A Signalized Corner Strip Center 100% Occupied by a Stable and Seasoned Tenant Mix of National and Local Tenants in Whittier, Ca Investment Advisors
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SOUTHERN CALIFORNIA'S PREMIER SALES TEAM A SIGNALIZED CORNER STRIP CENTER 100% OCCUPIED BY A STABLE AND SEASONED TENANT MIX OF NATIONAL AND LOCAL TENANTS IN WHITTIER, CA INVESTMENT ADVISORS BRANDON MICHAELS TEAM MEMBERS Senior Managing Director of Investments Sean Brandt Senior Director, National Retail Group Vaughn Brown Tel: (818) 212-2794 Ben Brownstein Fax: (818) 212-2710 Nicole Cottrell [email protected] Andrew Leff License: CA #01434685 Steven Schechter www.BrandonMichaelsGroup.com Austin Sreden CONFIDENTIALITY AND 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 con- dition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. 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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. SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.) 1 2 3 4 PROPERTY OVERVIEW FINANCIAL ANALYSIS COMPARABLES ANALYSIS AREA OVERVIEW SOUTHERN CALIFORNIA'S PREMIER SALES TEAM 1 PROPERTY OVERVIEW EAST WHITTIER COLIMA RD LAMBERT RD MULBERRY DR LA MIRADA BLVD WHITTIER • CA A SIGNALIZED CORNER STRIP CENTER 100% OCCUPIED BY A STABLE AND SEASONED TENANT MIX OF NATIONAL AND LOCAL TENANTS IN WHITTIER, CA The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale Mulberry Plaza, a 100% occupied 6,500 square foot multi-tenant strip center located on the Southeast signalized corner of Mulberry Drive and La Mirada Boulevard in Whittier, CA. Mulberry Plaza benefits from the dense residential surrounding the center and its stable and seasoned tenant mix directly caters to the daily needs of the surrounding residents. The center benefits from excellent visibility and frontage with 121 feet of frontage along Mulberry Drive and 145 feet of frontage along La Mirada Boulevard. The center has ingress and egress access points along both Mulberry Drive and La Mirada Boulevard. Mulberry Plaza is 45% occupied by national tenants. CosmoProf, the largest tenant occupying 33% of the center and having successfully operated at the center for eleven years, is a part of Sally Beauty Holdings, Inc. (NYSE: SBH), an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $ 3.9 billion annually. The Company sells and distributes through over 4,000 stores, including approximately 200 franchised units, throughout the United States, the United Kingdom (Sally Beauty UK), Belgium (pro- duo 40SHOPS M&A ), Canada, Chile,Peru, Puerto Rico, Mexico (2000 Amstrong McCall 130 shops M&A), France, Ireland, Spain and Germany. Beauty Systems Group stores, branded as CosmoProf or Armstrong McCall stores, along with its outside sales consultants, sell up to 9,800 professionally branded products including Paul Mitchell, Wella, Sebastian, Goldwell, and TIGI which are targeted exclusively for professional and salon use and resale to their customers. The company employs over 22,000 employees. Metro by T-Mobile, which occupies 12% of the center, is a prepaid brand owned by T-Mobile US. It previously operated the fifth largest mobile telecommunications MULBERRY DR network in the United States using code-division multiple access (CDMA). In 2013, the carrier engaged in a reverse merger with T-Mobile US; post-merger, its services were merged under T-Mobile's 4G and LTE network. T-Mobile, is an American wireless network operator. The company has annual revenues of over $44 LA MIRADA BLVD billion.[8] In 2015, Consumer Reports named T-Mobile the number one American wireless carrier. 52% of the current tenant mix has operated at this locating since the center was built in 2009, creating a stable and secure revenue stream at replaceable rents that average $1.69 per square foot. The average unit sizes of 1,069 are ideal as they are easily leasable with minimal tenant improvement costs between tenants. All leases are NNN, and current CAMs are $0.60 per SF, creating a minimal increase in CAMs upon a sale. The center has excellent parking with 37 parking spaces, a parking ratio of 5.69 parking spaces per 1,000 square feet. Over 15,000 vehicles pass the center daily. 8 9 LAMBERT RD MULBERRY PLAZA IS IDEALLY LOCATED ON THE SOUTHEAST SIGNALIZED CORNER OF MULBERRY DRIVE AND LA MIRADA BOULEVARD IN THE DENSE LOS ANGELES COUNTY SUB-MARKET OF WHITTIER, CA Mulberry Plaza is ideally located in Whitier, CA, a dense Los Angeles county sub-market with a total population of 85,331. There are over 29,000 people within one mile of Mulberry Plaza, over 185,000 people within three miles, and over 464,000 people within five miles. The population is pre-dominantly Caucasian, with 88% of the one-mile population being white. This affluent sub-market benefits from strong immediate demographics, with an average income of $93,628 within one mile and over $102,000 within three miles of the subject property. The median household income within one mile is $80,306, and increases to $84,588 within three miles, both well above the national average. The center is surrounded by dense single family homes, with the median home value being $585,152 within one mile and $622,377 within three miles. Mulberry Plaza benefits from its signalized corner location with ingress and egress access points along both Mulberry Drive and La Mirada Boulevard. Directly MULBERRY DR MULBERRY MULBERRY DR MULBERRY across from the center on the Southwest corner is a 7-Eleven, and on the Northeast corner is a Smart & Final, both national tenants. There are several new construction housing developments in Whittier that are adding to the appeal of the local submarket, as well as new multi-family units being surrounded in the surrounding area. Mulberry Plaza site adjacent to Hullview Middle School, Orchard Dale Elementary School, and is just blocks from California High School. The center is approximately 1.8 miles from Whittwood Town Center, a 65-acre open-air shopping center in Whittier, Southeast Los Angeles County, California, located on the southwest corner of Whittier Boulevard and Santa Gertrudes Avenue. The shopping center has a gross leasable area of 841,936 square feet and is within close LA MIRADA BLVD proximity