MULTIFAMILY DEVELOPMENT OPPORTUNITY · 2015. 4. 30. · IN THE HEART OF MORENO VALLEY 2.5 ACRES OF...
Transcript of MULTIFAMILY DEVELOPMENT OPPORTUNITY · 2015. 4. 30. · IN THE HEART OF MORENO VALLEY 2.5 ACRES OF...
IN THE HEART OF MORENO VAL L EY2 .5 ACRES OF UNDEVE LOPED LAND
O F F E R I N G P R I C E : $ 1 , 0 5 0 , 0 0 0
S E L L E R F I N A N C I N G AVA I L A B L E
MULTIFAMILYDEVELOPMENTOPPORTUNITY
ERIC CHENLic.01489184T +1 909 418 [email protected]
ED MATEVOSIANLic. 01358783 T +1 818 502 [email protected]
JOYCE GOLDSTEINLic. 01903737T +1 818 502 6700 [email protected]
F O R M O R E I N F O R M AT I O N C O N TA C T:
AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT
CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.
This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment
or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
© 2015 CBRE, 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. Newport Beach / MorenoValleyLand_OM_JGoldstein_v04_JL
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PROPERTY INFORMATION
4. PROPERTY SUMMARY
5. PROPERTY INFORMATION
6. PARCEL MAP
7. LOCATION MAP
MARKET OVERVIEW
8. DEMOGRAPHIC SUMMARY
10. DEMOGRAPHIC REPORT
11. DEMOGRAPHIC RADIUS RING MAP
SALES MARKET
12. ON MARKET COMPARABLES
13. ON MARKET COMPARABLES MAP
14. SOLD COMPARABLES
15. SOLD COMPARABLES MAP
RENTAL MARKET
16. RENT COMPARABLES
17. RENT COMPARABLES MAP
CITY OF MORENO VALLEY
18. ABOUT MORENO VALLEY
29. TRAFFIC COUNT MAP
30. RIVERSIDE COUNTY MAP
TABLE OF CONTENTS
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PROPERTY SUMMARY
CBRE has been retained as the exclusive marketing advisor for the disposition of approximately 2.5 acres of vacant land in the city of Moreno Valley.
PROPERTY HIGHLIGHTS
• Finished, flat corner lot
• Shovel ready, no existing improvements
• Existing water pipes
• Approximately 340 feet of frontage on Sherman Avenue and 310 feet of frontage on Elsworth Street
• Zoning Recently Increased by City from 25 units per Acre to 30 units per Acre
• Seller financing available with 50% down
LOCATION HIGHLIGHTS
• Strategically located in the heart of Moreno Valley, between the I-215 and SR-60 freeways, with easy access from either E Alessandro Boulevard or Day Street
• Convenient shopping at national retailers with a mile radius, including: Costco, LA Fitness, Bed Bath and Beyond, Smart and Final, Jo-Ann Fabric, Old Navy, Marshalls, Cost Plus World Market, Best Buy, Lowe’s, Panera, and Buffalo Wild Wings
• Within four blocks of Cottonwood Golf Center
• Near the Moreno Valley Mall and March Air Reserve Base
• Close Proximity to University of California, Riverside with an abundance of rental demand
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AS IS CONDITIONThe property is being sold in “as is” condition. Prospective buyers are solely responsible for completing their own due diligence investigations to determine the current conditions of the property. The Owner and Broker make no representations concerning the condition of the property.
PARCEL INFORMATION• APN# 291-200-024
• 2.5 Acres/ Approximately 108,900 Sq. Ft.
• Census Tract/Block 42505/2
ZONINGR30 - 30 Dwelling Units Per Acre
GENERAL TOPOGRAPHYRelatively flat.
EASMENTSA copy of the Preliminary Title Report by First American Title will be made available to buyers upon request. An ALTA Survey is not available.
OFFERING PRICE$1,050,000
PROPERTY INFORMATION
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LOCATION MAP
SUBJECT PROPERTY
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DEMOGRAPHIC SUMMARY
POPULATIONMoreno Valley is the second most populous city in Riverside County, behind only Riverside. Moreno Valley’s population growth can be attributed to the city’s extensive range of housing options, two school districts and growing business development. The 2015 estimated population of Moreno Valley is 204,167. The population has risen by 5.63% since 2010 and 30.66% since 2000. It is estimated that the population will be 214,916 in 2020, which represents a 5.26% increase from the current year. The average age of the population is 32.8 compared to the U.S. average age of 38.8.
HOUSEHOLDSThere are currently 53,943 households in Moreno Valley. The number of households has risen by 4.62% since 2010 and 27.81% since 2000. It is estimated that the number of households in Moreno Valley will be 56,664 five years from now, which represents an increase of 5.04% from the current year. The average household size is 3.77 persons.
INCOMEThe current median household income is $51,366 compared to the current U.S. average of $53,229. The median household income has increased by 7.83% since 2000. It is estimated that the median household income in Moreno Valley will be $50,782 five years from now, which represents a change of -1.14% from the current year. The current year per capita income is $16,571 compared to the U.S. average of $28,114.
RACE AND ETHNICITYThe current year racial makeup is as follows: 40.6% White, 16.7% African American, 0.9% Native American and 6.17% Asian/ Pacific Islander. Compare these to U.S. averages which are: 71.1% White, 12.7% African American, 1.0% Native American and 5.4% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 59.3% of the current year population in Moreno Valley. The U.S. average is 17.6%.
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DEMOGRAPHIC SUMMARY
HOUSINGThe median housing value in Moreno Valley is $221,661 in 2015. In addition, there are 34,782 owner occupied housing units, and 19,161 are renter-occupied housing units. Asking prices and sale prices of housing were at their highest levels at the close of 2014 since the recession hit in 2008.
MULTI-FAMILY MARKETThere are 212 existing apartment properties in the Moreno Valley market with a total of 8,971 units. The average unit count in Moreno Valley is 42 units per apartment property. Moreno Valley’s multi-family vacancy rate at the close of Q1 2015 was 3.6%, which was the lowest point seen since Q2 2003. Over the last two years, studios have had the highest vacancy rate of all unit types, whereas three-bedroom units have had the lowest overall. The effective rent per unit and average asking rent per unit has also seen growth since the recession. At the close of 2014, the average asking rent per unit was $1065.05 while the effective rent per unit was $1055.52—both highs since the recession.
EMPLOYMENTThere are currently an estimated 33,518 employees in Moreno Valley, which is also known as the daytime population. Additionally, 53.1% of the daytime population is employed in white-collar occupations, 28.1% are employed in blue-collar occupations and 18.9% are employed in the service and farm industry. The top employers in Moreno Valley are March Air Reserve Base (8,600 employees), Moreno Valley Unified School District (3,442 employees), Riverside County Regional Medical Center (2,987 employees), Ross Dress For Less/DD’s Discounts (1,921 employees), the Moreno Valley Mall (1,390 employees), Amazon (1,200 employees) and Kaiser Permanente (944 employees).
DEVELOPMENTOne major Moreno Valley development recently was Amazon’s 1.25 million square foot fulfillment center, which completed construction and was occupied by the e-commerce retailer in 2014. The logistics center created approximately 1,200 new jobs for the city and was named NAIOP’s E-commerce Project of the Year. Procter & Gamble also moved into a newly built distribution center last year to bring another 850 jobs to city’s workforce.
AMENITIESMoreno Valley’s amenities include over 38 parks spanning approximately 531 acres, Lake Perris, medical facilities such as Riverside County Regional Medical Center, educational institutions such as Moreno Valley College, major retail centers such as Moreno Valley Mall, industrial distribution developments, and many social and cultural activities.
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DEMOGRAPHIC REPORT
13873 Elsworth St At 22499 Sherman Ave
1 mile radius
13873 Elsworth St At 22499 Sherman Ave
3 mile radius
13873 Elsworth St At 22499 Sherman Ave
5 mile radius
2015 Estimated Population 17,908 108,969 250,6352020 Projected Population 19,051 113,508 263,5832010 Census Population 16,730 104,685 237,7382000 Census Population 11,416 86,143 177,143
Growth 2010-2015 7.04% 4.09% 5.42%Growth 2015-2020 6.38% 4.17% 5.17%
2015 Estimated Median Age 27.73 29.49 30.972015 Estimated Average Age 29.87 32.14 33.54
2015 Estimated Households 4,663 30,165 69,2922020 Projected Households 4,952 31,534 72,6032010 Census Households 4,406 28,900 66,5512000 Census Households 3,142 24,385 51,289
Growth 2010-2015 5.83% 4.38% 4.12%Growth 2015-2020 6.19% 4.54% 4.78%
2015 Est. Average Household Size 3.75 3.61 3.59
2015 Est. Median Household Income $40,269 $44,677 $55,1632020 Prj. Median Household Income $40,963 $44,450 $54,6262000 Cen. Median Household Income $31,554 $43,163 $50,486
2015 Est. Average Household Income $51,667 $57,628 $70,1782015 Estimated Per Capita Income $13,454 $15,953 $19,402
2015 Estimated Housing Units 5,065 32,497 74,3512015 Estimated Occupied Units 4,663 30,165 69,2922015 Estimated Vacant Units 402 2,333 5,058
2015 Est. Owner Occupied Units 1,770 16,080 44,5882015 Est. Renter Occupied Units 2,893 14,085 24,704
2015 Est. Median Housing Value $203,025 $219,298 $255,9182015 Est. Average Housing Value $217,366 $256,334 $296,274
©2015 - CBRE. 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. Source: Claritas
Prepared On: 4/2/2015 7:31:26 PM Page 1 of 2
Demographic Report
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1. 13873 Elsworth St At 22499 Sherman Ave - 1 mile radius
2. 13873 Elsworth St At 22499 Sherman Ave - 3 mile radius
3. 13873 Elsworth St At 22499 Sherman Ave - 5 mile radius
-117.269964
-117.269964
-117.269964
33.919049
33.919049
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Location Longitude Latitude
©2015 - CBRE. 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. Source: Claritas
Prepared On: 4/2/2015 7:31:26 PM Page 2 of 2
Demographic Report
DEMOGRAPHIC RADIUS RING MAP
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ON MARKET COMPARABLES
ADDRESS22945 Bay Ave
Moreno Valley, CA 9255324426-42 Dracaea Ave
Moreno Valley, CA 92553
YEAR BUILT 2008 2007
SALES PRICE $9,800,000 $5,634,000
# OF UNITS 56 40
PRICE/UNIT $175,000 $140,850
GROSS SQ. FT. 56,858 36,000
AVG. GROSS SQ. FT./UNIT
1,015 900
PRICE/SQ. FT. $172 $157
CAP RATE 4.60% 4.80%
GRM 14.02 N/A
A B
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ON MARKET COMPARABLES MAP
SUBJECT PROPERTY
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SOLD COMPARABLES
AVERAGE
ADDRESS 27625 E Trail Ridge Way Moreno Valley, CA 92555
15700 Lasselle St Moreno Valley, CA 92551
23400 Hemlock Ave Moreno Valley, CA 92557
15100 Moreno Beach Dr Moreno Valley, CA 92555
24426 Eucalptus Ave Moreno Valley, CA 92553
YEAR BUILT 2007 2005 2005 2005 2008 2006
SALES PRICE $41,500,000 $45,000,000 $37,250,000 $23,750,000 $710,000 $29,642,000
# OF UNITS 246 304 360 176 5 218
PRICE/UNIT $168,699 $148,026 $103,472 $134,943 $142,000 $139,428
GROSS SQ. FT. 217,068 272,424 297,584 174,560 6,500 193,627
AVG. GROSS
SQ. FT./UNIT882 896 827 992 1,300 979
PRICE/SQ. FT. $191 $165 $125 $136 $109 $145
CAP RATE 5.47% 5.50% 5.40% 5.81% N/A 5.55%
GRM N/A 10.50 N/A 10.82 N/A 10.66
CLOSE OF
ESCROW01-16-15 11-26-14 10-29-14 04-22-13 01-16-13
UNIT MIX132 - 1BD/1BA 88 - 2BD/2BA 16 - 3BD/2BA
128 - 1BD/1BA 24 - 2BD/1BA 128 - 2BD/2BA 24 - 3BD/3BA
105 - 1BD/1BA 110 - 2BD/1BA 94 - 2BD/2BA 51 - 3BD/2BA
48 - 1BD/1BA 112 - 2BD/2BA 16 - 3BD/3BA
5 - 4BD/3BA
A B C D E
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SOLD COMPARABLES MAP
SUBJECT PROPERTY
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RENT COMPARABLES
AVERAGE
RANCHO BELAGO BROADSTONE OVERLOOK VILLAS AT MORENO VALLEY BAYWOOD VILLAS
ADDRESS27625 East Trail Ridge Way Moreno Valley, CA 92555
12963 Moreno Beach Dr Moreno Valley, CA 92555
13292 Lasselle St. Moreno Valley, CA 92553
22945 Bay Ave Moreno Valley, CA 92553
YEAR BUILT 2007 2007 2007 2007 2007
SUARE FEET 219,532 239,488 205,688 54,696 179,851
# OF UNITS 246 256 204 56 191
UNIT TYPE1BD/ 1BA | 1BD/1BA 2BD/2BA | 3BD/2BA
1BD/ 1BA | 2BD/2BA 2BD/2BA | 3BD/2BA
1BD/ 1BA | 1BD/1BA 2BD/2BA | 2BD/2BA 2BD/2BA | 2BD/2BA
1BD/1BA 2BD/2BA
1BD/ 1BA 2BD/2BA 3BD/2BA
UNIT SQ. FT.708 | 782
1,128 | 1,187741 | 1,078
1,105 | 1,398
815 | 890 1,028 | 1,090 1,085 | 1,130
831 1,035
795 1,085 1,923
RENT$1,170 | $1,230 $1,553 | $1,730
$1,230 | $1,460 $1,370 | $1,800
$950 | $1,163 $1,237 | $1,327 $1,129 | $1,233
$1,095 $1,295
$1,140 $1,326 $1,765
RENT/SQ. FT.$1.65 | $1.57 $1.38 | $1.46
$1.66 | $1.35 $1.24 | $1.29
$1.17 | $1.31 $1.20 | $1.22 $1.04 | $1.09
$1.32 $1.25
$1.45 $1.22 $1.38
NOTES
Common Area Amenities: Controlled Access, Fitness Center, Business Center, Clubhouse, Swimming Pool, Spa, Partial Covered Parking, Total Parking - 394 Spaces, Parking Type - Grade Level, Rental Office - Stand AloneApartment Interior Amenities: Washer/Dryer In All Units, Stacked Washer/Dryer Available In Select Units, Full Size Washer/Dryer Available In Select Units, Fireplaces In All Units, Above Standard Ceiling Height, Dual-Pane Glass, Microwave Ovens In All Units, High Speed Internet Access
Common Area Amenities: Controlled Access, Fitness Center, Business Center, Clubhouse, Swimming Pool, Spa, Full Covered Parking, Total Parking - 448 Spaces, Parking Type - Grade Level, Rental Office - Stand AloneApartment Interior Amenities: Washer/Dryer In All Unit, Stacked Washer/Dryer Available In Select Units, Full Size Washer/Dryer Available In Select Units, Fireplaces Available In Select Units, Above Standard Ceiling Height, Dual-Pane Glass, Microwave Ovens In All Units, High Speed Internet Access
Common Area Amenities: Controlled Access, Business Center, Clubhouse, Swimming Pool, Spa, Full, Covered Parking, Total Parking - 357 Spaces, Parking Type - Grade LevelApartment Interior Amenities: Washer/Dryer In All Units, Stacked Washer/Dryer Available In Select Units, Full Size Washer/Dryer Available In Select Units, Vaulted Ceilings, Above Standard Ceiling Height, Dual-Pane Glass, Microwave Ovens In All Units, High Speed Internet Access
Common Area Amenities: Controlled Access, Fitness Center, Business Center, Clubhouse, Swimming Pool, Spa, Full Covered Parking, Total Parking - 119 Spaces, Parking Type - Grade Level, Rental Office - Stand AloneApartment Interior Amenities: Washer/Dryer In All Units, Full Size Washer/Dryer In All Units, Vaulted Ceilings, Above Standard Ceiling Height, Dual-Pane Glass, Microwave Ovens In All Units, High Speed Internet Access
A B C D
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RENT COMPARABLES MAP
SUBJECT PROPERTY
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CITY OF MORENO VALLEY
Moreno Valley was incorporated as a General Law City on December 3, 1984, merging the communities of Moreno, Sunnymead and Edgemont. Spanning 51.5 square miles and with a 1,650 ft. elevation, Moreno Valley is located in the western portion of Riverside County, surrounded by Riverside, Perris, March Air Reserve Base, Lake Perris and the Badlands. Moreno Valley is among California’s growing cities and is the second most populous in Riverside County. Growth can be attributed to a range of quality housing options including high-end executive homes, affordable single-family homes and condominiums; a family-friendly lifestyle; good schools; impressive quality-of-life amenities; and growing job centers.
Moreno Valley is a progressive city with a bright future. While maintaining its friendly small-town attitude, the 50-square-mile community boasts big city amenities including contemporary retail destinations and neighborhood shopping centers, plus a multitude of options for entertainment, dining, cultural, and recreational experiences. The City is dedicated to fostering new business and well-managed growth to create a superb quality of life for residents and visitors to enjoy.
“People, Pride, Progress”
Lake Perris
(http://www.moreno-valley.ca.us/community/about.shtml) and (http://www.moval.org/icsc/pdf/mv-comprofile.pdf)18
AMENITIES
RECREATION
Moreno Valley offers its residents and visitors 531 acres of maintained parkland, two golf courses, miles of multi-use trails for biking, hiking, and horseback riding, recreational facilities, social and cultural activities, and over 8,000 acres of open space at Lake Perris, a paradise for boating, fishing, rock climbing, and camping, The City proudly sponsors more than 195 recreation classes and services for kids and adults. Seniors stay active with creative activities designed to maintain vitality. Moreno Valley cultivates the arts through enrichment programs from music and dance to painting and crafts. Blessed with a temperate climate, Moreno Valley’s average high is 76 degrees, and the average low is 49 degrees.
DINING, SHOPPING, AND ENTERTAINMENT
Moreno Valley is located within minutes of all that Southern California has to offer, including shopping, movie theaters, musical entertainment, and museums. From riding the Matterhorn at Disneyland to snowboarding in Big Bear, savoring the Temecula wine country to surfing Southern California swells, or from touring scenic desert canyons to experiencing LA’s Broadway theater, Moreno Valley provides a great place to live, work, shop and play. Moreno Valley Mall
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EDUCATION
PRIMARY AND SECONDARY EDUCATION
Moreno Valley’s primary and secondary education needs are fulfilled by the Moreno Valley Unified School District, the Val Verde Unified School District and challenging alternative schools that provide Moreno Valley students a wide variety of innovative programs. Moreno Valley Unified School District consists of 23 elementary schools, six middle schools, four comprehensive high schools, one charter school, one adult school, one continuation school, one community day school, one preschool head-start and one academic center for a total of 35,068 students enrolled. Val Verde Unified School District (includes Perris, Mead Valley and Moreno Valley) consists of one preschool, 13 elementary schools, four middle schools, three high schools and one continuation high school for a total of 20,500 students enrolled. Moreno Valley College has approximately 10,000 students enrolled.
UNIVERSITIES AND VOCATIONAL TRAINING FACILITIES
Moreno Valley residents benefit from access to the Inland Empire’s 27 excellent community colleges and world-class universities, including Moreno Valley College, with its close ties to local businesses. Professional and customized vocational programs offer Moreno Valley residents valuable, real-world job skills companies can use.
Moreno Valley College
UC Riverside20
JOB CREATION
To encourage large healthcare and logistics employment, the Moreno Valley Electric Utility discounts electric rates up to 20% for up to 18 years. Moreno Valley has attracted and developed several large employers and opportunities for development in a wide array of industries, including:
•Automotive: Moss Bros. Auto Group•Commercial/Retail: Burlington Coat Factory,
Costco, Home Depot, HomeGoods, JC Penney, Kohl’s, Lowe’s Home Improvement, Macy’s, Office Depot, Office Max, Sears, SuperTarget, TJ MAXX and Wal-Mart Super Center
•Hospitality: Ayres Hotel & Spa, Hampton Inn, Holiday Inn Express and LaQuinta Inn & Suites
•Hospitals/Medical: Kaiser Permanente, Riverside County Regional Medical Center (RCRMC), and a proposed medical corridor
•Industrial/Logistics: Aldi Inc., Amazon, Deckers Outdoor, Frazee Paint, Harbor Freight Tools, Harmon Kardon, iHerb, Minka Lighting, O’Reilly Automotive, Phillips Consumer Electronics, ResMed, Ross Dress for Less, Skechers USA, United Natural Foods, Inc. and Walgreens
•Manufacturing: BAS Recycling, Cardinal Glass, CIMC Reefer, Inc., Masonite Door Fabrication, Modular Metal Manufacturing, National Tube Supply, Serta Mattress, Supreme Truck Bodies, and Value Windows & Doors
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RECENT DEVELOPMENTS
PROPERTY NAME AND/OR LOCATION DESCRIPTION STATUSC
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99¢ Only Store | SEC of Frederick and Cottonwood 14,000 sq. ft. retail store. OPEN
Alessandro Plaza | East of Heacock on Alessandro 122,000 sq. ft. center anchored by 24hr Fitness. OPEN
Leslie's Fashions 1,350 sq. ft. women's apparel store.
Burger King | 24800 Sunnymead Remodel of vacant fast food restaurant. OPEN
Canyon Springs Plaza | North of SR60 on Day Community shopping center.
Hollywood Hall 9,500 sq. ft. event facility. OPEN
Hibachi Grill & Super Buffet 13,000 sq. ft. restaurant. OPEN
Elsworth Plaza | SWC of Alessandro and Elsworth A mixed-use retail / office/ restaurant center with three new buildings totaling 30,000 sq. ft.
Mr. Taco 1,200 sq. ft. pizza-to-go shop. OPEN
Flaming Grill Restaurant | 22420 Cactus Avenue OPEN
Food 4 Less Two retail centers are expanding.
NEC Perris and Hemlock Adding an on-site fuel station. OPEN
NWC Alessandro and Indian Adding a fuel station across the street (at NEC). OPEN
Ironwood Plaza | NWC of Ironwood and Heacock Neighborhood shopping center.
99¢ Only Store OPEN
Bank of America drive up ATM kiosk OPEN
Lakeshore Village Marketplace | Sunnymead Ranch Pkwy 140,000 sq. ft. center.
Grocery Anchor and Retail Space AVAILABLE
Armando’s Mexican Food 1,800 sq. ft. OPEN
Lakeside Plaza | NWC of Lasselle and Iris Neighborhood shopping center anchored by Stater Bros.
Ranchitos Taco al Carbon OPEN
The Pizza Factory OPEN
Lakeside Terrace | NEC of Lasselle and Iris Neighborhood shopping center anchored by Dollar Tree, CVS Pharmacy, and Chase Bank.
Marcos Pizza 1,700 sq. ft. pizza restaurant. OPEN
Moreno Beach Plaza 368,000 sq. ft. shopping center anchored by Walmart Super Center, LA Fitness, and includes Payless Shoes, Schools First Credit Union, and US Bank.
Auto Zone 7,600 sq. ft. auto supplies. OPEN
Sprint 3,000 sq. ft. cellular equipment and accessories store. OPEN
Moreno Valley Auto Mall Dealership renovations/expansions. COMPLETE & OPEN
Moreno Valley Mall Several new retailers now open at the 1.1 million sq. ft. mall.
Crunch Gym 20,000 sq. ft. gym. OPEN
http://www.moval.org/icsc/pdf/newdev-sum.pdf22
RECENT DEVELOPMENTS (continued)
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El Paso Food court. OPEN
Image 10,000 sq. ft. apparel store. OPEN
Tilly’s 7,129 sq. ft., 2nd Floor. OPEN
Moreno Valley Plaza | SWC of Sunnymead and Heacock 341,000 sq. ft. commercial shopping center anchored by Office Depot, Superior Warehouse, Big Lots, Harbor Freight Tools, and CitiTrends.
Restaurant Space 4,600 sq. ft. restaurant. AVAILABLE
Namaste Trading 1,500 sq. ft. women's apparel store. OPEN
Pigeon Pass Plaza | NWC of Ironwood and Pigeon Pass Center anchored by the “BlueRibbon” Stater Bros Market. OPEN
Plaza Del Sol | NEC of Alessandro and Frederick Plaza Del Sol: 56,000 sq. ft. center at the NEC of Alessandro and Frederick.
Caliente Restaurant OPEN
Restaurant Space 9,000 sq. ft. restaurant. AVAILABLE
Stoneridge Towne Centre |SEC of SR60 and Nason. 579,000 sq. ft. commercial center anchored by Super Target, Dress Barn, Kohl's. Includes Chili's restaurant, US Bank, Visterra Credit Union, and Wachovia Bank.
Restaurant Space 5,700 sq. ft. restaurant. AVAILABLE
China One Kitchen 1,600 sq. ft. OPEN
Hear USA 1,000 sq. ft. hearing aid center. OPEN
Kirkland’s Home Décor OPEN
Taco Bell 2,562 sq. ft. Mexican restaurant. OPEN
TownGate Crossing | SEC of Day St. and SR60. 250,000 sq. ft. shopping center expansion anchored by Anna's Linens, Lowe's, Sports Authority & 99¢ Only Store, Buffalo Wild Wings, and Panera Bread.
Pizza Five85 2,536 sq. ft. pizzeria. OPEN
TownGate Promenade | SEC of Day and Campus 353,000 sq. ft. shopping center anchored by Costco, Ayres Hotel & Spa and Hampton Inn. Tenants include Applebee's, Mimi's Café, Panda Express, Bakers Drive-Thru.
24-Hour Fitness Super Sport Club. OPEN
TownGate Square | SEC of Gateway and Day A mixed-use development anchored by WinCo Foods with 136,000 sq. ft. of retail / restaurant including Portillo's, plus 170,000 sq. ft. of approved office.
Miguel's Jr. Restaurant 2,800 sq. ft. fast-casual restaurant, with drive-thru. OPEN
MED
ICA
L/O
FFIC
E
Integrated Care Communities | Brodiaea west side of Nason 99-bed skilled care nursing facility in 44,000 sq. ft. OPEN
Moreno Valley Professional Center | Alessandro east of Elsworth 84,000 sq. ft. in 4 office buildings. AVAILABLE
Renaissance Village of Moreno Valley | SWC of Moreno Beach and Brodiaea
A proposed 140-bed senior assisted living facility for a total of 98,000 sq. ft. on 7.33 acres. OPEN
23
IND
UST
RIA
LCentrepointe Industrial Area An industrially-zoned specific plan area with existing facilities for BAS Recycling, CIMC,
Frazee Paint, Minka Lighting, National Tube Supply, Porvene Doors, ResMed, Serta Mattress, Supreme Truck Bodies, United Natural Foods Inc., and US Post Office.
Centerpointe Business Park | Between Alessandro, Frederick, Cactus, and Heacock.
Ridge Property Trust is developing more than 2.66 million sq. ft. in 12 buildings (includes Minka Lighting, ResMed, Serta Mattress, Frazee Paint and U.S. Postal Service Distribution Center).
Harbor Freight Tools | NWC of Cactus and Graham Occupies a 779,000 sq. ft. distribution center, 508,000 sq. ft.expansion. COMPLETE
Concourse at Centerpointe | NWC of Cactus and Frederick Liberty Mutual’s 523,000 sq. ft. facility has been leased to Federal-Mogul, a supplier of automotive parts.
LEASED
Robertson’s Ready-Mix | Old 215 Frontage south of Alessandro
Concrete batch plant. RELOCATED AND OPEN
Moreno Valley Industrial Area An industrially-zoned specific plan area with existing facilities for Cardinal Glass, Harman Kardon, iHerb, Lowe’s Home Improvement, Masonite International, Modular Metal Manufacturers, O’Reilly Auto Parts, Phillips Electronics, Ross Dress for Less, Walgreens, Amazon, and Procter & Gamble.
Amazon | NEC of Heacock and San Michele Amazon’s Moreno Valley Fulfillment Center in two buildings developed by Trammell Crow totaling 1.25 million sq. ft.
OPEN
First Industrial Realty Trust
First Inland Logistics Center 692,000 sq. ft. leased and occupied by Harbor Freight Tools. OPEN
IDS / Real Estate Group - Nandina Distribution Center | NWC of Nandina and Indian
Two buildings total 1.47 million sq. ft.
Building B 769,000 sq. ft. will be used as a receiving point for Amazon’s warehouses in California and Arizona.
LEASED
Minka Lighting |North of San Michele and East of Indian 356,000 sq. ft. distribution center on 15.84 acres. OCCUPIED
Procter & Gamble | SWC of Indian and Iris 1.5 million sq. ft. developed by Panattoni Development Company the Inland Empire Global Logistics Center.
OCCUPIED
RECENT DEVELOPMENTS (continued)
24
UPCOMING DEVELOPMENTS
PROPERTY NAME AND/OR LOCATION DESCRIPTION STATUS
CO
MM
ERC
IAL/
RET
AIL
Alessandro and Lasselle Proposed 140,000 sq. ft. center at the NEC, anchored by a 95,000 sq. ft. WinCo Foods . APPROVED / PROJECT ON HOLD
Bear Valley Plaza | NEC of Alessandro and Perris Neighborhood shopping center.
Smart & Final 25,000 sq. ft. IN PLAN CHECK
Canyon Springs Plaza| North of SR60 on Day Community shopping center.
Club Status 11,000 sq. ft. nightclub with live entertainment.TENANT
IMPROVEMENTS UNDERWAY
Aerosports Trampoline Park 34,500 sq. ft. indoor trampoline park.TENANT
IMPROVEMENTS UNDERWAY
Moreno Marketplace | NWC of Moreno Beach and Cactus
Anchored by Stater Bros and Wells Fargo Bank, and includes Jack-in-the-Box and Rancho Belago Dance Studio.
Jersey Mikes 1,250 sq. ft.TENANT
IMPROVEMENTS UNDERWAY
Moreno Valley Mall Several new retailers now open at the 1.1 million sq. ft. mall.
Potato Corner
Moreno Valley Plaza | SWC of Sunnymead and Heacock 341,000 sq. ft. commercial shopping center anchored by Office Depot, Superior Warehouse, Big Lots, Harbor Freight Tools, and CitiTrends.
Big Fish MarketTENANT
IMPROVEMENTS UNDERWAY
O'Reilly Automotive | SWC of JFK and Perris 7,500 sq. ft. retail store. IN PLAN CHECK
O'Reilly Automotive |North Side of Sunnymead Between Olivewood Plaza and Graham 7,500 sq. ft. retail store. UNDER CONSTRUCTION
Rancho Belago Plaza| SWC of JFK and Moreno Beach Retail center with two new buildings and a total of 14,000 sq. ft. APPROVED
TownGate Promenade| SEC of Day and Campus 353,000 sq. ft. shopping center anchored by Costco, Ayres Hotel & Spa and Hampton Inn. Tenants include Applebee’s, Mimi’s Café, Panda Express, Bakers Drive-Thru.
Rivals Sports Bar & Grill IN PLAN CHECK
Aldi Market 20,300 sq. ft. grocery market. IN PLAN CHECK
Walmart | SWC Perris and Gentian Proposed 193,000 sq. ft. includes a gas station or a fast food restaurant and retail shop. EIR UNDERWAY
Yum Yum Donut Shop | NWC of Day and Alessandro Proposed 4,351 sq. ft. donut shop and convenience store. IN PLANNING
25
HO
TEL/
HO
SPIT
ALI
TY Cactus and Elsworth Proposed four-story Hawthorn Inn & Suites with 79-guest rooms. APPROVED
Olivewood Plaza Proposed three-story Sleep Inn Suites with 66 guest rooms. APPROVED
MED
ICA
L/O
FFIC
E
Fresenius Medical Care| NWC of Iris and Oliver 12,000 sq. ft. one-story dialysis center. UNDER CONSTRUCTION
Olivewood Plaza | North of Sunnymead and West of Graham 23,000 sq. ft. three-story office building on 1.10 acres. APPROVED
Riverside County Office Building | SWC of Heacock and Webster A 52,000 sq. ft. office building. IN PLANNING
IND
UST
RIA
L
Centrepointe Industrial Area An industrially-zoned specific plan area with existing facilities for BAS Recycling, CIMC, Frazee Paint, Minka Lighting, National Tube Supply, Porvene Doors, ResMed, Serta Mattress, Supreme Truck Bodies, United Natural Foods Inc., and US Post Office.
Gateway Business Park | South of Alessandro and West of Day 34 industrial condos between 5,000 and 10,000 sq. ft., (total of 184,000 sq. ft.). APPROVED
Centerpointe Business Park | Between Alessandro, Frederick, Cactus, and Heacock
Ridge Property Trust is developing more than 2.66 million sq. ft. in 12 buildings (includes Minka Lighting, ResMed, Serta Mattress, Frazee Paint and U.S. Postal Service Distribution Center).
Distribution Facility | NWC of Brodiaea and Graham 602,000 sq. ft. facility. APPROVED
Shaw Development| SWC Veterans and Newhope 367,000 sq. ft. distribution facility. UNDER CONSTRUCTION
Moreno Valley Industrial Area An industrially-zoned specific plan area with existing facilities for Cardinal Glass, Harman Kardon, iHerb, Lowe’s Home Improvement, Masonite International, Modular Metal Manufacturers, O’Reilly Auto Parts, Phillips Electronics, Ross Dress for Less, Walgreens, Amazon, and Procter & Gamble.
Deckers Outdoor | Oleander Storm Channel between Indian and Perris
Vogel Engineers Inc. and Sares-Regis are developing a 1.6 million sq. ft. distribution facility on 71.15 acres. Phase I consists of 800,000 sq. ft. UNDER CONSTRUCTION
First Industrial Realty Trust
First 36 Logistics| Perris and the Storm Channel 569,000 sq. ft. industrial complex warehouse facilities. UNDER CONSTRUCTION
Distribution Facility | North Side of Nandina and West of Perris 400,000 sq. ft. entitled and approved distribution facility in two buildings. APPROVED
First Nandina Logistic Center Realty Trust | SWC of Indian and Nandina 1.45 million sq. ft. distribution center on 72.9 acres. EIR UNDERWAY
IDS / Real Estate Group - Nandina Distribution Center | NWC of Nandina and Indian Two buildings totaling 1.47 million sq. ft.
Building A 697,000 sq. ft. APPROVED
Modular Logistics Center | NEC of Perris and Modular Proposed 1.1 million sq. ft. distribution facility on approximately 50.84 acres. EIR UNDERWAY
Rados | NEC of Heacock and Iris Seven building project consisting of 6 buildings ranging from 23,000 to 49,000 sq. ft. and a 410,000 sq. ft. distribution center. APPROVED
Western Realco - March Business Center | SEC of Iris and Heacock Four distribution buildings totaling 1.48 million sq. ft. IN PLAN CHECK
UPCOMING DEVELOPMENTS (continued)
26
IND
UST
RIA
LSR - 60 CORRIDOR
Aldi Foods - Regional Headquarters and Distribution Center | South Side of SR60 Between Quincy and Redlands
825,480 sq. ft. building. UNDER CONSTRUCTION
Prologis Eucalyptus Industrial Park | South Side of SR-60 Between Pettit and Quincy 1.5 million sq. ft. proposed in four buildings ranging from 160,000 to 862,000 sq. ft. APPROVED
World Logistics Center | South of SR-60 and East of Redlands Proposed specific plan master planned 41 million sq. ft. corporate park on 2,800 acres. EIR UNDER REVIEW
SIN
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MIL
Y H
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G Moreno Beach and Bay 56 Units by Frontier Homes UNDER CONSTRUCTION
Ironwood, East of Lasselle 24 Units by GFR UNDER CONSTRUCTION
Alessandro, West of Lasselle 54 Units by Ralph Liu IN PROCESS
Eucalyptus, West on Indian 8 Units by Habitat for Humanity UNDER CONSTRUCTION
North of Ironwood, West of Indian 8 Units by Right Solutions, LLC IN PROCESS
Cactus and Perris 127 Units by Nova Homes IN PROCESS
Bay, East of Laselle 72 Units by DR Horton UNDER CONSTRUCTION
Fir, West of Nason 98 Units by RSI UNDER CONSTRUCTION
South of Iris, East of Nason 299 Units by MVR Properties, LLC UNDER CONSTRUCTION
MU
LTI-
FAM
ILY
HO
USI
NG
Cottonwood, East of Perris 72 Units by Frontier Communities IN PROCESS
North of the 60 FWY, East of Heacock 22 Units by Tilak Chopra IN PROCESS
Lasselle, North of Cactus 220 Units by MV Bella Vista GP, LLC IN PROCESS
Eucalyptus, West of Day 112 Units by Latco SC, Inc IN PROCESS
Moreno Beach and Brodiaea 138 Units by Renaissance Village Assisted Living UNDER CONSTRUCTION
Brodiaea, West of Nason 99 Units by Integrated Care Communities UNDER CONSTRUCTION
UPCOMING DEVELOPMENTS (continued)
Monte De Oro Winery27
DEVELOPMENT PROJECTS MAP
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1,450,000 Sq Ft Logistics Facility
Under Review
1,109,378 Sq FtLogistics Facility EIR in Progress
South MV WalmartEIR in Progress
Food 4 LessNew Gas Station
Food 4 LessNew Gas Station
52,000 sq ftCounty Office Building
Under Review
2,244,419 sq ftin 6 Logistics Facilities
Under Review
Miguel's Jr
LA FitnessAutoZone
Urgent Care
Auto Dealer Renovations/Expansions
Federal Mogul522,772 sq ft
Amazon Inbound Dock769,320 sq ft
MetroLink StationUnder Construction
Fresenius Medical Care12,000 sq ft Dialysis Center
Under Construction
Riverside County RegionalMedical Center Expansion
University of California Administration159,000 sq ft
Kaiser Permanente Medical Offices
55,000 sq ft
8
7
9
Minka GroupRelocation
354,810 sq ft
Harbor Freight ToolsExpansion to 1,280,446 sq ft
Aldi, Inc800,430 sq ft
First 36 Logistics555,670 sq ft
Procter & Gamble1,500,000 sq ft
Deckers Outdoor Corp800,000 sq ft
Amazon Fulfillment Center1,250,000 sq ft
24-Hour FitnessNew - Under Construction
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§̈¦215
City of Moreno ValleyDevelopment Projects 2014
¯
The information shown on this map was compiled from the Riverside County GIS and the City of Moreno Valley GIS. The land base and facility information on this map is for display purposes only and should not be relied upon withoutindependent verification as to its accuracy. Riverside County andCity of Moreno Valley will not be held responsible for any claims, losses or damages resulting from the use of this map.
Map Produced by Moreno ValleyGeographic Information SystemGeographic Information in:State Plane NAD 83 California Zone 6 FeetG:\ArcMap\EDD\ConstructionProjects2014_August.mxdSeptember 22, 2014
Development Category
Other - New Industrial Projects
New Office Projects"
New Commercial Projects
Leased- New Industrial Projects"
"
"
COTTONWOOD AVE
EUCALYPTUS AVE
HEMLOCK AVE
Commercial Shopping Centers
Meridian Meridian Business Business
ParkPark
Number Applicant Project Number Number of Units Status1 Frontier Communities 34544 72 In Process2 Tilak Chopra PA14-0027 22 In Process3 MV Bella Vista GP, LLC PA14-0028 220 In Process4 Latco SC, Inc PA14-0042 112 In Process5 Renaissance Village Assisted Living P12-077 138 Under Construction6 Integrated Care Communities PA99-0024 99 Under Construction
Multi-Family Housingm
Number Applicant Project Number Number of Units Status1 Frontier Homes 31618 56 Under Construction2 GFR 31789 24 Under Construction3 Ralph Liu 35429 54 In Process4 Habitat for Humanity 36598 8 Under Construction5 Right Solutions, LLC 36761 8 In Process6 Nova Homes 36708 127 In Process7 DR Horton 32505 72 Under Construction8 RSI 27251 98 Under Construction9 MVR Properties, LLC 29920 299 Under Construction
× Single Family Housing
28
TRAFFIC COUNT MAP
39,852 CPD
122,852 CPD
23,192 CPD
25,025 CPD
9,105 CPD
SUBJECT PROPERTY
135,373 CPD
29
RIVERSIDE COUNTY MAP
SUBJECT PROPERTY
30
F O R M O R E I N F O R M AT I O N C O N TA C T:
ERIC CHENLic.01489184T +1 909 418 [email protected]
ED MATEVOSIANLic. 01358783 T +1 818 502 [email protected]
JOYCE GOLDSTEINLic. 01903737T +1 818 502 6700 [email protected]