In SoCal Resort Beach Community - LoopNet · t 99 Cent’s Only has experienced 26.05% sales growth...
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OFFERING MEMORANDUM In SoCal Resort Beach Community VENTURA CALIFORNIA
Transcript of In SoCal Resort Beach Community - LoopNet · t 99 Cent’s Only has experienced 26.05% sales growth...
OFFERING MEMORANDUM
In SoCal Resort Beach Community
VENTURACALIFORNIA
CONFIDENTIALITY AND DISCLAIMERThe 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.
NON-ENDORSEMENT NOTICEMarcus & Millichap Real Estate Investment Services, Inc. (“M&M”) 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 w, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
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 YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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P a c i f i cO c e a n
M o n t e r e yB a y
H u m b o l d tB a y
San FranciscoBay
S a n t a B a r b a r a C h a n n e l
G u l f o fS a n t a C a t a l i n a
Chico
Lancaster
Lodi
Lompoc
Merced
Monterey
Palm Springs
Petaluma
Poway
Redding
San Luis Obispo
Santa Cruz
Santa Maria
Visalia
Vista
Arcata
Arroyo Grande
Atascadero
Atwater
Barstow
Big Bear
Brawley
Calexico
Ceres
Delano
El Centro
Encinitas
Eureka
Fallbrook
Gilroy
Hanford
Hesperia
Hollister
Indio
Linda
Los Banos
Madera
Manteca
Marina
Morgan Hill
Palm Desert
Palmdale
Porterville
Reedley
Ridgecrest
Sanger
Selma
Solana Beach
South Lake Tahoe
Tulare
Ukiah
Victorville
Watsonville
Yuba City
Yucaipa
Bullhead City
Lake Havasu City
Yuma
Twin Falls
Medford
AltamontAshland
Grants Pass
Klamath Falls
Cedar City
St. George
Henderson
Winchester
RosaritoSan Luis
Bakersfield
Berkeley
Concord
Fremont
Modesto
Oxnard
Riverside
San Bernardino
Stockton
Arden-Arcade
Burbank
Chula Vista
CitrusHeights
Costa Mesa
Daly City
El Cajon
Escondido
Fairfield
La Mesa
Mission Viejo
Napa
Newport Beach
Oceanside
Palo Alto
Pomona
Redondo Beach
Redwood City
Richmond
Salinas
San Mateo
Santa Barbara
Santa Clara
Santa Rosa
Simi Valley
Vallejo
Whittier
Las Vegas
Reno
Paradise
Anaheim
Fresno
Long Beach
Los Angeles
Oakland
San Diego
San Francisco
San Jose
Santa Ana
Ventura
Sacramento
Carson City
Mexicali
Arizona
Idaho
Nevada
Oregon
Utah
CALIFORNIA
Mexico
Investment Summary .........................................1
Investment Highlights.........................................3
Aerial Map .........................................................7
Site Plan ............................................................9
Tenant Summary ..............................................11
Location Highlights ...........................................13
Location Map ...................................................16
Demographics ..................................................17
TABLE OF CONTENTS
O V E R V I E W
Price $5,570,800
Gross Leasable Area (GLA) 16,500 SF
Lot Size (approx.) 0.46 Acres
Net Operating Income $320,320
CAP Rate 5.75%
Year Built 1948/1970 - New Roof/Renovated 1991
L E A S E A B S T R A C T
Lease Type NNN*
Lease Term 12 Years/11Months
Lease Start (estimate) 2/23/2017
Lease Expiration (estimate) 1/31/2030
Renewal Options 4x5
Increases 4% Every 5 Years after the 2019 Bump.
Structure Landlord Responsible
A N N U A L I Z E D O P E R AT I N G D ATA
Lease Term Annual Rent
2/2019-2/2024 $320,320
2/2024-1/2030 $333,132
Option 1 $346,458
Option 2 $360,316
Option 3 $374,729
Option 4 $389,718
* Landlord responsible at sole cost and expense to maintain all structural elements of the premises. Said cost is not passed to Tenant.
2709 E MAIN STREET, VENTURA, CA
PRICE: $5,570,800 CAP: 5.75% RENT: $320,320
INVESTMENT SUMMARY
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INVESTMENT HIGHLIGHTS t Located in highly sought after Southern California beach
community. Only blocks from the beach.
t Affluent Beach Community where average household income exceeds $91,517
t Strong population density to support the market with 101,521 residents surrounding the area
t Strong visibility with over 38,976 vehicles passing in front of the site daily
25,877 VPD
101,605TOTAL POPULATION WITHIN 5-MILE RADIUS
$91,517AVERAGE HOUSEHOLD INCOME WITHIN 5-MILE RADIUS
- MAIN STREET
13,099 VPD - TELEGRAPH ROAD
10,691 VPD - LOMA VISTA ROAD
20,213 VPD - THOMPSON BLVD
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MAI
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877
VPD
LOM
A VISTA ROAD – 10,691 VPD
TOPATOPA MOUNTAIN RANGE
La Posado Manufactured
Home Park
Family Dentistry
Loma Vista Medical Offices
Saint Bonaventure High School
VET Surgical Center
TWO TREES Ortho Sports
Medicine Center
$640,000-$800,000 beach bungalow
single family homes
101 VENTURA FWY
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INVESTMENT HIGHLIGHTSStrategically located in one of Southern California’s last remaining quaint beach towns. It draws tourism and passersbys on their way to Santa Barbara and other beach communities and larger cities along the California coastline.
The site is adjacent to the region’s largest hospitals, that has recently expanded in an attempt to keep up with the growing community.
Other retailers in the immediate area include: Bank of America, Smart & Final, Autozone, Pepboys, Subway, Starbucks, Wells Fargo, Pizza Hut, Big Lots, Trader Joe’s, Target, Sears, Lowe’s and Arby’s.
NNNPeace of mind investment opportunity with minimal landlord responsibilities
Extraordinary traffic counts with over 68,000 vehicles
passing near or by the property daily
Barriers to entry due to beach community
involvement and the desire to keep the region quaint.
Largest draw to the region are the two major
medical facilities both located adjacent to the
subject property
Lease is landlord friendly and hedges against inflation
calling for 4% rent bumps every 5 years
Tenant has the corner of the market. Nearest national competitor is more than 2.5 miles from the site
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MAIN STREET – 25,877 VPD
LOMA VISTA ROAD – 10,691 VPD
101 VENTURA FWY
Will Rogers Elementary
School
PACIFIC OCEAN
VENTURA MARINA
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TELEGRAPH RD – 13,099 VPD
MAIN STREET – 25,877 VPD
THOMPSON BLVD – 20,213 VPD
LOMA VISTA ROAD – 10,691 VPD
Will Rogers Elementary
School
Loma Vista Elementary
School
Saint Bonaventure High School
VENTURA MARINA
Ventura Coastal
Commission
Ventura County
Credit Union
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VPD
LOM
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0,69
1 VP
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MAS POINT MUGU
US NAVY PORT HUENEME
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E MAIN STREET
HARTMAN D
R
S BO
RCHA
RD D
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LOMA VISTA ROAD
SITE PLAN
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MAIN STREET – 25,877 VPD
Coastal Pediatric Medical Group
Best Urgent Care Center
OJAI
TOPATOPA MOUNTAINS
US HWY 101 (BUS ROUTE)
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99 CENTS ONLY STORES99 Cents Only Stores is an American price-point retailer chain based in Commerce, California. Previously, the store offered all products at 99¢ or less. The company also operates Bargain Wholesale, which sells wholesale to retailers across the United States and exports to more than 15 countries from showrooms in Los Angeles. It also exhibits at trade shows in Las Vegas and Chicago. With over 400 locations and 12,000 employee’s, their annual revenue is upwards of $1.5 billion.
TENANT SUMMARY
COMMERCE, CAHEADQUARTERS
LEASE GUARANTOR INDUSTRY
LOCATIONSFOUNDED
DISCOUNT, VARIETY STORE
400+1969
CORPORATE
CEO
JACK SINCLAIR
COO
JASON KIDD
99 CENTS ONLY STORES
t 99 Cent’s Only has experienced 26.05% sales growth since 2014.
t 99 Cents only Stores fiscal 2018 outlook includes positive sales growth and an increase in its circulation of Adjusted EBITDA, which was $50.6 million in 2017. In 2017 a fourth quarter sale leaseback was completed raising $5.6 million and $10.5 million during 3Q17.
t The company completed a market refresh at its 25 stores in San Diego and at its 28 stores in Phoenix AZ as of the end of 1Q18. These refreshes included facility clean up and upgrades, modified store layouts, and enhanced marketing and TV commercials which has improved the sales and profitability of the overall chain thus far.
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P a c i f i cO c e a n
M o n t e r e yB a y
H u m b o l d tB a y
San FranciscoBay
S a n t a B a r b a r a C h a n n e l
G u l f o fS a n t a C a t a l i n a
Chico
Lancaster
Lodi
Lompoc
Merced
Monterey
Palm Springs
Petaluma
Poway
Redding
San Luis Obispo
Santa Cruz
Santa Maria
Visalia
Vista
Arcata
Arroyo Grande
Atascadero
Atwater
Barstow
Big Bear
Brawley
Calexico
Ceres
Delano
El Centro
Encinitas
Eureka
Fallbrook
Gilroy
Hanford
Hesperia
Hollister
Indio
Linda
Los Banos
Madera
Manteca
Marina
Morgan Hill
Palm Desert
Palmdale
Porterville
Reedley
Ridgecrest
Sanger
Selma
Solana Beach
South Lake Tahoe
Tulare
Ukiah
Victorville
Watsonville
Yuba City
Yucaipa
Bullhead City
Lake Havasu City
Yuma
Twin Falls
Medford
AltamontAshland
Grants Pass
Klamath Falls
Cedar City
St. George
Henderson
Winchester
RosaritoSan Luis
Bakersfield
Berkeley
Concord
Fremont
Modesto
Oxnard
Riverside
San Bernardino
Stockton
Arden-Arcade
Burbank
Chula Vista
CitrusHeights
Costa Mesa
Daly City
El Cajon
Escondido
Fairfield
La Mesa
Mission Viejo
Napa
Newport Beach
Oceanside
Palo Alto
Pomona
Redondo Beach
Redwood City
Richmond
Salinas
San Mateo
Santa Barbara
Santa Clara
Santa Rosa
Simi Valley
Vallejo
Whittier
Las Vegas
Reno
Paradise
Anaheim
Fresno
Long Beach
Los Angeles
Oakland
San Diego
San Francisco
San Jose
Santa Ana
Ventura
Sacramento
Carson City
Mexicali
Arizona
Idaho
Nevada
Oregon
Utah
CALIFORNIA
Mexico
LOCATION HIGHLIGHTS
Located adjacent to two of the region’s largest employers:
Kaiser and Community Memorial Hospital
Affluent beach community where
average household income exceeds
$91,000
Strong visibility with traffic counts exceeding 25,877 vehicles per day
on Main Street
Region draws beach and surf tourists along with passerbys who are headed to other beach communities along the
California Coastline
VENTURA, CAONE OF THE MOST ESTABLISHED BEACH COMMUNITIES IN SOUTHERN CALIFORNIA
M A J O R E M P L O Y E R S : 2 0 1 7V E N T U R A , C A
County of Ventura 8,211
Ventura Unified School District 2,828
Community Memorial Health System 1,864
Employer's Depot Inc. 803
Ventura County Community College District 659
City of San Buenventura 614
Kaiser Permenente 598
Patagonia Works 568
Coors Tec Inc. 325
Target 318
30 Miles to Santa Barbara
65 Miles to Los Angeles
1313
PACIFIC OCEAN
MAIN STREET – 25,877 VPD
LOMA VISTA ROAD – 10,691 VPD
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With near-perfect weather, ocean and mountain views, a thriving arts community, and endless recreation, dining, and entertainment options, there really isn’t much not to like about Ventura, California.
From rolling hills to sweeping ocean views, reminiscent of a European seaside village and compared to Hawaii’s mainland. Its warm Mediterranean climate and wonderful quality of life are a few of the reasons many call Ventura home. Ventura artfully melds thriving family owned businesses with high-tech enterprises in beautifully planned communities, making the region one of the fastest growing in Southern California.
Nestled on the Pacific coast about 30 miles from Santa Barbara and about 60 miles from Los Angeles, Ventura, originally named Buenaventura, was founded in 1782 with the San Buenaventura Mission. While many southern California natives have been priced out of their hometowns, Ventura has retained its close-knit community and a more reasonable cost of living compared to its neighbors. The median home price in Ventura is $485,000 according to real estate website Trulia. (For comparison, the median home price in nearby Santa Barbara is $920,000. Los Angeles is $589,000.)
Ventura’s population includes a mix of young and old, from life-long farmers to hip artists. Compared to picture-perfect resort town Santa Barbara, Ventura is much more laid back, and more eclectic. It is a community of friendly, accessible, welcoming people.
Although Ventura sees its share of tourists, the city takes very good care of its residents. Ventura offers quality K-12 education. Ventura also offers three community colleges, with two four-year Universities nearby: California State University Channel Islands and UC Santa Barbara.
When kids and adults clock out from work or close the books, they have more than enough options for play. Miles of well-kept beaches provide soft ground for sunset strolls, while the more adventurous can bike around the harbor or wade, boogie board or surf in the water. Ventura Harbor also features an arcade and carousel, as well as many boutiques and restaurants.
The Los Padres National Forest, with more than 1,200 miles of hiking trails, is a short drive away. One of the city’s main attractions, the Channel Islands, offers stunning scenery and earns Ventura the nickname “Galapagos of Southern California.” The historic park offers diving, kayaking, hiking, mountain biking, and camping and includes more than 2,000 different kinds of plants and animals. The visitor’s center, located at Ventura Harbor, features a museum, tide pool, and a tower with telescopes.
Ventura’s vibrant arts scene sets it apart from many central coast towns. Artists have gravitated to Ventura for years, and the city benefits with dozens of galleries, performing arts events, live music performances, and more. The city reciprocated with the WAV (Working Artists Ventura), a live/work space for artists and cultural businesses. The WAV hosts an open studios the first Friday of every month as well as special exhibits year-round.
Although some people perceive Ventura as a commuter town, nearly half of the population also works in the city. Community Memorial Hospital, one of the city’s two major hospitals, employs about 2,000; Wal-Mart, Patagonia, and Ticla employ hundreds of workers; and Allied Beverage Company will bring more jobs with its new 123,000 square foot distribution center.
VENTURA, CALIFORNIA
1515
ValVerde
HiddenHills
WestlakeAgoura Hills
PointDume
SantaBarbara
IslaVista
Carpinteria
Ojai
MiraMonte
MeinersOaks
PiruOakView
Fillmore
SantaPaula
Ventura MoorparkSimi
ValleyEl Rio CamarilloThousand
OaksOxnard
CasaConejoPort
Hueneme
OakPark
Channel IslandsBeach
Port HuenemeNaval Center
San RafaelMountains
Santa MonicaMountains
Sierra MadreMountains
Point Mugo AirWeapons Station
Malibu CreekState Park
Santa MonicaMtns NRA
Leo CarrilloState Beach
Robert MeyerMemorial State Beach Malibu Lagoon
State BeachPoint DumeState Beach
CarpinteriaState Beach
Channel Islands Nat'l Park
StecklePark
TolandPark
Emma WoodState Beach
San BuenaventuraState Beach
McgrathState Beach
MandalayState Beach
Oxnard StateBeach
Point MuguState Park
SisquocRiver
Santa CruzCreek
Santa YnezRiver
Santa YnezRiver
SespeCreek
PiruCreek
Santa ClaraRiver
MonoCreek
PyramidLake
ChatsworthReservoirSanta Barbara
Channel
Santa CruzIsland Anacapa
Islands
Anac
apa P
assa
ge
CuyamaRiver
LakePiru
LakeCasitas
Santa Clara River
Lockw
ood Va
lley Rd
Pacific Coast Hwy
Golden State Hwy
Santa Paula Frwy
Simi Valley Frwy
Moo
rpar
kFr
wy
Pacific Coast Hwy
Pacific Coast Hwy
Santa BarbaraMunicipal Airport
CamarilloAirport
OxnardAirport
VenturaCounty
Los AngelesCounty
Santa BarbaraCounty
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101,605Total Population
Within 5-Mile Radius
$91,517Average Household Income
Within 5-Mile Radius
$68,972Median Household Income
Within 5-Mile Radius
38,473Total Households Within
5-Mile Radius
9.42% From 2000
DEMOGRAPHICS / VENTURA, CA
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POPULATION 1 MILE 3 MILES 5 MILES2022 Projection
Total Population 15,177 66,181 104,128
2017 Estimate
Total Population 15,237 64,937 101,605
2010 Census
Total Population 14,506 62,082 97,586
2000 Census
Total Population 14,787 59,530 91,868
Current Daytime Population
2017 Estimate 28,360 94,725 124,586
HOUSEHOLDS 1 MILE 3 MILES 5 MILES2022 Projection
Total Households 6,423 26,500 39,829
2017 Estimate
Total Households 6,383 25,733 38,473
Average (Mean) Household Size 2.33 2.41 2.57
2010 Census
Total Households 5,996 24,326 36,585
2000 Census
Total Households 6,073 23,418 35,162
Occupied Units
2022 Projection 6,423 26,500 39,829
2017 Estimate 6,487 26,565 39,374
HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES2017 Estimate
$150,000 or More 12.40% 12.06% 13.65%
$100,000 - $149,000 16.99% 15.59% 17.75%
$75,000 - $99,999 15.69% 13.99% 14.90%
$50,000 - $74,999 16.93% 16.78% 16.58%
$35,000 - $49,999 11.77% 11.88% 11.54%
Under $35,000 26.23% 29.70% 25.57%
Average Household Income $91,159 $85,423 $91,517
Median Household Income $67,456 $61,526 $68,972
Per Capita Income $38,460 $34,124 $35,133
HOUSEHOLDS BY EXPENDITURE 1 MILE 3 MILES 5 MILESTotal Average Household Retail Expenditure $72,306 $68,807 $73,535
Consumer Expenditure Top 10 Categories
Housing $21,849 $20,909 $22,000
Shelter $14,588 $13,897 $14,463
Transportation $11,071 $10,658 $11,474
Food $7,248 $7,008 $7,452
Personal Insurance and Pensions $7,043 $6,490 $7,159
Health Care $3,930 $3,802 $4,128
Utilities $3,302 $3,211 $3,426
Entertainment $2,848 $2,711 $2,907
Apparel $2,640 $2,329 $2,580
Household Furnishings and Equipment $1,700 $1,633 $1,760
POPULATION PROFILE 1 MILE 3 MILES 5 MILESPopulation By Age
2017 Estimate Total Population 15,237 64,937 101,605
Under 20 21.42% 22.64% 23.27%
20 to 34 Years 19.39% 21.03% 20.09%
35 to 39 Years 6.95% 6.75% 6.36%
40 to 49 Years 15.32% 13.55% 13.50%
50 to 64 Years 23.47% 21.14% 21.62%
Age 65+ 13.46% 14.89% 15.18%
Median Age 41.54 39.69 40.22
Population 25+ by Education Level
2017 Estimate Population Age 25+ 11,138 46,096 71,248
Elementary (0-8) 2.75% 4.80% 4.05%
Some High School (9-11) 5.63% 7.60% 7.16%
High School Graduate (12) 18.04% 18.80% 18.80%
Some College (13-15) 26.27% 26.00% 26.68%
Associate Degree Only 10.02% 8.69% 9.35%
Bachelors Degree Only 20.74% 19.93% 20.01%
Graduate Degree 15.84% 13.18% 12.86%
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VENTURACALIFORNIA
LIOR REGENSTREIFSENIOR MANAGING DIRECTOR INVESTMENTS
SENIOR DIRECTOR, NET LEASED PROPERTIES GROUPENCINO OFFICE
Tel: (818) 212-2730Fax: (818) 212-2710
[email protected]: CA 01267761
