3333 camino del rio south

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Earl Lambert
6 years ago
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1 3333 camino del rio south AN EXCELLENT VALUE-ADD INVESTMENT OPPORTUNITY 56,847-SQUARE-FOOT OFFICE BUILDING IN THE HEART OF MISSION VALLEY 3333 CAMINO DEL RIO SOUTH CAPITAL MARKETS INSTITUTIONAL PROPERTIES

E X E C U T I V E SUMMARY The Offering As Exclusive Advisor, CBRE is pleased to present the opportunity to acquire 3333 Camino Del Rio Souith (the Property ), an institutional-quality, multi-tenant

2 E X E C U T I V E SUMMARY The Offering As Exclusive Advisor, CBRE is pleased to present the opportunity to acquire 3333 Camino Del Rio Souith (the Property ), an institutional-quality, multi-tenant office building totaling 56,847 square feet. OFFERING HIGHLIGHTS Excellent value-add investment opportunity with NOI projected to increase significantly over the next four years Investors will have the ability to immediately reposition and push rents 52% roll-over in the first three years The Property is 96% leased to a diversified tenant roster (engineering, tech, financial and professional services, etc.) with minimal large tenant exposure largest tenant (YMCA) is 28% of the building Ideally located in Mission Valley with exceptional visibility and access to San Diego s transportation corridors including Interstates 8, 15, 805, 5 and State Route 163 Opportunity to acquire a quality office building at a significant discount to replacement cost 3333 Camino Del Rio South is offered for sale with no debt to assume. 96 % leased 52 % rollover in the first three years significant increase in NOI over the first four years ideal creative office repositioning opportunity CAMINO DEL RIO SOUTH

3 BUILDING PROFILE Address 3333 Camino Del Rio South Building Size 56,847 RSF # Of Bldgs./Floors One (1) / Four (4) Year Built 1984 % Leased 96.1% Asking Price $9,300,000 ($164/SF) Year-1 Cap Rate 6.46% EXCELLENT VALUE-ADD INVESTMENT OPPORTUNITY 3333 Camino Del Rio South represents an excellent value-add investment opportunity. The Property is currently 96% leased with 52% of the tenants rolling in the first three years. Investors can achieve significant NOI growth and value appreciation through an aggressive marketing program and the lease-up of the existing vacancy at increased rents. The Property rent roll is comprised of occupants in a variety of industries and suite sizes limiting macroeconomic fluctuation exposure. Year-3 Cap Rate 8.48% Parking Ratio Gross Site Area 4.0:1,000 USF 5.27 Acres SAN DIEGO COUNTY MARKET HIGHLIGHTS 2016 was a banner year for San Diego s office market with 1.8 million SF of positive net absorption; surpassing the previous high of 1.6 million SF in 2014 and the highest on record since 2005 Job growth of 30,900 YOY (+2.2%) led by Medical/Hospitality, Government, and Retail/Food Service, the highest growth industries in the region Asking rental rates continue to increase, and set new peaks - up 7.9% (countywide) from 4Q15 San Diego s unemployment rate fell to 3.6% in April 2017, its lowest level since May 2007 and remains far from peak levels of January 2010 (11.0%) MISSION VALLEY S STRONG PERFORMANCE Over the past decade, Mission Valley has been one the most resilient and stable submarkets across the county Supply constrained market with virtually no new office development opportunities Only 89,000 square feet of construction deliveries since 2007 Significantly less market rent and vacancy volatility than other core office markets SIGNIFICANT SUBMARKET MILESTONES SINCE 2013 Mission Valley was one of the first office markets in the county to reach pre-recession vacancy levels Experienced a 42% increase in overall lease rates -- topping all core office markets Class B asking lease rates have increased 25% since Q EXECUTIVE SUMMARY 2

LOCATION 5 minutes to Downtown San Diego and the International Airport 10 minutes to La Jolla and UTC 15 minutes to Del Mar and other coastal communities/executive housing 25 minutes to the US/Mexico

4 LOCATION 5 minutes to Downtown San Diego and the International Airport 10 minutes to La Jolla and UTC 15 minutes to Del Mar and other coastal communities/executive housing 25 minutes to the US/Mexico border AMENITIES ± 5.3 million square feet of retail amenities in Mission Valley ± 7,000 hotel rooms PACIFIC OCEAN DOWNTOWN NORTH PARK NORMAL HEIGHTS CAMINO DEL RIO SOUTH CAMINO DEL RIO SOUTH CAMINO DEL RIO NORTH CAMINO DEL RIO SOUTH

ACCESS Prominent locations in Mission Valley -- the retail hub and transportation heart of San Diego Direct access to the Metropolitan Transit System and five freeways: 8 163 805 5 15 HILLCREST 5 163

5 ACCESS Prominent locations in Mission Valley -- the retail hub and transportation heart of San Diego Direct access to the Metropolitan Transit System and five freeways: HILLCREST There are currently two separate plans to redevelop the Qualcomm Stadium site, which will ideally position 3333 Camino Del Rio South to benefit from a revitalized urban centerpiece in the heart of Mission Valley. QUALCOMM STADIUM FRIARS ROAD EXECUTIVE SUMMARY 4

6 INVESTMENT ADVISORS MARKET EXPERT FINANCING CONTACTS 3333 camino del rio south LOUAY ALSADEK Lic BOB SMITH Lic JEFF OESTERBLAD Lic MARK MCGOVERN Lic SCOTT PETERSON Lic HUNTER ROWE Lic CAPITAL MARKETS OFFICE WESTERN U.S. DENVER PHOENIX SAN FRANCISCO DEBT & STRUCTURED FINANCE TIM RICHEY MIKE WINN CHAD FLYNN LOS ANGELES TODD TYDLASKA SEAN SULLIVAN MIKE LONGO ORANGE COUNTY ANTHONY DELORENZO BARRY GABEL PORTLAND TREVOR KAFORURY CHARLES SAFLEY SAN DIEGO LOUAY ALSADEK HUNTER ROWE RUSSELL INGRUM TYLER MEYERDIRK SETH MCKINNON SEATTLE TOM PEHL LOU SENINI SILICON VALLEY JOE MORIARTY SCOTT PROSSER JACK DEPUY BRAD ZAMPA BRADY O DONNELL BRUCE FRANCIS MARK MCGOVERN SCOTT PETERSON MICHAEL L. WALKER VAL ACHTEMEIER

AIRPORT PLAZA 5000 & 5001 AIRPORT PLAZA DRIVE LONG BEACH, CA % LEASED OFFICE CAMPUS INVESTMENT OPPORTUNITY

AIRPORT PLAZA 5000 & 5001 AIRPORT PLAZA DRIVE LONG BEACH, CA 90815 98% LEASED OFFICE CAMPUS INVESTMENT OPPORTUNITY THE OFFERING NGKF, as exclusive advisor, is pleased to offer the opportunity to acquire