, Marshalls, placed in the best location in all 15 year ground lease, Chik-Fil-A reimburses which takes tourists and locals up to Kohls, Trader Joe's, Burlington Coat of Carson City. land lord for a proportionate share of common South Lake Tahoe. This retail center Factory, Big 5, Petco, Olive Garden, area liability insurance and a pre-negotiated is fully occupied by national Tenants In N' Out, Chili's, and many more. share of the common area maintenance of the Brand new retail tenants to Carson including Panera Bread, The Joint entrance off of Cochise. Chik-Fil-A is responsible City, offering includes Panera Bread Chiropractic, Sports Clips, Diamond The property features three for all maintenance of their parcel. All leases, Company, Sport Clips , The Joint Vault and shadow anchored by buildings totaling 13,276 square feet with the exception of Diamond Vault, have rent and Diamond Vault Jewelry Store. Chick-Fil-A (NAP). tenant mix that includes two quick Cochise Crossing Retail Commercial service restaurants, a barber shop, increases every five years. Diamond vault has 3% Center will be completed in the Kidder Mathews has been retained a jewelry store and a chiropractic increases every year. Each tenant has the option Fall of 2020. Being situated on to exclusively market the sale of office. All the retail leases are triple to renew with an increased base rent at the end the highly trafficked Highway 395 Cochise Crossing. Cochise Crossing net reimbursing the Landlord for of the term. The entire center has Carson Street (Carson Street) gives great exposure is located at the south end of Carson their proportionate share of taxes, frontage which provides great visibility of each to high volume daily traffic. Cochise City and is just 20 minutes down insurance, and common area tenant to 52,000 vehicles per day. The parking Crossing is ideally located proximate the hill from South Lake Tahoe. maintenance. Panera Bread has lot allows for easy ingress and egress as well as to the intersection of I-580 and on Cochise Crossing is proximate to a 10 year lease, and Diamond smooth traffic flow.
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 4 PROPERTY HIGHLIGHTS
NNN LEASES WITH FULL PRIME LOCATION FULLY LEASED SF REIMBURSEMENTS
Prime location with premium visibility and access Fully Leased The common area expenses, as stipulated in their to the newly completed interstate 580 and highway respective leases, are reimbursed by the tenants. Given 50 Interchange in Carson City, Nevada. that the ownership is only responsible for building structure repairs and maintenance, the offering provides consistent net yields for a potential investor.
NATIONAL NEXT TO LARGE RETAILERS AREA ZONED CO- TENANTS
Proximate to Power Centers and Neighborhood Zoned General Commercial (GC) National co-tenants include Chik-Fil-A, Panera Centers with large retailers including Costco, Walmart, Bread, Sports Clips, and The Joint Chiropractic. Best Buy, Raley's, Save Mar, Ross, Tuesday Morning, Bed Bath & Beyond, Marshalls, Kohls, Trader Joe's, Burlington Coat Factory, Big 5, Petco, Olive Garden, In-N-Out, Chili's, and many more
SUBJECT DELIVERY OF CENTER FALL 2020 2020 PROPERTY
New construction. Anticipated delivery of center Fall 2020.
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 5 02 FINANCIAL SUMMARY
2020 PRO FORMA
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 6 FINANCIAL SUMMARY
2020 PROFORMA
SF Price/SF/YR Rent Increases Term
Panera Bread 4,100 $37/SF/YR= $151,700 10% every 5 years 10 years (four 5 year options)
Diamond Vault 1,735 $39 PSF/YR = $67,665 3% annually 5 years (two 5 year options)
Sport Clips 1,200 $30.96 PSF/YR = $37,152 10% every 5 years 5 years (one 5 year options)
The Joint 1,200 $33 PSF/YR = $39,600 10% every 5 years 5 years (two 5 year options)
Gross Rent $296,117
Expenses $0.00
NOI $296,117
Cap Rate 4.9%
Price $6,000,000
Notes: Net operating income for Panera bread and the line shop building is $296,117. All leases are true triple net leases.
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 7 03 TENANCY
TENANT MIX
TENANT SITE PLAN
BUILDING ELEVATIONS
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 8 PANERA BREAD
Panera Bread desire to bring to life fresh ideas about living while eating well is what has made them so successful. It began in a 400 square foot store in the 1980’s and now has over 2,000 locations. They offer a variety of soups, salads, pasta, sandwiches, and bakery items.
Mana Group is the franchisee for Cochise Crossing. Paul Saber, president of Mana Group, has been in TENANT MIX the restaurant industry since 1980. Mana Currently operates over 160 units across the United States.
DIAMOND VAULT SPORTS CLIPS THE JOINT CHIROPRACTIC
The Diamond Vault carries a large selection of Sports Clips first location was opened by Gordon Founded in 1999 by a doctor of Chiropractic lovely custom-made jewelry, predominantly Logan in 1993 in Austin, Texas. It is a comfortable to transform the tradition often misunderstood diamonds and pearls, The Diamond Vault broker place for men and boys to get a haircut and say, concept of routine chiropractic. The Joint is items from the distributors and therefore they "this is my kind of place." Today, Sports Clips reinventing chiropractic care to be affordable sell items for a much smaller margin. Opened is the only national hair care franchise with a for patients seeking pain relief and ongoing in 2005, Brokers have 80+ years of experience location in all 50 states. wellness. and are ready to provide the best advice, experience, and options for all of your jewelry desires without any pressure.
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 9 SITE PLAN
COCHISE ST
SPORTCLIPS THE JOINT HAIRCUTS CHIROPRACTIC
PANERA BREAD
W ROLAND ST W CHICK-FIL-A
NAP
APPIONWAY
HWY 395 (CARSON ST)
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 10 BUILDING ELEVATIONS
PANERA BREAD 4,100 SF
LINE SHOPS 1,800 SF AVAILABLE
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 11 04 PROPERTY OVERVIEW PROPERTY SUMMARY
PROPERTY LOCATION
AREA DEMOGRAPHICS
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 12 PROPERTY
COCHISE CROSSING RETAIL CENTER OVERVIEW 4849 Cochise St, Carson City, NV Address 89703 APN's 009-282-04 - 0.81 AC 009-282-05 - 0.48 AC 009-282-06 - 0.24 AC W APPION WAY SF 8,300
Leasable Area 13,276
Year Built 2020
Construction Stick
COCHISE ST COCHISE Building Height 24' 10"
Parking 122 spaces
Occupancy 100%
S CARSON ST Number of Tenants 5
Site Size 66,647 SF
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 13 PROPERTY LOCATION - VIEW TO THE NORTH
37 MINS Reno
S CARSON ST
FALL 2020
SNYDER AVE SUBJECT
PROPERTY COCHISE ST COCHISE
25,900 ADT
N
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 14 PROPERTY LOCATION - VIEW TO THE SOUTH
17 MINS Minden
25,900 ADT
S CARSON ST
SUBJECT PROPERTY
FALL 2020 N
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 15 PROPERTY LOCATION - VIEW TO THE EAST
37 MINS Reno
SNYDER AVE
52,000 ADT S CARSON ST SUBJECT PROPERTY N
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 16 LOCATION MAP
WASHOE RENO LAKE
DAYTON LAKE TAHOE
AIRPORT
CARSON CITY
SUBJECT PROPERTY
SOUTH LAKE TAHOE
MINDEN GARNERVILLE INDIAN HILLS
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 17 RETAILER AERIAL
FALL 2020
SUBJECT PROPERTY
COCHISE ST
52,000 ADT
CARSON ST E CLEARVIEW DR E CLEARVIEW
SNYDER AVE N
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 18 AREA DEMOGRAPHICS
POPULATION *SOURCE:REGIS
1 Mile 3 Miles 5 Miles
Total Population 2,271 25,650 58,312
Median Age 46.9 44.4 42.2
Male Population 46.9 44.4 42.2
Female Population 48.3 46.3 43.9
HOUSEHOLDS & INCOME
1 Mile 3 Miles 5 Miles
Total Households 915 10,288 24,144
# Of Persons Per HH 2.4 2.2 2.3
Average HH Income $94,440 $83,270 $79,799 SUBJECT Average House Value $223,014 $238,384 $231,759 PROPERTY
5 MILES 3 MILES 1 MILE
ETHNICITY
1 Mile 3 Miles 5 Miles
% Hispanic 35.6% 27.8% 38.2%
RACE
1 Mile 3 Miles 5 Miles
% White 73.6% 80.8% 78.1%
% Black 0.9% 3.4% 2.4%
% Asian 1.9% 2.8% 2.6%
% Pacific Islander 0.2% 0.2% 0.2% N
% Native American 5.1% 3.9% 3.8%
% Other 13.2% 6.7% 10.9%
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 19 05 MARKET OVERVIEW
NORTHERN NEVADA OVERVIEW
CARSON CITY OVERVIEW
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 20 America's Biggest Little City is without a doubt a tourist town, and locals benefit from the area's status as a vacation destination. Reno and the towns surrounding it are home Although it often plays second to a number of highly rated restaurants, and the event fiddle to Las Vegas, Reno, Nevada, calendar is always full. Meanwhile, there's plenty to satisfy may be the more attractive option outdoorsy residents. The Truckee River, which snakes for those considering a move to through downtown, is a popular open space where the Southwest for a number of people can kayak, tube, swim and more. Outside Reno reasons. proper, the Sierra Nevada range provides hiking and biking, while Lake Tahoe, with several ski resorts dotting its perimeter, is about an hour's drive away. Perhaps most importantly, there's NORTHERN much less sin associated with this city: Tourism has also opened up a wide variety of jobs in the Despite the fact that Reno was built restaurant, hospitality and, of course, gambling industries. on the gaming industry, it's very easy But people who live here will find opportunities across NEVADA for residents to completely avoid the a variety of sectors, from education to technology. As a casinos. Reno residents have a wealth result, Reno caters to people of all ages and stages of life. of cultural events and outdoor activities The region is home to several highly rated K-12 schools, at their fingertips. which is a perk for families, and the University of Nevada- OVERVIEW Reno draws a new group of young residents every year.
20,548
2019 1-MILE POPULATION
128,576
2019 3-MILE POPULATION
225,907
2019 5-MILE POPULATION
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 21 and a number of industrial giants, 2019-2024 1-MILE including Microsoft Licensing, 2.0% PROJECTED GROWTH International Gaming Technology, and Lincoln Electric. Every August, Reno is also a gateway to the Burning 2019-2024 3-MILE Man Festival, a week-long art event The Reno area is serviced by two 1.9% PROJECTED GROWTH RENO'S based on radical self expression and major highways. Union Pacific reliance in the Black Rock Desert. railroad and a number of trucking ECONOMY and airline carriers make it possible Today, Reno is pioneering an to ship from Reno to 80% of the 11 2019-2024 5-MILE The City of Reno continues to economic future as one of the western states on a next-day basis. 1.9% PROJECTED GROWTH rebound from the effects of the United States’ clean energy, Great Recession. Property values technology, and entrepreneurial Nevada has no corporate or are increasing, the population leaders. Our region is home personal income tax, and is a is growing, and Reno has been to 13 geothermal companies 2019 3-MILE right-to-work state. These factors AVERAGE AGE named one of the ten most livable and a number of advanced have contributed to the State’s 37 mid-sized cities in the United States manufacturers. Reno was recently tremendous growth in the 1990's for 2014. While Reno’s economy cited by the Kauffman Foundation and into the 2000's. In 2005, Inc. for most of the 20th century was as the country’s “most consistent magazine named Reno No. 1 on primarily centered on gaming and standout” for startups. And with its list of the "Best Places to Do entertainment, it is now diversifying Nevada’s designation as one of six Business in America," based on into a much broader base which national test sites for Unmanned job growth figures among 274 spans healthcare, entrepreneurial Aerial Systems, there is an emerging metropolitan areas. startups, and technology-based concentration of aviation, research- industries. and-development, and high-tech In addition to the accomplishments industries. of the Economic Development Reno has been nicknamed “The Authority of Western Nevada in Biggest Little City in the World” and Reno’s economy is principally based bringing new business to Northern it’s true. Our unique quality of life in the trade and service sector, with Nevada, the City of Reno Economic contributes to the city’s economic approximately 65% of the work force & Redevelopment Agency has vitality. Reno residents have access employed in these occupations. begun both entertainment and to first-class entertainment, dining, Although gaming and other housing projects in the City’s and recreational opportunities all recreational activities represent a downtown sector. within view of the snow-covered significant portion of the growing Sierra Nevada mountains which rise economy and assessed valuation, Over $30 million dollars of City and to the west. The Truckee River runs the City is experiencing gradual one billion dollars in private/other through the heart of downtown and diversification of its business base public, investment has been made Lake Tahoe is a mere 30 minutes with the expansion of distribution, in downtown Reno to modernize away. Reno is home to outstanding warehousing, and manufacturing and beautify infrastructure and institutions of higher learning, facilities. Approximately 25% of the facilities. A maintenance district including the Tier 1 University of workforce is employed in the fields was established to ensure that the Nevada and the internationally- of construction, manufacturing, downtown area will remain clean and recognized Desert Research transportation, communications, beautiful. The City also established Institute; a Triple-A baseball park; public utilities, and finance related a police district downtown to ensure an urban Whitewater Kayak Park; services. a safer environment.
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 22 Carson City is the capital of the state of Nevada, named after the Carson City was founded in 1858 when pioneer Abraham mountain man Kit Carson. Curry arrived in Eagle Valley and soon thereafter surveyed and plotted a town site. Curry set aside 10 acres expressly for the construction of a capitol, before the formation of The city’s estimated 2020 population Nevada Territory in 1861. Soon after, Carson City was is 56,336, making it the sixth largest designated a territorial capital and in 1864, Nevada city in Nevada. The city is located was ushered into statehood. Carson City offers year- in a protected valley surrounded round recreation, museums, a thriving arts and culture on all sides by mountains featuring scene, unique shopping and antiquing, Nevada-style dramatic peaks of the Sierra Nevada gaming, and dining. With its close proximity to Lake CARSON CITY to the west and south. Carson City Tahoe and world-class ski resorts, Carson City is a popular is situated 30 minutes east of Lake winter destination for skiing, cross-country skiing, and Tahoe and 30 minutes south of snowboarding. Nestled at the foot of Nevada’s Eastern Reno. Sierra mountain range, the city also affords visitors access OVERVIEW to many scenic hiking trails..
56,336
EST. POPULATION
6
LARGEST CITY IN NEVADA
30
MINUTES TO RENO & LAKE TAHOE
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 23 Team Overview
SELECT CLIENT LIST Blaze Pizza
Cold Stone Creamery
Discount Tire and the company becoming a publicly traded REIT Dunkin Brands on the New York Stock Exchange. He was also had MARK KEYZERS positions in management, leasing, marketing, and Del Taco construction management for the shopping center Senior Vice President properties in Fresno, California and Reno, Nevada Grateful Gardens totaling more than 5.3 million square feet. Mark moved Inspire Brands to commercial brokerage in 1998 and joined Grubb & Mark is a senior vice president with Kidder Mathews Ellis as an associate. Mark joined Colliers International Jimmy Johns specializing in commercial real estate for mixed-use in 2000 as a senior associate. In 2005, Mark became a land, retail, office, multifamily and shopping center Lewis Retail Centers partner | principal and senior vice president with NAI development, sales and leasing, landlord and tenant Alliance Commercial Real Estate Service. Mark has representation. Clients he has represented include earned numerous Top Producer and Service Awards Baskin Robbins, Blaze Pizza, Blue Wave Car Wash, C-III for each the companies and member affiliations he Capital Partners, CAV Strategies, Centennial American has been with. Properties, Cold Stone Creamery, Cost Cutters, Cycle Gear, Del Taco, Deutsche Asset & Wealth Management, Discount Tire, Dunkin Donuts, Eden Management, FITE AFFILIATIONS & MEMBERSHIPS Development, Fitness 19, Furniture Row, Gabrielson & LICENSED Nevada Real Estate Broker/Salesman Company, Hudson Properties, GNC, Grateful Gardens, Hallmark, It’s A Grind, Jimmy Johns, Keva Juice, Lewis MEMBER CCIM, 2005 to present Retail Centers, Panera Bread Company, Picerne Group, MEMBER ICSC (International Council of Shopping Pet Station, Quickstop Gas Stations, Quizno’s Subs, Centers), 1993 to present Selective Real Estate Investments, Sonic, Supercuts, Subway, Surf Thru Car Wash, Sywest Development, GOVERNMENT AFFAIRS CHAIRMAN State of T 775.470.8875 Regis Hair Salons, RREEF Real Estate, T-Mobile, Nevada for ICSC, 2016 to present & 2004-2014 C 775.250.0400 Verizon Wireless, Wall Street Property Company, World ALLIANCE COMMITTEE MEMBER ICSC, 2006-2012 LIC N° Savings Bank and World of Beer. BS.0044999 DIRECTOR Junior Achievement, 2004-2008 [email protected] Mark began his real estate career in 1993 as an analyst and assistant manager for The Macerich 50 W Liberty St Company (MAC). While there, he was a member of EDUCATION Suite 900 the acquisitions and transitions teams responsible for BA in Finance and Real Estate with a Minor in Reno, NV 89501 adding over 30 million square feet to the portfolio Business Law, New Mexico University
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 24 Team Overview
SELECT CLIENT LIST Blaze Pizza
Centennial American Properties
Discount Tire
Dunkin’ Donuts
Lewis Retail Centers
Panera Bread
Silverwing Development
TROY KEENEY Senior Associate
Troy is a senior associate with Kidder Mathews specializing in retail sales, leasing and development consulting. Clients he has represented include but are not limited to Blaze Pizza, Panera Bread, Sonic Burger, Discount Tire, Verizon Wireless, Dunkin’ Donuts, Lewis Retail Centers, Silverwing Development, and Centennial American Properties.
Troy began studying commercial real estate investing T 775.470.8874 in 2015 where he found a feracious passion for C 702.835.3398 commercial real estate. He continued to further his AFFILIATIONS & MEMBERSHIPS LIC N° S.0183933 real estate endeavors by joining a commercial real LICENSED Nevada Real Estate Agent [email protected] estate brokerage firm in 2017 where he began to work under some of the most knowledgeable brokers 50 W Liberty St in his market. Since then Troy has been involved in EDUCATION Suite 900 numerous shopping center sales, land sales, leases, BA in General Business with a Minor in Reno, NV 89501 and retail developments. Entrepreneurship, University of Nevada, Reno
4849 COCHISE ST OFFERING MEMORANDUM KIDDER MATHEWS 25 EXCLUSIVELY REPRESENTED BY
MARK KEYZERS 775.470.8875 [email protected] LIC N° BS.0044999
TROY KEENEY 775.470.8874 [email protected] LIC N° S.0183933
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
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