UNIVERSITY PROFESSIONAL PLAZA...Plaza located in Palm Desert, California. This investment provides...

UNIVERSITY PROFESSIONAL PLAZA75030 GERALD FORD DRIVE | PALM DESERT, CA 92211

Offering Memorandum

CONFIDENTIAL ITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intend-ed 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 pre-pared to provide summary, unverified information to prospective purchasers, and to establish only a prelimi-nary 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICEMarcus & 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 commer-cial 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 YOUR MARCUS & MILL ICHAP AGENT FOR MORE DETAILS .

N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

UNIVERSITYPROFESSIONAL PLAZA

O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

75030 GERALD FORD DRIVE

PALM DESERT, CAL IFORNIA 92211

75030 GERALD FORD DRIVEPALM DESERT, CALIFORNIA 921

01 31

17 51

EXECUTIVE SUMMARYSECTION 1

COMPARABLE PROPERTIESSECTION 4

PROPERTY DESCRIPTIONSECTION 2

MARKET OVERVIEWSECTION 5

TABLE OF CONTENTS

EXCLUSIVELY LISTED BY:

UNIVERSITY PROFESSIONAL PLAZA

25 FINANCIAL ANALYSISSECTION 3

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real

Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0080321

EXECUTIVESUMMARY

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EXECUTIVESUMMARY


75030 GERALD FORD DRIVE | PALM DESERT, CALIFORNIA 92211

OFFERING PRICE

$4,700,000CURRENT CAP RATE / PRO FORMA

4.32% / 8.29%VITAL DATA

Number of Tenants1 – Academy of Court Reporting

60% of the building

Lease Type Net

Total Building Area ±26,928 SF

Price / Sq. Ft. $174.54

Total Land Area ±1.39 Acres

NOI $203,189 / $389,663

Year Built 2007


O F F E R I N G H I G H L I G H T S

60% OCC 90% OCC

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Marcus & Millichap Real Estate Investment Services is pleased to present for sale the University Professional

Plaza located in Palm Desert, California. This investment provides an opportunity for a new investor or owner/

user to acquire a two-story professional office complex with an ideal location in the Desert. A new purchaser

or owner/user will be acquiring this unique opportunity below replacement costs. The University Professional

Plaza offers a new investor significant upside potential through increased lease rates and occupancy.

Situated on 1.39 acres located at the southeast corner of the Interstate 10 Freeway and Cook Street, the Uni-

versity Professional Plaza offers visibility from both thoroughfares as well as immediate access to the freeway.

The subject property is in the heart of the Coachella Valley and is positioned just off the Interstate 10 Free-

way at the Cook Street exit adjacent to Kaiser Permanente Medical Plaza. The property features a dramatic

two-story lobby entrance with open stairs, elevator service, quality improvements throughout the building,

beautifully tiled restrooms and ample parking both covered and open. The Academy of Court Reporting,

Inc.(Milan Institute occupies the entire first

floor and a portion of the second floor for a

total square footage of 16,601.

I N V E S T M E N T H I G H L I G H T S

� Bank Ordered Sale/Value-Added Opportunity

� 4.32% Actual Cap/8.29% Proforma Cap

� Significantly Below Replacement Cost at $175/SF

� Prime Location at Interstate 10 Freeway and Cook Street Exit

� Freeway Visibility

� Modern Contemporary Construction

� Ideal Investment or Owner/User Opportunity

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GERALD FORD DRIVE

COOK STREET

INTERSTATE 10 FREEWAY

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PA L M D E S E R T Z O N I N G M A P

SUBJECT PROPERTIES75030 Gerald Ford DrivePalm Desert, CA 92211

PROPERTY TOURSProspective purchasers are encouraged to visit the subject property prior to submitting offers. How-ever, all property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without prior approval.

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UniversityNeighborhood

Specific Plan AreaLong-termCampus

Planning Area



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A E R I A L O F PA L M D E S E R T

Golf CoursesRetail, Hospitality, AttractionsColleges and SchoolsMedical Center



HIGHWAY 111

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HIGHWAY 111


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PROPERTYDESCRIPTION


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P R O P E R T Y D E TA I L S


Property Address 75030 Gerald Ford DrivePalm Desert, CA 92211

Leasable Area ±26,928 SF

Ownership Fee Simple

Year Built 2007

Number of Stories Two

Topography Level

Number of Tax Parcels 1

APN(s) 694-180-008

Foundation Concrete

Framing Concrete Tilt

Exterior Concrete

Parking Asphalt

Parking Spaces/Ratio ±110; 4.00/1000

Roof Composition

HVAC Roof Mounted

Utilities Individually Metered; Electric

Zoning Commercial, Palm Desert

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M A P O F PA L M D E S E R T




F INANCIALANALYSIS

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F INANCIALANALYSIS


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PRICE $4,700,000

Down Payment $4,700,000

Down Payment % 100%

Number of Suites One-tenant 1st Floor

2nd Floor AVAILABLE

Price Per SqFt

Rentable Built Area (RBA) ±26,928 SF

Lot Size ±1.39 Acres

Year Built/Renovated 2007

Occupancy 60%

RETURNS ACTUAL PROFORMA

CAP Rate 4.32% 8.29%

Net Operating Income $203,189 $389,663

FINANCING 1ST LOAN

Contact your Marcus and Millichap Capital Corporation representative.

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TENANT SUITE SF% OF

TOTAL SFCOMM. EXP. MONTHLY RENT RENT/SF CAM CAM/SF

LEASE

TYPE

Milan – Court Reporting 101-104, 203 16,601 61.65% 11/1/11 10/31/21 $19,959 $1.20 $9,416 $0.57 NET

VACANT 201 6,595 24.49% — — $9,233 $1.40 $3,759 $0.57 NET

VACANT 202 3,732 13.86% — — $5,411 $1.45 $2,127 $0.57 NET

Total Available 10,327 38% $14,644 $5,886

Total Occupied 16,601 62% $19,959 $9,416

TOTAL 26,928 100% $34,603 $15,302

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O P E R AT I N G S TAT E M E N T


Property Address 75030 Gerald Ford DrivePalm Desert, CA 92211

Price $4,700,000

Down Payment $4,700,000

Rentable Square Feet ±26,928

Price/Rentable SF $174.54

CAP Rate–Current 4.32%

CAP Rate–ProForma 8.29%

Parcel Size 1.39 AC

Year Built 2007

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INCOME CURRENT PRO FORMA

Base Rent

Occupied Space $239,508 $239,508

Available Space at Market Rents $175,728 $175,728

Gross Potential Rent $415,236 $415,236

Expense Reimbursements $112,992 $183,624

Gross Potential Income $528,228 $598,860

Vacancy/Collection Allowance 33% $175,728 10% $59,886

Effective Gross Income $352,500 $538,974

TOTAL EXPENSES $149,311 $149,311

NET OPERATING INCOME $203,189 $389,663

EXPENSES CURRENT PRO FORMA

Real Estate Taxes (New) $54,050 $54,050

Insurance $14,443 $14,443

Utiltities $10,618 $10,618

Repair $5,459 $5,459

Janitorial $26,876 $26,876

Management Fee $13,218 $13,218

CAM $8,253 $8,253

Trash $1,777 $1,777

Elevator $7,265 $7,265

Fire Alarm/Security $2,477 $2,477

Misc. $4,825 $4,825

TOTAL EXPENSES $149,311 $149,311

EXPENSES / SF $5.55 $5.55

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COMPARABLEPROPERTIES

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SCOMPARABLEPROPERTIES


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PROPERTY NAME ADDRESS

UNIVERSITY PROFESSIONAL PLAZA 75030 GERALD FORD DRIVE, PALM DESERT, CA 92211

1 OFFICE BUILDING 50905 Avenida Bermudas, La Quinta, CA 92253

2 INDIAN WELLS PLAZA 45140-45280 Club Drive, Indian Wells, CA 92210

3 RKR CENTER 72171 Highway 111, Palm Desert, CA 92260

4 CANYON PLAZA 74399 Highway 111, Palm Desert, CA 92260

5 MEDICAL OFFICE BUILDING 1080 N. Indian Canyon Drive, Palm Springs, CA 9226

6 VILLAGE COURT 44801 Village Center Drive, Palm Desert, CA 92260

7 SEDONA MEDICAL PLAZA 81800 Dr Carreon Boulevard, Indio, CA 92201

8 SAGE PLACE 73255 El Paseo, Palm Desert, CA 92260

9 DESERT SPRINGS PROFESSIONAL PLAZA 1100 N. Palm Canyon Drive, Palm Springs, CA 92262


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OFFICE BUILDING50905 Avenida Bermudas, La Quinta, CA 92253

UNIVERSITY PROFESSIONAL PLAZA75030 Gerald Ford Drive, Palm Desert, CA

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SALES PRICE $4,700,000

Year Built 2007

Cap Rate 4.32%

Price Per SF $174.54

Occupancy 60%

Parking 4.00/1,000


Sale Date Active

Year Built 2001

Rentable SF ±17,633


No. of Tenants Single

Occupancy 100%

Parking Ratio 4.68/1,000 SF

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RKR CENTER72171 Highway 111, Palm Desert, CA 92260

INDIAN WELLS PLAZA45140-45280 Club Drive, Indian Wells, CA 92210

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Sale Date Active

Year Built 1989



No. of Tenants Multi

Occupancy 84.4%

Parking Ratio 5,68/1,000


Sale Date Active

Year Built 1988




Occupancy 100%

Parking Ratio 2.62/1,000

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MEDICAL OFFICE BUILDING1080 N. Indian Canyon Drive, Palm Springs, CA 92262

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CANYON PLAZA74399 Highway 111, Palm Desert, CA 92260

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Sale Date Active

Year Built 1980




Occupancy 0%



Sale Date Active

Year Built 1973




Occupancy 100%


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VILLAGE COURT44801 Village Center Drive, Palm Desert, CA 92260

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Sale Date Active

Year Built 1990




Occupancy 53.2%


SEDONA MEDICAL PLAZA81800 Dr Carreon Boulevard, Indio, CA 92201

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Sale Date 12/07/2017

Year Built 2007




Occupancy 93.3%


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SAGE PLACE73255 El Paseo, Palm Desert, CA 92260

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Year Built 1977




Occupancy 56.3%


DESERT SPRINGS PROFESSIONAL PLAZA1100 N. Palm Canyon Drive, Palm Springs, CA 92262

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Year Built 1978




Occupancy 96.8%


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PROPERTY NAME ADDRESS

UNIVERSITY PROFESSIONAL PLAZA 75030 GERALD FORD DRIVE, PALM DESERT, CA 92211

1 MIRAGE PROFESSIONAL PLAZA 35400 Bob Hope Drive, Rancho Mirage, CA 92270

2 INDIAN WELLS PLAZA 45140-45280 Club Drive, Indian Wells, CA 92210

3 BERGER CHARITABLE CENTER 42600 Cook Street, Palm Desert, CA 92211

4 WILLOW VIEW OFFICE BUILDING 74130 Country Club Drive, Palm Desert, CA 92260

5 OFFICE BUILDING 73271 Fred Waring Drive, Palm Desert, CA 92260

6 UNIVERSITY COMMERCE CENTER 75410 Gerald Ford Drive, Palm Desert, CA 92211

7 KESSLER OFFICE BUILDING 71687 Highway 111, Rancho Mirage, CA 92270

8 INDIAN WELSS PROFESSIONAL 75280 Highway 111, Indian Wells, CA 92210

9 VILLAGE COURT 44801 Village Center Drive, Palm Desert, CA 92260

10 VILLAGE COURT PROFESSIONAL PLAZA 44651 Village Court Drive, Palm Desert, CA 92260

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1

L E A S E C O M PA R A B L E S

Available SF —

Asking Rent/SF —

Year Built 2007

Occupancy 50%

Lease Type Net

Lot Size ±1.39 Acres


UNIVERSITY PROFESSIONAL PLAZA75030 GERALD FORD DRIVE, PALM DESERT, CA 92211

MIRAGE PROFESSIONAL PLAZA35400 Bob Hope Drive, Rancho Mirage, CA 92270


Available SF ±5,341

Year Built 2006

Occupancy 83.2%

Lease Rate $1.75–2.20 Net


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32 INDIAN WELLS PLAZA45140-45280 Club Drive, Indian Wells, CA 92210



Year Built 1989

Occupancy 81.4%

Lease Rate $1.75 Net


BERGER CHARITABLE CENTER42600 Cook Street, Palm Desert, CA 92211



Year Built 1987

Occupancy 75%

Lease Rate $1.75–1.50 MG


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4 OFFICE BUILDING73271 Fred Waring Drive, Palm Desert, CA 92260

WILLOW VIEW OFFICE BUILDING74130 Country Club Drive, Palm Desert, CA 92260



Year Built 2005

Occupancy 84%

Lease Rate $1.45 MG




Year Built 1987

Occupancy 71%

Lease Rate $1.75 MG


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76 KESSLER OFFICE BUILDING71687 Highway 111, Rancho Mirage, CA 92270

UNIVERSITY COMMERCE CENTER75410 Gerald Ford Drive, Palm Desert, CA 92211



Year Built 2005

Occupancy 89%





Year Built 2009

Occupancy 52%



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VILLAGE COURT44801 Village Center Drive, Palm Desert, CA 92260

INDIAN WELLS PROFESSIONAL75280 Highway 111, Indian Wells, CA 92210



Year Built 2007

Occupancy 90.9%





Year Built 1990

Occupancy 72%



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10 VILLAGE COURT PROFESSIONAL PLAZA44651 Village Court Drive, Palm Desert, CA 92260



Year Built 2007

Occupancy 95.5%



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MARKETOVERVIEW

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MARKETOVERVIEW


The city of Palm Desert is located in Riverside County and is approximately 120

miles from San Diego and Los Angeles. Palm Desert is also part of Coachella

Valley, a place famous for its annual music and arts festival, which contributes

millions to the area economy as it attracts more than 100,000 visitors each of its

six days. The region’s climate also makes it a winter destination for those wishing

to avoid the snow and cold temperatures in northern portions of America.

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INFRASTRUCTURE AND TRAVEL

The city of Palm Desert is serviced by

the nearby Palm Springs International

Airport, and SunLine Transit Agency

provides bus service. Major highways,

such as Interstate 10 and state high-

ways 74 and 111, also provide access

to the city

GOLF COURSES

The Coachella Valley area is home to

more than 100 golf courses and the

CareerBuilder Challenge, part of the

PGA Tour.

M E T R O H I G H L I G H T S

TOURISM EMPLOYMENT

Hiring in tourism-related industries is

healthy. Hotels, eating establishments,

museums and other entertainment

options hire nearly 5,400 individuals

in the city of Palm Desert

► The main campus of College of the Desert, a local community college, is located in Palm Desert. The city is also home to exten-

sion campuses for California State University, San Bernardino and the University of California, Riverside.

► The Living Desert Zoo and Gardens is located in Palm Desert and is a combination desert botanical garden and zoo. The exhib-

its attract more than 350,000 visitors annually, making it one of the region’s top tourist attractions.

► Major employers in the area include the JW Marriott-Desert Springs Resort and Villas, Universal Protection Services, Securitas

Security Services USA, and Avida Caregivers.

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COLLEGE OF THE DESERT

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STAGECOACH MUSIC FESTIVAL

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MAJOR AREA EMPLOYERS

Eisenhower Medical Center

Desert Regional Medical Center

East Valley Tourist Development

Agua Caliente Casino Resort & Spa

Callaway Golf Company

Spa Resort Casino

Desert Community College District

Follett Higher Education Group Inc.

Esparza Enterprises Inc.

John F. Kennedy Memorial Hospital

UNIT TYPE 1 MILE 3 MILES 5 MILES

2021 PROJECTION TOTAL POPULATION 422 26,166 98,509

2016 ESTIMATE TOTAL POPULATION 322 23,147 88,153

2010 CENSUS TOTAL POPULATION 286 20,885 80,719

2000 CENSUS TOTAL POPULATION 196 15,802 64,928

DAYTIME POPULATIONS TOTAL POPULATION 593 31,845 125,722

HOUSEHOLDS 1 MILE 3 MILES 5 MILES

2021 PROJECTION TOTAL HOUSEHOLDS 352 13,525 47,711

2016 ESTIMATE TOTAL HOUSEHOLDS 263 11,918 42,087

2010 CENSUS TOTAL HOUSEHOLDS 225 10,654 38,176

2000 CENSUS TOTAL HOUSEHOLDS 138 8,042 30,419

2016 AVERAGE HOUSEHOLD SIZE 2.07 1.93 2.09

HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES

2016 ESTIMATE

$250,000 + 7.4% 5.7% 5.7%

$200,000 TO $249,999 4.3% 3.5% 3.5%

$150,000 - $199,999 7.0% 6.0% 6.0%

$125,000 - $149,999 5.4% 4.7% 5.2%

$100,000 - $124,999 8.3% 7.9% 9.0%

$ 75,000 - $99,999 11.2% 10.9% 11.2%

$ 50,000 - $74,999 17.1% 15.8% 16.8%

$ 35,000 - $49,999 13.9% 13.6% 12.7%

$ 25,000 - $34,999 7.9% 10.4% 9.6%

$ 15,000 - $24,999 7.5% 10.6% 10.4%

$ 0 - $ 14,999 10.0% 10.9% 10.0%

AVERAGE HOUSEHOLD INCOME $109,782 $95,331 $97,647

MEDIAN HOUSEHOLD INCOME $65,819 $56,924 $60,637

PER CAPITA INCOME $89,811 $49,134 $46,695

D E M O G R A P H I C S

THE LIVING DESERT AND ZOO

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COACHELLA VALLEY MUSIC AND ART FESTIVAL

UNIVERSITY PROFESSIONAL PLAZA75030 GERALD FORD DRIVE | PALM DESERT, CALIFORNIA 92211

UNIVERSITY PROFESSIONAL PLAZA...Plaza located in Palm Desert, California. This investment provides...

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