Park Street Landing Unsubordinated Ground Lease
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*THIS IS A GROUND LEASE, IMPROVEMENTS NOT INCLUDED NOR PARK STREET LANDING UNSUBORDINATED GROUND LEASE ALAMEDA, CA 3.55 ACRE GROUND LEASE INCLUDES A MULTI-SLIP MARINA WITH A 38,000 SF LEASEHOLD SHOPPING CENTER (NOT INCLUDED) WHICH EXPIRES 3/26/2039 2 Overview PARK STREET LANDING GROUND LEASE 2327 BLANDING AVE, ALAMEDA, CA 94501 $10,000,000 1.11% PRICE CAP NOI LOT SIZE (AC) LEASE EXPIRATION $110,688 3.55 AC 3/26/2039 MARINA SIZE LOT SIZE (SF) TOTAL SF 59,677 SF 154,638 SF 214,315 SF • Irreplaceable Bay Area real estate - a generational asset • 39,944 SF of shopping center improvements is not a part of the Ground Lease offering • Center is on approximately 3.55 acres of land and includes a multi-slip marina • Hard corner location along Blanding Avenue and Park Street, with one of the highest traffic counts in Alameda of 34,000 VPD • There are 478,436 residents within a 5-mile radius with average household incomes exceeding $96,000 • Picturesque visibility just off of the Park Street Bridge -- a This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. 3 Buyer must verify the information and bears all risk for any inaccuracies. main access point to Alameda Investment Highlights Contact the THE OFFERING provides an opportunity for an investor to acquire an unsubordinated ground lease with long term upside in both reversion and redevelopment. The property is team located at a gateway location to the top retail corridor of Park Street in Alameda. Included is 154,638 SF of land plus an additional 59,677 SF of marina area. The leasehold shopping DAVE LUCAS center (not a part of the offering) is an approximately 40,000 SF shopping center tenanted [email protected] by a mix of local and national tenants including O’Reilly Auto Parts and Dollar Tree. The PH: 415.274.7390 adjacent property is a 9-acre residential development that will boast over 200 town- CA DRE# 01389761 homes and a major apartment development. When completed, the project will present an excellent blueprint for potential redevelopment of Park Street Landing when the leasehold ownership reverts to the control of the ground lease owner in 19 years. RICK SANNER [email protected] ALAMEDA is a growing and innovative city within the San Francisco Bay Area with an PH: 415.274.2709 estimated population of 78,338 residents. The Historic Park Street Business District is the CA DRE# 01792433 main retail corridor on the island and one of the premier retail trade areas in the Bay Area. The high barriers to entry on the infill island of Alameda continue to increase value of both existing property and developable land. The north side of the island has recently experienced significant redevelopment of the former Naval Air Station including new construction in housing, office and retail. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 4 MIDDLE SCHOOL Aerial GRAND ELEMENTARY MARINA SCHOOL 880 211,000 ALAMEDA VPD 21,691 YACHT MARINA CLUB VPD 29TH SAN AVENUE ELEMENTARY FRANCISCO SCHOOL (14 MILES) 11,082 SCHOOL LINCOLN AVENUEVPD BLANDING AVENUE 34,385 VPD FRUITVALE AVENUE ELEMENTARY 13,757 61 SCHOOL 880 PARK STREET VPD ENCINAL AVENUE CITY OF 5,656 ALAMEDA TILDEN WAY VPD MARINA DRIVE CITY OF ALAMEDA HIGH CITY OF ALAMEDA ELEMENTARY SCHOOL SCHOOL ALAMEDA HOSPITAL ® PARK ENCINAL AVENUE STREET 25,200 VPD This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any 61 5 inaccuracies. Submarket Overview RETAILERS IN CLOSE PROXIMITY INCLUDE: 7-Eleven FoodMaxx Round Table Pizza AT&T GameStop Starbucks AutoZone Jack in the Box The Home Depot Chevron McDonald’s UPS Store Cricket Wireless Nob Hill Foods Verizon CVS Papa Murphy’s Walgreens Domino’s Pizza Peet’s Coffee Wendy’s El Pollo Loco Pet Food Express Wingstop This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. EMERYVILLE BUSINESS SUMMARY OAKLAND TOTAL 1-MILE 3-MILES 5-MILES Businesses 1,779 10,238 18,258 Employees 14,357 105,594 191,762 ALAMEDA Residential 33,379 262,581 478,436 Population SAN LEANDRO KEY 1-MILE 3-MILES 5-MILES 6 Subject Property 7 Income & Expense PRICE $10,000,000 Capitalization Rate: 1.11% Lot Size (AC): 3.55 Lot Size (SF): 154,638 Marina Size (SF): 59,677 Total SF: 214,315 STABILIZED INCOME PER SQUARE FOOT Scheduled Rent $0.72 $110,688 Effective Gross Income $0.72 $110,688 LESS PER SQUARE FOOT Taxes NNN Paid by leasehold Insurance NNN Paid by leasehold Total Operating Expenses NNN Paid by leasehold EQUALS NET OPERATING INCOME $110,688 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 8 Rent Roll TENANT INFO LEASE TERMS RENT SUMMARY CURRENT MONTHLY YEARLY TENANT NAME SQ. FT. YEARS RENT RENT RENT Ground Lease 154,638 3/27/2019 - 3/26/2024 $110,688 $9,224 $110,688 3/27/2024 - 3/26/2029 Increases based on CPI 3/27/2029 - 3/26/2034 Increases based on CPI 3/27/2034 - 3/26/2039 Increases based on CPI No options to extend TOTALS: 154,638 $110,688 $9,224 $110,688 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 9 Parcel Map This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 10 ALAMEDA Site Plan HARBOR OAK STREET 39,944 3.55 125+ ACADEMY AVAILABLE AVAILABLE INDUSTRIES M&M ANTIQUES HANSEN RIGGING LIM’S TAEKWONDO LIM’S TAEKWONDO RENTABLE SF ACRES SPACES COUNTY ALAMEDA (NOT INCLUDED) (NOT INCLUDED) PARK STREET LANDING 211,000 VPD 880 TIDAL CANAL TIDAL INAIL SPA A-1 VACUUM & SEWING PARK STREET PARK STREET BRIDGE H&R BLOCK 29TH AVENUE ISALON 34,385 A-TOWN PIZZA VPD 21,691 AVAILABLE VPD BLANDING AVENUE BLANDING AVENUE DRAGON ROUGE VIETNAMESE BISTRO 880 PYLON SIGN PARK STREET FRUITVALE AVENUE PARK STREET BRIDGE This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 11 Ground Lease Abstract EXPENSES TENANT’S OBLIGATIONS Lessee shall repair and maintain the leased premises. TAXES PREMISES Lessee shall pay all taxes. & TERM INSURANCE Lessee at its sole cost and expense have fire and extended coverage and comprehensive general TENANT Leasehold Shopping Center Owner liability insurance. LEASE TYPE Ground Lease UTILITIES TERM 55 Years (Lease dated March 27, 1983) Lessee is responsible for all. REMAINING TERM 19 Years LEASE ASSIGNMENT/SUBLETTING Lessee may sublet without Landlord’s consent. RENT PROVISIONS Lessee needs Landlord’s consent for assignment. REVERSION Until the expiration or earlier termination of this lease, any and all buildings or improvements on the leased BASE RENT premises shall be the property of Lessee, and Lessee DATE RANGE MONTHLY RENT ANNUAL RENT shall have the right to claim depreciation thereon. From and after expiration or earlier termination of 3/27/2019 - 3/26/2024 $9,224 $110,688 this lease, any and all improvements on the leased 3/27/2024 - 3/26/2029 Increases based on CPI premises shall be the property of the Lessor. 3/27/2029 - 3/26/2034 Increases based on CPI RIGHT OF FIRST REFUSAL 3/27/2034 - 3/26/2039 Increases based on CPI Lessee has within ten (10) business days following receipt of an offering notice, to accept the purchase offer in his own name, for the purchase price and on the terms and conditions specified in such offering notice. If Lessee exercises his right of first refusal, the purchase shall be consummated within thirty days (30) after Lessee exercises his right or within such longer period specified by Lessor, but in no event later than any outside closing date specified in the offering notice. GROSS RENT RECORDING The details contained within the Lease Abstract are provided as a courtesy to the recipient for purposes of evaluating the Property’s suitability. While every effort is made to accurately reflect the terms of the Annual. lease document(s), many of the items represented herein have been paraphrased, may have changed since the time of publication, or are potentially in error. Capital Pacific and its employees explicitly disclaim any responsibility for inaccuracies and it is the duty of the recipient to exercise an independent due diligence investigation in verifying all such information, including, but not limited to, the actual lease 12 document(s).