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Smith's Kroger 1421 North Jones Blvd, Las Vegas, NV

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Smith's Kroger 1421 North Jones Blvd, Las Vegas, NV SMITH’S { KROGER } 1421 NORTH JONES BLVD LAS VEGAS, NEVADA 89108 OFFERING MEMORANDUM TABLE OF CONTENTS 4 EXECUTIVE SUMMARY 6 PROPERTY DETAILS 10 AREA OVERVIEW 14 TENANT REPORT EXCLUSIVELY LISTED BY KYLE MATTHEWS Chairman & CEO [email protected] DIR 214.692.2024 MOB 310.994.0262 LIC # B.1001860.CORP (NV) 3 04 KROGER List Price ...................................................................................................................$8,446,571 EXECUTIVE CAP Rate - Current ...........................................................................................................7.00% Gross Leasable Area ...........................................................................................± 50,388 SF Lot Size ..................................................................................................................± 4.81 Acres SUMMARY Year Built ...............................................................................................................................1995 INVESTMENT HIGHLIGHTS • Credit Tenant – Smith’s is backed by Kroger Foods: Fortune 25 Company, NYSE: KR, S&P: BBB Credit • Dominant Grocer – Kroger is the second largest grocer behind Walmart with $115B in annual revenue • Large Tenant – Kroger has nearly 3,000 locations operated under 30+ brands throughout the United States • Absolute NNN Investment – Zero Landlord responsibilities • Hard Signalized Corner – Jones Blvd & Vegas Drive sees ± 36,500 cars per day • Fantastic Ingress/Egress – 3 separate driveways • Dense Infill Location – 1 / 3 / 5 Mile Population: 36,118 / 189,973 / 456,211 4 | KROGER, LAS VEGAS Annualized Operating Data Tenant Summary Monthly Rent Annual Rent Rent/SF Cap Rate Current - 12/31/2021 $49,271.67 $591,260.00 $11.35 7.00% Tenant Trade Name Smith’s Seven (7), Five (5) Year Options $49,271.67 $591,260.00 $11.35 7.00% Type of Ownership Fee Simple Lease Guarantor Kroger Lease Type NNN Roof and Structure Tenant Responsible Original Lease Term 20 Years Rent Commencement Date 1/31/2000 Lease Expiration Date 12/31/2021 Term Remaining on Lease ± 4.6 Years Options Seven, 5-Year Options 5 PROPERTY DEMOGRAPHICS 5-MILE RADIUS 468,859 175,373 2017 EST. POPULATION 2017 EST. HOUSEHOLDS Subject Property 4.44% 5.07% $66,077 PROJ. POPULATION PROJ. HOUSEHOLD 2017 EST. AVERAGE GROWTH 2017 - 2022 GROWTH 2017 - 2022 HOUSEHOLD INCOME North Jones Blvd LAS VEGAS: BY THE NUMBERS POPULATION: 2 MILLION + ANNUAL VISITORS: 42.3 MILLION (RECORD) PROJECTED JOB GROWTH: 2.6% 6 | KROGER, LAS VEGAS Subject Property North Jones Blvd 7 08 PROPERTY DETAILS THE OFFERING Subject Property Property Name 1421 North Jones Blvd Property Address Las Vegas, NV 89108 Assessor’s Parcel Number 138-26-515-008 Zoning Site Description Number of Stories 1 Year Built / Renovated 1995 Gross Leasable Area (GLA) ± 50,388 SF Lot Size ± 4.81 Acres (209,524 SF) Type of Ownership Fee Simple Parking ± 235 Surface Spaces Parking Ratio 4.66 : 1,000 SF Landscaping Professional Topography Generally Level Construction Foundation Concrete Slab Framing Steel Exterior Masonry Parking Surface Asphalt Roof Flat 8 | KROGER, LAS VEGAS PARCEL MAP Subject Property 9 10 AREA OVERVIEW LAS VEGAS, NEVADA Located in the southern part of Nevada, the Las Vegas-Henderson-Paradise Metropolitan Statistical Area is one of the top tourist destinations in the world with over 40 million international and domestic visitors, generating a gross metropolitan product (GMP) of over $100 billion. A central part of the metropolitan area is the Las Vegas Valley, which is a basin that includes Las Vegas and Paradise, which is actually the famous Las Vegas Strip. In addition to containing the largest concentration of people in the state, the area continues to experience one of the highest growth rates among larger metropolitan areas. ECONOMIC SNAPSHOT Famously known as Sin City, Las Vegas is the leading financial, commercial and cultural hub for Nevada. The city anchors the Las Vegas Valley metropolitan area and is the largest city within the greater Mojave Desert. With the tourism industry as the driving force in its economy, Las Vegas serves as world headquarters for the world’s two largest Fortune 500 gaming companies: Caesars Entertainment and MGM Resorts International. Several companies involved in the manufacture of electronic gaming machines, such as slot machines, are located in the area as well. The lack of business and income taxes still makes Nevada an attractive place for many companies to relocate to or expand existing operations. Local health care providers and the University of Nevada at Las Vegas are significant employers in the city. 10 | KROGER, LAS VEGAS DEVELOPMENT TOP EMPLOYERS Recent years has shown the emergence of construction into a major industry, as upscale housing construction is booming and hotels can take years to build. It accounts for a large share of the economy in Las Vegas providing thousands of jobs and playing a vital role in both commercial and noncommercial developments. Older hotels are being torn down and replaced with new modern resorts designed to entertain visitors and surpass each other; There’s always at least one hospitality project under construction in downtown Las Vegas and The Strip. A number of wealthy individuals, particularly business owners, have become taken with the Las Vegas area largely due to the favorable income and tax climate. The recent influx of people and tourism has fueled economic growth by driving businesses that support them, such as housing and health care, and the acceleration of the construction industry. 11 VIVA LAS VEGAS! Proclaiming itself as The Entertainment Capital of the World, Las Vegas has historically had its major attractions be its mega casino-hotels, which offer large gambling areas and live theater performances. Today, shopping, conventions, fine dining and outdoor beauty have become attractions of their own. Several museums are housed in the city, namely the Neon Museum, The Mob Museum, the Las Vegas Natural History Museum, the Nevada State Museum and the Old Las Vegas Mormon State Historic Park. An extensive Downtown Arts District hosts numerous galleries and events including the annual Las Vegas Film Festival. For those outdoor enthusiasts, the surrounding mountainous terrain offers hiking and rock-climbing opportunities as well as winter skiing. Numerous natural parks are within a few hours’ driving distance, proving to be ideal weekend getaways for adventurers. 12 | KROGER, LAS VEGAS POINTS OF INTEREST LAS VEGAS STRIP Referred to as the Las Vegas Strip, the three and a half-long stretch of Las Vegas Boulevard is packed with more than twenty of the world’s largest casino-resorts and nearly 70,000 hotel rooms. Many of the properties here, like the Luxor’s 30-story, pyramid-shaped building, are architectural wonders in their own right. At street level, one-of-a-kind spectacles, like the exploding volcano in front of the Mirage and the dancing fountains in front of the Bellagio, compete to attract the attention of passers- by. THE GRAND CANYON Located in northern Arizona, the Grand Canyon is known throughout the world for its size and colorful landscape. Unique combinations of geologic color and erosional forms decorate the canyon. Measuring 277 river miles long, up to 18 miles wide and a mile deep, the canyon’s walls contain beautifully preserved and exposed rock layers that reveal a timeline of the Earth’s history. The majestic vista can be experienced via helicopter ride, mule ride, river rafting, motorcoach, ATV or airplane. HOOVER DAM Built during the Great Depression, Hoover Dam has proved to be a marvel of engineering and labor. The dam was designed to provide essential flood control, thereby preventing damage to downstream farming communities that suffered each year when snow from the Rocky Mountains melted and joined the Colorado River. Today, the Hoover Dam is the second highest dam in the country and the 18th highest in the world. It generates enough energy each year to serve over a million people. 13 TRANSPORTATION LAS VEGAS MONORAIL Primarily built as a tourist transit system, the Las Vegas Monorail is the primary rapid transit system in Las Vegas. This 3.9-mile monorail mass transit system is located adjacent to the Las Vegas Strip and connects several large casinos in the Paradise and Winchester communities. Owned by the Las Vegas Monorail Company, the Las Vegas Monorail sees roughly 14,000 daily riders. RTC TRANSIT RTC Transit is the bus system in the Las Vegas metropolitan area of Clark County, a subsidiary of the Regional Transportation Commission of Southern Nevada. It services most of Clark County with regularly scheduled routes, most of the service is in the immediate Las Vegas Valley. MCCARRAN INTERNATIONAL AIRPORT Five miles from downtown Las Vegas, McCarran International Airport is the world’s eighth busiest airport by traffic movements and the only commercial airport serving the Las Vegas Valley. It sees over 45 million passengers in annual traffic and is an operating base for Allegiant Air, as well as a crew and maintenance base for Southwest Airlines and Spirit Airlines. 14 | KROGER, LAS VEGAS 15 14 TENANT REPORT Company Name Smith’s Food & Drug Parent Company Trade Name The Kroger Co (NYSE: KR) Ownership Public No. of Locations (all) ± 3,900 No. of Employees (all) ± 443,000 Headquartered Cincinnati, Ohio Website www.thekrogerco.com Year Founded 1883 16 | KROGER, LAS VEGAS TENANT OVERVIEW Smith’s Food & Drug has grown into a regional powerhouse with supermarkets in seven western states with its
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