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Offering Memorandum 780 INLAND CENTER DRIVE OFFERING MEMORANDUM 780 Inland Center Drive, San Bernardino, CA 92408 Offered At: $2,575,000 PRESENTED BY MIKE LIN Retail Specialist 9471 Haven Avenue, Suite 110 | Rancho Cucamonga, CA 91730 T 909.230.4500 | C 949.209.9696 [email protected] CalDRE #01970414 BROKER CO-OPERATION Progressive Real Estate Partners recognizes and appreciates the importance of co-operating brokers in the industry that actively represent prospective buyers. It is our goal to work closely with these brokers and share our fee with them, although this fee is not always shared equally due to certain circumstances. We are pleased inform buyer’s broker of the co-operating fee for this listing or any of our other listings upon request. It is our policy to NOT share our fee with buyers/principals that are licensed brokers as our experience has been that we do just as much if not more work in these situations and then get paid substantially less as a result. 9471 Haven Avenue Suite 110 • Rancho Cucamonga, CA 91730 • 909.230.4500 • www.progressiverep.com 22 INVESTMENT SUMMARY | 780 Inland Center Drive, San Bernardino, CA 92408 PROPERTY HIGHLIGHTS OFFERING SUMMARY • Located directly across the street from the Inland Center Mall, the premier shopping Sale Price: $2,575,000 destination in the area. Proforma Net Operating Income: $217,552 • Offered well below replacement cost - less than $80/SF! • Value-add opportunity: Lease the space that will be vacated by Kelly Paper for Proforma Cap Rate: 8.45% immediate upside Current Net Operating Income: $119,313 • Easy freeway access - located at the Inland Center Drive ramp to I-215 Current Cap Rate: 4.6% • Adrenaline Martial Arts recently signed a new lease at this location and has been in operation for 10 years Asking Price/SF: $76.39 • Guadalajara Furniture is a local chain of furniture stores with four locations Building Size/Total Land Area: 33,708 SF / 1.38 Acres throughout the Inland Empire, and has been in business for 20 years. This is a high performing location for them Building Occupancy: 68% • Extremely low NNN expenses of $0.15/sf/mo 9471 Haven Avenue Suite 110 • Rancho Cucamonga, CA 91730 • 909.230.4500 • www.progressiverep.com 33 REGIONAL MAP | 780 Inland Center Drive, San Bernardino, CA 92408 9471 Haven Avenue Suite 110 • Rancho Cucamonga, CA 91730 • 909.230.4500 • www.progressiverep.com 44 RETAILER MAP | 780 Inland Center Drive, San Bernardino, CA 92408 9471 Haven Avenue Suite 110 • Rancho Cucamonga, CA 91730 • 909.230.4500 • www.progressiverep.com 55 SITE PLANSITE PLAN| 780 Inland Center Drive, San Bernardino, CA 92408 9471 Haven Avenue Suite 110 • Rancho Cucamonga, CA 91730 • 909.230.4500 • www.progressiverep.com 66 RENT ROLL | 780 Inland Center Drive, San Bernardino, CA 92408 Tenant Information Lease Term Rent Summary Miscellaneous LEASE ORIGINAL RENT/SF/ % OF UNIT TENANT SF % END RENT/MO ANNUAL RENT INCREASES OPTIONS TYPE START MO INCOME Vacant 790-794 NNN 10,926 32.4% $7,102 $0.65 34.8% $85,223 (Proforma) Adrenaline 780A-B Gross 12,982 38.5% 3/1/18 5/30/21 $7,789 $0.60 38.2% $93,470 3/1/20: $8,438.30 None Martial Arts 3/1/19: $5,665.00 Guadalajara 3/1/20: $5,834.95 780C Gross 9,800 29.1% 3/1/18 5/31/23 $5,500 $0.56 27.0% $66,000 One 5-year at Fair Market Value Furniture 3/1/21: $6,010.00 3/1/22: $6,190.30 ACTUAL OCCUPANCY 22,782 67.6% $13,289 $0.58 100.0% $159,470 PROFORMA (FULL OCCUPANCY) 33,708 100% $20,391 $0.60 $244,693 9471 Haven Avenue Suite 110 • Rancho Cucamonga, CA 91730 • 909.230.4500 • www.progressiverep.com 77 INCOME & EXPENSES | 780 Inland Center Drive, San Bernardino, CA 92408 Occupied Square Footage: 22,782 33,708 REVENUE CURRENT PROFORMA Base Annual Rent: $159,470 $244,693 Expense Reimbursements: $0 $13,016 Gross Operating Income: $159,470 $257,710 OPERATING EXPENSES CURRENT PROFORMA Insurance $7,319 $7,319 City of San Bernardino - Fire Service $519 $519 City of San Bernardino - Water Service $572 $572 Gardening Service $1,680 $1,680 Phone line for alarm system $1,036 $1,036 Alarm System $1,532 $1,532 Property Taxes* $27,500 $27,500 Total: $40,157 $40,157 NNN/SF/mo: $0.10 NNN/SF/mo: $0.10 NET OPERATING INCOME: $119,313 $217,552 *Property Taxes adjusted for new owner at est 1.1% of purchase price 9471 Haven Avenue Suite 110 • Rancho Cucamonga, CA 91730 • 909.230.4500 • www.progressiverep.com 88 INLAND CENTER MALL | 780 Inland Center Drive, San Bernardino, CA 92408 INLAND CENTER MALL The Inland Center is an enclosed regional shopping destination featuring popular brands. The Center is conveniently located next to the I-215 freeway and is in the heart of the Inland Empire, in San Bernardino. In 1966, Inland Center was built by Homart Development Company, and was most recently renovated in 2000. The Mall has over 869,000 square feet of retail space. When the Inland Center opened, it was built to house three anchor tenants, but amongst its continuing growth, the center had to make room for more tenants. 165,000 square feet was added to accommodate a fourth anchor tenant, Macy’s, which remains an anchor tenant today. The Mall is within one mile of the three bordering cities of Redlands, Colton, and Loma Linda. The Mall draws customers from Redlands, Rialto, Highland, and other nearby cities reaching a trade area of 880,726 people. As the Inland Empire region continues to see high job growth, Inland Center anticipates continued growth. The Mall is a single level mall anchored by Macy’s, Sears, Forever 21, and JCPenney alongside over 100 specialty shops and services. Inland Center is home to additional retailers such as Bed Bath & Beyond, Hollister, and Sephora. Though the main Mall only covers one floor, anchors such as Sears and Macy’s have two stories, and Forever 21 has three. Inland Center continues to grow as they plan to welcome new tenants such as H&M and Burgerim in the near future. 9471 Haven Avenue Suite 110 • Rancho Cucamonga, CA 91730 • 909.230.4500 • www.progressiverep.com 99 TENANT DESCRIPTIONS | 780 Inland Center Drive, San Bernardino, CA 92408 Adrenaline Martial Arts & Fitness is the largest training facility in the Inland Empire. Adrenaline pride itself on having the best trainers in the Inland Empire. It caters to clients of all ages and skill levels. With more than 25 classes taught per week, Adrenaline Martial Arts continually draws clients to its facility. Clients come from the surrounding cities Colton, Highland, Bloomington, Rialto, Grand Terrace, Loma Linda, Redlands, Fontana and Riverside. Adrenaline Martial Arts also hosts MMA, Boxing, Wrestling, Jiu Jitsu Shows throughout the year. The company creates an environment that is friendly to families as well as individuals. It has a 4.5 rating from 259 loyal customers on Facebook. Web site: http://www.adrenalinefc.com Guadalajara Furniture seeks to offer premium furniture for the bedroom, living room, and dining room at reasonable prices. The company has been in business for over 20 years. With locations in San Bernardino, Montclair, Fontana, and Riverside, Guadalajara Furniture prides itself on providing the Inland Empire with the highest quality furniture. Guadalajara Furniture offers various styles and colors to meet the needs of a variety of customers, as well as providing options for kid’s rooms. Guadalajara Furniture prides itself on providing great customer service that helps customers find the furniture that fits their needs. Web site: https://www.guadalajarafurniture.com/ 9471 Haven Avenue Suite 110 • Rancho Cucamonga, CA 91730 • 909.230.4500 • www.progressiverep.com 1010 ADDITIONAL PHOTOS | 780 Inland Center Drive, San Bernardino, CA 92408 9471 Haven Avenue Suite 110 • Rancho Cucamonga, CA 91730 • 909.230.4500 • www.progressiverep.com 1111 MARKETPLACE PROFILE | 780 Inland Center Drive, San Bernardino, CA 92408 CITY OF SAN BERNARDINO The City of San Bernardino serves as the county seat of San Bernardino County and has an estimated population of 216,100. San Bernardino is the 17th-largest city in California, and the 100th-largest city in the United States. California State University, San Bernardino (CSUSB) is a major university located in the northwestern part of the city, and has an enrollment of over 20,000 students. Other attractions in San Bernardino include ASU Fox Theatre, the McDonald's Museum, which is located on the original site of the world's first McDonald's, California Theatre, the San Bernardino Mountains, and San Manuel Amphitheater, the largest outdoor amphitheater in the United States. In addition, the city is home to the Inland Empire 66ers baseball team, which plays its home games at San Manuel Stadium in downtown San Bernardino. Government, retail, and service industries dominate the economy of the city of San Bernardino. From 1998 to 2004, San Bernardino’s economy grew by 26,217 jobs, a 37% increase, to 97,139. Government was both the largest and the fastest-growing employment sector, reaching close to 20,000 jobs in 2004. Other significant sectors were retail (16,000 jobs) and education (13,200 jobs). The city’s location close to the Cajon and San Gorgonio passes, and at the junctions of the I-10, I-215, and SR-210 freeways, positions it as an intermodal logistics hub. Large warehouses for Kohl’s, Mattel, Pep Boys, and Stater Bros. have been developed near the San Bernardino International Airport. Amazon opened its first distribution center in California in San Bernardino in 2012 and has since built a second distribution center in the city.
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