VILLA MARGUERITE 25523 Marguerite Parkway | Mission Viejo, CA
A Corporate Food and Service-based Generational Retail Opportunity
Offering Memorandum NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. VILLA MARGUERITE 25523 Marguerite Parkway | Mission Viejo, CA
EXCLUSIVELY LISTED BY
PAUL BITONTI FIRST VICE PRESIDENT INVESTMENT
Office: (949) 419 - 3246 Mobile: (714) 267 - 8582 [email protected] License: CA 01325076
OFFICES NATIONWIDE AND THROUGHOUT CANADA WWW.MARCUSMILLICHAP.COM Villa Marguerite Mission Viejo, CA VILLA MARGUERITE 25523 Marguerite Parkway | Mission Viejo, CA
TABLE OF CONTENTS
EXECUTIVE SUMMARY COMPETITIVE COMPARABLES SECTION 1 SECTION 4 01 Investment Overview • Investment Highlights 23 Sales Comparables
PROPERTY DESCRIPTION MARKET OVERVIEW SECTION 2 SECTION 5 07 Property Details • Regional Map • Property Photos 33 Location Overview • Location Highlights Market Aerial • Demographics
FINANCIAL ANALYSIS SECTION 3 15 Pricing Details • Operating Data • Rent Roll
EXCLUSIVELY LISTED BY: VILLA MARGUERITE 25523 Marguerite Parkway | Mission VIejo, CA
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID EXECUTIVE SUMMARY Villa Marguerite | Mission Viejo, CA // EXECUTIVE SUMMARY // CA Viejo, | Mission Marguerite Villa
1 Marcus & Millichap is pleased to present Villa Marguerite - a Food and Service-based Retail
Villa Marguerite | Mission Viejo, CA // EXECUTIVE SUMMARY Property located in Mission Viejo, California. The subject property consists of 10,000 square feet INVESTMENT SUMMARY with four corporate tenants consisting of Panera Bread, Chipotle, Supercuts and Gentle Dental. Sitting on a 1.33-acre parcel fronting Marguerite Parkway, the property benefits from its excellent frontage and very large parking field, parked at 7.9:1. Additionally two traffic lights at both ends of the property provide excellent ingress and egress points from either end of the building, and direct access to and from the Mission Viejo Village Plaza directly across the street. The Mission Viejo Village Plaza is a 175,000 square foot community needs based center anchored by Trader Joe’s, CVS, Big Lots, Stein Mart, Saddleback Lanes and a variety of food and service tenants. The subject property’s location is arguably one of the best in the city and is shadow-anchored by Walgreens and California Pizza Kitchen bookending the real estate. Located adjacent to the La Paz road intersection where traffic counts experience 59,000 cars per day, this location is one of the best retail sites in the city where there is rarely any vacancy.
The investment is a core plus retail asset with Four Corporate Tenants on Net Leases. The tenants are very successful at this location, two of which have been here since 1996. Two of the leases provide annual rent increases of 3%, with the remaining at 10% and 12% rent increases respectively every five years. The tenant roster is a synergistic mix of restaurants and service businesses providing immunity from internet shopping. It’s not often that a property of this quality becomes available in one of the best southern California cities, known for its exceptional demography. It is truly a generational asset that a discriminating investor will benefit from for years to come.
Mission Viejo is located in the Saddleback Valley of Orange County, California. It is considered one of the largest master-planned communities ever built under a single project in the United States. Mission Viejo is consistently recognized as the safest city in California and as one of the safest in the nation compared to cities of similar size. The city is known for its picturesque tree-lined neighborhoods, receiving recognition from the National Arbor Day Foundation. With population over 94,000, Mission Viejo is a dense and highly affluent market where the average household income is over $145,000 and unemployment rate is just 3.6%. The city is conveniently located near 2 a total of five freeway exits, providing it direct access to most of Southern California. INVESTMENT SUMMARY Villa Marguerite | Mission Viejo, CA // EXECUTIVE SUMMARY
4 INVESTMENT HIGHLIGHTS
Generational Asset. Long Term Tenancy. Internet Immune Businesses
4 Coporate Guaranteed Net Leases
3% Annual Rent Increases
Affluent Market; AHHI $122,189 Population 345,362 in 5-mile Radius
Prime Location in The Heart of Mission Viejo
Large Parking Field Parking Ratio 7.9 : 1 VILLA MARGUERITE 25523 Marguerite Parkway | Mission VIejo, CA
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID PROPERTY DESCRIPTION Villa Marguerite | Mission Viejo, CA // PROPERTY DESCRIPTION PROPERTY // CA Viejo, | Mission Marguerite Villa
7 AERIAL EAST
Mission Viejo Village Plaza
Ralphs & Shops
Villa Marguerite AERIAL WEST
Laguna Beach Corona Del Mar AHHI $161,305 AHHI $222,770 Average Home Price $2,139,400 Average Home Price $2,761,400 6.5 miles from Subject 12 miles from Subject Laguna Niguel Laguna Hills AHHI $141,883 AHHI $144,806 Average Home Price $854,900 Average Home Price $731,400
Mission Viejo AHHI $ $145,000 Average Home Price $736,000 AERIAL NORTH
La Paz Road La Paz / Marguerite 29,000 CPD 59,000 CPD
Estanciero Drive Marguerite Parkway
30,000 CPD AERIAL SOUTH
Mission Viejo Marketplace
Villa Marguerite Tax Map 25523 Marguerite Pkwy, Mission Viejo, CA 92692 PLAT MAP Villa Marguerite | Mission Viejo, CA // PROPERTY DESCRIPTION
Restaurant Row AT VICTORVILLE
12 Limitation of Liability for Informational Report IMPORTANT – READ CAREFULLY:THIS REPORT IS NOT AN INSURED PRODUCT OR SERVICE OR A REPRESENTATION OF THE CONDITION OF TITLE TO REAL PROPERTY. IT IS NOT AN ABSTRACT, LEGAL OPINION, OPINION OF TITLE, TITLE INSURANCE COMMITMENT OR PRELIMINARY REPORT, OR ANY FORM OF TITLE INSURANCE OR GUARANTY. THIS REPORT IS ISSUED EXCLUSIVELY FOR THE BENEFIT OF THE APPLICANT THEREFOR, AND MAY NOT BE USED OR RELIED UPON BY ANY OTHER PERSON. THIS REPORT MAY NOT BE REPRODUCED IN ANY MANNER WITHOUT FIRST AMERICAN’S PRIOR WRITTEN CONSENT. FIRST AMERICAN DOES NOT REPRESENT OR WARRANT THAT THE INFORMATION HEREIN IS COMPLETE OR FREE FROM ERROR, AND THE INFORMATION HEREIN IS PROVIDED WITHOUT ANY WARRANTIES OF ANY KIND, AS-IS, AND WITH ALL FAULTS. AS A MATERIAL PART OF THE CONSIDERATION GIVEN IN EXCHANGE FOR THE ISSUANCE OF THIS REPORT, RECIPIENT AGREES THAT FIRST AMERICAN’S SOLE LIABILITY FOR ANY LOSS OR DAMAGE CAUSED BY AN ERROR OR OMISSION DUE TO INACCURATE INFORMATION OR NEGLIGENCE IN PREPARING THIS REPORT SHALL BE LIMITED TO THE FEE CHARGED FOR THE REPORT. RECIPIENT ACCEPTS THIS REPORT WITH THIS LIMITATION AND AGREES THAT FIRST AMERICAN WOULD NOT HAVE ISSUED THIS REPORT BUT FOR THE LIMITATION OF LIABILITY DESCRIBED ABOVE. FIRST AMERICAN MAKES NO REPRESENTATION OR WARRANTY AS TO THE LEGALITY OR PROPRIETY OF RECIPIENT’S USE OF THE INFORMATION HEREIN.
Tax Map 25523 Marguerite Pkwy, Mission Viejo, CA 92692 8/28/2018 Page 1 (of 1)
©2005-2018 First American Financial Corporation and/or its affiliates. All rights reserved. SITE PLAN
VILLA MARGUERITE 25523 Marguerite Parkway | Mission Viejo, CA Villa Marguerite | Mission Viejo, CA // PROPERTY DESCRIPTION PROPERTY // CA Viejo, | Mission Marguerite Villa
13 Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES
Core Area Vision Plan
The Mission Viejo City Council has identified Economic Devel- opment as one of the City’s top priorities. To this end, the City Council hired SWA Group in April 2016 to conduct a Vision Plan process for the City’s Core Area, which includes the properties around the intersection of La Paz Road and Marguerite Parkway. The Core Area is identified in the City’s General Plan Land Use Element as the City’s geographic center. The visioning process has explored how the heart of Mission Vie- jo can best serve and enrich the community, including the next generation. The Vision Plan is a compilation of community-driven needs, goals, ideas, and feedback. This Vision Plan articulates the Core Area’s future development potential – including physical use, form and character, public spaces, mobility, relationships to natural features and marketability. The core framework identified in the Vision Plan will provide a flexible armature for these differ- ent efforts to coalesce into a cohesive heart for Mission Viejo. The Core Area is ripe with opportunity!
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8 6 3
LA PAZ ROAD 1 Marguerite Parkway 5
Subject 4 Property
Mission Viejo Core District
Subject Property
1 Restaurants on the Creek 2 Park on the Creek 3 Town Green at Entry 4 Creek Restoration & New Trail 5 Ampitheatre 6 New Cultural Use Oso Parkway 7 Connection: Civic Core to Retail 8 Connection: Creek Existing Buildings PROPERTIES COMPARABLE // CA Viejo, | Mission Marguerite Villa
Interstate 5 Freeway New Buildings 15 VILLA MARGUERITE 25523 Marguerite Parkway | Mission VIejo, CA
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID FINANCIAL ANALYSIS Villa Marguerite | Mission Viejo, CA // FINANCIAL ANALYSIS FINANCIAL // CA Viejo, | Mission Marguerite Villa
17 PRICING DETAILS Villa Marguerite | Mission Viejo, CA // FINANCIAL ANALYSIS
25523 Marguerite Pkwy Address: Mission Viejo, CA 92692
Price: $9,000,000
Buildings: 1
Price Per Square Foot: $900.00
GLA: 10,000 SF
Year Built/Renovated: 1996/2012
Lot Size: 1.33 Acres
Cap Rate: 4.80%
18 RENT ROLL
LEASE TERM MINIMUM RENT TENANT SUITE GLA (SF) % OPTIONS START END ANNUAL MONTHLY PSF
Chipotle Mexican Grill 1 2,200 22.00% 5/25/2012 5/31/2022 3 X 5 $94,380.00 $7,865.00 $42.90
Panera Bread 1B 3,800 38.00% 12/18/2012 12/31/2022 3 X 5 $150,480.00 $12,540.00 $39.60
SuperCuts, Inc. 2 1,440 14.40% 9/3/1996 9/30/2020 1 X 5 $77,620.43 $6,279.97 $52.33
Interdent Service Corp 3 2,560 25.60% 9/28/1996 7/31/2022 1 X 5 $121,014.72 $10,084.56 $47.27
TOTAL 10,000 100.00% $443,495.15 $36,769.53 $44.12 Villa Marguerite | Mission Viejo, CA // FINANCIAL ANALYSIS FINANCIAL // CA Viejo, | Mission Marguerite Villa
19 FINANCIAL ANALYSIS
Villa Marguerite | Mission Viejo, CA // FINANCIAL ANALYSIS CURRENT PER SF Base Rent Occupied Space $443,495 $44.35 Gross Potential Rent $443,495 $44.35
Expense Reimbursements ANALYSIS Total Expense Reimbursements $125,498 $12.55
Gross Potential Income $568,993 $56.90 INCOME INCOME Effective Gross Income $568,993 $56.90
Real Estate Taxes $86,840 $8.68 Insurance $5,800 $0.58 CAM Utilities $4,715 Repairs & Maintenance $20,000
ANALYSIS Contract Services $9,220 Total CAM $33,935 $3.39 Management Fee (% Of EGI) $10,000 $1.00 EXPENSE Total Expenses $136,575 $13.66
Net Operating Income $432,418 $43.24
20 Villa Marguerite | Mission Viejo, CA // FINANCIAL ANALYSIS FINANCIAL // CA Viejo, | Mission Marguerite Villa
21 TENANT SUMMARY Villa Marguerite | Mission Viejo, CA // FINANCIAL ANALYSIS
Tenant Name Our Daily Bread - DBA: Panera Bread Panera Bread Company is a chain store of bakery-café fast casual restaurants in the United States and Canada. Offerings include soups, Lease Commencement 5/25/2012 salads, pasta, sandwiches, specialty drinks, and bakery items. In 2005, Panera ranked 37th on BusinessWeek's list of "Hot Growth Com- Lease Expiration 5/31/2022 panies", earning $38.6 million with a 42.9% increase in profits. In 2011, Gross Leasable Area 3,800 SF revenue was US$2.7 billion, operating income was US$259 million, net income was US$160 million, assets were US$1.5 billion,and equity was Original Term 10 years US$497.3 million.In mid-2014, Panera unveiled "Panera 2.0," a series of integrated technologies to enhance the guest experience. In 2015, an- Option Term 3 (5-year) nual revenues were $2,681,580,000 up from $2,529,195,000 the year Increases 10% Every 5 Years prior. Net income came to $149,325,000 down from $179,293,000 the year prior. Total assets equaled $1,475,318,000. In January 2017, many Pro Rata Share of Project 38.00% Paradise Bakery & Café locations were rebranded as Panera Bread.[ci- tation needed] In 2017, Panera finished a "decadelong overhaul" of Headquartered Sunset Hills, Missouri its menu and completed reformulating its food to be free of artificial No. of Locations 2,100+ ingredients. On July 18, 2017, JAB Holding Company acquired the company for $7.16 billion. Website www.panerabread.com
22 TENANT SUMMARY
Tenant Name Chipotle Mexican Grill Chipotle Mexican Grill, Inc. is an American chain of fast casual restau- rants in the United States, United Kingdom, Canada, Germany, and Lease Commencement 5/25/2012 France, specializing in tacos and Mission-style burritos. Its name de- rives from chipotle, the Nahuatl name for a smoked and dried jalapeño Lease Expiration 5/31/2022 chili pepper. The company trades on the New York Stock Exchange Gross Leasable Area 2,200 SF under the ticker symbol CMG. Founded by Steve Ells on July 13, 1993, Chipotle had 16 restaurants (all in Colorado) when McDonald's Cor- Original Term 10 years poration became a major investor in 1998. By the time McDonald's fully divested itself from Chipotle in 2006, the chain had grown to over Option Term 3 (5-year) 500 locations. Increases 12% Every 5 Years With more than 2,000 locations, Chipotle had a net income of US Pro Rata Share of Project 22.00% $475.6 million and a staff of more than 45,000 employees in 2015.
Headquartered Newport Beach, California In May 2018, Chipotle announced the relocation of their corporate headquarters to Newport Beach, California in Southern California. No. of Locations 2,250 ANALYSIS FINANCIAL // CA Viejo, | Mission Marguerite Villa
Website chipotle.com
23 TENANT SUMMARY Villa Marguerite | Mission Viejo, CA // FINANCIAL ANALYSIS
Tenant Name SuperCuts, Inc. Supercuts is a hair salon franchise with more than 2,400 locations across the United States. The company was founded in the San Francis- Lease Commencement 9/3/1996 co Bay Area in 1975, by Geoffrey M. Rappaport and Frank E. Emmett. The company's first location was in Albany, California. Its headquarters Lease Expiration 9/30/2021 are in Minneapolis, Minnesota. It is a wholly owned subsidiary of Regis Gross Leasable Area 1,440 SF Corporation, which also owns Regis Salons, Mia & Maxx, MasterCuts, Cost Cutters, SmartStyle, and First Choice Haircutters in the United Original Term 20 years States and Canada. With more than 2,400 no-appointment-required salons across the country, Supercuts offers consistent, quality haircuts Option Term 1 (5-year) at a moment’s notice. Their highly trained stylists take pride in pro- Increases 3% - 5% CPI Annually viding the attention-to-detail you’ve come to expect from Supercuts. Plus, as a finishing touch to every Supercut™, we offer our Hot Towel Pro Rata Share of Project 14.40% Refresher® service. It will leave you feeling clean and ready to get on with your day. Headquartered Minneapolis, Minnesota Not only does Supercuts provide a range of hair services including No. of Locations 2,400 men’s haircuts, women’s haircuts, kids' haircuts, color services, and waxing to keep you looking sharp, Supercuts also offers professional Website https://www.supercuts.com/ haircare products at affordable prices.
24 TENANT SUMMARY
Tenant Name Interdent Service Corp.
Lease Commencement 9/28/1996
Lease Expiration 9/30/2022 InterDent was founded over 30 years ago by a group of dentists who realized that they could better focus on patient care if they retained Gross Leasable Area 2,560 SF business professionals to provide administrative and business sup- Original Term 20 years port. Today, under the brands “Gentle Dental” and “SmileKeepers,” InterDent provides business services to approximately 200 practices Option Term 1 (5-year) in eight states including Arizona, California, Hawaii, Kansas, Nevada, Oklahoma, Oregon and Washington. Gentle Dental family dentists of- Increases 3% Annually fer affordable & quality general, restorative & cosmetic dental services Pro Rata Share of Project 25.60% across more than 180 offices.
Headquartered Inglewood, California
No. of Locations 180+ ANALYSIS FINANCIAL // CA Viejo, | Mission Marguerite Villa
Website http://www.nekterjuicebar.com
25 VILLA MARGUERITE 25523 Marguerite Parkway | Mission VIejo, CA
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID COMPARABLE PROPERTIES Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES COMPARABLE // CA Viejo, | Mission Marguerite Villa
27 Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES
SALES COMPARABLES – SUMMARY
PROPERTY NAME SOLD DATE PRICE PRICE PER FOOT CAP RATE
Villa Marguerite Just Listed $9,000,000 $900.00 4.80%
305 N Coast Hwy 7/18/2018 $10,000,000 $1,011.22 2.50%
Strata Tustin Center 7/21/2017 $11,550,000 $871.37 5.19%
Shoppes at Corona Vista 8/31/2018 $5,496,510 $981.52 5.10%
3601 & 3838 E Coast Hwy On Market $10,106,000 $1,420.98 4.52%
5609 W Sunset Blvd 3/16/2018 $8,650,000 $925.53 3.46%
28 5
3
2
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1 Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES COMPARABLE // CA Viejo, | Mission Marguerite Villa
29 SALES COMPARABLES Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES
VILLA MARGUERITE 1 305 N COAST HWY 25523 Marguerite Parkway, Mission Viejo, CA 304 N Coast Hwy, Laguna Beach, CA
SALE PRICE: $9,000,000 SALE PRICE: $10,000,000
Sale Date: Just Listed Sale Date: 7/21/2017
Cap Rate: 4.80% Cap Rate: 2.50%
Price/SF: $900 Price/SF: $1,011.22
GLA: 46,566 SF GLA: 9,889 SF
Year Built: 1987 Year Built: 1960
ADDITIONAL INFO ADDITIONAL INFO
100% leased to Corporate Tenants with annual rent increases. Large The property was leased to multiple local tenants at the time of sale, parking lot with 7.9 : 1 parking ratio. each has two to five years left on their leases. Very limited parking.
30 2 STRATA TUSTIN CENTER 3 SHOPPES AT CORONA VISTA 14071-14111 Newport Avenue, Tustin, CA 924 E Ontario Ave, Corona, CA
SALE PRICE: $11,550,000 SALE PRICE: $5,496,510
Sale Date: 7/18/2018 Sale Date: 8/31/2018
Cap Rate: 5.19% Cap Rate 5.10%
Price/SF: $871.37 Price/SF: $981.52
GLA: 13,255 SF GLA: 5,600 SF
Year Built: 2006 Year Built: 2018
ADDITIONAL INFO ADDITIONAL INFO
55% of the Center is occupied by Corporate tenants. Property is leased to all non-corporate tenants. Admin Fees are Admin Fees are counted towards income. counted towards income. Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES COMPARABLE // CA Viejo, | Mission Marguerite Villa
31 SALES COMPARABLES Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES
4 3601 & 3838 E COAST HWY 5 5609 W SUNSET BLVD 3601 & 3838 E Coast Hwy, Corona Del Mar, CA 5609 W Sunset Blvd, Los Angeles, CA
SALE PRICE: $10,106,000 SALE PRICE: $8,650,000
Sale Date: On Market Sale Date: 3/16/2018
Cap Rate: 4.52% Cap Rate: 3.46%
Price/SF: $1,420.98 Price/SF: $925.53
GLA: 7,112 SF GLA: 9,346 SF
Year Built: 1957 & 1962 Year Built: 1998
ADDITIONAL INFO ADDITIONAL INFO
Occupied by local tenants on modified gross leases. Property has The property was 61% occupied at the time of sale. The vacant space limited parkings and deferred maintenance. was a former Laundromat.
32 Avg $1,042.12
Avg 4.15% Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES COMPARABLE // CA Viejo, | Mission Marguerite Villa
33 Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES
LEASE COMPARABLES – SUMMARY
PROPERTY NAME OCCUPANCY RENT PER FOOT RENTABLE SF
Villa Marguerite 100% $44.12 10,000 SF
La Paz Plaza 100% $60.03 10,000 SF
La Paz Gateway 100% $53.92 6,028 SF
Mission Viejo Village Plaza 100% $45.00 5,102 SF
Greenstreet Mission Viejo 41% $47.40 15,193 SF
Kaleidoscope Courtyard 75% $48.00 62,156 SF
34 1 2 3
5
4 Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES COMPARABLE // CA Viejo, | Mission Marguerite Villa
35 RENT COMPARABLES Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES
VILLA MARGUERITE 1 LA PAZ PLAZA 25523 Marguerite Parkway, Mission Viejo, CA 26137 La Paz Road, Mission Viejo, CA
RENT / SF: $44.12 RENT / SF: $60.03
Occupancy: 100% Occupancy: 100%
Gross Leasable Area: 10,000 SF Gross Leasable Area: 10,000 SF
Available Spaces: 0 SF Available SF: 0 SF
Date Surveyed: 8/29/2018 Date Surveyed: 8/29/2018
ADDITIONAL INFO ADDITIONAL INFO
Shadow-anchored by Walgreens. Directly across from a center Part of a 51,766 SF medical offices and retail center. Rent is calculat- anchored by Big Lots, CVS, Stein Mart, Trader Joe's. 100% Corporate ed from the retail suites, including Starbucks, Sprint, Comerica Bank, Tenants. a Nail Salon and Empanada Maker.
36 3 2 LA PAZ GATEWAY MISSION VIEJO VILLAGE PLAZA 26051 La Paz Road, Mission Viejo, CA 25282 Marguerite Parkway, Mission Viejo, CA
RENT / SF: $53.92 RENT / SF: $45.00
Occupancy: 100% Occupancy: 100%
Gross Leasable Area: 6,028 SF Gross Leasable Area: 5,102 SF
Available SF: 0 SF Available SF: 0 SF
Date Surveyed: 8/29/2018 Date Last Least Signed: 10/10/2016
ADDITIONAL INFO ADDITIONAL INFO
Part of a center anchored by CVS, Big Lots, Stein Mart, Trader Joe's, Occupied by 3 non-corporate tenants. Party City. Occupied by non-corporate Tenants. Rent is for small shops space only. Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES COMPARABLE // CA Viejo, | Mission Marguerite Villa
37 RENT COMPARABLES Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES
5 4 GREENSTREET MISSION VIEJO KALEIDOSCOPE COURTYARD 28662 Marguerite Parkway, Mission Viejo, CA 27741 Crown Valley Pky, Mission Viejo, CA
RENT / SF: $47.40 RENT / SF: $48.00
Occupancy: 41% Occupancy: 75%
Gross Leasable Area: 15,193 SF Gross Leasable Area: 62,156 SF
Available Spaces: 751 - 2,738 SF Available Spaces: 987 - 2,388 SF
Date Surveyed: 8/29/2018 Date Surveyed: 8/29/2018
ADDITIONAL INFO ADDITIONAL INFO
Property is under construction, to be delivered November 2018. Kaleidoscope is a 247,888 SF Entertainment center, anchored by Confirmed tenants include King Shabu Shabu and Seville Classic Edwards Cinema, LA Fitness, Buffalo Wild Wings. Home Store.
38 Avg $50.87
Avg 83.20% Villa Marguerite | Mission Viejo, CA // COMPARABLE PROPERTIES COMPARABLE // CA Viejo, | Mission Marguerite Villa
39 VILLA MARGUERITE 25523 Marguerite Parkway | Mission VIejo, CA
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID MARKET OVERVIEW Villa Marguerite | Mission Viejo, CA // MARKET OVERVIEW MARKET // CA Viejo, | Mission Marguerite Villa
41 Villa Marguerite | Mission Viejo, CA // MARKET OVERVIEW COUNTY OVERVIEW
Orange County is a county in the U.S. state of California. As of the 2010 census, the population was 3,010,232 making it the third- most populous county in California, the sixth-most populous in the United States, and more populous than twenty-one U.S. states. Several of Orange County's cities are on the Pacific coast, including Huntington Beach, Newport Beach, Laguna Beach, and San Clemente. The county is famous for its tourism as the home of attractions like Disneyland, Knott's Berry Farm, and several beach- es along its more than 40 miles (64 km) of coastline. Tourism remains a vital aspect of Orange County's economy. Anaheim is the main tourist hub, with the Disneyland Resort's Disne- yland being the second most visited theme park in the world. Also Knotts Berry Farm which gets about 7 million visitors annually located in the city of Buena Park. The Anaheim Convention Center receives many major conventions throughout the year. Resorts within the Beach Cities receive visitors throughout the year due to their close proximity to the beach, biking paths, mountain hiking trails, golf courses, shopping and dining.
Waterfront Homes, Lake Mission Viejo
42 MAJOR EMPLOYERS CITY OVERVIEW
Mission Hospital 2443 Mission Viejo is a city in Orange County, California, United States in the Saddleback College 1975 Saddleback Valley. Mission Viejo is considered one of the largest mas- Capistrano Unified School District 1502 ter-planned communities ever built under a single project in the United States, and is rivaled only by Highlands Ranch, Colorado, in its size. Its pop- Nordstrom 441 ulation as of 2014 was estimated at 96,346. Mission Viejo is one of the 5 Macy's 400 Orange County cities to rank among the nation's 20 wealthiest large cities. Target 250 Mission Viejo is suburban in nature and culture. The city is mainly residen- tial, although there are a number of offices and businesses within its city limits. The city is known for its picturesque tree-lined neighborhoods, re- ceiving recognition from the National Arbor Day Foundation. Missson Hospital is the largest hospital in south Orange County and serves as the area's regional trauma center. It also offers one of two Children's Hospital of Orange County locations providing care for children. Mission Viejo has numerous recreational areas such as the Norman P. Murray Community and Senior Center. There are about two parks per square mile. The city has three golf courses, The Mission Viejo Country Club, Casta del Sol Golf Course, and the Arroyo Trabuco Golf Club. At the center of the city is a manmade lake, Lake Mission Viejo, a private association for Mission Vie- jo residents with custom waterfront homes, condominiums, boat and pad- AIRPORTS dle board rentals, fishing, and swim beaches. Mission Viejo is served by two school districts, the Capistrano Unified School District and Saddleback Valley Unified School District. Saddleback College, John Wayne Airport near The Shops at Mission Viejo and Capistrano Valley High School, is a Los Angeles International Airport large community college in the southern half of the city. In addition, the Uni- versity of California, Irvine, Chapman University, Soka University of America, and California State University, Fullerton (Irvine Campus), are nearby in ad- jacent cities. Villa Marguerite | Mission Viejo, CA // MARKET OVERVIEW MARKET // CA Viejo, | Mission Marguerite Villa
43 Villa Marguerite | Mission Viejo, CA // MARKET OVERVIEW DEMOGRAPHICS HIGHLIGHTS
345,362 Lake Mission Viejo POPULATION 5-MILE
$121,913 $122,189 AVERAGE HOUSEHOLD INCOME 5-MILE
Kaleidoscope Center 121,813 NUMBER OF HOUSEHOLDS 5-MILE
44 Mission Hospital POPULATION 1-MILE 3-MILES 5-MILES 2010 Population 15,058 128,249 334,017 2014 Population 15,345 132,154 345,362 The Shops at Mission Viejo 2019 Population 15,405 136,580 359,250
INCOME 1-MILE 3-MILES 5-MILES
Average $145,078 $122,039 $122,189
Median $117,189 $94,704 $108,417
Per Capita $49,382 $43,630 $45,073
The Murray Community Center
HOUSEHOLDS 1-MILE 3-MILES 5-MILES 2010 Households 5,079 45,237 121,813 2016 Households 5,209 46,984 127,003 2021 Households 5,273 48,648 132,043 Villa Marguerite | Mission Viejo, CA // MARKET OVERVIEW MARKET // CA Viejo, | Mission Marguerite Villa
45 Mission VIejo City Hall VILLA MARGUERITE 25523 Marguerite Parkway | Mission Viejo, CA
EXCLUSIVELY LISTED BY
PAUL BITONTI FIRST VICE PRESIDENT INVESTMENT Office: (949) 419 - 3246 Mobile: (714) 267 - 8582 [email protected] License: CA 01325076