MART SQUARE

Transcription

1 MART SQUARE LA MESA BLVD ±33,620 SF NEIGHBORHOOD CENTER FOR SALE LA MESA BLVD TREMENDOUS RETAIL STRIP CENTER IN PRIME LOCATION DIRECTLY OFF INTERSTATE 8 Kipp Gstettenbauer, CCIM Senior Vice President kipp@voitco.com Lic. # Ryan King Vice President rking@voitco.com Lic. # Ryan King Vice President Max Stone Associate 4747 Executive Drive, Suite 800, San Diego, CA Fax Lic #

2 EXECUTIVE SUMMARY MART SQUARE LA MESA BLVD VRES is pleased to present the retail investment opportunity known as Mart Square, 33,620 square foot strip center locater at the SWC corner of La Mesa Boulevard and Glen Street in La Mesa, CA. This well located asset adjacent to Interstate 8 has nearby retailers including Target, Walmart, Trader Joes, and Costco and is perfect for smaller retailers to benefit from the close proximity to the large national tenants. This multi-tenant asset is home to a diverse tenant mix consisting of a national credit union to smaller operators such as a hair salon and optical shop that services the local community. The asset is in an established trade area with excellent demographics in the affluent submarket of La Mesa. The asset is well located in the neighborhood for its ease of ingress and egress and serviceable parking. The property sits on a large lot at almost 2 acres and with 32,751 of rentable square feet the property boasts an opportunity for an investor to capitalize on an exceptional basis at $193/SF on the purchase price. - Excellent basis for a retail shopping center in San Diego, California - Well located with ease of ingress/egress off the Interstate 8 - Diverse Tenant mix and upside in rental rates SALE PRICE: $6,500,000

3 PROPERTY OVERVIEW PROPERTY HIGHLIGHTS Great access to the Interstate 8 in San Diego Diverse tenant mix Historically high occupancy Excellent parking ratio Established trade area with excellent demographics Opportunity for future upside We would recommend a new buyer incorporates $250,000 in capital improvements which will allow a 30% rental rate increase PROPERTY FEATURES Total Project Size... ±33,620 SF APN Land SF...±85,813 SF (1.97 AC) Year Built Frontage on La Mesa Parking Stalls Zoning...CD-G48, La Mesa For Sale Retail Shopping Center

4 PROPERTY PHOTOS

5 SITE PLAN JoJo s Hair Styling Mart Liquor Curve s Workout Lily s Alterations Stamp Delights Hart Optical Chopsticks Inn PB Peanut Butter Thrift Korral Visionary Productions Credit Union The Box Shop La Mesa Bistro

6 OPERATING ANALYSIS MART SQUARE LA MESA BLVD Income Current 2016 ProForma Base Rent $400, $470, Expense Reimbursements $101, $165, Gross Income $501, $635, Current 2016 Vacancy/Collection Allowance (5%) $(25,099.90) $(31,766.57) Effective Gross Income $476, $603, Total Expenses $(164,923.00) $(164,923.00) Net Operating Income $311, $438, Expenses Current 2016 ProForma Real Estate Taxes (Reassessed at $6.5 M) $78, $78, Expenses (Management Fee, Maint, etc.) $86, $86, Total Expenses $164, $164, Expenses/SF $0.42 $0.42 Cap Rate 4.80% 6.75% *Proforma assumes that current MTM tenants & tenants with 2017 lease expirations push rental rates to $1.75 NNN *Proforma assumes capital improvements to the asset (fascia and paint) of $250,000

7 SALES COMPARABLES AVERAGE PRICE / SF AVERAGE PRICE: $202/SF Price: $6,500,000 Price/SF: $ RBA: 33,620 SF SUBJECT SITE Close: 10/05/15 Price: $5,730,000 Price/SF: $ RBA: 28,368 SF Close: 10/01/14 Price: $4,407,000 Price/SF: $ RBA: 22,504 SF Close: 09/09/14 Price: $3,800,000 Price/SF: $ RBA: 18,636 SF Close: 07/30/14 Price: $7,100,000 Price/SF: $ RBA: 42,634 SF Close: 03/03/14 Price: $4,500,000 Price/SF: $ RBA: 18,625 SF 0 Mart Square La Mesa Blvd Euclid Plaza 220 Euclid Ave Main Street Center 1246 E. Main Street Plaza La Tienda Hwy Village Shopping Center Lake Murray Blvd Midway Retail Plaza 3445 Midway Drive

8 LA MESA BLVD AERIAL SITE SALES COMPARABLES JAC KSO VD LA MESA BL ND R T 22 AD 133,6 GROSSMONT CENTER

9 TENANT OVERVIEW TENANT NAME: Curves TENANT NAME: USE Credit Union INDUSTRY: Fitness INDUSTRY: Financial Cooperative FOUNDED: Harlingen, Texas (1992) FOUNDED: 1936 HEADQUARTERS: Waco, Texas HEADQUARTERS: San Diego, California MISSION: PRODUCTS: REVENUE: Curves provides assistance to women who want to lose weight and maintain their fitness by combining a 30-minute fitness program, one on one coaching, and customizable meal plans. Weight loss products as well as fitness and exercise for women. $2.630 Billion (estimated) MISSION: MEMBERS: Over 45,000 ELIGIBILITY: To serve the financial needs of university and state employees by giving flexible account options, quality service, and financial solutions Employees of the State of California, students or alumni of California State University, or the University of California, and immediate family members of USE Credit Union members. Curves is an international fitness franchise, that has 10,000 locations worldwide and 4 million plus members. There are 3,175 locations in the United States. USE Credit Union is a financial cooperative whose members mostly consist of California University and State employees. USE Credit Union Provides flexible account options and financial solutions.

10 RENT ROLL UNIT LEASE NAME LEASE TYPE LEASE FROM LEASE TO TERM (MONTHS) AREA BASE RENT BASE RENT PER AREA RECOVERY PER AREA TOTAL PER AREA DEPOSIT 8675 JOJO'S HAIR SALON NNN 01/01/1994 MTM 1,560 $2, , CURVES FOR WOMAN Gross 07/01/ /30/2016 MTM 1,200 $1, , STAMP DELIGHTS Gross 04/01/2013 MTM 1,200 $1, , HART OPTICAL NNN 07/01/1992 MTM 800 $1, CHOPSTICKS INN NNN 06/01/ /31/ ,656 $2, , PACIFIC BEACH PEANUT NNN 05/01/ /30/ ,200 $2, , A THRIFT KORRAL NNN 06/01/ /31/ ,583 $7, B VISIONARY PRODUCTION NNN 12/17/ /31/ ,000 $4, , THRIFT KORRAL NNN 06/01/ /31/ ,417 $1, MART LIQUOR NNN 03/01/ /28/ ,240 $2, B LILY'S ALTERATIONS & NNN 04/01/ /31/ $ LA MESA BISTRO & BAKERY NNN 03/01/ /28/ ,003 $3, , A USE CREDIT UNION NNN 12/01/ /28/ ,432 $2, C THE BOX SHOP NNN 02/01/ /31/ ,000 $1, , Total Units Percentage Total Area Total Base Rent Total Rent Per Area Total Recovery Per Area Total Charges Per Area Deposit Occupied ,751 33, , Vacant Totals 15 32,751 33, ,377.00

11 PROJECT LA MESA Located within the rolling Hills of San Diego County, La Mesa is known as the Jewell of the Hills. A near perfect climate, tree-lined streets, walkable neighborhoods, plenty of retail and commercial areas, and a calm downtown village makes La Mesa a highly desirable community for living and working. LA MESA BLVD GLEN ST

12 DEMOGRAPHICS Demographics 1 Mile 3 Miles 5 Miles Population (2015) 15, , ,986 Projected Population (2020) 16, , ,987 Families 3,973 38, ,702 Average Household Size Median Age Average Household Income $69,095 $72,358 $69,923 Median Household Income $53,501 $54,539 $52,404 Median Home Value $439,676 $390,454 $365,809 Bachelor s Degree or higher 52.3% 50.6% 48.2% QUICK STATS 5 Mile Radius (2015) 437,986 Residents 68.3% are over the age of 25 Traffic Counts ADT 161,305 Households 69,923 Avg. Household Income La Mesa Blvd Rosehedge Dr ±14,922 Lemon Ave Private Rd ±3,974 La Mesa Blvd Ramdalette Dr ±9,784 Alley Jackson Dr ±6,131 Lemon Ave Jackson Dr ±15,705 $ $365,809 Median Home Value 48.2% College Educated

13 AERIAL TREMENDOUS RETAIL STRIP CENTER IN PRIME LOCATION DIRECTLY OFF INTERSTATE 8 Kipp Gstettenbauer, CCIM Senior Vice President kipp@voitco.com Lic. # Ryan King Vice President rking@voitco.com Lic. # Curt Allen Senior Associate callen@voitco.com Lic. # Max Stone Associate mstone@voitco.com Lic. # Executive Drive, Suite 800, San Diego, CA Fax Lic # Ryan King Vice President Max Stone Associate PRIVATE CLIENT GROUP