Offering Memorandum EAGLE PROMENADE€¦ · EAGLE PROMENADE | OFFERING MEMORANDUM COLLIERS...

Offering Memorandum

EAGLE PROMENADE2976 E STATE STREET | EAGLE, ID 83616

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2015. All rights reserved

LEW GOLDMAN208 472 [email protected]

COLLIERS INTERNATIONAL P. 2EAGLE PROMENADE | OFFERING MEMORANDUM

PROPERTY OVERVIEWAddress 2976 E State Street Eagle, ID 83616

Year Built 2005

Size 7,289 SF

Land Size .56 Acres

Anchor Winco Foods, Petco & Home Depot

Occupancy 86%

Lease Type NNN

Price $1,730,945.00 | $237.50 psf

NOI $108.184.08

Cap Rate 6.25% on projected NOI

Rent Guarantee Seller will guarantee rent on the vacancy for 6 months following the close of escrow

This investment offers an opportunity to acquire an established multi-tenant retail center located directly on State Street in Eagle, ID. Eagle is an upscale market which neighbors Boise. Eagle has strong demographics and has experienced incredible growth, it is one the most desirable places to live in the state of Idaho. Eagle Promenade is anchored by Home Depot, Petco and a high volume Winco Foods grocery store.

Eagle Promenade is the dominate shopping center in the direct periphery, it is a dynamic experience for the consumer with a multitude of offerings. This center has room for upside based on below market rates. Due to the velocity of activity in the greater Boise area and the core anchors in place there is no question the buyer of this property will realize significant gains short term. This is a low maintenance stabilized shopping center that is perfect for a passive or opportunistic landlord.


TENANT INFORMATIONTenant Name Taco Del Mar VACANT Postal Annex T-Mobile Diamond Nials Vapor Lounge Totals / Average

Suite # 100 110 120 130 140 150

Square Feet 1,514 1,016 1,242 1,242 1,087 1,190 7,291

% of GLA 20.77% 13.93% 17.03% 17.03% 14.91% 16.32% 100.00%

Date of Occupancy 4/23/2005 TBD 4/23/2005 06/05/17 11/1/2014 12/30/2016

Last Renewal Date 3/1/2017 TBD 11/18/2014 04/01/17 8/16/2014 12/15/2016

Lease Expiration Date 3/1/2022 TBD 12/31/2019 06/05/22 1/31/2020 12/30/2021

Security Deposit $0.00 TBD $2,187.50 $0.00 $1,750.00 $1,586.67 $5,524.17

Lease Type NNN NNN NNN NNN NNN NNN

Current Rent Sq Ft / Yr $16.00 $14.00 $13.50 $15.25 $15.25 $13.79 $92.79

Current Monthly Rent $2,018.67 $1,185.33 $1,397.00 $1,578.38 $1,249.30 $1,586.67 $9,438.67

Annual Rent Increase $0.50 / SF $0.50 / SF $0.50 / SF 2.00% 3.00% 2.50% $0.08

NNN Share 20.77% 13.93% 17.03% 17.03% 14.91% 16.32%

Current NNN / Month $656.02 $441.37 $539.55 $539.55 $472.21 $516.96 $3,167.36

Current NNN / Year $7,872.24 $5,282.82 $6,457.94 $6,457.94 $5,652.00 $6,187.56 $37,910.50

Total Monthly Charges $2,676.38 $2,050.03 $1,936.55 $2,117.93 $1,721.51 $2,103.63 $13,047.40


PROPERTY AERIAL

COLLIERS INTERNATIONAL P. 5EAGLE PROMENADE | OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4EAGLE PROMENADE | OFFERING MEMORANDUM

PROPERTY AERIAL

SITE


KEY tenant profile

The TACO DEL MAR® menu offers a fast, fun and delicious alternative to traditional Mexican food. We feature large, hand-rolled burritos and rippin’ fish tacos made to order just the way you want them. The service is fast, the people are enthusiastic, and the restaurants are inspired by beach culture. So grab your surfboard and let’s head out to grab the next wave together!

The mission of Annex Brands, Inc., is to develop a global network of retail and commercially-located franchised establishments to provide complete shipping and business-services solutions for consumers and business alike. We accomplish this by offering transportation services from moving vans to freight shipping via air, land and sea. In addition, we also offer small package and document shipping via a choice of UPS, FedEx and USPS. We also serve the consumer and small-office, home-office user with a variety of business services.

At Diamond Nails, we focus on the art of a quality manicure and pedicure with the products that you can trust. We specialized in hard gel glitters, soak-off gel, shellac, pink & white acrylic and gel overlay.

At AT&T, we’re bringing it all together. We’re helping people connect with advanced mobile services, next-generation TV, high-speed Internet services and smart solutions for businesses. Fast, highly secure and mobile connectivity – to everything on the Internet, everywhere, at every moment and on every device – is what drives us at AT&T.

TENANT PROFILE


KEY tenant profile

The TACO DEL MAR® menu offers a fast, fun and delicious alternative to traditional Mexican food. We feature large, hand-rolled burritos and rippin’ fish tacos made to order just the way you want them. The service is fast, the people are enthusiastic, and the restaurants are inspired by beach culture. So grab your surfboard and let’s head out to grab the next wave together!

The mission of Annex Brands, Inc., is to develop a global network of retail and commercially-located franchised establishments to provide complete shipping and business-services solutions for consumers and business alike. We accomplish this by offering transportation services from moving vans to freight shipping via air, land and sea. We offer small package and document shipping via a choice of UPS, FedEx and USPS and offer a variety of business services for small and home businesses.

At Diamond Nails, we focus on the art of a quality manicure and pedicure with the products that you can trust. We specialized in hard gel glitters, soak-off gel, shellac, pink & white acrylic and gel overlay.

TENANT PROFILE

T-Mobile US provides wireless voice, messaging, and data services under the T-Mobile, MetroPCS and GoSmart Mobile brands. The company operates the third largest wireless network in the U.S. market with over 65.5 million customers and annual revenues of $32 billion. Its nationwide network reaches 98 percent of Americans and is ranked highest among major wireless carriers for retail-store satisfaction four years consecutively and highest for wireless customer care two years consecutively.

Vapor Lounge® is a locally owned company in the Pacific Northwest with seven retail outlets as of 2017. Each of our Vapor Lounge® stores has all of the latest electronic cigarettes and e-liquid refills at the best prices you will find online or anywhere else. We only offer products of the highest quality, and customer satisfaction is our top priority. Come on in and visit us at one of our seven area locations today. We love seeing our customers!


1 Mile 3 Miles 5 Miles

POPULATION

2015 Estimated Population 4,342 49,830 138,161

2020 Projected Population 4,630 53,089 147,031

2010 Census Population 3,964 46,098 126,654


Projected Annual Growth 2015 -2020 1.3% 1.3% 1.3%

Historical Annual Growth 2000-2015 4.0% 2.2% 2.5%

2015 Median Age 43.6 41.5 38.6

HOUSEHOLD

2015 Estimated Households 1,744 19,273 53,179

2020 Projected Households 1,908 21,055 58,024

2010 Census Households 1,545 17,400 47,724


Projected Annual Growth 2015 to 2020 1.9% 1.8% 1.8%

Historical Annual Growth 2000 to 2015 4.4% 3.0% 3.0%

INCOME

2015 Estimated Average Household Income $84,675 $86,010 $78,719

2015 Estimated Median Household Income $62,327 $67,754 $63,646

2015 Estimated Per Capita Income $34,010 $33,305 $30,339

EDUCATION (AGE 25+)

2015 Estimated Elementary (Grade Level 0 to 8) 1.2% 1.1% 1.5%

2015 Estimated Some High School (Grade Level 9 to 11)

3.2% 2.9% 3.9%

2015 Estimated High School Graduate 16.8% 17.3% 20.7%

2015 Estimated Some College 23.5% 25.8% 26.5%

2015 Estimated Associates Degree Only 9.0% 8.9% 8.8%

2015 Estimated Bachelors Degree Only 27.1% 29.1% 25.5%

2015 Estimated Graduate Degree 19.2% 14.9% 13.1%

DEMOGRAPHICS


1 Mile 3 Miles 5 Miles

POPULATION

2017 Estimated Population 4,639 51,669 142,384

2022 Projected Population 5,031 55,954 154,400





2017 Est. Median Age 42.5 41.1 38.9

HOUSEHOLD

2017 Estimated Households 1,868 19,940 54,438

2022 Projected Households 2,050 21,885 59,773





INCOME

2017 Est. Average Household Income $92,996 $89,988 $83,364

2017 Est. Median Household Income $72,909 $73,420 $69,021

2017 Est. Per Capita Income $37,440 $34,766 $31,912

MISC.

2017 Est. HH Income $100,000 and abpve 34.7% 33.6% 29.5%

2010 Median Home Value $253,668 $248,867 $231,512

2010 Median Rent $776 $895 $833

2017 Est. Labor Population Age 16 Years or Over 3,732 40,857 111,761

2017 Est. Bachelor Degree Only 24.6% 29.9% 26.2%

2017 Est. Graduate Degree 19.4% 14.2% 12.6%

2017 Est. Total Household Expenditure $126 M $1.31 B $3.37 B

DEMOGRAPHICS


EAGLE, IDAHOLying just eight miles west of Boise, Eagle has all the modern shopping amenities and services of a large metropolitan city at its disposal. However, Eagle itself touts a quieter landscape, where tree lined streets and modest, historic architecture tell tales of simpler times. Downtown, buildings dating back to the early 1900’s enjoy reemergence as a destination and gathering place for residents – an anti-dote for the strip malls and modern retail centers in nearby suburban cities. Landmarks such as the town’s first bank (now home to a locally owned – and neighborhood favorite – Italian restaurant) and a saloon era building, originally called “Orville Jackson’s” drugstore, serve as daily reminders of this grass-roots community’s early western beginnings.

Eagle has art galleries, wineries, a museum and a library. It even has a seasonal Farmer’s Market where locals gather to share their produce, crafts and one another’s company. However, what makes Eagle uniquely different is the city’s

atmosphere, where genuine friendliness is evident. In addition, Ada County (commonly referred to as the “Treasure Valley”) has repeatedly been recognized in many top 10 lists including “Best Places to Live”, “Best State for Business”, “Best Place to Invest in Housing” and “Best State for Expected Job Growth” as reported by CNN, Forbes and Sunset Magazine. Eagle is one of the most desirable communities in the highly-regarded Treasure Valley.

The south channel of the Boise River stretches the length of the city, bringing wildlife, lush trees and breathtaking views along with it. Twenty-three miles of greenbelt paths follow the river, connecting Eagle and Boise, attracting pedestrians and bicyclists year-round. To the north, the foothills provide a picture-perfect backdrop and host miles of intricate trails for mountain bikers, equestrians and hikers. Recreation of all types, including fishing, camping and skiing are literally right outside the front door.

BOISE METRO AREA NATIONAL RECOGNITION

#1 State for Job GrowthMay 2015 | Governing.com

#2 Best City to Move to in 2015 March 2015 | Simplemovinglabor.com

#1 City “Where the jobs will be this Spring” March 2015 | Forbes

Best Under-the-Radar Destinations of 2015 Nov. 2014 | Huffington Post

#1 Lowest Cost of Doing Business in the Pacific U.S. 2014 | KMPG’s Competitive Alternatives

#10 Best Place to Invest in Housing2014 | Forbes

Top 10 Best Places to LiveSept. 2014 | Livability.com

Top 10 Best Cities for Active Families2014 | Outside Magazine

AREA OVERVIEW

Phoenix

Salt Lake City

Las Vegas

San Francisco

Portland

Seattle

BOISE

1 84

84

18455

55

9Caldwell Star

Emmett

Eagle

MeridianBoise

Garden City

Mountain Home*

Nampa 21

Horseshoe Bend

Kuna

*Note: 40 miles from Boise to Mountain HomeSourse: Boise Valley Economic Partnership


EAGLE, IDAHO

Lying just eight miles west of Boise, Eagle has all the modern shopping amenities and services of a large metropolitan city at its disposal. However, Eagle itself touts a quieter landscape, where tree lined streets and modest, historic architecture tell tales of simpler times. Downtown, buildings dating back to the early 1900’s enjoy reemergence as a destination and gathering place for residents – an anti-dote for the strip malls and modern retail centers in nearby suburban cities. Landmarks such as the town’s first bank (now home to a locally owned – and neighborhood favorite – Italian restaurant) and a saloon era building, originally called “Orville Jackson’s” drugstore, serve as daily reminders of this grass-roots community’s early western beginnings.

Eagle has art galleries, wineries, a museum and a library. It even has a seasonal Farmer’s Market where locals gather to share their produce, crafts and one another’s company. However, what makes Eagle uniquely different is the city’s atmosphere, where genuine friendliness is evident. In addition, Ada County (commonly referred to as the “Treasure Valley”) has repeatedly been recognized in many top 10 lists including “Best Places to Live”, “Best State for Business”, “Best Place to Invest in Housing” and “Best State for Expected Job Growth” as reported by CNN, Forbes and Sunset Magazine. Eagle is one of the most desirable communities in the highly-regarded Treasure Valley.

The south channel of the Boise River stretches the length of the city, bringing wildlife, lush trees and breathtaking views along with it. Twenty-three miles of greenbelt paths follow the river, connecting Eagle and Boise, attracting pedestrians and bicyclists year-round. To the north, the foothills provide a picture-perfect backdrop and host miles of intricate trails for mountain bikers, equestrians and hikers. Recreation of all types, including fishing, camping and skiing are literally right outside the front door.

AREA OVERVIEW

Sourse: Boise Valley Economic Partnership

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