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2040 Glenoaks Blvd Confidential Offering Memorandum 2040 Glenoaks Blvd. SAN FERNANDO, CALIFORNIA 91340 EXECUTIVE SUMMARY The Offering Investment Highlight Property Description • NNN , Fee Simple Investment - Freestanding Retail Building in Prime Market JLL analyzed the freestanding retail • Corporate Guaranteed Walgreens Co. Lease (NYSE: WAG) - S&P Rated BBB building of the 38,609 square foot • Approximately 10% Compounded Base Rental Increases Every 10 Years For Duration of 75 Year Term property at 2040 Glenoaks Boulevard, • S&P Rated BBB - Moody’s Rated Baa1 - Revenues over $72.22B strategically located at the intersection • America’s Largest Drugstore Chain - Over 8,541 Locations - 700 Wellness Centers of Glenoaks Boulevard and Hubbard • Corporate Guaranteed Smart N Final Lease - B2 Positive Rating (Moody’s) Street in the heart of San Fernando • 15 Year Original Term - 10% Compounded Rental Increase in Year 10 - 10% Compounded Increases (Los Angeles). Every 5 Years Thereafter • Over 7,000 Employees and 250 Locations - Dominant Southern California Grocer 2 • Walgreens: New 75 Year Corporate Lease with Attractive Rental Increases The retail property is 100% occupied by JLL JLL • Smart N Final: New 15 Year Corporate Lease with 4-5 Year Options and Rental Increases Smart N Final and Walgreens - both of • To Be Renovated Building and Common Areas - Pride of Ownership which have recently signed new, long 2040 GLENOAKS BL • Positioned Within To Be Renovated Big Box Retail Building at Hard Corner term corporate leases. • Complimentary Uses - Proven Tenancy - Excellent Center Traffic V D. SAN FERNANDO, CA 3 JLL EXECUTIVE SUMMARY GLENOAKS BLVD HUBBARD ST Property Photos Property Description PROPERTY OVERVIEW Property Summary Property Summary 2040 Glenoaks Blvd. ADDRESS San Fernando, CA 91340 PRICE $22,500,000 CAP RATE 4.7% NOI $1,045,733 PSF $583 GLA 38,609 SF 4 JLL JLL LOT SIZE 3.03 Acres 2517-015-028, 2517-015-031, 2040 GLENOAKS BL PARCEL NUMBER 2517-015-036, 2517-015-039, 2517-015-041 HUBBARD ST GLENOAKS BLVD ZONING C2 YEAR BUILT 1973/ R2014 V D. SAN FERNANDO, CA OWNERSHIP Fee Simple OCCUPANCY 100% ANNUAL INCREASE 10% increase in 9/1/2024 5 JLL PROPERTY OVERVIEW Site Plan TENANT OVERVIEW Lease Summary WALGREENS SMART & FINAL ESTIMATED RENT ESTIMATED RENT Sep. 1, 2014 Sep. 1, 2014 COMMENCEMENT COMMENCEMENT LEASE EXPIRATION Oct. 1, 2089 LEASE EXPIRATION Oct. 1, 2029 LEASE TERM 75 Years LEASE TERM 15 Years TERM REMAINING TERM REMAINING 70 Years* 10 Years ON LEASE ON LEASE SCHEDULED RENT $584,460 SCHEDULED RENT $461,273 10% Compounded Increases RENTAL INCREASES RENTAL INCREASES 10% in Year 10 6 Every 10 Years JLL JLL 4 - 5 Year Options with 10% Rental OPTION PERIODS None OPTION PERIODS Increases Each Option 2040 GLENOAKS BL ROOF AND STRUCTURE Tenant Responsible ROOF AND STRUCTURE Landlord Responsible GROSS LEASABLE AREA 14,864 SF GROSS LEASABLE AREA 23,745 SF LEASE TYPE NNN LEASE TYPE NNN FIRST RIGHT OF REFUSAL V No FIRST RIGHT OF REFUSAL No D. SAN FERNANDO, CA *Right of termination begins as of the last day of the two-hundred fortieth (240) full calendar month and every five (5) years thereafter. *10% compounded rental increases apply only to base rent schedule and parcel purchase additional rent (excludes improvement rent) About the Tenant Smart & Final caters to caterers -- as well as small businesses, restaurants, and households in the western US. Its 235 non-membership warehouse stores offer hot and cold beverages, candies, condiments, creamers, sweeteners, accessories, bulk products, cooking equipment and supplies, frozen foods, grocery items, vegetables and fruits, and packaging and disposable products; and fresh meat, seafood, beef, poultry, and pork products. It serves households; and foodservice markets, including operators of small restaurants, catering companies, businesses, clubs, and civic organizations. The stores operate under the Smart & Final, Smart & Final Extra!, and Cash & Carry banners in urban and suburban areas in Arizona, California, Idaho, Nevada, Oregon, and Washington, as well as northern Mexico. The chain was acquired by private equity firm Ares Management for about $975 million in late 2012. 7 JLL T Walgreens is America’s leading provider of the most convenient access to consumer goods ENANT and services, and pharmacy, health and wellness services. Walgreens stores provide patients with all of heir prescription needs in one place without sacrificing the safety, OV service or convenience of their nearby neighborhood drugstore. In order to maintain ER V success through the changing economy, Walgreens has taken significant measures to IEW become a more efficient and customer-focused company. It is currently conducting a company-wide initiative to align costs, culture and capabilities to the realities of the current economic environment. The company’s focus in the pharmacy is on filling prescriptions more efficiently. Walgreens is implementing out a new initiative to transform the practice of community pharmacy. Walgreens remains one of the fastest growing retailers in the country, with over 8,541 locations and 700 Wellness Centers. FINANCIAL OVERVIEW Rent Roll COMMENCE- CURRENT ANNUAL RENT RENTAL ADJUSTED ANNUAL TENANT LEASE TYPE GLA LEASE EXPIRATION OPTION PERIODS MENT DATE RENT PSF ADJUSTENT DATE RENT Smart N Final NNN 23,745 9/1/2014 to 10/1/2029 $461,273 $19.43 9/1/2024 $507,400 4 - 5 YR Options 10/30/14 and 1 - 58 Month Final Option Period Option 1: $558,258 Option 2: $613,847 Option 3: $675,350 Option 4: $742,767 Walgreens NNN 14,864 9/1/2014 to 10/1/2089 $584,460 $39.32 9/1/2024 Approximately None 10/30/14 10% Compounded 8 Every 10 Years* JLL JLL 2040 GLENOAKS BL *Rent Start assumes rent commencement date between September 1, 2014 - October 30, 2014 *10% compounded rental increases apply only to base rent schedule and parcel purchase additional rent of $8,500 / month (excludes improvement rent) V D. SAN FERNANDO, CA Cash Flow SUBJECT PROPERTY Smart & Final / Walgreens YEAR 1 OPERATING DATA (DCF) PRICE $22,500,000 NET OPERATING INCOME $1,045,733 $/SF $583 PROPERY SIZE 38,609 SF NOI $1,045,733 OCCUPANCY 100% CAP RATE 4.7% TENANT INFO SMART & FINAL 23,745 SF WALGREENS 14,864 SF 9 TENANTS 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 JLL Walgreens $584,460 $584,460 $584,460 $584,460 $584,460 $584,460 $584,460 $584,460 $584,460 $584,460 $642,906 Smart and Final $461,273 $461,273 $461,273 $461,273 $461,273 $461,273 $461,273 $461,273 $461,273 $461,273 $507,400 F INANCIAL TOTAL $1,045,733 $1,045,733 $1,045,733 $1,045,733 $1,045,733 $1,045,733 $1,045,733 $1,045,733 $1,045,733 $1,045,733 $1,150,306 OV ER V IEW LOCATION OVERVIEW Regional Map The property is located at the Southeast corner of Glenoaks Boulevard and Hubbard Street in the City of San Fernando, which is a north LA County city that offers tenants excellent demographic density, household income and historical population growth. The immediate trade area is mostly comprised of groceryanchored retail, single family residential, and multi-family residential units. The area 10 boasts an average household income of JLL JLL $63,428 within a 3 mile radius and holds approximately 185,245 residents within 2040 GLENOAKS BL 2040 GLENOAKS BLVD. a 3 mile radius. Tenants at the Glenoaks / Hubbard intersection include Food 4 Less, CVS, Big Lots, Citibank and Burger King. The city of San Fernando lies in the heart of the San Fernando Valley of Los V D. SAN FERNANDO, CA Angeles - home to 1.8 million people and what is characterized as a landlocked, 260 square mile area. San Fernando is wrapped by 4 separate freeway systems: the 5, 405, 210 and 118, providing excellent access for transportation. JLL LOCATION OVERVIEW 11 118 210 TRUMAN ST GLENOAKS BLVD HUBBARD ST ST HUBBARD 5 405 Retail Map LOCATION OVERVIEW “ City of San Fernando In 1874, San Fernando became the valley’s first organized The city was named for the nearby Mission Fernando has tried to annex their city limits community, thus earning the title “First City of the Valley. San Fernando Rey de España (which in turn to Sylmar, Mission Hills and Pacoima, but the was named after St. Ferdinand), and was city of Los Angeles has kept up their rapid part of the Mexican land grant of Rancho annexation and caused many failed attempts; As you enter the City of San Fernando sense of privacy; yet it is only minutes from Ex-Mission San Fernando. In 1874 Charles and by the 1950’s, the city said that annexation along picturesque, palm-lined Brand downtown Los Angeles and only minutes Maclay, San Fernando founder, bought was hard to do, due to the large beaucracy of Boulevard, you discover a community rich away from other centers of commercial 56,000 acres (227 km2) of the Rancho. Los Angeles. Even as the San Fernando Valley in California history dating back almost two activity, thanks to a network of freeways In 1882, cousins George K. Porter and transformed itself from an agricultural area to centuries. Named in honor of a Spanish and nearby airports. The City combines Benjamin F. Porter of future Porter Ranch a suburban one in the decades after World War Saint/King, San Fernando was selected modern metropolitan conveniences with each received one-third of the total land. In II, San Fernando retained its independence. “for settlement long before the rest of Los a close-knit community of friendly, civic- 1885, Maclay founded the Maclay School of As with much of the San Fernando Valley Angeles. The City grew out of the ranching minded residents. Theology, a Methodist seminary in his newly east of the San Diego Freeway, the city of San founded town of San Fernando.
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