Single Tenant Retail Investment Fallas Stores Southern California
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SINGLE TENANT RETAIL INVESTMENT FALLAS STORES SOUTHERN CALIFORNIA 611 E Holt Ave Pomona, CA N Caswell Ave Potential Pad Development NAP N San Antonio Ave 10,148 CPD N San Antonio Ave EXCLUSIVELY MARKETED BY: E Holt Ave 33,518 CPD Casey Metcalf Associate Lic. 01901071 +1 310 363 4871 [email protected] Richard Rizika Vice Chairman Lic. 01044064 +1 310 363 4870 [email protected] Table of Contents INVESTMENT SUMMARY ................3 Parcel Map Surrounding Retail Investment Highlights Affluent Demographics Tenant Profile Property Details PROPERTY OVERVIEW.....................8 Property Details Site Plan AREA OVERVIEW ..........................10 City Overview County Overview Sale Comparables EXCLUSIVELY MARKETED BY: Casey Metcalf Associate Lic. 01901071 +1 310 363 4871 [email protected] Richard Rizika Vice Chairman Lic. 01044064 +1 310 363 4870 [email protected] © 2017 CBRE, Inc. All Rights Reserved. 611 E HOLT AVENUE SURROUNDING RETAIL 611 E HOLT AVENUE N Towne Ave N Towne N Caswell Ave N San Antonio Ave 10,148 CPD N San Antonio Ave E Holt Ave 33,518 CPD 611 E HOLT AVENUE Investment Highlights Investment Summary HIGH TRAFFIC & HIGH VISIBILITY LOCATION Offering Price $3,840,000 • Property is located on Holt Avenue, which has over 35,500+ cars per day Cap Rate 6.25% Total SF 30,000 SF • Newly constructed building is situated prominently at the intersection of Holt Avenue and Caswell Avenue First Floor 18,623 SF • Reciprocal easement with the adjacent Rite Aid property allows more multiple access points Second Floor 11,377 SF on Holt Avenue, San Antonio Avenue and Caswell Avenue Land Area ±2.57 Acres • Located adjacent to national retailers Rite Aid, 99 Cents Only and Cardenas Market Year Built 2012 • Close proximity to residential and commercial density Demographics NATIONAL TENANT INVESTMENT WITH DEVELOPMENT UPSIDE 1 MILE 3 MILES 5 MILES • Anchored by Fallas Stores, a national credit tenant with over 350 stores POPULATION 2016 Estimated Population 28,195 198,495 424,530 • New ten (10) year lease provides stable, long term income 2021 Projected Population 28,870 205,147 439,121 • Potential pad development opportunity at the corner of Holt Avenue and Caswell Avenue 2010 Census Population 27,766 191,764 408,498 2000 Census Population 27,891 187,408 400,674 • Pad opportunity could provide additional NOI to owner Growth 2010-2016 0.25% 0.55% 0.62% Growth 2016-2021 0.47% 0.66% 0.68% DENSE SOUTHERN CALIFORNIA TRADE AREA AGE • More than 28,000 people in a 1-mile radius with an Average Household Income over Estimated Average Age 28.9 31.2 32.8 $54,600 HOUSEHOLDS • More than 198,000 people in a 3-mile radius with an Average Household Income over 2016 Estimated Households 7,676 52,309 121,672 $65,800 2021 Projected Households 7,833 53,839 125,458 2010 Census Households 7,609 51,022 117,956 • More than 424,000 people in a 5-mile radius with an Average Household Income over 2000 Census Households 7,618 49,456 116,009 $77,900 Growth 2010-2016 0.14% 0.40% 0.50% Growth 2016-2021 0.41% 0.58% 0.61% INCOME 2016 Est. Average Household Income $54,630 $65,814 $77,958 5 611 E HOLT AVENUE Tenant Profile Company Profile Company Type: Private Lease Summary FP Stores, Inc, Lessee: a California Corporation Fallas, is a family-owned company headquartered in the Harbor Gateway area of Los Lease Commencement: Feb 2017 Angeles, California with more than 350 locations in twenty-two states and Puerto Rico. Fallas does business as: Fallas, Fallas Paredes, Fallas Discount Stores, Factory 2-U, Conway, CW Lease Expiration: Jan 2027 Price, Fallas and Anna’s Linen’s, and offer brand name and private label clothing for men, Term: 10 years ladies, boys, girls, juniors, infants and toddlers along with lingerie, shoes and household items. Fallas Paredes caters to the Hispanic American community. Renewal Options: Four (4), Five (5) year Total SF 30,000 SF First Floor 18,623 SF Second Floor 11,377 SF Rent: $8.00 Rent Increases: 7% every 5 years Cam Recovery Type: Net * Analysis assumes new ten (10) year lease at COE 6 611 E HOLT AVENUE Property Details PROPERTY ADDRESS LAND AREA ACCESS 611 East Holt Ave, Approximately 2.57 acres or 111,835 square feet Property has access from Caswell Ave and Holt Pomona, CA 91767 of land Avenue through an easement with adjacent property. LOCATION DESCRIPTION BUILDING AREA Located on the Northeast corner of Holt Avenue Total: 30,000 SF ZONING and Caswell Avenue in Pomona, CA First Floor: 18,623 SF POC4 Second Floor: 11,377 SF PARCEL YEAR BUILT The tax assessor’s parcel number are 8337-017- Built in 2012 VISIBILITY & FRONTAGE 034 and 8337-017-035 Excellent visibility along Holt Avenue with over 240 feet of frontage NEIGHBORING RETAILERS 7 611 E HOLT AVENUE 611 EAST HOLT POMONA, CALIFORNIA Site Plan FOR MORE INFORMATION PASADENA STREET PLEASE CONTACT: Mitchell Hernandez Lic. 01875229 T 310.765.2613 [email protected] Richard Rizika Lic. 01044064 [email protected] CASWELL STREET LOCATOR MAP RanchoRanchoRancho SAN ANTONIO AVENUE 10,148 CPD GlendoraGlendora CucamongaCucamonga GlendoraGlendora ClaremontClaremont CucamongaCucamonga Possible Pad NAP LaLaLa VerneVerneVerne Developement UplandUpland CovinaCovinCovinaa SanSanSan DimasDimas MontclairMontclair OntarioOntario WestWest (( PomonaPomonaPomona CovinaCovina PomonaPomonaPomona ´ CovinaCovina ONTARIOONTARIO INTLINTL WalnutWalnut 611 E. Holt HOLT AVENUE 33,518 CPD DiamondDDiamondiamond BarBarBar ChinoChino 8 ChinoChino HillsHills RowlandRowlandRowland HeightsHeights © 2011 CB Richard Ellis, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE, CB RICHARD ELLIS and the CBRE CB RICHARD ELLIS logo are service marks of CB Richard Ellis, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. AVAILABLEUNITS UNITS SQUARE FEET TYPE 2 2 8 4 - K 2 1 , 0 0 0 S F Former Restaurant 2 2 9 2 - K 6 1 , 2 5 0 S F Former Restaurant 2 2 9 8 - K 8 9 6 5 S F End Cap 611 E HOLT AVENUE Floor Plan - First Floor 9 611 E HOLT AVENUE Floor Plan - Second Floor 10 611 E HOLT AVENUE Parcel Map 11 611 E HOLT AVENUE City Overview POMONA ANNUAL CULTURAL EVENTS Pomona is a city in Los Angeles County, California, United States. Pomona is The city is the site of the Fairplex, which hosts the LA County Fair and the located in the Pomona Valley, between the Inland Empire and the San Gabriel NHRA Auto Club Raceway at Pomona, Powerade Winternationals Drag Racing Valley. Pomona is an urban area of Los Angeles County in the Pomona Valley. competition. The city also hosts the Pomona Swap Meet and the Classic Car According to the United States Census Bureau, the hit has a total area of Show. 22.964 square miles, over 99% of it land. Pomona is 27 miles east of Downtown LABOR POOL Los Angeles. Pomona is also located near many universities including Cal Poly Pomona, Pomona College & the Claremont Colleges, Western University of Home to a large labor pool, Pomona can provide employers with qualified Health Sciences, and Devry University. workers. The work force is extremely diverse, including men and women with a wide variety of job capabilities, from entry-level to management skills. Top DEMOGRAPHICS employers in the area include Pomona Valley Hospital Medical Center, California The 2010 United States Census reported that Pomona had a population of Acrylic Industries, Casa Colina Rehabilitation, and Verizon. 149,058. The population density was 6,491.2 people per square mile. The racial makeup is 48% white, 7.3% African America, 1.2% Native American, 8.5% Asian, 0.2% Pacific Islander, 30.3% from other races, 4.5% from two or more races, and 70.5% Hispanic or Latino. HOUSING There were 38,477 households, out of which 19,690 (51.2%) had children under the age of 18 living in them. There were 39,620 housing units at an average density of 1,771.8 per square mile, of which 21,197 were owner-occupied, and 17,280 were occupied by renters. The homeowner vacancy rate was 2.0%; the rental vacancy rate was 5.9%. 80,968 people (54.3% of the population) lived in owner-occupied housing units and 63,952 people (42.9%) lived in renting housing units. 12 611 E HOLT AVENUE County Overview LOS ANGELES Los Angeles County is the most heavily populated county in the country Located on the southern coast of California, Los Angeles County covers 4,061 with approximately 9.8 million people including about 1 million that live square miles and includes San Clemente and Santa Catalina islands. The County in unincorporated areas of the county. The metropolis formed by the five is comprised of approximately 88 vibrant and divers cities hosting more than neighboring counties of Los Angeles: Ventura, Kern, San Bernardino, Riverside, 244,000 business establishments—the greatest concentration in the state. Los and Orange is home to approximately 19 million residents. Los Angeles County Angeles County has a Gross Domestic Product (GDP) of approximately $446 is home to one of the most educated labor pools in the country and offers a billion—placing it among the top 20 economies in the world.