Ming & Wible Center

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Ming & Wible Center OFFERING MEMORANDUM MING & WIBLE CENTER 3214-3216 MING AVENUE Bakersfield, CA 93304 Table of Contents 2 Executive Summary 6 Property Description Offering Summary Local Area Map Investment Summary Site Plan Investment Highlights Physical Description Property Photos 12 Area Overview 16 Financial Overview Bakersfield Overview Rent Roll Retail Market Overview Investment Summary Exclusively Listed By El Warner | Team Lead Charley Simpson Jordan Gomez Caitlin Zirpolo David Maloy Executive Vice President Senior Vice President Associate Vice President Associate Vice President Associate Vice President Retail Capital Markets Retail Capital Markets Retail Capital Markets Retail Capital Markets Retail Capital Markets Lic. 01890271 Lic. 01302079 Lic. 02008809 Lic. 01987844 NY Lic. 10401244229 Mobile +1 858 752 3078 Mobile +1 949 275 8807 Mobile +1 951 264 5994 Mobile +1 760 685 6873 Mobile +1 917 515 9975 Direct +1 949 724 5690 Direct +1 949 724 5680 Direct +1 949 724 5610 Direct +1 949 724 5640 Direct +1 949 724 5650 [email protected] [email protected] [email protected] [email protected] [email protected] Colliers International Ming & Wible Center | 3214-3216 Ming Avenue | Bakersfield, CA 1 EXECUTIVE summary 2 Colliers International Colliers Retail Capital Markets Team is pleased to present the fee simple sale of Ming & Wible Center, a 30,708 SF Investment Summary neighborhood retail center located directly across from the Valley Plaza Mall (140 specialty stores) which is the largest shopping destination in the San Joaquin Valley. Asking Price $6,750,000 Total GLA 30,708 SF Ming & Wible Center is centrally located at the intersection Occupancy 100% of the 99 Freeway and Ming Avenue (187,144 VPD). Strategically situated along Bakersfield’s major retail In-Place NOI $473,031 corridor, Ming & Wible Center is surrounded by many of the Price PSF $219.81 PSF largest retailers in the world which include Target, Macy’s, In-Place Cap-Rate 7.01% JCPenney, Apple, Forever 21, TJ Maxx, Ross, Marshalls, CVS Pharmacy and many others. Shadow anchored to the Leveraged Return 13.06% largest specialty and luxury-oriented retail destination Total Land Area 87,555 SF (2.01 Acres) in Bakersfield, this investment offering is currently 100% Financing No Existing Debt – Loan Quotes Available occupied by four long-standing, quality tenants including Big 5 Sporting Goods, Mattress Firm, Eyemart Express and The Corner Pocket. Ming & Wible Center is an exceptional opportunity to acquire a stable cash flow with attractive growth in the revenue from fixed increases and is being offered free and clear of any debt. Combine this with historically low interest rates which will generate double digit leveraged returns for many years to come. Colliers International Ming & Wible Center | 3214-3216 Ming Avenue | Bakersfield, CA 3 Investment Highlights Irreplaceable main & main location along the Strategically situated across from the Valley Plaza 99 Freeway directly off the Ming Avenue on/off ramp Mall along Bakersfield’s premier retail corridor (Ming in the heart of Bakersfield, California. Avenue) which features major retailer brands such as Apple, AT&T, Express, Forever 21, H&M, JC Penney, Macy’s, Old Navy, Sephora, Target, T-Mobile, Verizon Anchored by Big 5 Sporting Goods (NASDAQ: BGVF) and 128 other stores. which stock price was up +25% end of July 2020 due to same store sales increasing 31.9% for fiscal July period. Long term tenants committed to the location with low replaceable rents Big 5 Sporting Goods occupies 41.1% of the GLA and is only paying $0.92/SF/month NNN which is well below market and provides significant future upside 30,708 SF offering that is 100% leased to a for a prospective investor. synergistic mix of tenants including Big 5 Sporting Goods, Mattress Firm and Eyemart Express. New financing projected to provide a Day 1 return of 13.06%. Attractive revenue growth with fixed rental increases and all tenants operating NNN leases at below market rents. Prominently located at the heavily trafficked intersection of the 99 Freeway and Ming Avenue Over 76% of the existing tenancy survived the last which see a combined 187,144 VPD. recession, providing a new investor with security of investment and “peace of mind” through turbulent times. Impressive historical occupancy with three of the +10 YEARS four tenants occupying their space for over 10 years including Big 5 Sporting Goods (44 years), The Corner Offered at a low price per square foot of $220. Pocket (32 years) and Eyemart Express (11 years). Colliers International Ming & Wible Center | 3214-3216 Ming Avenue | Bakersfield, CA 4 VALLEY PLAZA MALL FEATURING OVER ONE MILLION SQUARE FEET (140 specialty stores) of the largest selection of exclusive stores and specialty brands in the market IMAX 99 Freeway - 153,000 VPD ON RAMP P M A R F F MING & WIBLE CENTER O 3214-3216 MING AVENUE Bakersfield, CA 93304 Ming Avenue - 34,144 VPD Wible Road - 17,241 VPDO F F R A M P O F F O N R A R M A M P P OFF RAMP ON RAMP Colliers International Ming & Wible Center | 3214-3216 Ming Avenue | Bakersfield, CA 5 PROPERTY description 6 Colliers International Local Area Map BAKERSFIELD COLLEGE KERN RIVER BAKERSFIELD MEMORIAL HOSPITAL KERN MEDICAL CENTER EAST BAKERSFIELD HIGH SCHOOL KERN COUNTY MING & WIBLE CENTER FAIR 3214-3216 MING AVENUE Bakersfield, CA 93304 Colliers International Ming & Wible Center | 3214-3216 Ming Avenue | Bakersfield, CA 7 Site Plan NAP 3216B 3214B 3216C 3216D SUITE TENANT SF 3214B Big 5 Sporting Goods 12,612 3216B The Corner Pocket 6,000 3216C Sleep Train 7,096 3216D Eyemart Express 5,000 Colliers International Ming & Wible Center | 3214-3216 Ming Avenue | Bakersfield, CA 8 ON RAMP OFF RAMP ON RAMP OFF R AMP MING & WIBLE CENTER OFF RAMP 3214-3216 MING AVENUE Bakersfield, CA 93304 OFF RAMP Wible Road - 17,241 VPD 99 Freeway - 153,000 VPD O FF R A M P P M A R N O OFF RAMP Ming Avenue - 34,144 VPD ON RAMP Colliers International Ming & Wible Center | 3214-3216 Ming Avenue | Bakersfield, CA 9 Physical Description Total GLA 30,708 SF North The subject is bordered to the north by the 99 Freeway easterly on/off ramp and a 135,000 SF Furniture City anchored shopping Year Built 1973 center with a freestanding David’s Bridal and other service- Address 3214-3216 Ming Avenue, Bakersfield, CA 93304 oriented retail. County Kern County South The Valley Plaza Mall is located directly south of the subject property and features over one million square feet (140 specialty Number of Buildings One Single Story Multi-Tenant Building stores) of the largest selection of exclusive stores and specialty Total Land Area 87,555 SF (2.01 Acres) brands in the market. Type of Ownership Fee Simple East Additional retail plazas featuring national brands such as JOANN Fabrics, Marshalls, Michaels, La-Z-Boy, Men’s Wearhouse, Jack Parcels One Parcel (148-270-30-00-3) in the Box, Carl’s Jr., and several others are located east of the Zoning C-2; Commercial Retail Stores subject property. Cross Streets Ming Avenue - 34,144 VPD West The 99 Freeway (153,000 VPD) runs directly east of the Wible Road - 17,241 VPD property, as well as additional retail plazas featuring more 99 Freeway - 153,000 VPD national brands such as Home Depot, Food Maxx, T.J. Maxx, Ross, 99 Cents Only Stors, PetSmart, Guitar Center, O’Reilly Auto Parts, and several others Colliers International Ming & Wible Center | 3214-3216 Ming Avenue | Bakersfield, CA 10 Colliers International Ming & Wible Center | 3214-3216 Ming Avenue | Bakersfield, CA 11 AREA overview 12 Colliers International Bakersfield Overview Situated within Kern County, Bakersfield covers about 151-square-miles of land and is one of the Central Valley’s largest metros, with more than 1 3 380,000 residents. Nestled between the southern end of the San Joaquin Valley and the Central MILE MILES BAKERFIELD Valley region, Bakersfield is known as a hub for POPULATION both agriculture and energy production. 2025 Projection 21,270 150,990 335,197 Employment is growing at around 2.3% year-over- 2020 Estimate 20,830 147,941 323,957 year and has marginally outperformed the national benchmark over the past two years. Moreover, Growth 2020-2025 2.10% 2.10% 3.50% income growth, after steadily falling in conjunction with oil prices, rose to almost 3% in 2018. Median Growth 2010-2025 4.60% 4.30% 11.6% household income is roughly $57,000 per year. HOUSEHOLDS Bakersfield transportation is easily accessible and includes two of California’s main logistics routes, 2025 Projection 6,940 48,409 102,490 Interstate 5 and Highway 99. The community has proximity to the state’s biggest ports in Los 2020 Estimate 6,859 47,710 99,800 Angeles and Oakland, as well as more than 40 Growth 2020-2025 1.20% 1.50% 2.70% million consumers within a four-hour drive. Growth 2010-2025 1.20% 2.60% 8.90% INCOME Average Household Income $49,162 $58,382 $66,188 Median Household Income $37,503 $42,249 $66,188 Colliers International Ming & Wible Center | 3214-3216 Ming Avenue | Bakersfield, CA 13 Retail Market Overview Retail demand in Bakersfield has been steady in recent years, with that trend continuing to start 2020. The vacancy rate fell from 9.1% in Q1 2019 to 6.6% in Q1 2020, a likely result of the expansion plans of major retailers such as Walmart and Target backfilling many of the big box Bakersfield, CA vacancies in the market. Submarket Retail rents grew by 0.9% over the past four quarters, with the average asking rent of $16.90/SF.
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