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Auburn, Ca Offering Memorandum

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Auburn, Ca Offering Memorandum AUBURN, CA OFFERING MEMORANDUM “Where Main Street Meets Your Street” CONFIDENTIAL MEMORANDUM AND DISCLAIMER This Offering Memorandum and all information forwarded hereafter as an Addendum to (Offering Information) has been prepared solely for informational purposes (and not as an offer) to assist a prospective Purchaser in determining whether it wishes to proceed with an in-depth investigation of the Property. No representations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any of its contents shall be deemed made, and no legal commitment or obligations shall rise, by reason of this Offering Memorandum or its contents. Prospective Purchasers are expected to review independently all documents relating to the property as to the accuracy and completeness of the information contained herein. All financial projections are provided for general reference purposes only. These projections have been based upon various assumptions relating to the general economy, competition and other factors beyond the reasonable control of Lucescu Realty (“Lucescu”) and the “Owner,” and therefore, are subject to material variation. The property described in the Offering Memorandum is being sold on an “As Is” basis. Lucescu, their respective officers, employees or representatives do not make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents. This Offering Memorandum is subject to modification and/or withdrawal from the market by Owner at any time without prior notice. By receipt of this Offering Memorandum, you agree that its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose directly or indirectly this Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Lucescu. You also agree that you will not use this Offering Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Lucescu. Photocopying or other duplication is strictly prohibited. If prior to or upon your review of this Offering Memorandum you no longer have further interest or you do not wish to pursue negotiations leading to this acquisition, please return this Offering Memorandum in its original form to Lucescu. Crossroads Shopping Center AUBURN, CALIFORNIA 2ND QUARTER 2018 OFFERED BY: www.lucescurealty.com Mark Lucescu Samer Khalil President Senior Associate 949.706.7772 ext. 100 949.706.7772 ext. 105 [email protected] [email protected] NEWPORT BEACH, CA OFFICE LAS VEGAS, NV OFFICE PHOENIX, AZ OFFICE 500 Newport Center Drive, Suite 550 3960 Howard Hughes Pkwy., #500 2415 E. Camelback Road, Suite 700 Newport Beach, California 92660 Las Vegas, Nevada 89169 Phoenix, Arizona 85016 Tel. 949.706.7772 Tel. 702.425.5781 Tel. 480.685.5998 DRE License #01506278 DRE License #B0032981 DRE License #CO641916000 Mr. Mark Lucescu, President Mr. Varo Gabriel, Managing Director Mr. Greg Wendelken, Managing Director Ext: 100 Ext: 104 Ext: 114 [email protected] [email protected] [email protected] Newport Beach, CA • Las Vegas, NV • Phoenix, AZ • San Francisco, CA (2018) QUARTZ DR QUARTZ DRIVE SELF STORAGE BELL RD TABLE OF CONTENTS OFFERING SUMMARY Executive Summary . 4 Investment Summary . 7. Pro Forma Schedule Of Prospective Net Operating Income And Cash Flow After Debt Service . .7 Existing Financing Summary . 9. Tenant List . 11 . Site Plan . .12 Parcel Map . .13 Area Map . .14 Local Map . 14 Regional Map . 15 AREA INFORMATION Lease Comparables . .16 Lease Comparables Map . 17 Placer County Overview . 20 City of Auburn Area Information . 32 TENANT INFORMATION Tenant Rent Roll . .39 Tenant Profiles . .42 FINANCIAL ANALYSIS Assumptions and Methodology of Prospective Cash Flow . .48 Schedule of Prospective Cash Flow . 50 Schedule of Expense Reimbursement Revenue . 51 Individual Loan & Debt Service Summary . 52. Schedule of Sources And Uses of Capital . 53. Prospective Present Value (Unleveraged) . 54. Prospective Present Value (Leveraged) . .55 APPENDIX Average Household Income Map . 58 Population Density Map . 58 Demographics . .59 ROCK CREEK SELF STORAGE SUTTER AUBURN FAITH HOSPITAL FUTURE SHOPPING CENTER QUARTZ DR QUARTZ DRIVE SELF STORAGE BELL RD LUCESCU REALTY /// OFFERING MEMORANDUM 2 /// AUBURN, CA LUCESCU REALTY /// OFFERING MEMORANDUM 3 /// AUBURN, CA OFFERING SUMMARY EXECUTIVE SUMMARY LUCESCU REALTY has been selected, as the exclusive broker, to offer for sale, Crossroads Shopping Center, located in Auburn (Sacramento MSA), California. The Property is a seasoned, Grocery-anchored, Community Shopping Center totaling approximately 125,791 Square Feet; anchored by Safeway (NAP), Ross Dress for Less and Famous Footwear. Additional features include: • Premier, Institutional Quality, Necessity Retail Shopping Destination. The Property is a 46,948 square foot portion of an Open-Air, Community Shopping Center totaling approximately 125,791 Square Feet of existing GLA. Anchored by Safeway (NAP), Ross Dress for Less and Famous Footwear; three (3), market leading tenants with strong brand recognition. Additionally, CACFit (NAP) is a locally owned and operated athletic club that has been operating in Auburn since 1981 and caters to its 3,000+ members with state-of-the-art facilities and fitness equipment. • Co-Anchored by Target, Located in the Heart of Auburn’s Retail Hub. Target (NAP), one of the largest, most successful and credit worthy retailers in the world, is adjacent to the property and provides a tremendous draw to the center. Additional regional and national retailers at this intersection include: Home Depot, Kmart, Smart & Final, Rite Aid, Michaels, PetSmart, Petco, BevMo!, Ulta, Chick-Fil-A and Starbucks. • Dominant Grocery Anchor. Safeway (NAP) was founded in 1915 and is a subsidiary of Albertsons, the second largest supermarket chain in North America. Albertsons has more than 2,300 retail stores and its 34 million weekly customers generate nearly $60 Billion in annual sales. Safeway has been operating at the subject property for over 20 years (originally under their Pak N Save banner) and their store features Western Union, Starbucks and an Amazon Locker (the only one in Auburn), and has individual departments for a pharmacy, fresh produce, seafood, butcher, floral, beer, wine and liquor. • Seasoned, Secure Income Stream. 74.6% of the GLA is leased to original tenants from when the property was built in 1994. The weighted average tenure of current tenants exceeds eighteen (18) years and the weighted average remaining lease term of current tenants exceeds eight (8) years. Ross recently extended its lease term by eight (8) years (two (2) years early). LUCESCU REALTY /// OFFERING MEMORANDUM 4 /// AUBURN, CA • National Tenant, Out-Pad, Parcel. AutoZone occupies a prominent out-pad parcel on a new 10-year lease with fixed rental increases every five (5) years. Prior to its commencement, AutoZone will, at its sole cost and expense, remodel the interior and exterior of its building. Improvements will include a new façade, flooring, HVAC, energy efficient lighting, painting and new signage. • Best-in-Class Retailers. Crossroads Shopping Center’s “blue-chip” tenant roster features several of the largest and most credit worthy retailers (both Ross and AutoZone are investment grade) in the country. 91.9% of the leased GLA is occupied by National and Regional tenants that account for 87.5% of the Total Annual Base and NNN Rent. • Existing, Assumable, Below Market Interest Rate Financing Providing Strong Investment Returns. The year one Cash Flow is 6.0% and the Total Return (Cash Flow plus Principal Reduction) is 8.01%. Total Return averages 8.53% and 9.83% during the next 5 and 11 years, respectively. • High Barriers to Entry for New Developments. The local zoning laws and onerous restrictions on commercial developments combined with Auburn’s unique terrain result in a dearth of commercially zoned, developable land, and will likely result in continued upward pressure on rental rates. • Favorable Trade Area Demographics. Located in one of the more affluent trade areas within the greater Sacramento area. Within a 5-mile radius, the 2018 Estimated Average Household Income is $85,981. • Highly Visible, Easily Accessible Site. The Property is located near State Route 49 (34,700 VPD), at the signalized intersection of Bell Road (25,289 VPD) and Quartz Drive with high visibility, and easy accessibility via five (5) ingress and egress points around the Property’s perimeter. Frontage of the Center along Bell Road exceeds 990 feet and over 650 feet along Quartz Drive. LUCESCU REALTY /// OFFERING MEMORANDUM 5 /// AUBURN, CA LUCESCU REALTY /// OFFERING MEMORANDUM 6 /// AUBURN, CA INVESTMENT SUMMARY Offered for acquisition is Crossroads Shopping Center located inAuburn, CA. The Property is anchored by Safeway (NAP), Ross Dress for Less and Famous Footwear. Offering: Fee Simple Interest in the offered portion of Crossroads Shopping Center, Auburn, CA Four (4) retail buildings, including two (2), major single-tenant building, one (1), in-line, multi-tenant building and one (1), out-pad, single-tenant Description: building. Location: Northeast Corner Bell Road & Quartz Drive Purchase Price: $11,115,335 Terms: Cash to Existing Loan Net Operating Income (Yr 1): $692,662 Cap Rate: 6.23% Cash Flow (Yr. 1): 6.00% Property Size: 46,948 Square Feet - Included
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