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AMC Palm Promenade Theater San Diego, CA

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AMC Palm Promenade Theater San Diego, CA Click to View Property Video 770 dennery rd., San Diego, CA SIGNAGE CHANGE IN THE WORKS, NOW AMC 14 1 OFFERING MEMORANDUM AMC Palm Promenade Theater San Diego, CA I-805 ± 132,000 VPD Dennery Rd ± 14,000 VPD TABLE OF CONTENTS 05 09 17 EXECUTIVE OVERVIEW PROPERTY OVERVIEW FINANCIAL OVERVIEW 21 27 AREA OVERVIEW TENANT OVERVIEW LISTED BY: CAITLIN ZIRPOLO KYLE MATTHEWS ASSOCIATE CHAIRMAN & CEO DIRECT (949) 432-4518 DIRECT (310) 919-5757 MOBILE (760) 685-6873 MOBILE (310) 388-0788 [email protected] [email protected] LIC #01987844 (CA) LIC #01469842 (CA) 3 4 executive05 summary 5 OFFERING SUMMARY INVESTMENT SUMMARY Matthews Real Estate Investment Services is pleased to present the sale of AMC Palm Promenade, a ±61,005 SF movie theatre Sale Price Best Offer located in the heart of San Diego, California. The tenant has been operating at this location since 2001 and recently extended its Tenant AMC Theatres lease through May 2029 showing long term proven stability. AMC Current Rent $2,261,145 Palm Promenade features 14 screens and offers both IMAX and RealD 3D, providing its customers enhanced experiences. This is Current Occupancy 100% an excellent opportunity for investors to acquire an entertainment- Reimbursements NNN oriented asset with both e-commerce proof security and a long- Lease Expiration May 31, 2029 term income stream. Total Rentable Square Feet ± 61,005 SF Located directly off of Interstate 805 at Palm Avenue, the theatre Total Land Area ± 468,815 SF (± 10.76 AC) sits within the largest power center in San Diego anchored by Parking ± 943 dominant credit tenants such as Walmart, Home Depot, and Vons. In addition to these tenants, a new redevelopment project will soon Screen Count 14 add ± 73,000 SF of retail and restaurant space directly adjacent to Seat Count 3,142 the theatre. This retail project is already 92% pre-leased and will provide theatre goers a more synergistic experience. DEBT SUMMARY Loan Amount 70% LTV Interest Rate 4.80% Term 10 Years Amortization 30 Years * Terms quoted as of April 8, 2019, subject to change. Please contact Brian Krebs for more information. Brian Krebs Barrington Capital Corporation Managing Partner DIRECT 949.777.5988 | MOBILE 818.606.9476 [email protected] Lic. # 01850811 6 INVESTMENT HIGHLIGHTS: • Sales are extremely strong in this location at ± 60% above the national average • The tenant chose to right-size (from 24 screens to 14) the building to allow for additional retail to boost already strong sales and energize the retail environment • Approved redevelopment to add ± 73,000 SF of retail and restaurant space adjacent to the theatre providing a lifestyle component and additional foot traffic to the location • The tenant has operated at this location for nearly 19 years and recently extended their term through May 2029 providing an investor with long term proven stability • Premier location with excellent freeway visibility and direct access to Interstate 805 that sees over 132,000 vehicles per day • AMC Palm Promenade is the only theater within a dense, 5-mile trade area and is only one of two theaters within 10 miles that offers IMAX screens • Unparalleled density with over 160,000 residents in a 3-mile radius and over 317,000 in a 5-mile radius • Pride of ownership through an incredible opportunity to invest in an entertainment oriented property located within San Diego’s dominant power center • The property holds a corporate guarantee by AMC Theatres which is the largest movie theater operator in the world RENDERING PHOTO 7 8 property 09description 9 PARCEL MAP N AMC PALM PROMENADE THEATER *Planned parcel after consolidation and resubdivision of current parcels. PHYSICAL DESCRIPTION Name AMC Palm Promenade Address 770 Dennery Road, San Diego, CA 92154 Cross Street Palm Avenue Land Area ± 10.76 Acres Year Built / Year Renovated 2001/2017 Property Type STNL Net Rentable Area ± 61,005 SF Current Occupancy 100% Average Remaining Term 10 Years 10 I 8 0 5 ± 1 3 2 , 0 0 0 V P D ■■■■■■ AMC ■■■■■■ Future Developments 1 The UPS Store 2 Available 3 Pho Hung Cali 4 Available 5 Russell-Cellular 6 Navy Federal Credit Union 7 Jersey Mikes 8 Yogurtland 9 Starbucks 10 Chick Fil A Please note that not all leases have been executed and are still in negotiations. D E N N E R Y R D 11 THE SHOPS AT AMC PALM PROMENADE - REDEVELOPMENT • Located directly adjacent to the theater, The Shops at AMC Palm Promenade will add ± 73,000 sf of additional retail and restaurant space • The approved redevelopment will provide a lifestyle component and bring additional foot traffic to the location • The new retail project is almost fully pre-leased to tenants such as Burlington, Chick Fil A, Starbucks, Jersey Mikes, and Yogurtland RENDERING PHOTO 12 RENDERING PHOTO RENDERING PHOTO 13 AMC Palm Promenade Theater San Diego, CA *redevelopment coming soon *redevelopment coming soon Dennery Rd ± 14,000 VPD 14 I-805 ± 132,000 VPD 15 16 financial17 overview 17 RENT ROLL Lease Lease Square Contract Rental Rate Rent $ PSF Rent Increases Suite Tenant % of NRA Options Start End Feet Year Month $ PSF % Yr. $ PSF % Mo. Date $ PSF % Yr. $ PSF % Mo. AMC 3 x 5 1 Theater 2/1/00 5/31/29 61,005 100% $2,261,145 $188,429 $37.06 $3.09 Jun-25 $38.92 $3.24 YR 18 LEASE ABSTRACT - AMC THEATER Lessor HCP-CCI Palm Promenade, LLC Lessee American Multi-Cinema, Inc. Tenant Name AMC Theatres Landlord HCP-CCI Palm Promenade, LLC Tenant Size (SF) 61,005 SF Lease Commencement Date February 11, 2000 Expiration Date May 31, 2029 Lease Term 351 Months Remaining Lease Term (Current - 5/31/2029) 122 Months No. & Term of Options Three, 5-Year Options Contract Rental Rate (Current - 5/31/2025) $2,261,145 Contractual Rent Increase (6/1/2025 - 5/31/2029 ) $2,374,315 1st Option (6/1/2029 - 5/31/2034) $2,611,622 2nd Option (6/1/2034 - 5/31/2039) $2,872,784 3rd Option (6/1/2039 - 5/31/2044) $3,160,063 Lessee Operating Expenses Tenant pays pro rata share of Common Area Costs Property Tax Expenses Tenant pays its share of ad valorem real estate taxes assessed on the land and buildings. Property Insurance Tenant pays pro rata share of Insurance Costs. Tenant shall pay all costs, expenses, fees and charges incurred in connection with the use or occupancy of Maintenance & Repairs the Leased Premises. Tenant shall at all times, at its own expense, and subject to reasonable wear and tear, keep the Leased Premises in good operating order, repair, condition and appearance. Estoppel 20 days Landlord will not use or permit to be used all or any portion of the Entire Premises (other than the Theatre Facility) for the following uses: a health club, bowling alley, skating rink, game room, funeral home, so-called “head shop”, or bookstore or other business engaged in selling, exhibiting or delivering pornographic or Restricted Use obscene materials (provided, however, that the incidental sale of materials such as books, magazines, DVDs and videos commonly carried by reputable national or regional retailers such as Barnes & Noble shall not be deemed pornographic or obscene hereunder). So long as Tenant shall not have ceased operating more than 50% of the Floor Area of the Theatre Facility for more than 180 consecutive calendar days for reasons other than Permitted Closures, from and after the Exclusive Use Surrender Date, Landlord shall not permit the operation of a movie theatre (as the movie theatre concept may expand, change and/or evolve over time through technology or otherwise with the evolution of the movie theatre industry), within the Entire Premises, other than within the Theatre Facility. 19 20 area overview21 21 San Diego is known for its culture, attractions and beautiful beaches. With an average temperature of 70 degrees’ year-round, this city is a prime location for living so it’s no surprise that San Diego is the second largest city in California and eighth largest in the United States. Tourism is a huge part of San Diego’s economy. The city hosts close to 34 million visitors each year who in total spend nearly $9.9 billion. At the end of 2015, tourism broke records in hotel stays and visitor spending with a 1.2% overall visitation growth. Of the 34.3 million total visitors, about half (17.2 million) stay overnight in a hotel or a private home. Popular attractions include the world-famous San Diego Zoo and San Diego Zoo Safari Park, SeaWorld San Diego and LEGOLAND California. San Diego offers an expansive variety of things to see and do, appealing to guests of all ages from around the world. SOUTH ORANGE COUNTY ±82 MILES #1 #1 CARLSBAD COASTLINE CONCENTRATION OF MILITARY/ LOWEST AVERAGE COMMUTE ±45 MILES DEFENSE ASSETS IN THE WORLD TIMES AMONG PEER CITIES DOWNTOWN SAN DIEGO 80+ #2 ±16 MILES EDUCATIONAL AND RESEARCH MOST INVENTIVE INSTITUTES IN THE REGION CITY IN THE WORLD 22 SAN DIEGO With an estimated population of 1,419,516 as of July 1, 2017, San Diego is the eighth-largest city in the United States and second-largest in California. It is part of the San Diego–Tijuana conurbation, the second-largest transborder agglomeration between the US and a bordering country after Detroit–Windsor, with a population of 4,922,723 people. The city is known for its mild year- round climate, natural deep-water harbor, extensive beaches, long association with the United States Navy, and recent emergence as a healthcare and biotechnology development center. The city is the seat of San Diego County and is the economic center of the region as well as the San Diego–Tijuana metropolitan area.
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