Parthenia Plaza
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BRANDON MICHAELS GROUP SOUTHERN CALIFORNIA'S PREMIER SALES TEAM PARTHENIA PLAZA IS A 20,576 SQUARE FOOT SHOPPING CENTER arthenia ANCHORED BY MCDONALD’S, THE WORLD’S LARGEST FAST FOOD PA McDonald’s Anchored ShoppingPlaza Center RESTAURANT CHAIN, IDEALLY SITUATED ON 2.45 ACRES OF LAND IN THE 16904, 16908 & 16950 PARTHENIA STREET HIGH-END WEST SAN FERNANDO VALLEY SUB-MARKET OF NORTHRIDGE, CA NORTHRIDGE, CA 91343 1 INVESTMENT ADVISORS BRANDON MICHAELS MATTHEW LUCHS SEAN BRANDT Senior Managing Director of Investments First Vice President Investments Investments Associate Senior Director, National Retail Group National Retail Group National Retail Group Tel: (818) 212-2794 Tel: (818) 519-1429 Tel: (818) 212-2653 Fax: (818) 212-2710 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] [email protected] License: CA #01434685 License: CA #01948233 License: CA #01755166 www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com Steven Schechter Andrew Leff Ben Brownstein Austin Sreden First Vice President First Vice President Senior Associate Investment Associate TABLE OF CONTENTS Investments Investments 1 2 3 4 PROPERTY OVERVIEW AREA OVERVIEW FINANCIAL ANALYSIS COMPARABLES ANALYSIS Lauren Sackler Nicole Cottrell Zachary Saloff Vaughn Brown Investment Associate Investment Associate Investment Associate Investment Associate 2 3 PROPERTY OVERVIEW arthenia PA McDonald’s Anchored ShoppingPlaza Center 16904, 16908 & 16950 PARTHENIA STREET NORTHRIDGE, CA 91343 4 5 SAN DIEGO FWY OVER 430,000 VEHICLES PER DAY BALBOA BLVD PARTHENIA ST arthenia PA McDonald’s Anchored ShoppingPlaza Center 16904, 16908 & 16950 PARTHENIA STREET NORTHRIDGE, CA 91343 NORTHRIDGE • CA BALBOA BLVD 6 7 UNIQUE OPPORTUNITY TO ACQUIRE A MCDONALD’S ANCHORED SHOPPING CENTER OR A SINGLE TENANT MCDONALD’S AND IDEALLY LOCATED PROXIMATE TO A NUMBER OF RETAIL AMENITIES PRIME IN-LINE RETAIL SPACE IN AN EXCELLENT AND RESTAURANTS WEST SAN FERNANDO VALLEY LOCATION • Proximate retail amenities include: Target, Albertsons, CVS, and Home Depot • Unique opportunity to purchase a 95% leased McDonald’s anchored shopping • Nearby restaurants include: KFC, Chipotle Mexican Grill, Five Guys, and Jack in center located just East of the highly trafficked intersection of Parthenia Street the Box and Balboa Boulevard in Northridge, CA • Just 4 miles from the property is the Northridge Fashion Center, which features • Buyers have the unique opportunity to purchase a single tenant NNN ground retail amenities such as Apple, JCPenney, Macy’s, Ross Dress For Less, lease McDonalds leased through 2038 with 4 five-year options WHY BUY GameStop, and Foot Locker. It also features a variety of restaurants including • McDonald’s has successfully operated at this location for 59 years since 1962 California Pizza Kitchen, Mrs. Fields, Red Robin, and Starbucks • McDonald’s has 12-15% rent increases every five years and 15-18% rent PARTHENIA increases in each option period. • Average rents on the in-line space is $1.73 per SF plus NNN STRONG IMMEDIATE DEMOGRAPHICS • The stable and seasoned tenant mix has performed well during the Covid PLAZA pandemic • Over 17,700 people are located within one mile of the property, 300,000 within • The center can be purchased as a whole, or the McDonald’s and the in-line three miles of the property, and 700,000 within five miles of the property shops can be purchased individually • There are approximately 5,600 households within one mile of the property, • Shadow anchored by Planet Fitness (NAP), one of the largest fitness club 90,000 within three miles of the property, and 218,000 within five miles of the franchises by number of members and locations in the United States, and property Kentucky Fried Chicken, the world's second-largest restaurant chain • Average household income within one mile of the property surpasses $111,000, EXCELLENT NORTHRIDGE LOCATION $80,000 within three miles of the property, and $88,000 within five miles of the MCDONALD’S IS THE WORLD’S property LARGEST RESTAURANT CHAIN • There have been well over 2 million square feet of new construction completed in the last 10 years in the Northridge sub- • Total specified consumer spending in 2020 was well over $189 million within • McDonald’s serves over 68 million customers daily in 120 countries market one mile of the property, over $2.457 billion within three miles of the property, • McDonald’s has over 37,000 locations Worldwide • Parthenia Plaza is ideally located four miles from the Northridge and over $6.224 billion within five miles of the property • Annual revenue exceeds $21 billion Fashion Center, a shopping center which contains over 1.4 million • Annual Net income exceeds $9 billion square feet of retail floor area • Traded on the NYSE • Within four miles from Symmetry, a recently completed 6.9-acre • Worlds second largest private employer with 1.7 million employees mixed-use complex featuring 429 units and 21,000 square feet of • Ranked 131st on the Fortune 500 of the largest US Corporations retail amenities 8 9 WINNETKA NORTHRIDGE Parthenia Plaza is a 20,576 square foot shopping center anchored by McDonald’s, the world’s largest fast food restaurant chain, MIDDLE SCHOOL ideally situated on 2.45 acres of land in the high-end West San Fernando Valley sub-market of Northridge, CA RESEDA The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale Parthenia Plaza, 20,576 square feet shopping center situated on 2.45 acres of land (106,726 square feet) in the high-end and affluent West San Fernando Valley submarket of Northridge, CA. The center is comprised of three separate parcels and part of a larger center that commands the Southeast signalized corner of Parthenia Street and Balboa Boulevard. Buyers will have the option to purchase the center as a whole or purchase the McDonald’s and the in-line shops separately. ROSCOE BLVD Parthenia Plaza consists of nine in-line shops located at 16904 & 16950 Parthenia Street and the McDonald’s located at 19608 Parthenia Street. The center is currently 95% occupied. The in-line portion of the center is a total of 17,800 square feet situated on 99,077 square feet of land. The in-line space is home to a seasoned tenant mix that has performed well through the Covid pandemic, with rents averaging $1.73 per SF plus NNN. McDonald’s has been a long-term tenant at this site, having successfully operating at this location for fifty-nine years since 1962. The site has been BALBOA BLVD completely remodeled as per McDonald’s specifications, further showing their commitment to this location. McDonald’s has an absolute NNN ground lease that is guaranteed by McDonald’s Corporation (NYSE: MCD) which expires on 9/4/2038 with 4-five-year options. The subject property is 2,776 square feet situated on 7,649 square feet of land. The site includes a pole sign along Parthenia Street that is 30-feet in height which provides excellent visibility both Westbound and Eastbound along Parthenia Street. McDonald’s operates daily between the hours of 5:00 AM until 1:00 AM and the site allows for ingress and egress from two access points along Parthenia Street. McDonald’s has 12-15% rent increases every five years and 15-18% rent increases in each option period. McDonald’s Corporation offers investment grade credit with a Standard & Poor’s A Rating and a Moody’s Rating of A2. McDonald’s is the world’s largest chain of arthenia PA McDonald’s Anchored ShoppingPlaza Center hamburger and fast-food restaurants, serving north of 68 million customers daily in 120 countries across more than 37,000 locations. Annual revenues exceed 16904, 16908 & 16950 PARTHENIA STREET $21 billion with profits in excess of $6 billion. McDonald’s is the world's second largest private employer with 1.9 million employees. NORTHRIDGE, CA 91343 PARTHENIA ST 106,726 SF (2.45 ACRES) 20,576 C2-VL; P-1VL 95% 90 LAND SF BUILDING SF ZONING CURRENT OCCUPANCY PARKING SPACES; RATIO OF 4.37/1,000 SF 10 11 LAKE BALBOA RESEDA Parthenia Plaza is ideally located in Northridge, CA, a high-end West San Fernando Valley submarket which has experienced significant BALBOA BLVD growth over the past decade including an estimated 2 million square feet in new construction completed over the past ten years Parthenia Plaza is ideally located in Northridge, CA, a high-end West San Fernando Valley submarket that has experienced significant development and growth in the last decade. The center is located within close proximity to a plethora of retail amenities including Target, Albertsons, CVS, and Home Depot, and is approximately 4 miles from the Northridge Fashion Center, one of the San Fernando Valley’s largest malls featuring 1.4 million square feet of national retailers and restaurants, including Apple, JCPenney, Macy’s, Ross Dress For Less, GameStop, Foot Locker, California Pizza Kitchen, Mrs. Fields, Red Robin, and Starbucks. Parthenia Plaza benefits from a centralized San Fernando Valley location in Northridge, California, a high-end, affluent West San Fernando Valley submarket that has experienced significant development and growth over the past decade. There has been well over 2 million square feet of deliveries in the last ten years, making this one the highest growth sub-markets in the immediate area. The property is located just four miles from the recently-completed Symmetry, a 6.9- acre mixed-use project consisting of 429 studios, one-, two-, and three-bedroom apartments, as well as standalone retail buildings totaling 21,000 square feet. The immediate area features a dense and affluent surrounding demographic with over 17,700 people located within one mile of the property, 300,000 within BALBOA BLVD three miles of the property, and 700,000 within five miles of the property.