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For Sale Offering Memorandum

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For Sale Offering Memorandum CENTENNIAL SQUARE N. DURANGO DR. // 17,488 CPD W. CENTENNIAL PKWY. // 15,288 CPD FOR SALE OFFERING MEMORANDUM presented by: CHRIS RICHARDSON, CCIM JASON OTTER Director Director 702.954.4110 702.954.4109 [email protected] [email protected] CONFIDENTIALITY AGREEMENT This Offering Memorandum contains select information pertaining to the business and By acknowledging your receipt of this Offering Memorandum from LCRE, you agree: affairs of 6408 - 6446 N. DURANGO DR., LAS VEGAS, NV 89149. This Memorandum 1. The Offering Memorandum and its contents are confidential; was prepared based on information supplied by Seller and Broker. It contains selected 2. You will hold it and treat it in the strictest of confidence; and information about the Property and the real estate market, but does not contain all the 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this information necessary to evaluate the acquisition of the Property. The financial projections Offering Memorandum or its contents in any fashion or manner detrimental to the contained herein (or in any other Confidential Information) are for general reference only. interest of the Seller. The projections are based on assumptions relating to the general economy and local competition, among other Seller and LCRE expressly reserve the right, at their sole discretion, factors. Accordingly, actual results may vary materially from to reject any and all expressions of interest or offers to purchase the such projections. Various documents have been summarized Property and to terminate discussions with any person or entity reviewing herein to facilitate your review; these summaries are not this Offering Memorandum or making an offer to purchase the Property intended to be a comprehensive statement of the terms or unless and until a written agreement for the purchase and sale of the legal analysis of such documents. Property has been fully executed and delivered. The information contained in this Offering Memorandum A prospective purchaser’s sole and exclusive rights with respect to this is confidential and furnished solely for the purpose of a prospective transaction, the Property, or information provided herein review by a prospective purchaser of the Property. It is not or in connection with the sale of the Property shall be limited to those to be used for any other purpose or made available to any expressly provided in an executed Purchase Agreement and shall be other person without the written consent of Seller or Logic subject to the terms thereof. In no event shall a prospective purchaser Commercial Real Estate (LCRE). The material is based in have any other claims against Seller or LCRE or any of their affiliates or any part upon information supplied by the Seller and in part of their respective officers, Directors, shareholders, owners, employees, upon financial information obtained from sources it deems or agents for any damages, liability, or causes of action relating to this reliable. Seller, nor their officers, employees, or agents solicitation process or the marketing or sale of the Property. makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering This Offering Memorandum shall not be deemed to represent the state Memorandum or any of its contents and no legal liability of affairs of the Property or constitute an indication that there has been is assumed or shall be implied with respect thereto. While no change in the state of affairs of the Property since the date this the information contained in the Memorandum and any other Confidential Information is Offering Memorandum. believed to be reliable, neither Broker nor Seller guarantees its accuracy or completeness. Due to the foregoing and since the Property will be sold on an “As Is, Where Is” basis, a LCRE has a policy of proactive broker cooperation with the investment brokerage prospective purchaser must make its own independent investigations, projections, and community. If applicable, a cooperating broker fee of the sales price shall be paid at closing conclusions regarding the acquisition of the Property without reliance on this Memorandum to cooperating broker that procures and represents the buyer that acquires this property. or any other Confidential Information. Although additional Confidential Information which If applicable, cooperation does not include brokers that represent themselves as Principals may include engineering, environmental or other reports may be provided to qualified or broker’s whose member of his immediate family is participating in the purchase of the parties as marketing proceeds, prospective purchasers should seek advice from their own property. No broker will be recognized on a prospect that has previously contacted or been attorneys, accountants, engineers, environmental and other experts. contacted by the Seller or the Seller’s representatives. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT LISTING AGENTS FOR MORE DETAILS. CONTENTS 1 EXECUTIVE SUMMARY 7 MAPS, AERIALS, AND PLANS 14 COMPARABLES 16 FINANCIAL OVERVIEW 20 MARKET OVERVIEW BROKERAGE CHRIS RICHARDSON, CCIM Director 702.954.4110 [email protected] JASON OTTER Director 702.954.4109 [email protected] EXECUTIVE SUMMARY 1COMPARABLES MAPS, AERIALS, AND PLANS FINANCIAL OVERVIEW MARKET OVERVIEW EXECUTIVE SUMMARY 2 LOGIC Commercial, on behalf of the owner, is pleased to present the opportunity PROPERTY NAME: Centennial Square to purchase a +/- 46,316 SF multi-tenant retail center in the booming northwest Centennial submarket of Las Vegas, NV. The shopping center is located at the ADDRESS: 6408 - 6446 N. Durango Dr., signalized intersection of N. Durango Dr., and W. Centennial Pkwy., Las Vegas, NV, Las Vegas, NV 89149 with direct access to the CC 215 Beltway and US-95 Freeway. APN: 125-20-801-002 The subject property was constructed in 2009 and offers both surface and OFFERING PRICE: $16,918,000 subterranean parking. The tenant mix includes successful tenants such as NOI: $1,141,968 7-Eleven, American Family Insurance, Distill Tavern, North End Pizza, Medical Care Now, as well as other restaurant, retail, and office tenants. CAP RATE: 6.75% PSF: $365 Centennial Square is located in the Centennial northwest sub-market, which enjoys very low overall vacancy. Located nearby is the Centennial Hills Hospital TOTAL SIZE: +/- 46,316 SF + Vacant PAD and Medical Center, as well as 12 automotive dealership franchises and two multi- ACREAGE: +/- 3.5 AC tenant office buildings. OCCUPANCY: 89% YEAR BUILT: 2009 NUMBER OF SUITES: 21 ZONING & JURISDICTION: Town Center District (T-C), Las Vegas The information herein was obtained from sources deemed reliable; however Logic Commercial Real The Estateinformation makes herein no guarantees, was obtained warranties from sources or representation deemed reliable; as to the however completeness Logic Commercial or accuracy Real thereof Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof. EXECUTIVE SUMMARY 3 INVESTMENT HIGHLIGHTS DOMINANT TRADE AREA: Centennial submarket boasts low vacancies in the Las Vegas Valley and one of the “must locate” areas for national tenants VISIBLE STREET PRESENCE: Highly visible signalized corner with exposure to CC 215 Beltway. Pylon signage and sign fascia placed for optimal effect FUTURE DEVELOPMENT: Many nearby developments under construction signify the high demand in the area as well as increased density NEARBY PROJECTS: Centennial Hills Hospital, Montecito Crossings, Centennial Center anchored by Walmart, Sams Club, Home Depot and others as well as new master planned communities including Providence, Skye Canyon, Villages at Tule Springs and Aliante STABILIZED PROPERTY: Long standing tenants and low tenant turn over in center and staggered lease expirations STRONG DEMOGRAPHICS: 3 mile radius includes more than 41,000 households and a household average income over $92,000 SUBTERRANEAN PARKING GARAGE: Along with surface parking, the property features subterranean parking with access via elevator and stairway UPSIDE POTENTIAL: Future pad development that would allow a +/- 1,300 SF user The information herein was obtained from sources deemed reliable; however Logic Commercial Real The Estateinformation makes herein no guarantees, was obtained warranties from sources or representation deemed reliable; as to the however completeness Logic Commercial or accuracy Real thereof Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof. TENANT PROFILES - EXECUTIVE SUMMARY 4 7-ELEVEN Square Footage: +/- 2,746 The world’s largest operator, franchisor, and licensor of convenience stores Lease Expiration Date: 10/2019 with +/- 65,000 stores in 18 countries. Company Website: www.7-eleven.com BARK PLACE Square Footage: +/- 1,300 Professional pet groomer offering pets everything from bathing, ear cleaning, Lease Expiration Date: 01/2020 BARK PLACE fur coat trimming, shaving, and nail trimming. Bark Place Grooming has been Company Website: www.barkplacegrooming702.com a tenant since 2010. FRESH WRAP & PHILLY STEAK Family owned and operated restaurant serving philly steak sandwiches, gyros, Square Footage: +/- 1,345 burgers and kabobs. Philly Steak Express has been a tenant since 2013 and Lease Expiration Date: 09/2018 has two las vegas locations. MASSAGE 1 Premiere destination for massage therapy in Las Vegas. Currently operating Square Footage: +/- 1,735 three locations
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