FOR SALE CO-LISTED BY: *Personal Real Estate Corporation BOE IRAVANI* 604 640 5837 boe.iravani@ca.cushwake.com JOE GENEST* 604 398 4341 jgenest@form.ca JON BUCKLEY* 604 630 0215
PROPERTY HIGHLIGHTS INVESTMENT 2,700 square foot single-tenant building with double-stacking drive-thru leased to The TDL Group (corporate covenant of Tim Hortons) on an 18,000 square foot strata lot Completely Triple Net Lease, with tenant directly responsible for maintenance and repairs of the premises, as well as its proportionate share of common area maintenance costs Tenant currently in its first lease term extension of Ten (10) years, with an expiry in October 2026. The Tenant has Two (2) further five-year options to extend Property generates an annual net rental income of $70,000 distributed on a monthly basis, plus a percentage rent equal to 6% of annual gross sales, which is adjusted and distributed in December Tim Hortons is a subsidiary of Restaurant Brands International, which resulted from an acquisition in late 2014 when the iconic brand was acquired for $12.5B; Tim Hortons same-store sales increased by 5.6% in 2015 under Restaurant Brands International Restaurant Brands International is the third largest quick service food provider worldwide, with over 19,000 locations globally operating under the Tim Hortons and Burger King brands Tim Hortons is Canada s largest quick service restaurant chain with over 4,400 restaurants located throughout North America and the Middle East (As at December, 2015) LOCATION The Subject Property is prominently located along Highway 6 at the Polson Gateway area, which serves as the initial retail destination for all traffic entering Vernon from the south and the west Directly across Polson Park, a popular tourist attraction featuring a Japanese Garden, Rose Garden, Water Spray Park, Interior Space & Science Centre, Vernon Heritage hall, and many other attractions Excellent highway exposure along Highway 6 (12,164 VPD), just south of 27th Avenue Conveniently located adjacent to the junction of Highway 6 and Highway 97 (18,558 VPD), a key interchange for all traffic travelling through the City of Vernon Right turn access via Highway 6 heading north Diverse tenant mix in the area including Citi Financial, Domino s Pizza, Royal Bank of Canada, a local pharmacy, and a variety of personal services
MUNICIPAL ADDRESS PID 025-766-074 2601 Highway 6, Vernon, BC Park Place Plaza N LEGAL DESCRIPTION Lot 4 Plan KAS2573 Section 34 Township 9 Osoyoos Division Yale District Together with an Interest in the Common Property in Proportion to the Unit Entitlement of the Strata Lot as Shown on Form V LOCATION Southeast of 27th Avenue on the east side of Highway 6 Illusions Hair & Body SITE SIZE CURRENT IMPROVEMENTS BUILDING AREA ZONING ENVIRONMENTAL FINANCING LEASE TERM ORIGINAL LEASE COMMENCEMENT 18,000 SF (0.41 acres) Improved with a freestanding, single-tenant restaurant with drive-thru (circa 1996) leased to TDL Group Corp. (o/a Tim Hortons). A Building Inspection Report completed in 2011 can be made available to prospective buyers. 2,700 SF C4 - Street-Oriented Commercial The purpose is to provide for neighbourhood scale, pedestrian-oriented commercial development along major streets. Updated Phase 1 report pending Clear title 20-year initial term, plus Two (2) five-year renewal options. The Tenant has extended its term for a period of Ten (10) years, with expiry on October 14, 2026 and Two (2) further five-year options to extend. October 15, 1996 27th Avenue 2016 NOI Available upon execution of CA SALE PRICE $3,200,000 Highway 6 BC
Highway 97 (18,558 VPD) 30 Street FOR SALE MARKET OVERVIEW Vernon is one of the fastest growing communities in British Columbia and is the largest city and commercial area in the North Okanagan Regional District (the District ), which has a population of 194,857 people (2016). Situated between the northern tip of the Okanagan Lake and Kalamalka Lake, and along Highway 97 in between Vancouver and Calgary, Vernon attracts tourists, businesses and residents from across Canada. The City has a population of 61,069 people (2016) and is projected to grow by an additional 3.5% by 2021. Fruit Union Plaza 25 th Street Vernon s economy is fueled by natural resources, such as agriculture and forestry, and a skilled labour force that contributes to high average household incomes of over $88,000 (2016). Combined with its affordable real estate and prime central location, Vernon has become the major urban centre for the District. New developments in the residential and commercial sector as well as the downturn of Alberta s oil and gas economy has helped attracted a younger demographic to Vernon and the surrounding region. Highway 6 (12,164 VPD) Park Place Plaza Illusions Hair & Body SUBJECT SITE Vernon is approximately 450 kilometres from Metro Vancouver and easily accessible by air, rail and road. Kelowna International Airport is just 25 minutes from downtown Vernon; three provincial highways, Highway 97 (which bisects downtown Vernon), Highway 97A and Highway 6 connect Vernon to the rest of BC and Alberta; and the CN Rail has made substantial investments in the region to connect Vernon to their main line in Kamloops. Polson Park CHBC NOTABLE DEVELOPMENTS IN THE AREA BC Hydro Vernon Regional Operations Facility by Omicron Construction Ltd. The existing Regional Operations Facility will be upgraded to include a two level Main Building (total building area of 83,700 SF), a pre-engineered Fleet and Construction Services Building, Fleet Parking Structure, a Yard Storage Fabric Structure, a Construction Services Vehicle and Equipment Building and a Various Secure Storage Building. Completion of this project is anticipated for Spring 2017. 4 HR 30 MIN 50 MIN 45 MIN VERNON Hwy 97 Predator Ridge Golf Resort Development by Wesbild Holdings Ltd. A resort community near Vernon situated on a 1,200 acre site consisting of a mix of residential, commercial and open space. Currently, 291 residential units have been completed with the next phase seeing 211 units on the Triangle Lands. Project completion is anticipated for 2030. Hwy 5 Hwy 97C KELOWNA Turtle Mountain Residential Development by Wesbild Holdings Ltd. Turtle Mountain Residential Development is part of the East Bella Vista Highlands Neighbourhood, a 558 acre area situated northwest of downtown Vernon. Phase III of the major development is expected to be completed by March 2017. VANCOUVER Hwy 1 USA
SALE FORFOR SALE wy SmartCentres Vernon gan H Okana Anderson Crossing Village Green Centre Highway 97 / 32 Street 27 Street Vernon Square Shopping Centre Fruit Union Plaza nue 25 Ave 2016 ESTIMATES & PROJECTIONS Vernon Jubilee Hospital Population The Shops at Polson Park % Change Population (2016-2021) Households SUBJECT SITE % Change Households (2016-2021) Average Household Income Brit ish C olum bia 6 % Change Average Household Income (2016-2021) The information contained herein was obtained from sources which we deem reliable and while thought to be correct, are not guaranteed by Form Retail Advisors Inc. 3 KM 5 KM 10 MIN DRIVE 31,265 44,276 47,554 3.0% 3.1% 3.2% 13,566 18,618 19,949 2.3% 2.6% 2.6% $72,818 $82,516 $83,897 18.9% 18.7% 18.6%