1940 W. Glendale Ave. PHOENIX, ARIZONA 85021 PRESENTED by Primary Contact: Secondary Contact: COLLIERS INTERNATIONAL Philip Wurth, CCIM Alexandra Loye 8360 E
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Offering Memorandum > For Sale > Owner-User Investment Opportunity 1940 W. Glendale Ave. PHOENIX, ARIZONA 85021 PRESENTED BY Primary Contact: Secondary Contact: COLLIERS INTERNATIONAL Philip Wurth, CCIM Alexandra Loye 8360 E. Raintree Dr. Suite 130 Executive Vice President Senior Vice President Scottsdale, AZ 85260 480 655 3310 602 222 5169 480 596 9000 [email protected] [email protected] www.colliers.com/arizona 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 1 TABLE OF CONTENTS 1 2 3 4 INVESTMENT PROPERTY FINANCIAL LOCATION SUMMARY INFORMATION ANALYSIS OVERVIEW PROPERTY OVERVIEW PROPERTY PHOTOGRAPHS TENANT PROFILE CITY OF PHOENIX | HOSPITALS OPPORTUNITY PROPERTY MAPS FINANCIAL SUMMARY AREA DEMOGRAPHICS HIGHLIGHTS FLOOR PLAN SUMMARY PRESENTED BY Philip Wurth, CCIM Executive Vice President 480 655 3310 [email protected] 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERSCOLLIERS INTERNATIONAL INTERNATIONA LP. 22 1940 W. Glendale Ave. 1 INVESTMENT SUMMARY 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERS INTERNATIONAL 3 INVESTMENT SUMMARY>Project Overview 1940 W. GLENDALE AVE. • PHOENIX ARIZONA Overview Offering Summary 1940 W. Glendale Avenue is a 1.44 acre parcel comprised of a single-story building with an adjacent surface parking lot. The building totals approximately 13,969 SF and was built in 2018. The property is surrounded by established residential and retail development and is part Price: $3,400,000 of the 19North redevelopment area. The building is on the northwest corner of the signalized Price per Square Foot: $243.40 intersection at Glendale and 19th Avenues and offers convenient access to I-17 and SR-51. Banner Urgent Care is open daily from 8:00 a.m. to 9:00 p.m. The urgent care practice brings Occupancy: 31.1% individuals and families to the center each day who would frequent adjacent medical facilities NOI: $158,000.08 including: imaging, dialysis, OB/GYN, ENT, pediatrics, ophthalmologist or optometrist and physical or occupational therapy. The property is situated on the light rail transit corridor and 1940 W. Glendale Avenue Address: is adjacent to a passenger station. This area experiences a high volume of automobile and Phoenix, AZ 85021 pedestrian traffic each day = 135,067 vehicles per day and 2,300 light rail passengers per day. Building Size: ±13,969 SF The Opportunity Land Size: 62,789 SF / 1.44 AC 1940 W. Glendale Avenue is ideally situated for an owner user or investor looking for value added Year of Construction: 2018 upside. Banner Urgent Care occupies 5,000 SF of the building, leaving the adjacent 8,969 SF vacant for an owner/user to occupy or investor to lease up. The vacant space is in shell condition Tax Assessor Parcel Number: 157-17-039L and can easily accommodate retail, service industry or office uses. A truckwell runs alongside Zoning: C-3 the north side of the building. No. of Stories: 1 Property Highlights 2019 Taxes: $41,806.00 > Newer construction with contemporary finishes Construction: Block and Steel > Strong tenant identity with direct frontage > Ingress/Egress on 19th and Glendale Avenues > Convenient access to I-17 and SR-51 > Close to mature neighborhoods and established retail and dining > Located in Phoenix’s 19North Retail Corridor > Decreasing vacancy in trade area > Building Signage available fronting 19th and Glendale Avenues > Surface parking lot (89 spaces) > Adjancent to the Light Rail Transit Station at 19th and Glendale Avenues > Truckwell with roll-up door 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERSCOLLIERS INTERNATIONAL INTERNATIONA LP. 44 1940 W. Glendale Ave. > Property Information 2 PROPERTY INFORMATION 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERS INTERNATIONAL 5 PROPERTY INFORMATION>Project Photos 1940 W. GLENDALE AVE. • PHOENIX ARIZONA 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERSCOLLIERS INTERNATIONAL INTERNATIONA LP. 66 PROPERTY INFORMATION>Project Photos 1940 W. GLENDALE AVE. • PHOENIX ARIZONA PROPERTY PHOTOGRAPHS, continued from page 9 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERSCOLLIERS INTERNATIONAL INTERNATIONA LP. 77 PROPERTY INFORMATION>Aerials 1940 W. GLENDALE AVE. • PHOENIX ARIZONA NORTH PEORIA AVE. MOUNTAIN PARK PHOENIX HONORHEALTH 35TH AVE. METROCENTER 19TH AVE. JOHN C. LINCOLN CENTRAL AVE. MEDICAL CENTER 15TH AVE. (4 MILES / 9 MINUTES) 7TH AVE. 7TH ST. DUNLAP AVE. DREAMY DRAW RECREATION AREA CUBE SMART LIGHTRAIL PHOENIX SELF-STORAGE LEXINGTON NORTHERN AVE. LIGHTRAIL PHOENIX SERVICES PHOENIX MOUNTAIN PRESERVE SUBJECT PROPERTY 19TH AVE. GLENDALE AVE. 1940 W. GLENDALE AVE. FRY’S MARKETPLACE WENDY’S GLENDALE AVE. BETHANY HOME RD. ABRAZO CENTRAL ARIZONA CAMPUS BILTMORE GRAND CANYON (1.3 MILES / 3 MINUTES) UNIVERSITY CAMELBACK CORRIDOR MIDTOWN CAMELBACK RD. PHOENIX LIGHTRAIL 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERSCOLLIERS INTERNATIONAL INTERNATIONA LP. 88 PROPERTY INFORMATION>Aerials (northwest) 1940 W. GLENDALE AVE. • PHOENIX ARIZONA 1940 W. GLENDALE AVE. MONUMENT SIGN MONUMENT SIGN GLENDALE AVENUE - 80,632 VPD 19TH AVENUE - 54,435 VPD METRO LIGHT RAIL TRANSIT. LIGHT RAIL TRANSIT STATION 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERS INTERNATIONAL 9 PROPERTY INFORMATION>Aerials (south) 1940 W. GLENDALE AVE. • PHOENIX ARIZONA DOWNTOWN PHOENIX FRY’S MARKETPLACE LIGHT RAIL TRANSIT STATION BARRY’S QUIK TRIP 2,300 PASSENGERS ACE HARDWARE PER DAY FIRSTBANK ABRAZO CENTRAL CAMPUS - 1 MILE 4 MILES TO SR 51 GLENDALE AVENUE - 80,632 VPD I-17 - 2.5 MILES MONUMENT SIGN 1940 W. GLENDALE AVE. 7-11 CONVENIENCE STORE WENDY’S MONUMENT SIGN 19TH AVENUE - 54,435 VPD CUBESMART SELF STORAGE LEXINGTON SERVICES 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERS INTERNATIONAL 910 PROPERTY INFORMATION>Valley Location 1940 W. GLENDALE AVE. • PHOENIX ARIZONA CAVE CREEK CAREFREE CAREFREE HWY Y W SCOTTSDALE K P T D N R RD A S K E LE A E RD E R HAPPY VALLEY RD DA L C P MA E TS E V PI K A OT A C L SC BELL RD BELL RD E SURPRISE E AV AV RD SUN FOUNTAIN LN RD 7TH ST 51ST CITY 67TH ON IELD HILLS TT HF PEORIA AVE SHEA BLVD REEMS CO TC LI PEORIA NORTHERN AVE PARADISE E Y H HW AV VALLEY BUS GLENDALE CAMELBACK RD CAMELBACK RD CENTRAL BUCKEYE P H O E N I X MCKELLIPS RD VAN BUREN ST BUCKEYE RD MESA E E MAIN ST E AV AV AV 7TH ST TEMPE 51ST 7TH 67TH BASELINE RD GOODYEAR BASELINE RD RD RAL GILBERT RU RD H RD R CHANDLER RT WO POWE LS QUEEN CREEK RD EL QUEEN CREEK RIGGS RD 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERS INTERNATIONAL 11 PROPERTY INFORMATION>AREA HOSPITALS 1940 W. GLENDALE AVE. • PHOENIX ARIZONA Hospitals In 10 Mile Radius 1 St Josephs Westgate Medical Center 2 Banner Estrella Medical Center 3 Abrazo Arrowhead Campus 4 Encompass Health Valley of the Sun Rehabilitation Hospital 5 Aurora Behavioral Health System - West 6 Banner Thunderbird Medical Center 7 Valleywise Behavioral Health Center - Maryvale 8 HonorHealth Deer Valley Medical Center 9 Quail Run Behavioral Health 10 CORE Institute Specialty Hospital 11 Abrazo Central Campus 12 Haven Behavioral Hospital of Phoenix 13 Phoenix Area Indian Health Service 14 Banner - University Medical Center Phoenix 15 St Josephs Hospital and Medical Center 16 Phoenix Childrens Hospital 17 Abrazo Arizona Heart Hospital 18 Phoenix VA Health Care System 19 Phoenix Indian Medical Center 20 Calvary Healing Center 21 HonorHealth John C Lincoln Medical Center 22 Arizona State Hospital 23 Valleywise Health Medical Center 24 OASIS Hospital 25 Valley Hospital 26 Abrazo Scottsdale Campus 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERSCOLLIERS INTERNATIONAL INTERNATIONA P.L 1212 PROPERTY INFORMATION>Floor Plan Floor1940 W. GLENDALE Plans AVE. • PHOENIX- Second ARIZONA Floor Floor Plan TRUCKWELL AVAILABLE 2,000 - 8,969 SF SHELL-DEMISABLE 19TH AVE. SUITE 101 ±5,000 SF GLENDALE AVE. 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERSCOLLIERS INTERNATIONAL INTERNATIONA P.L 1313 1940 W. Glendale Ave. > Property Information 3 FINANCIAL ANALYSIS 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERS INTERNATIONAL 14 FINANCIAL ANALYSIS>Operating Information 1940 W. GLENDALE AVE. • PHOENIX ARIZONA Tenant Profile Banner Urgent Care treats non-emergency medical problems that include wound care, insect bites, and respiratory infections to name a few. Their services include flu shots and other vaccinations, on-site x-ray, stitches and more. As part of Banner Health system, the urgent care team provides access to advanced care from their family of medical professionals including specialist follow-ups. Banner Urgent Care is open daily from 8:00 a.m. – 9:00 p.m. LEASE INFORMATION Suite Size: ±5,000 SF Lease Term: 144 months (12 years) Lease Commencement: June 1, 2017 Lease Expiration: May 31, 2029 Lease Type: NNN Option to Renew: Two – 5-year renewal options Monthly Base Rent: $11,666.67 Additional Income: N/A Total Monthly Income: $11,666.67 Option to Purchase: N/A 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERSCOLLIERS INTERNATIONAL INTERNATIONA P.L 1515 FINANCIAL ANALYSIS>Operating Information 1940 W. GLENDALE AVE. • PHOENIX ARIZONA Financial Summary Conventional Loan Option Total Square Footage of Building: 13,969 Price Purchase Price Per S.F. $3,400,000.00 Cost of Tenant Improvements ($90 x 8,969 sf vacant suite) $1,257,210.00 Total Cost $4,657,210.00 Conventional Loan 10% down payment, 25 yr ammortized, 4% interest* $465,721.00 loan amount $4,191,489.00 Monthly Pmts (P & I only) ($22,124.22) Cost per sq. ft. year NNN $19.01 Cash Flow: Monthly Loan Pmts ($22,124.22) Add Monthly Lease Income - Banner Health $12,833.34 Buyers Total Cost Per month ($9,290.88) Annual Cost ($111,490.60) Buyers Cost psf per year to own vacant 8,969 s.f. $7.98 1940 W. GLENDALE AVE. | OFFERING MEMORANDUM COLLIERSCOLLIERS INTERNATIONAL INTERNATIONA P.L 1616 Halsted1940 W. MedicalGlendale Plaza Ave. > Property Information 4 LOCATION OVERVIEW 1940Halsted W. MedicalGLENDALE Plaza AVE. | OFFERING | OFFERING MEMORANDUM MEMORANDUM COLLIERS INTERNATIONAL 1617 LOCATION OVERVIEW>City of Phoenix | Hospitals 1940 W. GLENDALE AVE. • PHOENIX ARIZONA Phoenix Economic Overview MARKET OVERVIEW The Greater Phoenix metro area consists of Maricopa County and Pinal County, which together include nearly 4.8 million residents.