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M a R K E T P L A Sunfl wer MARKETPLACE (NAP) OFFERING MEMORANDUM ™ 285 - 393 W Shaw Ave Clovis, CA 93612 OFFERING MEMORANDUM 03 EXECUTIVE SUMMARY 06 PROPERTY OVERVIEW Sunfl wer 12 FINANCIAL OVERVIEW MARKETPLACE 18 AREA OVERVIEW 285-343 W Shaw Ave | Clovis, CA 93612 24 TENANT OVERVIEW EXCLUSIVELY LISTED BY LINDSAY TSUMPES EL WARNER WALTER C. SMITH AVP & Director EVP & National Director Leasing Broker Shopping Centers Shopping Centers Direct +1 949 873 0270 | Mobile +1 310 880 8418 Direct +1 949 873 0507 | Mobile +1 858 752 3078 Direct +1 559 447 6222 Main +1 866 889 0550 | Fax +1 310 388 0788 Main +1 866 889 0550 | Fax +1 310 388 0788 [email protected] [email protected] [email protected] CA License No. 01954256 CA License No. 01890271 CA License No. 00914097 OFFERING SUMMARY Matthews Real Estate Investment Services is pleased to present the fee simple sale of Sunflower Marketplace, a shadow anchored shopping center located at the signalized northeast corner of West Shaw Avenue and Peach Avenue in the Fresno sister city of Clovis, CA. Consisting of five separate assessor’s parcels, including three pads and two strip centers, the ±58,785 SF property is situated on a high traffic intersection that sees ±74,000 vehicles per day and is shadow anchored by Walmart, Walgreens, Michaels and Goodwill adding the security and benefit of owning an anchored center at a fraction of the cost. Sunflower Marketplace is strategically positioned within the Fresno-Clovis metro area with great access to State Route 168, close proximity to California State University Fresno which serves over 24,000 students, and a three-mile population of over 132,000 people. Located along the Shaw Avenue retail corridor that is the city’s busiest arterial, the property is central to the two-and-a-half-mile major revitalization project known as the Shaw Avenue Corridor Plan that the City of Clovis has identified for long term planning and reinvestment. Leased to a mix of national, regional and local tenants, not only does the property have below market rents in place and immediate upside through the lease-up of three inline spaces, but the fact that the offering consists of five parcels also allows the owner the ability to sell the parcels off separately should the need or opportunity arise. This property provides excellent, double-digit in place and stabilized returns within a high-density California trade area poised for long-term growth. SUNFLOWER MARKETPLACE| 3 INVESTMENT HIGHLIGHTS • Shadow anchored by Wal-Mart, a national credit tenant ranked #1 on the Fortune 500 List, which provides added financial security and consumer draw to the shopping center • Double digit cash-on-cash return of 13.45% in place and 20.44% stabilized • Individually parcelized, providing an investor future value on their exit strategy • Immediate upside through the lease up of 12.5% of the GLA • Below market rents allow for additional upside as tenants leave or roll to market • Centrally positioned in the Shaw Avenue Corridor Plan, the City of Clovis’s focus area for long term planning and reinvestment as one of the community’s primary commercial corridors • Located two-and-one-half miles from California State University Fresno which serves over 24,000 students • SunflHigh traffic signalized corner location that sees over a combined ±74,000 vehicleswer per day with multiple points of ingress and egress off of West Shaw Avenue • Densely populated trade area with ±132,000 people in a 3-mile radius and ±338,000 in a 5-mile radius • Situated along the Shaw AvenueMARKETPLACE retail corridor, the busiest arterial in the city of Clovis, with strong neighboring tenants in the trade area including: Home Depot, Target, Lowe’s, Smart & Final Extra!, Walgreens, McDonalds, and the Sierra Vista Mall • Provided free and clear of debt 4 | OFFERING MEMORANDUM FINANCIAL SUMMARY Price $8,050,000 Property Size (NRA) 58,785 Price Per SF $136.94 Year Built/Renovated 1995-1998 Current Occupancy 87.5% DEBT ASSUMPTIONS Investment Returns Cap Rate - Yr 1 8.00% Cap Rate - Yr 2 9.80% Principle Loan Amount $5,997,250 Loan to Value 74.5% Cap Rate - Yr 4 10.93% Interest Rate 4.60% Cash on Cash - Yr 1 13.45% Amortization 30 Years Cash on Cash - Yr 2 20.44% Term 10 Years Cash on Cash - Yr 4 24.87% Annual Debt Service - Amortized $369,104 Debt Debt $5,997,250 Loan quote provided by Altoma Real Estate Advisors based on market condi- Required Equity $2,052,750 tions at this time. Actual rates and terms will vary based on market conditions at closing. Please contact Dean Sparks at the information below: Operating Data Net Operating Income - Yr 1 $645,235 Dean Sparks: (209) 628-5724 or [email protected] Net Operating Income - Yr 2 $788,691 Net Operating Income - Yr 4 $879,669 Major Tenants Wal-Mart (NAP) 129,529 SF Boot Barn, Inc. 16,500 SF Royal Furniture 8,000 SF AutoZone 5,000 SF SUNFLOWER MARKETPLACE| 5 PROPERTY OVERVIEW PHYSICAL DESCRIPTION Property Name Sunflower Marketplace Address 285 - 393 W Shaw Avenue Location Clovis, CA 93612 Cross Street Peach Avenue Square Footage (GLA) ± 58,785 Land Area ± 308,663 SF (± 7.087 Acres) Year Built 1995-1998 Type of Ownership Fee Simple Zoning C-2 Number of Stories 1 Parking Spaces (approximate) ± 361 Parking Ratio ± 6.14:1,000 6 | OFFERING MEMORANDUM PARCEL MAP 1 Villa Avenue 2 3 4 5 W Shaw Avenue # Tenants APN 1 Multi-Tenant 497-051-03 2 Multi-Tenant 497-051-06 3 AutoZone 497-051-07 4 Royal Furniture 497-051-08 5 Boot Barn 497-051-09 SUNFLOWER MARKETPLACE| 7 SITE PLAN # Tenant P-1 AutoZone P-2 Royal Furniture P-3 Boot Barn B-1 Payless B-2 Sally’s Beauty B-3 Clothes Avenue A2 FedEx A4 Vacant A6 & A8 Vacant A10 Weight Watchers A12 Lovely Nails A14 Pho Delite A16 Advance America A18 Cost U Less Insurance A20 Vacant A22 Bobby Salazar Mexican Restaurant Occupied Not A Part Vacant 8 | OFFERING MEMORANDUM TENANT MAP # Tenant Sierra Freeway P-1 AutoZone ±57,000 ADT P-2 Royal Furniture P-3 Boot Barn B-1 Payless B-2 Sally’s Beauty Willow Ave B-3 Clothes Avenue ±22,000 ADT A2 FedEx A4 Vacant A6 & A8 Vacant SUBJECT PROPERTY A10 Weight Watchers A12 Lovely Nails A14 Pho Delite A16 Advance America A18 Cost U Less Insurance Peach Ave ±14,411 ADT A20 Vacant A22 Bobby Salazar Mexican Restaurant W Shaw Ave ±60,000 ADT SUNFLOWER MARKETPLACE| 9 SURROUNDING TENANTS Subject Property Not A Part 6 3 7 Villa Avenue 9 11 1 5 10 8 2 4 12 W Shaw Avenue 16 14 13 17 15 # Tenants # Tenants FedEx Office, Weight Watchers, Lovely Nails & Spa, Pho Delite, 10 Walgreens 1 Advance America, Cost U Less Insurance, 11 Jersey Mike’s Subs, RadioShack, Supercuts Bobby Salazar’s Mexican Restaurant 12 Starbucks, AT&T 2 AutoZone 13 KFC 3 Sally Beauty, Payless ShoeSource, Clothes Avenue Corp. 14 Mattress Land SleepFit 4 Royal Furniture 15 Kijima Japanese, Top Beauty Supply, Metro PCS, Aron’s 5 Boot Barn 16 See’s Candies 6 Walmart 17 Shell 7 Michaels, Goodwill 10 | OFFERING MEMORANDUM REVITALIZING SHAW AVENUE SHAW AVENUE CORRIDOR PLAN The Shaw Avenue Corridor Plan will cover a 2.5 mile stretch of Shaw Avenue starting at SR-168 to Clovis Avenue which includes the subject property between Peach Avenue and Villa Avenue. The project as a whole will include land about .5 miles north and south of Shaw Avenue (see adjacent map). The main goal of this project is to have Shaw Avenue, the busiest street in Clovis, to be a successful commercial district. The plan focuses on improving circulation, mobility, economics and aesthetics of the commercial and employment uses along this major roadway in addition to the residential neighborhoods along and behind the main frontage. Through these improvements, the city of Clovis will explore new economic development, mobility and design strategies that utilize local and regional assets and investments such as the consideration of transit systems that would link Shaw Avenue with major emplyment centers and CSU Fresno. The plan will be led by the City of Clovis in partnership with California State University, Fresno, Fresno Housing Authority, Fresno Council of Governments, www.shawcooridor.org Fresno Co. Dept. of Public Health, Economic Devt. Corp. of Fresno Co., and the Clovis Chamber of Commerce. Shaw Avenue Planning Area Subject Property Shaw Avenue Neighborhoods Shaw Avenue SUNFLOWER MARKETPLACE| 11 FINANCIAL OVERVIEW RENT ROLL CONTRACT LEASE LEASE % OF RENT PER SF UNIT TENANT SF RENTAL RATE RENT INCREASES OPTIONS START END GLA YEARLY MONTHLY YEAR MONTH P-1 AutoZone 2/96 11/19 5,000 8.5% $81,000 $6,750 $16.20 $1.35 None 2 x 5 Yr P-2 Royal Furniture 1/17 10/18 8,000 13.6% $86,400 $7,200 $10.80 $0.90 None 1 x 1 Yr P-3 Boot Barn, Inc. 6/12 1/23 16,500 28.1% $207,900 $17,325 $12.60 $1.05 Feb-18 $213,840 2 x 5 Yr Dec- 17 $117,480 Dec- 18 $120,120 Dec- 19 $122,760 Dec- 20 $124,740 2 x 5 Yr A-02 FedEx Office & Print 4/06 11/26 5,500 9.4% $115,500 $9,625 $21.00 $1.75 Dec- 21 $127,380 Dec- 22 $130,020 Dec- 23 $132,660 Dec- 24 $135,300 Dec-25 $138,050 A-04 Vacant 2,100 3.6% $37,800 $3,150 $18.00 $1.50 None A-06/A-08 Vacant 3,400 5.8% $61,200 $5,100 $18.00 $1.50 None A-10 Weight Watchers 9/11 9/17 1,500 2.6% $22,500 $1,875 $15.00 $1.25 None 1 x 5 Yr A-12 Lovely Nails & Spa1 7/14 6/19 1,500 2.6% $27,900 $2,325 $18.60 $1.55 Jul-18 $28,800 Jul-18 $30,888 A-14 Pho Delite2 2/11 6/21 1,800 3.1% $30,024 $2,502 $16.68 $1.39 Jul-19 $31,752 Jul-20 $32,616 A-16 Advance America3 7/07 6/19 1,005 1.7% $18,600 $1,550 $18.51 $1.54 Jul-18 $19,175 1 x 3 Yr Jan-18 $23,649 Jan-19 $24,358 A-18 Cost U Less Insurance 12/17 1,450 2.5% $22,960 $1,913 $15.83 $1.32 Jan-20 $25,089 Jan-21 $25,842 Jan-22 $26,617 12 | OFFERING MEMORANDUM CONTRACT LEASE LEASE % OF RENT PER SF UNIT TENANT SF RENTAL RATE RENT INCREASES OPTIONS START END GLA YEARLY MONTHLY YEAR MONTH A-20 Vacant 1,830 3.1% $32,940 $2,745 $18.00 $1.50 None Jul-18 $29,376 Bobby Salazar's Mexican Jul-19 $30,144 A-22 7/04 6/22 1,600 2.7% $28,416 $2,368 $17.76 $1.48 Restaurant5 Jul-20 $31,104 Jul-21 $32,064 B-1 Payless ShoeSource 12/94 2/21 3,000 5.1% $60,000 $5,000 $20.00 $1.67 None 1 x 5 Yr B-2 Sally Beauty Supply 12/94 11/20 1,600 2.7% $40,128 $3,344 $25.08 $2.09 None 1 x 5 Yr B-3 Clothes Avenue Corp.
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