Tulare, California
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FOR SALE | BRAND NEW MULTI-TENANT RETAIL PAD WITH DRIVE-THRU | TULARE, CA Property Features: Price: $4,315,000 • Brand New Multi-Tenant Retail Pad Building with Essential Drive-Thru • 26,100 ADT at the Signalized Corner of Mooney and Bardsley CAP Rate: 5.75% • Nationally and Regionally Branded Fast Food and Essential-Service Tenants • Triple-Net (NNN) Leases with Rent Increases • Pride of Ownership, Well Maintained, Quality Construction FOR MORE INFORMATION CONTACT: Bryan Cifranic DRE License #01809130 Direct Line: 559/ 650.1316 [email protected] Investment Summary Page 2 EXECUTIVE SUMMARY STRONG REAL ESTATE FUNDAMENTALS Commercial Retail Associates, Inc. is pleased to have been selected as the exclusive listing agent for the • Starbucks anchored multi-tenant retail pad building with essential drive-thru sale of this brand-new multi-tenant retail pad building located near the signalized intersection of Mooney • Located near a signalized corner at an entrance to a neighborhood shopping center. Boulevard and Bardsley Avenue in Tulare, California. The approximate 7,354 square foot retail building is • Brand new quality construction with designed with nice aesthetics and finishes situated on nearly one and a half acres of land and is currently leased to four corporate and regionally branded • Strong Demographics - 72,000 Population (5-Mile Radius) - $73,000 Average tenants. The subject property is well positioned near the signalized entrance to a newer neighborhood Household Income (5-Mile Radius) shopping center development anchored by CVS Pharmacy. Neighboring Tenant’s include Taco Bell, Jack • Diverse mix of nationally and regionally branded fast food, beverage and service in the Box, the Human Bean Coffee company, plus many more. This offering presents an investor with oriented tenants with triple-net (NNN) leases and favorable rent increases an opportunity to acquire a pride of ownership, net leased multi-tenant retail building equipped with an LOCATION HIGHLIGHTS essential drive-thru and a mix of fast-casual food/beverage and essential-service oriented tenants. • Near a hard corner signalized intersection at an entrance to a neighborhood shopping center anchored by CVS Pharmacy INVESTMENT SUMMARY • Notable nearby landmarks include the Tulare Campus of the College of the Address: 2173 E. Bardsley Avenue Sequoias with 3,391 students and Tulare Union High with 1,740 students Tulare, California • ±26,100 Average Daily Traffic at the nearby intersection of Mooney Boulevard Price: $4,315,000 and Bardsley Avenue CAP Rate: 5.75% • Located in an established yet growing area of southeastern Tulare, California • Neighboring business in the immediate area include: CVS Pharmacy, Taco Bell, Annual Rent: $248,234 Jack in the Box, the Human Bean Coffee company, Family Dollar, plus and many Year Built: 2020 other commercial, office, and industrial businesses Building Size: ±7,354 Square Feet Lot Size: ±1.48 Acres FOR MORE INFORMATION CONTACT: Bryan Cifranic DRE License #01809130 Direct Line: 559/ 650.1316 [email protected] Photos - Subject Property Page 3 FOR MORE INFORMATION CONTACT: Bryan Cifranic DRE License #01809130 Direct Line: 559/ 650.1316 [email protected] Rent Roll / Income and Expenses Page 4 TENANT SQ. FT. MONTHLY ANNUAL LEASE ORIGINAL LEASE LEASE RENT ADJUST- OPTIONS / OPTION CAM, TAX, RENT RENT TERM COMMENCEMENT EXPIRATION MENTS RENT INSURANCE STARBUCKS ±2,066 $ 7,916.67 $ 95,000.00 10-Years August 7, 2020 August 31, 2030 10% Rent Increases 4, 5-YEAR with 10% PRORATA SHARE ¹ Every 5-Years Rent Increases SUBWAY ±1,258 $ 2,830.50 $ 33,966.00 7-Years January 13, 2021 December 31, 2028 10% Rent Increases 3, 5-YEAR with 10% Rent PRORATA SHARE ¹ Every 5-Years Increases every 5-years TUCOEMAS ±1,360 $ 3,264.00 $ 39,168.00 7-Years July 1, 2021 December 31, 2028 Flat during the initial 3, 5-YEAR with 5% PRORATA SHARE ¹ CREDIT UNION (est.) (est.) lease term Rent Increases FUTURE ±1,324 $ 3,310.00 ² $ 39,720.00 ² 5-Years TBD (est.) TBD (est.) TBD TBD PRORATA SHARE ¹ TENANT THE CURRY PIZZA ±1,346 $ 3,365.00 $ 40,380.00 10-Years March 15, 2021 December 31, 2031 10% Rent Increases 2, 5-YEAR with 10% PRORATA SHARE ¹ COMPANY Every 5-Years Rent Increases TOTAL ±7,354 $ 20,686 $248,234 ANNUAL OPERATING EXPENSES: (2021 est.) ANNUAL INCOME AND EXPENSES: CAM, Repairs, and Utilities $ 27,640 Rent $ 248,234 Property Taxes $ 30,023 Expense Reimbursements $ 64,927 Insurance $ 4,500 Gross Income $ 313,161 Admin Fee @ 10% of CAM $ 2,764 Less Operating Expenses -$ 64,927 Total Operating Expenses: $ 64,927 Net Operating Income: $248,234 RENT ROLL NOTES: ¹ Tenant’s pay their prorata share of the common area maintenance charges, utility costs, property taxes, insurance premiums, and administration fees per the terms and conditions of their respective leases. ² Reflects the future tenant’s rent estimated to be at $2.50/psf/mo NNN. Seller to provide a 12-month rent guarantee on this space if not leased prior to the close of escrow. FOR MORE INFORMATION CONTACT: Bryan Cifranic DRE License #01809130 Direct Line: 559/ 650.1316 [email protected] Tenant Profiles Page 5 Starbucks Starbucks Corporation was founded in Seattle, Washington in 1971, and has grown into the leading coffee retailer in the world with over 31,000 locations and $26 billion in revenue. Starbucks is one of the most recognized brands in the world and has consistently been ranked on Fortune Magazine’s list of the most admired companies. Starbucks is aggressively expanding its drive-thru format which generate 30% - 60% more revenue compared to legacy cafe locations. Starbucks together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items. The company also licenses its trademarks through licensed stores, and grocery and food service accounts. It offers its products under the Starbucks, Teavana, Seattle’s Best Coffee, Evolution Fresh, Ethos, Starbucks Reserve, and Princi brand names. This is a Corporate Signature Lease with Starbucks Corporation (NASDAQ: SBUX) For more information visit: www.starbucks.com Subway Subway was founded in 1965 and has become one of the fastest-growing franchises in the world. As of 2021, the company had approximately 40,000 stores located in 112 countries and more than half of those stores are located in the United States. Subway is the largest single-brand restaurant chain and the largest restaurant operator in the world. Since 2007, Subway has consistently ranked in Entrepreneur magazine’s “Top 500 Franchises list”. In 2015, it ranked #3 on the “Top Global Franchises” list and #1 as the “Fastest Growing Franchise”. Subway’s international headquarters are located in Milford, Connecticut, and the company also has 5 regional centers. At the end of 2010, Subway became the largest fast-food chain worldwide, beating out McDonald’s and Burger King. This is a Corporate Signature Lease with Subway Real Estate, LLC For more information visit: www.subway.com Tucoemas Federal Credit Union Tucoemas Federal Credit Union’s roots in Tulare County stretch back to 1948 when nine original members pooled their savings to create our credit union. Since then they have grown steadily and now operate five branch locations in Visalia (2), Tulare (2), and Porterville, California. Tucoemas offers its customers several different bank account options, real estate loans, auto loans, and personal loans. Along the way they have also adapted to members’ changing needs and now provide all the convenient electronic channels to their 31,000 members which they can access to manage their accounts. Their mission has always been to provide high-quality financial services for those who live, work, worship or attend school in Tulare County. This is a Corporate Signature Lease with Tucoemas Federal Credit Union For more information visit: www.tucoemas.org The Curry Pizza Company The Curry Pizza Company was created in 2017, as a family owned and operated restaurant. After working with different spices and other ingredients, they created a way to deliver an Italian dish with Indian tadka. Since then they have grown steadily and now operate four locations in Fresno (2), Tulare, and Walnut, California. Their menu consists of Indian spice inspired pizza, a classic take on traditional Italian inspired pizza, several garlic bread options, waffle fries, and their ever famous chicken wings including their Chili Chicken, Buffalo, Hot, Garlic Parmesan, Mango Habanero, Achari, Sweet Chili, Curry, Spicy Masala, Tandoori, and Cajun wings. This lease is guaranteed by Navjag Investments, LLC and personally guaranteed by the operator Virender Singh For more information visit: www.thecurrypizzacompany.com FOR MORE INFORMATION CONTACT: Bryan Cifranic DRE License #01809130 Direct Line: 559/ 650.1316 [email protected] Trade Area Aerial Page 6 FOR MORE INFORMATION CONTACT: Bryan Cifranic DRE License #01809130 Direct Line: 559/ 650.1316 [email protected] Location Aerial Page 7 FOR MORE INFORMATION CONTACT: Bryan Cifranic DRE License #01809130 Direct Line: 559/ 650.1316 [email protected] Site Plan Page 8 FOR MORE INFORMATION CONTACT: Bryan Cifranic DRE License #01809130 Direct Line: 559/ 650.1316 [email protected] Floor Plan Page 9 FOR MORE INFORMATION CONTACT: Bryan Cifranic DRE License #01809130 Direct Line: 559/ 650.1316 [email protected] Location Page 10 Location Overview - Tulare, California The city of Tulare is situated in the Central San Joaquin Valley drive and, in addition to being served by Highway 99, Tulare along Highway 99, 45 miles south of Fresno and 60 miles north is 40 minutes from Interstate 5, which connects California to of Bakersfield. Tulare’s mid-state location benefits businesses Oregon and Washington.