THE GRAMERCY 215 BELTWAY // 164,000 CPD DESERT CANYON APARTMENT/RETAIL BUSINESS PARK UNDER CONSTRUCTION GAS STATION W. RUSSELL RD. // 20,000 CPD S. FORT APACHE RD. // 30,000 CPD FOR SALE OFFERING MEMORANDUM 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 affairs By acknowledging your receipt of this Offering Memorandum from LCRE, you agree: of 5752 S. Fort Apache Rd., Las Vegas, NV 89148. This Memorandum was prepared 1. The Offering Memorandum and its contents are confidential; based on information supplied by Seller and Broker. It contains selected information about 2. You will hold it and treat it in the strictest of confidence; and the Property and the real estate market, but does not contain all the information necessary 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this to evaluate the acquisition of the Property. The financial projections contained herein (or Offering Memorandum or its contents in any fashion or manner detrimental to the in any other Confidential Information) are for general reference only. The projections are interest of the Seller. based on assumptions relating to the general economy and local competition, among other factors. Accordingly, actual Seller and LCRE expressly reserve the right, at their sole discretion, results may vary materially from such projections. Various to reject any and all expressions of interest or offers to purchase the documents have been summarized herein to facilitate Property and to terminate discussions with any person or entity reviewing your review; these summaries are not intended to be a this Offering Memorandum or making an offer to purchase the Property comprehensive statement of the terms or legal analysis of unless and until a written agreement for the purchase and sale of the 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 13 COMPARABLES 15 FINANCIAL OVERVIEW 19 MARKET OVERVIEW BROKERAGE CHRIS RICHARDSON, CCIM Director 702.954.4110 [email protected] JASON OTTER Director 702.954.4109 [email protected] EXECUTIVE SUMMARY COMPARABLES 1MAPS, AERIALS, AND PLANS FINANCIAL OVERVIEW MARKET OVERVIEW EXECUTIVE SUMMARY PROPERTY OVERVIEW OFFERING DETAILS LOGIC Commercial Real Estate is pleased to exclusively represent the ownership OFFERING PRICE: $6,850,000 in presenting a fee simple opportunity to purchase Gramercy Commons. The NOI: $479,607 property is a +/- 25,892 SF multi-tenant retail building with subterranean parking 7.00% and a parceled retail pad. CAP RATE: PROFORMA CAP RATE: 7.73% Gramercy Commons sits on Fort Apache Rd. next to Russell Rd. in the Southwest PRICE PER FOOT: $265 PSF submarket. The property is within close proximity to the 215 Beltway and has BUILDING SIZE: 25,892 SF prominent visibility on the Fort Apache corridor. Close to the subject property is the Gramercy mixed-use development, Southern Hills Hospital, IKEA, and other ACREAGE: 1.6 acres (inclusive of .32 acre pad) major developments. OCCUPANCY: 100% (not including Pad) ADDRESS: 5752 S. Fort Apache Rd., Las Vegas, NV 89148 The opposite corners at the intersection of Fort Apache Rd. and Russell Rd. are in the process of development with a multi-family development and potential APN: 163-32-110-006 (Retail Center) 163-31-110-007 (Retail Pad) grocery-anchored retail center. YEAR BUILT: 2007 Gramercy Commons presents a great opportunity for an investor in one of the TRAFFIC COUNTS: Russell Rd. // 20,000 CPD hottest submarkets in Las Vegas. The southwest submarket features some of the Fort Apache Rd. // 30,000 CPD lowest retail vacancy rates in the valley. Also, there are close to 3,000 new multi- PARKING: 142 (5.5 : 1,000) family units being developed within 3-miles of the subject site. NUMBER OF TENANTS: 9 The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof. 2 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS HIGH DEMAND SUBMARKET: The southwest submarket has some of the highest demand for retail users and the lowest vacancies in the entire Las Vegas Valley. PROMINENT LOCATION: Gramercy Commons sits on the highly trafficked Fort Apache corridor and has access to the CC 215 Beltway less than ¼ mile away. Combined traffic counts in excess of 50,000 CPD at the intersection of Fort Apache Rd. and Russell Rd. PLANNED FUTURE DEVELOPMENT: With multiple new multi-family projects nearby as well as a potential grocery-anchored shopping center across the street, the property will enjoy increased densities and demand. SUBTERRANEAN PARKING: One of the few properties in the Las Vegas valley to enjoy subterranean parking which adds to the overall parking stalls on the site. RECENT RENOVATIONS: Rebranding of the center as well as new exterior paint scheme and reworking of the site plan add to more desirable property. STABILIZED REVENUE STREAM WITH UPSIDE: Long term remaining on existing leases with ability to add value by increasing rents and potential pad (with separate APN) located on Fort Apache Rd. ABOVE AVERAGE PARKING RATIO: 5.5:1000 well in excess of the standard for retail in the area can lend to an array of future tenants including medical office, restaurant, and development for the future pad. The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof. 3 TENANT PROFILES - EXECUTIVE SUMMARY FURNITURE GALLERY Suite Square Footage: 2,640 SF Suite Square Footage: 1,500 SF Suite Square Footage: 5,908 SF Lease Expiration Date: 07/01/29 Lease Expiration Date: 02/28/26 Lease Expiration Date: 10/31/23 Number of Locations: 5 Number of Locations: 200+ (15 in Las Vegas MSA) Number of Locations: 2 Company Website: www.tonysmexicanfoodlv.com Company Website: www.hawaiianbarbecue.com Tony’s Mexican Food has been at this location L&L Hawaiian BBQ is a franchised Hawaiian Island Furniture Gallery has been in operation for since 2008. The operator has four locations in Las style restaurant with 15 locations in Las Vegas. over 30 years. Gramercy Commons is their 2nd Vegas and one location in California. They have a This franchisee has multiple locations. location in the Las Vegas Valley. They were strong customer following across the Valley. attracted to the southwest area with the growth of the submarket as well as the nearby synergies of other furniture users.