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1-Block North of San Diego Bay/1-Mile from Downtown San Diego

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1-Block North of San Diego Bay/1-Mile from Downtown San Diego 1900 Main St & 1985 National Ave, San Diego, CA San Diego, Ave, 1900 Main St & 1985 National NAP OFFERING MEMORANDUM 1-Block north of San Diego Bay/1-mile from downtown San Diego CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST INVESTMENT ADVISORS NRP-WEST Debt & structured finance CBRE-NEWPORT BEACH PRESTON FETROW MEGAN WOOD ERIC SHAIN ARTHUR FLORES BRUCE FRANCIS SHAUN MOOTHART 3501 Jamboree Rd., Ste 100 +1 949 725 8538 +1 949 725 8423 +1 949 809 3758 +1 949 725 8625 +1 602 735 1781 +1 949 509 2111 Newport Beach, CA 92660 Lic. 00923282 Lic. 01516027 Lic. 02050566 Lic. 01423821 Lic. BK-0018505 Lic. 01773201 F + 1 949 725 8545 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] © 2019 CBRE, Inc. All Rights Reserved NRP-WEst team PHILIP D. VOORHEES (Team Leader) Preston Fetrow John Read Kirk Brummer Jimmy Slusher John Eddy Catherine Zhong Megan Wood James Tyrrell Sean Heitzler Matt Burson Eric Shain Trent Steeves For all of our available listings, please visit: WWW.CBRE.COM/NRPWEST 1 6 10 12 16 INVESTMENT AREA PROPERTY TENANT FINANCIAL OVERVIEW OVERVIEW OVERVIEW OVERVIEW OVERVIEW Investment Summary City Overview Site Plan Tenant Profiles Assumptions Investment Highlights County Overview Parcel Map Cash Flow Rent Roll N PACIFIC OCEAN LA JOLLA TORREY PINES MISSION BAY POINT LOMA SAN DIEGO NAVAL AIR STATION INTERNATIONAL AIRPORT NORTH ISLAND USS MIDWAY MUSEUM MUSEUM MUSEUM OF MAN SEAPORT OF ART DOWNTOWN AIR & SPACE MUSEUM VILLAGE SAN DIEGO CORONADO BALBOA PARK GASLAMP QUARTER CORONADO BEACH SAN DIEGO BAY SAN DIEGO NAVAL MEDICAL CITY COLLEGE CENTER SAN DIEGO SAN DIEGO CENTRAL LIBRARY CONVENTION CENTER PETCO PARK TH & IMPERIAL SR SSA MARINE TRANSIT CENTER I ±, CPD SAN DIEGO NATIONAL AVE PERKINS ELEMENTARY SCHOOL CESAR CHAVEZ PARK CESAR E. CHAVEZ CAMPUS SAN DIEGO CONTINUING EDUCATION CESAR E. CHAVEZ PKWY ±, CPD CORONADO BRIDGE ESTRELLA SR ±, CPD DEL MERCADO APARTMENTS MERCADO APARTMENTS CHICANO PARK N PACIFIC OCEAN LA JOLLA TORREY PINES INVESTMENT HIGHLIGHTS MISSION BAY POINT LOMA SAN DIEGO NAVAL AIR STATION INTERNATIONAL AIRPORT Urban San Diego Mixed-Use Neighborhood Center NORTH ISLAND USS MIDWAY MUSEUM MUSEUM MUSEUM OF MAN • Mixed-Use, Entertainment-Focused Neighborhood Center – Mercado SEAPORT OF ART DOWNTOWN AIR & SPACE MUSEUM VILLAGE Del Barrio represents a unique opportunity to purchase the high-yielding SAN DIEGO CORONADO BALBOA PARK shops and pads portion to an extremely successful Northgate Market GASLAMP QUARTER CORONADO BEACH SAN DIEGO BAY SAN DIEGO NAVAL MEDICAL (NAP) anchored shopping center, leased to internet-resistant, entertainment- CITY COLLEGE CENTER SAN DIEGO related (food, brewery, and personal services) tenants totaling ±47,578 SF SAN DIEGO CENTRAL LIBRARY CONVENTION CENTER PETCO PARK » Also within this mixed-use development is a 3-story, 91-unit apartment community (NAP) situated directly above one of the retail buildings, offering daily support to the center, keeping the property busy TH & IMPERIAL SR SSA MARINE TRANSIT CENTER throughout the day and evening hours I ±, CPD » The property features live music during the summer months and SAN DIEGO community events throughout the year, establishing itself as the NATIONAL AVE entertainment capital in the trade area PERKINS CA San Diego, Ave, 1900 Main St & 1985 National ELEMENTARY SCHOOL • Tremendous Pride of Ownership Asset – Highly attractive, timeless CESAR CHAVEZ INVESTMENT SUMMARY PARK architecture asset with tremendous visibility along Cesar E. Chavez Parkway and adjacent to the prominent Barrio Logan gateway sign; Mercado Del CESAR E. CHAVEZ CAMPUS Barrio is the most recent premier destination for customers and tenants SAN DIEGO CONTINUING EDUCATION Offering Price $19,157,000 CESAR E. CHAVEZ PKWY ±, CPD in this trade area CORONADO BRIDGE current occupancy 93% ESTRELLA SR ±, CPD DEL MERCADO NOI (year 1) Income Stability with Significant NOI Growth APARTMENTS $1,273,966 Cap Rate (Year 1) 6.65% • Excellent Cash Flow Growth – Through fixed rental increases, lease up of MERCADO NOI (Year 3 - Stabilized) $1,408,476 available space, and below-market rents resetting to market, the Net Operating APARTMENTS CHICANO PARK Income is projected to grow over $575,000 (45%), representing a 3.8% CAGR Cap Rate (Year 3 - Stabilized) 7.25% over the anticipated hold period, providing a hedge against inflation Total Building Area ±47,578 SF • Below Market Rents – Virtually the whole center is leased at rates below total land area ±195,942 SF (±4.49 acres) current market rates—property-wide, CBRE estimates the current lease rates to be approximately 7% below market parking Spaces ±324 (±6.81 spaces per 1,000 SF) • Income Stream Diversity – Multi-tenant strip center with NNN leases—no Website www.nrpwest.com/mercadodelbarrio tenant accounts for more than 11% of the project’s square footage or income 1 INVESTMENT HIGHLIGHTS (CONTINUED) CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL High Identity Retail Location • Residential and Commercial Proximity – Proximity to both residential and • High-Visibility, High-Traffic Location – Mercado Del Barrio enjoys excellent access and commercial density keeps the property line of sight visibility along Cesar E. Chavez Parkway (±17,500 cars per day at the intersection busy during all days of the week of National Avenue) • High-Growth Trade Area – Barrio Logan, » Barrio Logan Station – Directly adjacent to the property, the Barrio Logan Station is already having seen a major overhaul over part of the Blue Line on the San Diego Trolley. The Blue Line has the highest ridership the past 5 years, has positioned itself to be of the San Diego Trolley’s three regular lines, transporting over 16.5 million riders per the next major growth area in San Diego, as year the neighboring Downtown communities offer limited future redevelopment • Convenient Regional and Local Accessibility – Mercado Del Barrio is located immediately opportunities off the I-5 freeway via Commercial Street (±161,000 CPD), providing convenient regional access • Target Retailer Demographic – San Diego County’s diverse economy, master- • Destination Location – Located in the heart of Barrio Logan, an art-centric neighborhood planned communities, nearly perfect just south of downtown and at the foot of the famous Coronado Bridge. An epicenter of San climate, and high quality of life make it one Diego’s Mexican-American culture, Barrio Logan is rapidly becoming a hot spot for cutting- of the most desirable locations for retailers edge art and authentic local culture in the country » 3-minute drive to Petco Park/San Diego Convention Center » 5-minute drive to downtown San Diego’s business district » 15-minute drive to San Diego’s Lindbergh Airport 2 INVESTMENT HIGHLIGHTS (CONTINUED) Excellent Real Estate Fundamentals • Internet Resistant/ “Daily Needs” Tenants – A vast majority of • Significant Frontage and Visibility – Unmatched visibility tenants at Mercado Del Barrio either provide beverage or dining services, with over 690 feet of frontage along Cesar E. Chavez Parkway, sell perishable food and beverage items, or offer daily needs services not the trade area’s primary arterial conducive to internet transactions, thereby providing a bulwark against • – A desirable and urban trade- internet competition. The food and service uses are particularly well- Synergistic Tenant Roster area-appropriate tenant mix, coupled with a Hispanic grocery suited to this location given the synergistic nature of the shopping center shadow-anchor, generate high-frequency foot traffic and its proximity to residential and commercial density NAP 1900 Main St & 1985 National Ave, San Diego, CA San Diego, Ave, 1900 Main St & 1985 National 3 CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL INVESTMENT HIGHLIGHTS (CONTINUED) Extremely Dense, Infill San Diego County Demographics Ideal 1031 Exchange Replacement Property • Desirable San Diego County Demographics – San Diego County is the 5th most populous county in the US with a population of more than 3.3 million people and an • Branded Experience – Mercado Del average household income exceeding $101,300 Barrio delivers exceptional site ambience and a “sense of place” for the local • More than 28,300 people in a 1-mile radius, with an Average Household Income patrons, creating a destination retail exceeding $59,300 project attracting locals and tourists alike • More than 187,600 people in a 3-mile radius, with an Average Household Income • No Existing Financing – Delivered free exceeding $84,700 and clear of debt, permitting an investor to purchase for cash to obtain new financing • More than 471,200 people in a 5-mile radius, with an Average Household Income at desire LTV and terms exceeding $75,900 • High-Quality NNN Investment – • More than 297,300 daytime workers in a 3-mile radius Grocery shadow-anchored neighborhood » Naval Base San Diego – Barrio Logan is home to Naval Base San Diego, also known center with NNN leases provide for limited as 32nd Street Naval Station, the second largest Surface Ship base of the US Navy expense leakage with a total on-base population of over 34,000 people » NASSCO/General Dynamics – 13,400 San Diego maritime jobs 4 I ±, CPD N SR ±, CPD 1900 Main St & 1985 National Ave, San Diego, CA San Diego, Ave, 1900 Main St & 1985 National CESAR E. CHAVEZ PKWY ±, CPD 5 0 1 0 Tompkins Gilette 07th 06th Gilette 12th and Imperial East Village MTS Transit Center 25th 22th 17th Commercial Commercial
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