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Exclusively Listed Investment Offering EXCLUSIVELY LISTED INVESTMENT OFFERING SAN DIEGO INVESTMENT OPPORTUNITY 3202 - 3222 UNIVERSITY AVENUE | SAN DIEGO, CA 92104 Presented By: JASON STUART PONGSRIKUL NICK PRICE CHRIS BARRY Managing Principal Senior Vice President Associate Direct: 619.297.0055 x 302 Direct: 619.297.0055 x 303 Direct: 619.297.0055 x 305 [email protected] [email protected] [email protected] CA DRE Lic. 01918332 CA DRE Lic. 01773111 CA DRE Lic. 2018350 Pharma Property Group | 5328 Banks Street, Suite B | San Diego, CA 92110 | 619.297.0055 | www.pharmapropertygroup.com 3202 - 3222 UNIVERSITY AVENUE SAN DIEGO, CA 92104 Property Overview 3202 - 3222 UNIVERSITY AVENUE SAN DIEGO, CA 92104 Year Built: 2006 Lot Size: 50,655 Square Feet Building Size: 15,150 Square Feet Tenants: Walgreens & Starbucks Net Leases Investment Highlights STABLE INCOME SOLID DEMOGRAPHICS Rental income is guaranteed by Walgreens and Starbucks. The average household income in a one-mile radius is Both Walgreens (S&P BBB) and Starbucks (S&P A) parent $65,947, in a three-mile radius it is $72,539 and $75,387 companies are an investment grade, Fortune 500 in a five mile radius. Total one-mile population count is Companies. Walgreens has over 8,000 locations and 52,440, in a three-mile radius it is 277,112 and 611,379 in Starbucks has over 25, 000 locations. a five-mile radius. STRONG SALES 24 HOUR STORE & STRATEGIC LOCATION Walgreens is reporting strong sales at this location above This Walgreens is open 24 hours which speaks to the $3.3M annually. Walgreens has a percentage rent clause strength of its location and is reflected in the sales totals. in their lease. Starbucks does not report sales, but they The Walgreens also has a drive-thru which is open until renewed the lease twice at escalated rents. 9PM. There is a CVS on the adjacent corner making this a strategic location for both Walgreens and CVS. LONG TERM WALGREENS & STARBUCKS LEASES Walgreens has a 70 year triple net lease starting in 2006. TRENDING NORTH PARK NEIGHBORHOOD This lease allows for a right to terminate after 20 years. This dual-tenant building is uniquely leased by two nationally Walgreens also reserves the right to terminate every five renowned tenants in North Park, one of San Diego’s most years thereafter. Starbucks has a lease starting 2006 densely populated and trending neighborhoods due to with four 5-year options to renew with escalating rents. high end local eateries, craft breweries and easy freeway Starbucks has already exercised two 5-year options to access. extend beginning February 2017. The Starbucks lease has a 3% increase in March of 2022. Located right off Interstate 805, this is the entry point to multiple neighborhoods in the area making this Walgreens ANNUAL INCOME and Starbucks a natural place to stop and shop, with easy • Walgreens Annual Rent: $519,999.96* parking which is rarely found in the North Park area. The • Starbucks Annual Rent: $59,940.00, with a three large footprint of the commercially zoned lot and location percent (3%) increase in year 5. makes the land extremely valuable for future development. • Combined Annual Rent: $579,939.96 LEASE TYPE • Walgreens - Absolute NET Lease No Landlord responsibilities whatsoever. • Starbucks - NET Lease Landlord responsible for roof and structure. TRAFFIC COUNTS The property is located at the signalized hard corner of University Avenue and Lincoln Avenue with combined traffic counts of 27,142 vehicles per day. The store is only one block from the Interstate 805 with daily traffic counts of over 180,000. *Walgreens percentage rent is approximately 2% of gross sales (excluding food and prescriptions), plus 0.5% of food and prescriptions, except for third party prescriptions. Pharma Property Group | 5328 Banks Street, Suite B | San Diego, CA 92110 | 619-297-0055 | www.pharmapropertygroup.com page 2 3202 - 3222 UNIVERSITY AVENUE SAN DIEGO, CA 92104 Pricing Building List Price: $12,887,466 (4.50% CAP) Building Square Footage: 15,150 Price/SF: $850,65 Walgreens Square Footage: 13,650 Price/SF Land: $254.41 Starbucks Square Footage: 1,500 Walgreens Annual Income: $519,999.96 Land Square Footage: 50,655 Starbucks Annual Income: $59,940.00 Year Built: 2006 Combined Annual Income: $579,939.96 Combined Monthly Income: $48,328 Combined Rent/SF: $38.27 Lease Overview Tenant: Lease Overview STARBUCKS (NYSE: SBUX) Landlord Income: Tenant: CORPORATE GUARANTEE WALGREENS (NYSE: WAG) Credit Rating: Landlord Income: INVESTMENT GRADE, A (S&P) CORPORATE GUARANTEE Lease Type: Credit Rating: NET LEASE INVESTMENT GRADE, BBB (S&P) Landlord responsible for roof and structure. Lease Type: Lease Term: ABSOLUTE NET LEASE No landlord responsibilities whatsoever. 9 YEARS REMAINING WITH AN ADDITIONAL TWO (5-YEAR) RENEWALS Lease Term: Lease Commencement: 70 YEAR LEASE WITH RIGHT TO TERMINATE NOVEMBER 10, 2006 AFTER 20 YEARS AND EVERY 5 YEARS THEREAFTER. 8 YEARS 10 MONTHS REMAINING ON THE INITIAL TERM Next Renewal Period: MARCH 1, 2027 Lease Commencement: NOVEMBER 1, 2006 Annual Rent: $59,940 Next Right to Terminate: NOVEMBER 1, 2026 Monthly Rent: $4,995 Annual Rent: $519,999.96 Rent / Square Foot: $39.96 Monthly Rent: $43,333.33 Rent Schedule Rent / Square Foot: $34.32 TERM dates RENT Initial Term 11/10/06 - 11/30/11 $3,975 Initial Term 12/1/11 - 2/28/17 $4,455 First Renewal (Exercised) 3/1/17 - 2/28/22 $4,995 Second Renewal (Exercised) 3/1/22 - 2/28/27 $5,595 Third Renewal 3/1/27 - 2/28/32 $6,270 Fourth Renewal 3/1/32 - 2/28/34 $7,020 Pharma Property Group | 5328 Banks Street, Suite B | San Diego, CA 92110 | 619-297-0055 | www.pharmapropertygroup.com page 3 3202 - 3222 UNIVERSITY AVENUE SAN DIEGO, CA 92104 RESIDENTIAL AREAS RESIDENTIAL AREAS SUBJECT PROPERTY UNIVERSITY AVENUE - ±24,000 CARS PER DAY ±180,000 CARS PER DAY TRENDING NORTH PARK NEIGHBORHOOD This dual-tenant building is uniquely leased by two nationally renowned tenants in North Park, one of San Diego’s most densely populated and trending neighborhoods due to high end eateries, craft breweries and easy freeway access. Located right off Interstate 805, this is the entry point to multiple neighborhoods in the area making this Walgreens and Starbucks a natural place to stop and shop, with easy parking which is rarely found in the North Park area. The large footprint of the commercially zoned lot and location makes the land extremely valuable for future development. Pharma Property Group | 5328 Banks Street, Suite B | San Diego, CA 92110 | 619-297-0055 | www.pharmapropertygroup.com page 4 3202 - 3222 UNIVERSITY AVENUE SAN DIEGO, CA 92104 Location Aerial pacific ocean SEA WORLD MISSION BAY PARK SAN DIEGO NAVAL AIR STATION INTERNATIONAL NORTH ISLAND AIRPORT SAN DIEGO ZOO NORTH PARK downtown san diego BALBOA PARK SUBJECT PROPERTY Location Overview an Diego is a worldwide tourist destination. Beaches, SeaWorld, San Diego Zoo, conventions and a thriving culture lure visitors from Saround the globe. Tourists pour billions of dollars into the local economy helping to fuel job growth, development, and tax revenue. The employment profile is diverse and includes one of the most tech-friendly environments in the country. Household incomes continue to grow above the rate of inflation and are now near $80,000. Government, education, health services, professional and business services continue to be among the top performing industries. SUBJECT PROPERTY San Diego, is a major city in California and the seat of San Diego County. Adjacent to the Pacific Ocean in Southern California, San Diego is approximately 120 miles south of Los Angeles and immediately adjacent to the border with Mexico. San Diego is the eighth-largest city in the United States and second-largest in California. San Diego is known for its SAN DIEGO mild year-round climate, natural deep-water harbor, extensive beaches, association with the US Navy, and recent emergence as a healthcare and biotechnology development center. San Diego is the economic center of the region as well as the San Diego–Tijuana metropolitan area. San Diego's main economic engines are military and defense-related activities, tourism, international trade, and manufacturing. Pharma Property Group | 5328 Banks Street, Suite B | San Diego, CA 92110 | 619-297-0055 | www.pharmapropertygroup.com page 5 3202 - 3222 UNIVERSITY AVENUE SAN DIEGO, CA 92104 Property Photos WALGREENS FRONTAGE ON UNIVERSITY AVENUE AND access to parking LEADING TO WALGREENS DRIVE-THRU WALGREENS & STARBUCKS FRONTAGE ON UNIVERSITY AVENUE STARBUCKS FRONTAGE ON UNIVERSITY AVENUE WALGREENS DRIVE-THRU FRONTING 32ND STREET Building parking with access on university ave. and bancroft st. Pharma Property Group | 5328 Banks Street, Suite B | San Diego, CA 92110 | 619-297-0055 | www.pharmapropertygroup.com page 6 3202 - 3222 UNIVERSITY AVENUE SAN DIEGO, CA 92104 Total Population Total NORTH PARK Demographic Snapshot | 2017 Estimate 2017 DemographicSnapshot| PARK NORTH By acceptingthispackage, buyerandtheirrepresentatives mustverifytheinformationandbears allriskforanyinaccuracies. and annualreports. Demographicinformationwasprovided byNielsenInformationSystems. Buyer andtheirrepresentatives understandsthatWalgreens tenantinformationwasgathered by sourcesdeemedtobereliableincluding Walgreenspublicquarterly information &storeoperating areapproximate. the accuracyofinformation.References tosquarefootage,age,distances,lotsize,storeopeningdates,demographic information,aerialtenant Disclaimer: Thisinformationhasbeen securedfromsourceswebelievetobereliable,butmakenorepresentations orwarranties,expressedimplied,asto
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