Single Tenant Nnn Investment Opportunity “The Quad” at Whittier - 13553 Whittier Blvd, Whittier Ca
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SINGLE TENANT NNN INVESTMENT OPPORTUNITY “THE QUAD” AT WHITTIER - 13553 WHITTIER BLVD, WHITTIER CA ACTUAL SITE EXCLUSIVELY MARKETED BY MICHAEL WALSETH SENIOR VICE PRESIDENT SRS NATIONAL NET LEASE GROUP 610 Newport Center Drive, Suite 1500 Newport Beach, CA 92660 DL: 949.270.8201 | M: 949.400.4261 [email protected] | CA License No. 01405081 KAI YOUNGMAN SENIOR ASSOCIATE SRS NATIONAL NET LEASE GROUP 610 Newport Center Drive, Suite 1500 Newport Beach, CA 92660 DL: 949.270.8227 | M: 949.395.1545 [email protected] | CA License No. 01961971 LOGAN FAZAKERLEY SENIOR ASSOCIATE SRS NATIONAL NET LEASE GROUP 610 Newport Center Drive, Suite 1500 Newport Beach, CA 92660 DL: 949.270.8228 | M: 949.343.9587 [email protected] | CA License No. 02081491 Broker of Record: Garrett Colburn – CA License #01416734 2 ACTUAL SITE SRS NATIONAL NET LEASE GROUP CONTENTS 5 8 INVESTMENT SUMMARY PROPERTY OVERVIEW OFFERING SUMMARY | INVESTMENT HIGHLIGHTS AERIALS | SITE PLAN | LOCATION MAP 15 17 AREA OVERVIEW FINANCIALS DEMOGRAPHICS RENT ROLL | BRAND PROFILE 3 ACTUAL SITE SRS NATIONAL NET LEASE GROUP 4 ACTUAL SITE SRS NATIONAL NET LEASE GROUP INVESTMENT SUMMARY SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land and building) in a NNN leased, corporate guaranteed, newly renovated, Sleep Number, investment property located in Whittier, CA (Los Angeles MSA). The tenant, Select Comfort Retail Co., recently signed a brand new 7 year lease with 2 (5-year) options to extend. The lease features 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed and is NNN, an ideal investment for a passive investor. Sleep Number (NASDAQ: SNBR) is an industry leading mattress company with over 570 stores located in all 50 states. The company saw extremely positive results for 2018 with fourth quarter net sales growing 13% to $412 million, and full-year net sales up 6% to a record $1.53 billion. Sleep Number has also invested $46 million in capital expenditures and a total of $481 million into the brand over the past six years, demonstrating their commitment toward steady and everlasting growth. The Sleep Number property is strategically located at the signalized, hard corner intersection of Central Ave. and Whittier Blvd with 45,500 combined vehicles passing by daily. The asset has excellent visibility and access along Whittier Blvd., which serves as the primary retail and commuter thoroughfare for the city of Whittier. The site is also situated directly across from the 432,000 SF Quad at Whittier shopping center anchored by T.J. Maxx, Vallarta Supermarket, and Burlington, promoting crossover traffic to the subject property. Other nearby national/credit tenants include The Home Depot, Ross Dress for Less, Marshalls, Old Navy, Petco, Grocery Outlet, Walgreens, Rite Aid, Michaels, and more, further increasing consumer draw to the trade area. Moreover, the site is less than 2 miles east of PIH Health, a premier medical facility serving as the largest employer in Whittier with 548 beds and 22 medical offices. The 5-mile trade area is supported by a dense population of over 459,000 residents with a healthy average household income of $91,800. 5 ACTUAL SITE SRS NATIONAL NET LEASE GROUP OFFERING SUMMARY PROPERTY SPECIFICATIONS Pricing: $3,195,000 Net Operating Income: $160,272 Cap Rate: 5.02% Guaranty: Corporate Tenant: Select Comfort Retail Co. Lease Type: NNN OFFERING Rentable Area: 4,452 SF Land Area 0.46 Acres Property Address: 13553 Whittier Boulevard, Whittier, CA 90605 Year Built / Renovated: 1952 / 2018 Parcel Number: 8142-027-033, 8142-027-035, 8142-027-032, 8142-027-034 Ownership: Fee Simple (Land and Building) 6 ACTUAL SITE SRS NATIONAL NET LEASE GROUP INVESTMENT HIGHLIGHTS New 7-Year Lease | Corporate Guaranteed Signalized, Hard Corner Intersection | Industry Leading Brand | Publicly Traded | Options to Extend Major Thoroughfare | Excellent Visibility & (NASDAQ: SNBR) | $1.53B Revenue • Sleep Number corporate guaranteed lease Access • Sleep Number, a publicly traded tenant • The tenant recently signed a brand new 7 year • Situated at the signalized, hard corner (NASDAQ: SNBR), is an industry leading lease with 2 (5-year) option periods to extend intersection of Central Ave. and Whittier Blvd. mattress company with over 570 stores located • Features 10% rental increases at the beginning with 45,500 vehicles passing by daily in all 50 states of each option period, generating NOI growth • Whitter Blvd serves as the primary commuter • Saw extremely positive results last year with and retail thoroughfare for the city of Whittier fourth quarter net sales growing 13% to NNN Lease | Fee Simple • The asset has excellent visibility and access with $412M • Tenant pays for CAM, taxes, and insurance multiple points of ingress/egress • Full-year net sales up 6% to a record $1.53B • Ideal investment for a passive investor Directly Across From the Quad at Whittier Close Proximity to PIH Health Center Rare Los Angeles County Retail (432,000 SF) | Primary Retail Corridor (548 Beds) | Largest Employer in Whittier Opportunity | Strong Demographics in • Ideally located directly across from the 432,000 • Sleep Number is less than 2 miles east of PIH 5-Mile Trade Area SF Quad at Whittier anchored by T.J. Maxx, Health Center, a top-notch medical facility with • Dense, infill Los Angeles trade area with major Vallarta Supermarket, and Burlington 548 beds and 22 medical offices barriers for new development • Other nearby national/credit tenants include The • PIH Health is the largest employer in Whittier • More than 458,400 residents and over Home Depot, Ross Dress for Less, Marshalls, 155,800 employees support the trade area Old Navy, Petco, Grocery Outlet, Walgreens, • $91,803 average household income Rite Aid, Michaels, and more 7 ACTUAL SITE SRS NATIONAL NET LEASE GROUP PROPERTY OVERVIEW Parcel Improvements Parcel Number: 4,452 SF 8142-027-033, 8142-027-035, 8142-027-032, 8142-027-034 Year Built Acres: 0.46 1952 Square Feet: 20,03 SF PARCEL MAP Access Parking Traffic Counts Zoning Whittier Boulevard/ There are approximately Whittier Boulevard/ WHC2* State Highway 72 19 parking spaces State Highway 72 1 Access Point(s) on the owned parcel. 45,500 Cars Per Day Central Avenue The parking ratio is approximately Painter Ave. 1 Access Point(s) 4.26 stalls per 1,000 SF 20,300 Cars Per Day of leasable area. 8 ACTUAL SITE SRS NATIONAL NET LEASE GROUP GATEWAY PLAZA SIERRA VISTA HIGH SCHOOL LAUREL ELEMENTARY SCHOOL QUAD AT WHITTIER (432,000 SF) 45,500 CARS PER DAY WHITTIER BLVD. CENTRAL AVE. 9 ACTUAL SITE SRS NATIONAL NET LEASE GROUP WHITTIER MARKETPLACE WHITTIER PIH HEALTH HIGH SCHOOL (548 BEDS) 20,300 CARS PER DAY PAINTER AVE. QUAD AT WHITTIER CENTRAL AVE. WHITTIER BLVD. 45,500 CARS PER DAY 10 ACTUAL SITE SRS NATIONAL NET LEASE GROUP 20,300 CARS PER DAY LYDIA JACKSON ELEMENTARY SCHOOL 45,500 WHITTIER BLVD. / STATE HIGHWAY 72 CARS PER DAY PAINTER AVE. PAINTER EVERGREEN ELEMENTARY SCHOOL OCEAN VIEW ELEMENTARY SCHOOL LAUREL ELEMENTARY SCHOOL 11 ACTUAL SITE SRS NATIONAL NET LEASE GROUP JACKSON ST. CENTRAL AVE. WHITTIER BLVD. 45,500 CARS PER DAY 12 ARTIST RENDERING SRS NATIONAL NET LEASE GROUP 13 ACTUAL SITE SRS NATIONAL NET LEASE GROUP LOCATION MAP 2018 ESTIMATED POPULATION 1 Mile ..................................................... 32,064 3 Mile ................................................... 167,815 5 Mile ................................................... 458,404 2018 AVERAGE HOUSEHOLD INCOME 1 Mile ................................................... $83,511 LOS ANGELES 3 Mile ................................................... $89,909 32 Min 20 miles 5 Mile ................................................... $91,803 2018 ESTIMATED TOTAL EMPLOYEES 1 Mile ....................................................... 9,117 3 Mile ..................................................... 60,037 5 Mile ................................................... 155,860 WHITTIER 14 ACTUAL SITE SRS NATIONAL NET LEASE GROUP AREA OVERVIEW WHITTIER, CALIFORNIA Whittier is located in Los Angeles County, about 12 miles southeast of the City of Los Angeles. Whittier, incorporated in 1898, covers 14.8 square miles and has an estimated population of 88,341 residents. The City of Whittier is centrally located to all of Southern California. Easily accessible through the 605 Freeway, between the 60 and the 5 Freeways, Whittier borders Orange County on the east. Its proximity to Downtown Los Angeles and Orange County makes Whittier a desirable place to locate. Disneyland, mountains, beach and desert are a short drive away. Whittier’s strong sense of history and vision for the future has made it an upscale and dynamic residential community. Throughout the years, the City of Whittier has striven to provide a healthy and safe community and a well-maintained infrastructure enhanced by planned patterns of growth and development. Through a balance of economic, social, political, cultural and recreational opportunities, the City Council encourages an atmosphere conducive to community spirit and active participation in the affairs and progress of the community. Such efforts have been made to ensure a visually pleasing community in which the City’s identity and character are preserved and enhanced. The official flower of the City is the Friendship Rose. Businesses and industries in the area include 374 professional services, 868 retail stores, 202 family-type restaurants, 36 manufacturing