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82935 Avenue 48 BRANDON MICHAELS GROUP SOUTHERN CALIFORNIA'S PREMIER SALES TEAM 82935 A UNIQUE OPPORTUNITY TO ACQUIRE A VACANT FORMER FRESH & EASY SUPERMARKET IDEALLY SITUATED ON 55,321 48 SQUARE FEET OF LAND DIRECTLY ADJACENT TO THE PROMINENT AVENUE COACHELLA VALLEY MUSIC & ARTS FESTIVAL GROUNDS 82935 Avenue 48 • Indio, CA 92201 INVESTMENT ADVISORS: BRANDON MICHAELS BEN BROWNSTEIN Senior Managing Director of Investments Senior Associate Senior Director, National Retail Group National Retail Group Tel: (818) 212-2794 Tel: (818) 212-2812 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] License: CA #01434685 License: CA #02012808 www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com CONFIDENTIALITY AND DISCLAIMER 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 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. © 2018 Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE Marcus & 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 corpora- tion 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. BRANDON MICHAELS 16830 Ventura Blvd. Suite 100, Encino, CA 91436 GROUP www.marcusmillichap.com SOUTHERN CALIFORNIA'S PREMIER SALES TEAM TABLE OF CONTENTS PROPERTY OVERVIEW 01 FINANCIAL ANALYSIS 02 COMPARABLES ANALYSIS 03 AREA OVERVIEW 04 Indio is the 30th fastest growing city in America. As the original “Hub of the Valley,” we are continuing our legacy as the center of activity in the region. ECONOMY WHY BUY IN Two major contributions to the local economy are year-round agriculture and tourism, although the majority of tourist activity is seasonal between October and May. INDIO, CA MAJOR EMPLOYERS • United States Filter Corporation • Tala Industries • Fulton Distributors • Guthy-Renker • Sunrise Company • Coca-Cola • SunScape Tech • Ernst and Young DEMOGRAPHICS Population: 86,867 (1.72% Growth) Median Age: 36.4 Median Household Income: $49,951 Number of employees: 35,963 4 ANNUAL EVENTS & FESTIVALS Because of the numerous festivals and special events held annually in Indio, the Chamber of Commerce deemed Indio's official nickname to be "The City of Festivals." Since 2001, the Coachella Valley Music and Arts Festival has been an annual event that has brought notable music acts to the desert. Indio is also the site of the annual Southwest Arts Festival, the Cabazon Indian National Pow Wow, the Palm Springs Kennel Club's Annual Dog Show and Rhythm, Wine and Brews Festival at the Empire Polo Club, Heritage Festival at the Coachella Valley History Museum, and the Family Motor Coach Association's Annual Western Region RV Rally at the Fairgrounds. WHY BUY IN SHOPPING AND DINING Nearly 1.4 million people visit Indio every year to attend the most famous music, food, and arts festivals in the world. Popular travel site, Trivago, named Indio as a rising global destination and Matador Network ranked Indio as the No. 1 City in the Nation for Live Music. INDIO, CA • Showcase in Indio • The Palms • Indio Grand Marketplace • Citrus Plaza • Indio Towne Center • Heritage Court TRANSPORTATION • Bermuda Dunes Airport (FAA designator: UDD) is on the north-western border of Indio, along I-10 just west of Jefferson Street. It has a 5,000-foot (1,500 m) runway and serves small private planes, air carriers and commuter jets. • The Jacqueline Cochran Regional Airport in Thermal just a few minutes from Indio, is named for the famous 1920s pilot and Indio resident and used for cargo planes to ship agricultural products • The closest airport with regularly-scheduled commercial passenger service is Palm Springs International Airport, about 20 miles (32 km) away. 5 1 PROPERTY OVERVIEW The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively 82935 market for sale 82935 Avenue 48, an impeccable value-add opportunity located in the heart of the Coachella EXECUTIVE SUMMARY EXECUTIVE Valley in Indio, CA. 82935 Avenue 48 is a unique opportunity to acquire a vacant former supermarket - Fresh & Easy ideally situated on 55,321 square feet of land zoned CC, located directly adjacent to the prominent AVENUE48 Coachella Valley Music & Arts Festival fairgrounds. 82935 Avenue 48 • Indio, CA 92201 82935 Avenue 48 creates a unique opportunity for a multitude of potential uses. An owner-user can utilize the existing building and begin operations under a new brand with minimal costs. An investor can re-position the asset to a similar or revised usage of a neighborhood market and generate significant returns. An Owner-User A UNIQUE OPPORTUNITY TO ACQUIRE A VACANT Buyer or an Investor can take advantage of 1.27 acres of land in the heart of Indio along a main thoroughfare and FORMER SUPERMARKET IDEALLY SITUATED re-purpose the property to a different usage. ON 55,321 SQUARE FEET OF LAND DIRECTLY ADJACENT TO THE HISTORICAL COACHELLA 82935 Avenue 48 is a former Fresh & Easy Neighborhood Market, which successfully operated at this location VALLEY MUSIC & ARTS FESTIVAL GROUNDS for many years until the company filed for Chapter 11 bankruptcy back in 2015. The site benefits from excellent parking with 60 surface parking spaces (4.30 per 1,000 SF) which would provide an buyer with the ability to subdivide and include multiple tenancy, excellent ingress and egress with multiple access points, and excellent visibility with 2 curb cuts and over 192 linear feet of frontage along Avenue 48. The subject property is a 13,969 square foot freestanding retail building with approximately $350,000 in upgrades such as exterior and interior painting, 18’ ceilings, a brand new 800-amp electrical service, a plan in process to install 40 tons of HVAC, and hardscaping and landscaping. The vacant property comes with a monument sign on Avenue 48, benefiting the new Owner-User or Investor that acquires it. The building sits on 1.27 Acres of land, and can be used for retail, general office, or medical office. 8 COACHELLA HOTEL INDIGO COACHELLA - UNDER CONSTRUCTION PROPERTY OVERVIEW McDonald's FINANCIAL ANALYSIS JACKSON STREET OVER 14,000 VEHICLES PER DAY Walgreens OVER 18,000 VEHICLES PER DAY AVENUE 48 COMPARABLES ANALYSIS COMPARABLES AREA OVERVIEW 9 INDIO PALMS VACATION CLUB INDIO PALMS COUNTRY CLUB & RESORT EMPIRE POLO CLUB Located at the corner of Avenue 48 and Jackson Street, this property sits in the core retail stretch of the up and 82935 coming Coachella Valley community. 82935 Avenue 48 is surrounded by a variety of some of the largest national LOCATION OVERVIEW LOCATION retail tenants in America such as Subway, McDonalds, Starbucks, Taco Bell, Wingstop, Bank of America, Western Union, Walmart, and Walgreens. The immediate area has several Golf Courses and Casinos and which draws the 48 majority of the tourists and retirees to the community. Located at the Corner of the Indian Palms Country Club & AVENUE Resort, this intersection provides one of the highest daily traffic counts in the entire Coachella Valley with over 82935 Avenue 48 • Indio, CA 92201 15,674 vehicles per day that cross Avenue 48 and Jackson Street, as well as 100,000 vehicles per day within a 3 THE SUBJECT PROPERTY IS LOCATED IN INDIO, mile radius. CALIFORNIA, ONE OF THE FASTEST GROWING CITIES IN COACHELLA VALLEY The City of Indio came about because of the need of a halfway point for the Southern Pacific Railroad between Yuma and Los Angeles. The engines needed to be cleaned of all of the sand taken in and re-filled with water. After the railroad's arrival in 1876, Indio really started to take root. The first permanent building was the craftsman style Southern Pacific Depot station and hotel. Southern Pacific tried to make life as comfortable as it could for their workers in order to keep them from leaving such a difficult area to live in at the time. It was at the same the center of all social life in the desert with a fancy dining room and hosting dances on Friday nights.
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