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Canby Square Canby square Can by , o r Safeway anchored center highway 99 Visibility 1025-1061 SW 1st Avenue, Canby, Oregon 97013 [ www.CapitalPacific.com ] Investment Highlights CANBY SQUARE IS A 115,701 SQUARE FOOT SAFEWAY ANCHORED SHOPPING CENTER LOCATED IN CANBY, OREGON. Developed in 2 phases, 1976 and 1995, this well maintained property is anchored by Safeway and is co-anchored by Dollar Tree and Ace Hardware, and features a strong mix of tenants. The Property is 67% occupied and is offered significantly below replacement costs and provides a 9.00% going in yield prior to the lease-up of the 37,750 SF of available space. Canby Square is located at the south end of Canby off Highway 99E which is the main retail arterial that runs through Canby and connects to Oregon City and West Linn to the north. Canby, OR is approximately 5 miles east of Interstate 5 which is a major highway connecting to Portland, OR just 20 miles to the north. PRICE: $8,739,000 CAP ON IN-place incoME: 9.00% RENTABLE SF .............. 115,701 SF PRICE PER SF .............. $75 BUILD-TO CAP rate. 12.09% OCCUpancY ............... 67% LAND AREA ................ 7.8 Acres YEAR BUILT ................ 1976/1995 PARKING* ................. 390 (3.37/1,000 SF) ANCHORS ................. Safeway, Dollar Tree, Ace Hardware *Parking is approximate and based on a manual count ADDRESS: 1025-1061 SW 1st Avenue, Canby, OR 97013 CANBY SQUARE | 2 Core Characteristics EXCELLENT IN-PLACE YIELD The Property is underwritten on in-place income with a true going in yield of 9.00%. Once the vacancy is absorbed and lease up costs are incurred the yield is north of 12% at 95% occupancy. The bay depths of the strip portion of the center are approximately 60 feet deep and the size of the spaces are adequate for a wide array of tenants. The existing monument sign provides an anchor or Jr. anchor excellent signage opportunity as well. ADD-VALUE GROCERY ANCHORED WITH RENT INCREASES Canby Square is anchored by Safeway who has occupied since 2002 and has a lease expiration of 2023. Safeway OPPORTUNITY has a unique lease structure that’s advantageous to a buyer, considering they have 5% rental increases every 3 years. The option terms are fixed with 5% rent increases every 5 years. ADDITIONAL ANCHORS In addition to Safeway, the Property is co-anchored by Dollar Tree and Ace Hardware. Ace Hardware has been a stable tenant at the Property for nearly 10 years and is paying just $6.60/SF with fixed rent escalations of upside through 10% in each of their available 5 year option periods. In addition, Dollar Tree has been doing well at this leasing-up and location and recently executed their last remaining 5 year extension option. Both tenants report sales and repositioning their health ratios are profitable (contact Capital Pacific for more information). Rite Aid vacated the center in 2009 and has been consistently paying rent since that time and their primary term is scheduled to expire in February 2014. Rite Aid constructed a free standing location about 1.25 miles northwest of Canby Square. Rite Aid officially submitted notification that they will not be renewing and that their lease will expire February 1, 2014. CANBY SQUARE | 3 Core Characteristics Cont. PRICED BELOW REPLACEMENT COST Canby Square is priced significantly below replacement cost at $75 a foot which, combined with an above market yield of 9.00%, an investor is well positioned to be highly competitive in renewing existing tenants and attracting new ones. HIGHWAY 99 PAD SITE POTENTIAL There is an existing 4,000 square foot building located near the signalized interchange of SW 1st Avenue VISIBILITY and SW Berg Parkway. The space was previous occupied by a restaurant and can either be leased for a similar use or torn down and reconstructed as multi-tenant or single tenant build-to-suit. No value has been attributed to the vacant building in our analysis. retail LOCATION main arterial Canby Square is located at the south end of Canby off Highway 99E which is the main retail arterial connecting Canby to that runs through Canby and connects to Oregon City and West Linn to the north. Canby, OR is Portland MSA approximately 5 miles east of Interstate 5 which is a major highway connecting to Portland, OR just 20 miles to the north. CANBY SQUARE | 4 Financial Summary Canby Square OFFERED FREE AND CLEAR OF DEBT IN-PLACE STABILIZED The Property is offered free and clear of any Purchase Price (Includes Remaining Rite Aid Payments): $8,739,000 $8,739,000 existing debt. A10 Capital has reviewed and Rite Aid Rent (NPV discounted @ 10%): $69,000 prequalified this property for acquisition Price Before Rite Aid $8,670,000 and lease-up financing under the following Leasing Costs: $973,000 terms: Total Investment $9,712,000 Capitalization Rate 9.00% 12.09% - Non-Recourse Price Per Foot: $75 $84 - Up to 65% Purchase Price + Capital NET OPERATING INCOME SUMMARY Expenditures Plus: Stabilized Income Per SF - Lease-Up Facility to Fund up to 100% of Scheduled Rent: 11/1/2013 $8.04 $930,048 $1,286,090 TI/LC Costs to Re-Stabilize the Property Plus: Rent Increases Thru 10/31/2013 $0.05 $6,049 $6,049 - Terms of up to 5 Years Plus: Expense Reimbursement $1.61 $186,774 $297,527 Equals: Scheduled Gross Income $9.70 $1,122,871 $1,589,666 Current │ Proforma Vacancy 33% 5% ($79,483) Equals: Effective Gross Income $9.70 $1,122,871 $1,510,183 FOR MORE INFORMation PLEASE contact KURT GREGG Per SF Less: OPERATING EXPENSES A10 Capital CAMS $1.02 $118,323 $118,323 Property Taxes $1.36 $157,314 $157,314 350 North 9th Street, Suite 400 Insurance $0.03 $3,587 $3,587 Boise, ID 83702 Management Fee 3.0% of EGI $0.39 $45,305 $45,305 W 208-577-5019 Reserves $0.10 $11,570 $11,570 [email protected] Total Operating Expenses ($2.90) ($336,100) ($336,100) Equals: NET OPERATING INCOME $786,771 $1,174,083 LEASING COSTS TIs - Leasing Concessions $20 /SF $755,000 Leasing Commissions 6% 5 Year $107,000 CAMs on Vacancy 1 Year $111,000 TOTAL LEASING COSTS $973,000 CANBY SQUARE | 5 Canby Square Rent Roll LEASE TENANT INFO LEASE TERMS CURRENT RENT RENT INCREASES OPTIONS TYPE Occupancy Lease Monthly Date of Monthly Tenant Name Suite Size % of SF Rent/SF/YR Date Monthly Date Expiration Base Rent Increase Base Rent Safeway 1051 46,293 40.01% 8/7/02 8/31/23 $45,641 $11.83 8/14/14 $47,913 Twelve 5 Year: NNN comments: Tenant is not obligated to operate and Landlord may terminate the 8/14/17 $50,305 5% Increases lease if the Tenant ceases to operate after one year by giving 30 days notice and 8/14/20 $52,851 240 days notice paying a recapture fee equal to the unamortized value of any leasehold improvements contracted by the Tenant. Tenant is responsible for the roof membrane. Tenant will inherit exclusive right to operate a pharmacy if Rite Aid terminates. Vacant 1025 27,465 23.74% 7/15/91 2/1/14 $16,845 $7.36 6 Five Year: NNN comments: Rite Aid went dark 5/20/2009 and will not renew in February. Fixed Currently paying $7.36/SF/YR and has exclusive right to operate pharmacy. 90 days notice Dollar Tree 1057 8,438 7.29% 7/26/02 8/31/17 $7,657 $10.89 None NNN comments: Co-tenancy with Safeway. If Safeway or successor vacates, Base Rent shall abate to 50% of contract; may terminate if still vacant after 6 months or continue paying rent abatement. Canby Ace Hardware 1061 14,785 12.78% 4/4/05 7/31/15 $8,132 $6.60 Three 5 Year: NNN comments: Must give notice to extend 90 days prior to expiration of the initial 8/1/15 $8,945 term. 8/1/20 $9,832 8/1/25 $10,818 Vacant 1001 2,250 1.94% $2,813 $15.00 Two Five Year: NNN comments: Formerly occupied by Quizno's FMV 360 Days Notice Sun's up Tanning 1007 1,425 1.23% 3/8/10 7/31/15 $2,417 $20.35 One 5 Year: NNN comments: 8/1/15 $2,672 Los Dorado's 1011 2,990 2.58% 5/1/03 4/30/15 $6,062 $24.33 5/1/14 $6,305 None NNN comments: Tenant pays percentage rent of 6% of natural breakpoint. Angel's Nails 1013 1,320 1.14% 6/16/11 9/30/16 $1,634 $14.85 10/1/14 $1,683 One 5 Year: NNN comments: 10/1/15 $1,734 3% Annual Increases Vacant 1015 1,050 0.91% $1,313 $15.00 NNN comments: Vacant 1017 2,115 1.83% $2,468 $14.00 NNN comments: US Army 1019 1,800 1.56% 1/15/08 7/31/17 $3,851 $25.67 None Gross comments: Tenant has right to terminate with 90 days notice. Smoke For Less 1021 900 0.78% 1/1/03 12/31/17 $1,811 $24.15 1/1/17 $1,859 NNN comments: Tenant recently executed 5 year renewal. Tenant pays percentage rent of 6% over natural breakpoint. Vacant 1023 870 0.75% $1,233 $17.00 NNN comments: Vacant 1075 4,000 3.46% $5,000 $15.00 NNN comments: Free Standing Corner Pad that faces Hwy 99. Goodwill 0.00% $300 NA NNN comments: Goodwill collection container license agreement.
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