OFFERING MEMORANDUM FIESTA MERCADO SHOPPING CENTER · City, State 3/25/2020 7 1 9,932 SF 15 AMERI-...
Transcript of OFFERING MEMORANDUM FIESTA MERCADO SHOPPING CENTER · City, State 3/25/2020 7 1 9,932 SF 15 AMERI-...
WE ARE
THE CENTER
OF RETAIL
OFFERING MEMORANDUM
FIESTA MERCADO SHOPPING CENTER
NWC Interstate 10 & 6th Avenue | Tucson, Arizona 85713
PICOR Commercial Real Estate Services
5151 E. Broadway Blvd, Suite 115
Tucson, Arizona 85711
phone: +1 520 748 7100
picor.com
For more information, please contact:
Aaron LaPrise / Retail Properties, Principal / [email protected] / +1 520 546 2770
Greg Furrier / Retail Properties, Principal / [email protected] / +1 520 546 2735
City, State
23/25/2020
Investment Highlights
• Tenant occupancy is 82%.
• Fiesta Mercado is currently divided into nineteen retail tenant spaces.
• Anchored by Food City by Bashas’ who has operated successfully at this location since 1999.
• Diverse and market-relevant tenant mix at easily replaceable rental rates.
• Located in an opportunity zone and dense urban area of Tucson.
• Quality construction, flexible design elements.
• Stable cash flow, grocery anchored neighborhood center.
• Staggered lease terms with national and regional retailer mix.
• Substantial returns with the ability to increase cash flow through additional lease-up.
• Strong tenant mix including retailers such as: Food City, Rent-A-Center, TitleMax, Little Caesars, Jackson Hewitt and Wingstop.
DESCRIPTION
2
City, State
33/25/2020
PROPERTY INFORMATION
Location
2802-2990 S. 6th Ave. Northwest
corner at I-10 & 6th Ave, Tucson,
AZ 85713.
Building Size
82,567 SF shopping center
including anchor and three shop
buildings.
Parcel
Fiesta Plaza is 8.83 acres of land.
Pima County Tax Assessor’s
parcel number 119-02-123F.
Access
Ingress and egress to the
property is exceptional with
primary entry points at traffic
signal on 6th Ave.
Condition
Excellent. This is well maintained
and in excellent overall condition
property.
Zoning
The property is zoned SB-2A
(City of South Tucson) allowing
for a broad range of commercial
uses including retail, automotive
and office.
Parking
238 Stalls
Age
The building was built 2000 &
2005.
Professional Management
The shopping center is managed
by professional 3rd party
management company.
City, State
43/25/2020
Available Suites Size (SF)
2930 #90 1,200
2960 #140 1,082
2970 #110 1,400
2980 #130 1,100
2940 9,932
Suite Tenant Size (SF)Current
NNN Rent
Monthly
NNN Rent
Annual
NNN Rent
2930 #100 Rent-A Center 5,000 $14.40 $6,000.00 $72,000.00
2930 #70Amerigroup
Texas, Inc2,400 $18.00 $3,600.00 $43,200.00
2950 Basha’s 47,835 $8.28 $32,886.56 $394,638.72
2960 #110 Casa Lee 2,800 $15.48 $3,605.00 $43,260.00
2960 #120TitleMax of
Arizona 1,176 $20.16 $1,980.00 $23,760.00
2960 #130 Jackson Hewitt 1,133 $21.72 $2,045.35 $24,544.20
2960 #150The Primavera
Foundation409 $11.28 $386.25 $4,635.00
2970 #120The Primavera
Foundation1,400 $16.44 $1,922.70 $23,072.40
2980 #110Express
Locations, LLC1,100 $25.08 $2,295.23 $27,542.76
2980 #120 Little Caesar’s 1,100 $19.68 $1,804.00 $21,648.00
2980 #140 Casa de Nails 1,100 $23.52 $2,152.90 $25,834.80
2980 #150 Wing Stop 2,200 $18.00 $3,300.00 $39,600.00
Total Occupied 67,653 81.93% $61,978 $743,736
Total Available 14,914 48.07%
Total Rentable 82,567 100%
RENT ROLL
Property Operating
Actual Gross Income $743,736.00
Unrecovered Expenses $71,288.00
Net Operating Income 672,448.00
City, State
53/25/2020
6th
Ave
Southern AZ
VA Hospital
Northgate Plaza
SUBJECT
Santa Cruz Plaza
36th St
Ajo Way6th
Ave
Pa
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Pa
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Kin
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29th St
TRADE AERIAL
City, State
63/25/2020
AERIAL
Exit 261
Primavera Foundation
Administrative Offices
City, State
73/25/2020
1
9,932 SF
15 AMERI-
GROUP
12
Space Tenant Size (SF)
1 2940 S. 6th Ave AVAILABLE 9,932
2 2950 S. 6th Ave Food City 47,835
3 2960 S. 6th Ave #150 Primavera 409
4 2960 S. 6th Ave #110 Casa Lee 2,800
5 2960 S. 6th Ave #120 Title Max 1,176
6 2960 S. 6th Ave #130 Jackson Hewitt 1,133
7 2960 S. 6th Ave #140 AVAILABLE 1,082*
8 2970 S. 6th Ave #110 AVAILABLE 1,400*
9 2970 S. 6th Ave #120 Primavera 1,400
10 2980 S. 6th Ave #110 T-Mobile 1,100
11 2980 S. 6th Ave #120 Little Caesar’s 1,100
12 2980 S. 6th Ave #130 AVAILABLE 1,100
13 2980 S. 6th Ave #140 Casa de Nails 1,100
14 2980 S. 6th Ave #150 Wingstop 2,200
15 2930 S. 6th Ave #50 Amerigroup 2,400
16 2930 S. 6th Ave #70 AVAILABLE 1,200
17 2930 S. 6th Ave #100 Rent-A-Center 5,000
2990 S. 6th Ave Kool Smiles**
2802 S. 6th AveFresenius Medical
Center**
7
*
** Can be combined
** NOT A PART OF SHOPPING CENTER
17
16 1,200 SF
83
4
5 6
City, State
83/25/2020
Bashas' Inc. operates several chains of supermarkets and
superstores under the banners Mercado, Food City, Bashas'
Markets, AJ's Fines Foods, and Eddie's Country Stores. Bashas'
stores are scattered throughout Arizona, California, and New
Mexico, but the majority are located in Arizona, where one-third of
the 100 stores operate in the Phoenix area. The company also has
six supermarkets operating in the Navajo Nation. Two of the
company's supermarket formats, Mercado and Food City, are
geared for Hispanic communities. AJ's Fine Foods touts itself as
gourmet and specialty supermarket, featuring extensive wine
collections and prepared meals. Bashas' also operates an online
grocery-shopping operation through its Groceries On The Go
service. The Basha family, who founded the chain in 1932, own
the company. Owing to its standing as a family-run business,
Bashas' corporate roots stretch back to the arrival of the first
Basha family member to the United States in the 19th century. In
1884, Tanius Basha left Lebanon for New York City, where he
opened an import and export wholesale store. Two years later,
after his entrepreneurial efforts had shown promise, Tanius sent
for his oldest son to come to New York to help him with his store.
Najeeb Basha, 16 years old when he arrived in New York to assist
his father, made the city his new home and mercantilism his new
profession. In 1901, he married a fellow Lebanese immigrant
named Najeeby Srour, and together the pair began raising a family
from whose ranks Bashas' would be founded. Najeeby gave birth
to nine children, all girls except for two boys, Ike and Eddie: the
founders of Bashas' Inc.
Little Caesar Enterprises, Inc. owns, operates, and franchises
Little Caesars Pizza, a predominately carryout chain of pizza
and related food products. Best known for its goofy
commercials touting two pizzas for the price of one with the tag
line "Pizza! Pizza!," Little Caesar's credo is simple: better
pizza, and more of it for every dollar spent. With over 4,800
franchises around the globe, Little Caesar vies with
competitors Domino's, Pizza Hut, and Papa John's for its slice
of the multibillion-dollar pizza marketplace. Using the same
pizza recipe it started with in 1959, this family-run business has
grown to become the third largest pizza chain in the United
States. Founded by Michael and Marian Ilitch, Little Caesar's
interests include its pizza franchises and Blue Line Distributing,
a full-service distributor for all units as well as to Kmart's
KCafes, which serve Little Caesar products. The Ilitches, well-
known sports fans, also own the Detroit Red Wings hockey
team, the Detroit Tigers Baseball Club, several sports arenas,
the historic Fox Theater in Detroit, and other restaurants. The
primary business, a chain of carryout pizza restaurants, has
been built on the concept of "two pizzas for the price of one"
and other innovative production and marketing techniques.
Little Caesar has over 4,825 franchise units in the United
States, Canada, Ecuador, Guam, Honduras, Puerto Rico, the
Philippines, the Dominican Republic, the Czech Republic,
Slovakia, Turkey, and South Korea--and sells over four million
pizzas per week.
TENANT SUMMARIES
City, State
93/25/2020
Rent-A-Center, Inc. engages in the provision of furniture,
electronics, appliances, computers, and smartphones through
flexible rental purchase agreements that allow the customer to
obtain ownership of the merchandise at the conclusion of an
agreed upon rental period. It operates through the following
segments: Core U.S., Acceptance Now, Mexico, and
Franchising. The Core U.S. segment consists of company-
owned rent-to-own stores in the United States, Canada and
Puerto Rico. The Acceptance Now segment offers an on-site
rent-to-own option at a third-party retailer's location. The Mexico
segment consists of its company-owned rent-to-own stores in
Mexico. The Franchising segment use Rent-A-Center's,
ColorTyme's, and RimTyme's trade names, service marks,
trademarks and logos, and operate under distinctive operating
procedures and standards. The company was founded by Mark
E. Speese on September 16, 1986 and is headquartered in
Plano, TX..
Jackson Hewitt, Inc. is the second largest tax preparation service
in the United States. The company has more than 3,300
franchised outlets in 48 states and the District of Columbia and
prepares more than 2.2 million tax returns annually. A quarter of
its offices are located inside Wal-Mart and Kmart stores. The
company also offers tax refund-anticipation loans, free electronic
filing, tax-preparation training, and tax audit representation.
Jackson Hewitt was acquired by Cendant Corporation in 1998.
TitleMax is one of the nation’s largest title lending companies.Every day, TitleMax helps thousands of people get the cash theyneed with a title loan, title pawn or now in select states, with apersonal loan. We offer rates that are very competitive, whileproviding a superior level of customer service. Since the firststores opening in 1998 in Georgia, TitleMax has expanded tomore than 1,000 locations spanning 16 states. With more than2,000 team members nationwide, we pride ourselves onproviding customers with clarity and confidence. You’ll rest easyknowing that TitleMax is here to help.
Express Locations is a T-Mobile Premier Retailer for T-Mobile
USA with more than 110 retail stores currently operating in
Arizona, New Mexico, Texas, Utah, Idaho, Washington,
Oregon, California, Colorado and Nevada. We operate
exclusively under the T-Mobile brand name and provide
professional wireless products and services to new and
existing customers.
TENANT SUMMARIES
City, State
103/25/2020
RESUME
Aaron LaPrise Principal | Retail Properties
Direct +1 520 546 2770
Profile
Aaron LaPrise joined Cushman & Wakefield | PICOR in March 2012. As a native Tucsonan, his community ties and retail market knowledge make him a standout in
the commercial retail arena. Aaron brings depth to Cushman & Wakefield | PICOR’s seasoned Tucson retail brokerage team, where he represents both shopping
center owners and retailers. He began his real estate career in 2004 with the retail group at CBRE’s Tucson office, then spent six years specializing in shopping
center development brokerage and tenant representation at The Harpel Company. Aaron has continually been one of the most active retail brokers in Southern
Arizona and is involved in numerous industry organizations. He has consistently received CoStar Group’s Power Broker Designation, signifying his place among
Tucson retail brokers with the highest transaction volume in the market. Aaron's strong work ethic, focus on relationships and analytical ability translate to strategic
solutions for his clients.
Partial Client List
• Anytime Fitness
• Aspen Enterprises
• Ault Companies
• Bank of the West
• Bassett Hayden & Ray
• Bassett Property Co
• Baskin Robbins
• Body Central Physical
Therapy
• Bridge 33 Capital
• Brooklyn Bedding
• Bruegger’s Bagel’s
• Carl’s Jr
• Cottonwood
Properties
• CVS
• Dairy Queen
• Davidson Myers &
Assoc.
• Domino’s
• DriveTime
• El Molinito
• El Pollo Loco
• El Pollo Feliz
• Fleet Feet Sports
• Fletcher Tire
• Forest City
• Fry’s Food Stores
• Jack in the Box
• JP Morgan Chase
• Jimmy John’s
• Loma Catalina
• Long Realty
• Los Betos
• Massage Envy
• McDonald’s
• Mister Car Wash
• Newquist Properties
• Nico’s
• O’Reilly Auto Parts
• Pederson Group
• Pizza Hut
• Quik Mart Stores
• R & S Mattress
• Rancho Sahuarita
• Starbucks
• Subway
• Rio West Development
• Safeway
• Sears Financial Corp
• Silver Point Capital
• Southern Arizona
Urgent Care
• Taco Bell
• Walgreen’s
• Webb Family
Partnership
• Weingarten Realty
• Wells Fargo
Affiliations and Achievements
• 2018 Cushman & Wakefield | PICOR Top Retail Producer
• Certified Commercial Investment Member (CCIM) -
Candidate
• CoStar Group – Power Broker
• International Council of Shopping Centers (ICSC) - Member
• Urban Land Institute – Young Leaders Group
Education
• University of Arizona – Tucson, Arizona
- Bachelor of Science - Business Administration- Marketing
- Minor - Regional Development
City, State
113/25/2020
RESUME
Greg Furrier Principal | Retail Properties
Direct +1 520 546 2735
Profile
Greg Furrier, a lifelong Tucsonan, has been active in commercial real estate since 1985. He joined CB Commercial in 1986 as a retail sales and leasing specialist.
Greg earned CB’s Rookie of the Year award in 1987, and distinguished himself as one of the top five producers within the Tucson office, as well as the top producing
retail broker every year while at CB Commercial. He joined Cushman & Wakefield | PICOR in 1996 and focuses on landlord and tenant representation. Greg has
been the top producing retail broker most every year since joining PICOR and has received many company awards, including top overall producer and Presidents
Award for Excellence.
Greg has been involved with the local family-owned Western Tire Centers, Inc. His experience in virtually every position -- from warehouse employee to store
manager -- served as the foundation for Greg’s highly successful sales career.
Affiliations And Achievements
• Goodwill Industries of Southern Arizona – Past Board President
• Western Tire Centers, Inc. – Board of Directors
• COPE Behavioral Health Organization – Past Board President
• International Council of Shopping Centers (ICSC) – Organization
• Urban Land Institute - Member
Education
• University of Arizona – Tucson, AZ
• Bachelor of Science – Finance and Real Estate
Partial Client List
Selected Sales
Institutional SellersSelected Tenant / Buyer Representations
• Bank of America
• Bank of Orient
• Chase Bank
• Humana
• Wells Fargo Bank
• New West Federal
• Corporate Life
Company
• Metropolitan Life
• Firestone
• Sun Life of Canada
• Starbucks
• Boston Market
• Einstein Bagels
• Computer City
• Goodwill
Industries
• Family Dollar
Stores
• Just for Feet
• Beauty Brands
• Skechers
• Burger King
• Golden Corral
• Wendy’s
• Old Chicago Restaurants
• Tony Roma’s Restaurants
• Subway
• Public Storage
• Walgreens
• Smashburger