Restaurant Row
Total Page:16
File Type:pdf, Size:1020Kb
STARBUCKS - ANCHORED RESTAURANT ROW An Absolute Net, Multi-Tenant Investment in Southern California Offering Memorandum NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. STARBUCKS - ANCHORED RESTAURANT ROW EXCLUSIVELY LISTED BY PAUL BITONTI FIRST VICE PRESIDENT INVESTMENT Office: (949) 419 - 3246 Cell: (714) 267 - 8582 Email: [email protected] License: CA 01325076 OFFICES NATIONWIDE AND THROUGHOUT CANADA WWW.MARCUSMILLICHAP.COM Restaurant Row at Victorville RESTAURANT ROW at Victorville TABLE OF CONTENTS EXECUTIVE SUMMARY COMPETITIVE COMPARABLES SECTION 1 SECTION 4 01 Investment Overview • Investment Highlights 23 Sales Comparables PROPERTY DESCRIPTION MARKET OVERVIEW SECTION 2 SECTION 5 07 Property Details • Regional Map • Property Photos 33 Location Overview • Location Highlights Market Aerial • Demographics FINANCIAL ANALYSIS SECTION 3 15 Pricing Details • Operating Data • Rent Roll EXCLUSIVELY LISTED BY: STARBUCKS - ANCHORED RESTAURANT ROW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0100075 EXECUTIVE SUMMARY Restaurant Row at Victorville // EXECUTIVE SUMMARY // Victorville at Row Restaurant 1 OFFERING SUMMARY Marcus and Millichap has been selected to exclusively represent the sale of Restaurant Row in Victorville, California, a portfolio of category leading National and Regional restaurants. The subject property is a 11,300 square foot newly constructed inline retail pad sitting on a Restaurant Row at Victorville // EXECUTIVE SUMMARY // Victorville at Row Restaurant 2.24 acre parcel. The real estate is well positioned in the trade area, located adjacent to the I-15 Freeway and Bear Valley Road on and off ramps. Fronting both Amargosa Road and the I-15 freeway, the property has excellent identity and traffic exposure. Traffic counts exceed 98,000 cars per day on the I-15 and 52,000 cars at Bear Valley and I-15. The location is prime in the trade area as evidenced by the new development that includes a 75 room Hawthorn Suites by Wyndham, Super Walmart, Kohl’s, Lowes Home Improvement, and a planned Home Goods, TJ Maxx, 24 Hour Fitness, as well as an additional 79 room Best Western Plus. Additionally, there is a proposed 128-bed Trauma Center, medical office building, physician village, day care, spiritual care development with a hotel. This project is comprised of 98 acres along Amargosa Road between Bear Valley and Main Street just 2.8 miles from the subject property. The project is part of the St. Joseph / St. Mary Healthcare system. The tenant roster is a synergistic mix of restaurants consisting of Starbucks Coffee, Nekter Juice Bar, Which Wich Sandwiches, Pieology Pizza, Ono Hawaiian Barbeque, and Café Rio Mexican Grill. Access points and drive aisles provide excellent ingress and egress from the Hawthorn Suites by Wyndham, Walmart and Kohl’s for easy access to all of the restaurants. 76% of the leasable area (4 of 6 tenants) have corporate signature absolute net leases. The remaining two tenants are strong franchisees with excellent operational histories and personal rent guarantees. The investment provides annual rent growth with increasing cash flow and yield, protecting against inflation with a diversified base of strong restaurant tenants. The Quick Serve building is a catagory that was missing from Restaurant Row. It helps to provide additional choices, making this the main stop for the trade area and freeway traffic. The Victor Valley includes the communities of Adelanto, Apple Valley, Hesperia, Lucerne Valley, Oak Hills, Phelan, Victorville and Wrightwood. Victorville is the business hub of the area and draws consumers from well beyond its immediate area. It is the largest commercial center between San Bernardino and the Nevada border. The city of Victorville is home to a large and diverse pool of workers and is home to 34 nearby universities, colleges and technical schools providing an abundant supply of skilled labor. Victorville has experienced tremendous growth over the last decade with the population increasing over 117% since 2000. The population continues to grow with projections of additional 20% growth over the next five years. Current population is 133,790 people in a 5 mile radius with an average household income of $76,267 within 1 mile of the property, and the high desert is in excess 2 of 500,000 people. Restaurant Row at Victorville // EXECUTIVE SUMMARY // Victorville at Row Restaurant 3 Restaurant Row at Victorville // EXECUTIVE SUMMARY // Victorville at Row Restaurant INVESTMENT HIGHLIGHTS ► Victorville, California Restaurant Row ► New Construction with Warranties ► New 10 Year NNN Corporate Leases ► Annual Rent Growth ► Ease of Management Property ► Explosive Trade Area Growth ► Average Household Income: $76,267 Within a One Mile Radius ► New Proposed Hospital on Amargosa 4 NNN LEASES WITH ANNUAL RENT GROWTH EXCELLENT LOCATION, EXPLOSIVE TRADE AREA TREMENDOUS DEMOGRAPHIC GROWTH. DIVERSE AND EXPERIENCED POOL OF WORKERS 98,000 CARS Restaurant Row at Victorville // EXECUTIVE SUMMARY // Victorville at Row Restaurant PER DAY ON I-15. 52,000 CARS PER DAY ON BEAR VALLEY RD 5 STARBUCKS - ANCHORED RESTAURANT ROW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0100075 PROPERTY DESCRIPTION Restaurant Row at Victorville // PROPERTY DESCRIPTION PROPERTY // Victorville at Row Restaurant 7 PARCEL MAP Restaurant Row at Victorville // PROPERTY DESCRIPTION PROPERTY // Victorville at Row Restaurant INTERSTATE HWY 15 Restaurant Row AT VICTORVILLE 10 SITE PLAN Restaurant Row at Victorville // PROPERTY DESCRIPTION PROPERTY // Victorville at Row Restaurant 11 STARBUCKS - ANCHORED RESTAURANT ROW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate.