Investment Offering 2585 Miracle Mile, Unit 106, Bullhead City, Az 86442
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SOUTHWEST BEHAVIORAL HEALTH AT COLORADO PLACE BULLHEAD CITY, AZ INVESTMENT OFFERING 2585 MIRACLE MILE, UNIT 106, BULLHEAD CITY, AZ 86442 2580 HIGHWAY 95, SUITES 119-125, BULLHEAD CITY, AZ 86442 EXCLUSIVE BROKER INVESTMENT ADVISOR CAPITAL MARKETS ADVISOR Thomas Pancrazi Christopher DePierro Jay Quinn President Managing Director Senior Managing Director [email protected] [email protected] [email protected] (928) 782-5559 (949) 221-1824 (949) 221-1804 R.E. License No BR009183000 R.E. License No 01158321 18301 Von Karman Avenue, Suite 800, Irvine, CA 92612 P (949) 221-1800 F (949) 221-1830 farislee.com TABLE OF CONTENTS PROPERTY OVERVIEW 4 AREA OVERVIEW 11 FINANCIAL ANALYSIS 16 STATEMENT OF CONFIDENTIALITY & DISCLAIMER Faris Lee Investments (“FLI”) has been engaged as the exclusive information obtained by FLI from sources it deems reasonably reliable. or in connection with the sale of the Property shall be limited to financial advisor to the Seller in connection with Seller’s solicitation of Summaries of any documents are not intended to be comprehensive or those expressly provided in an executed Purchase Agreement and offers for the purchase of the property known as Southwest Behavioral all-inclusive, but rather only outline some of the provisions contained shall be subject to the terms thereof. In no event shall a prospective Health, City of Bullhead City, County of Mohave, State of Arizona. therein and qualified in their entirety by the actual document to which purchaser have any other claims against Seller or FLI or any of their Prospective purchasers are advised that as part of the solicitation they relate. affiliates or any of their respective officers, directors, shareholders, process, Seller will be evaluating a number of factors including the owners, employees, or agents for any damages, liability, or causes current financial qualifications of the prospective purchaser. Seller No representation or warranty, expressed or implied, is made by of action relating to this solicitation process or the marketing or expressly reserves the right in its sole and absolute discretion to the Seller, FLI, or any of their respective affiliates as to the accuracy sale of the Property. evaluate the terms and conditions of any offer and to reject any offer or completeness of the information contained herein. Prospective without providing a reason therefore. Further, Seller reserves the purchasers should make their own projections and form their own Prospective purchasers are not to construe the contents of this right to terminate the solicitation process at any time prior to final conclusions without reliance upon the material contained herein Offering Memorandum or any prior or subsequent communication execution of the Purchase Agreement. and conduct their own due diligence, including engineering and from FLI or Seller or their affiliates or any of their respective officers, environmental inspections, to determine the condition of the Property directors, shareholders, owners, employees, or agents as legal, tax, The information contained in this Offering Memorandum is and the existence of any potentially hazardous material located at the or other advice. Prior to submitting an offer, prospective purchasers confidential and furnished solely for the purpose of a review by a Property site or used in the construction or maintenance of the building should consult with their own legal counsel and personal and prospective purchaser of the Property, and it is not to be used for at the Property site. tax advisors to determine the consequences of an investment any other purpose or made available to any other person without the in the Property and arrive at an independent evaluation of such express written consent of Seller or FLI. The material is based in part A prospective purchaser’s sole and exclusive rights with respect to this investment. upon information supplied by the Seller and in part upon financial prospective transaction, the Property, or information provided herein PROPERTY OVERVIEW $1,893,000 $152,820 PRICE NOI 8.07% CAP RATE THE OFFERING PROPERTY SPECIFICATIONS: Faris Lee Investments is pleased to offer for sale the commercial condominium interest in a single GLA: 8,490 SF tenant, NNN leased to Southwest Behavioral Health Services, a leading statewide healthcare provider with 14 locations throughout the State of Arizona. The asset is part of Colorado Place, an approximately TENANT: 100,000 SF mixed-use center located in Bullhead City, Arizona. The subject property consists of Southwest Behavioral Health approximately 8,490 square feet of GLA and the tenant is on a NNN lease. Southwest Behavioral Health Services has been located at Colorado Place for 10 years. The lease term has approximately 5 years LOCATION: remaining with scheduled 2% annual rent increases that contribute strong NOI growth throughout the 2580 Highway 95, Suites 119-125 lease term. Colorado Place is also home to several other professional healthcare providers, service Bullhead City, AZ 86442 oriented tenants, retailers, and commercial users. The subject property is ideally located in the heart of the regional trade area that consists of a population of approximately 140,000 people. Furthermore, Colorado Place is located along the most heavily travelled portion of Mohave Valley Highway / State Highway 95 with more than 35,000 vehicles per day, and near Mohave High School, Bullhead City Civic Center, and the planned Civic Center Park and Events Center. The subject property strategically spans an entire city block, with one corner of the site at the signalized, hard corner intersection of Riverview Drive and Highway 95, providing ease of access to the subject property. Highway 95 is the only major north-south corridor that connects the immediate trade area of Bullhead and Laughlin with the cities of Needles and Lake Havasu, and provides access to Interstate 95, which leads to nearby Las Vegas. The subject property is located within close proximity to Smart N Final, Hobby Lobby, Wal-Mart Supercenter, Target, Safeway, Sam’s Club, Home Depot, Lowe’s and many other national tenants. There are nearly 50,000 permanent residents with an average household income also nearly $50,000 surrounding the subject property. Additionally, the immediate trade area is supported by more than 34,600 daytime employees within a 5 mile radius. 5 PROPERTY HIGHLIGHTS Anchor Tenant of Dominant Mixed Use/Healthcare-Oriented Diverse and Strong Economic Drivers Provide Sustained Center Growth to Bullhead City / Laughlin Economy » Synergistic co-tenants include another well-known regional healthcare » Area benefits from over 4 Million annual visitors and tourists to provider North County Health Care, Arizona Kidney Disease Center, Bullhead City and Laughlin pediatric office, Edward Jones and Sears Hometown » The attraction and draw of the Colorado River and 10 Stable Investment / Long Term Tenant Lease with Strong renowned Casinos with approximately 12,000 hotel rooms and the 4th largest gaming volume in the United States Increases » Southwest Behavioral Health Services has been located at Colorado » Bullhead City is a leader in Sports Tourism, with dozens of Place for 10 years and increased their GLA by 2,400 SF in 2011 showing National and Regional Sports Tournaments on an annual faith in the location and bolstering their presence in the market basis bringing economic stimulus to the city and surrounding communities » Provides secure income stream to the investor » 2% annual increase is a natural hedge against inflation Strategic and Centralized Location in Bullhead City / Laughlin Ease of Management / NNN Lease » Colorado Place is located at the signalized intersection of » Tenant reimburse for Taxes, Common Area Maintenance and Insurance Highway 95 & Riverview Drive (35,590 VPD), which is within the » Landlord (HOA Director) Responsible for Roof, Structure and part of commercial core of the trade area HVAC Maintenance » Located in close proximity to Bullhead City Civic Center, » Ideal Investment for an out-of-state investor as the HOA/CAM all Government Offices, Mohave County State and Federal Management Director maintains the overall shopping center Offices, Mohave High School (1,400 students) and 2 elementary and 2 middle schools, and the planned Civic Center Park and Unique and Dynamic Regional Trade Area with Strong Events Center Demographics » Colorado Place is located at the most travelled portion of » Colorado Place is located within the Commercial Core of the trade area Highway 95, which connects the “River Cities” and is the main serving Bullhead City, AZ, Laughlin, NV, Kingman, AZ, Fort Mohave, AZ corridor connecting Laughlin, NV to Needles, CA and Needles, CA » Approximately 140,000 population in the trade area » Approximately 700 residential units planned for 2019 in Bullhead City and surrounding trade area » Daytime employment of 34,000+ in the immediate trade area 6 PROPERTY SPECIFICATIONS Rentable Area Year Built Ownership 8,490 SF (Condo Unit) 2004 Commercial Condominium Interest Zoning: C2 (District Commercial: General Sales & Services) Access Parking Traffic Counts (Regis 2019) There are seven (7) access points to the center: There are approximately 348 dedicated parking Highway 95: 35,590 VPD one (1) along Highway 95, three (3) along Riverview stalls for the center. All tenants have equal access Riverview Drive: 7,218 VPD Drive and three (3) along Havasupai Drive. to all parking stalls. Miracle Mile: 7,167 VPD 2580 Highway 95, Suites 119-125, Bullhead City, AZ 86442