1. real estate
2. apartments

Via Montana Shopping Center
1501-1528 E Champlain Drive | Fresno, CA 93720
1
TABLE OF CONTENTS
INVESTMENT SUMMARY
Table of Contents
FINANCIAL OVERVIEW
TENANT
OVERVIEW
INVESTMENT
SUMMARY
EXCLUSIVELY LISTED BY:
DEMOGRAPHICS
TENANT OVERVIEW
LOCATION
OVERVIEW
FINANCIAL OVERVIEW
RENT ROLL
PRICING
DEMOGRAPHICS
LOCATION OVERVIEW
EXCLUSIVELY LISTED BY:
ALEX KOZAKOV
PATRICK WADE
MAXX COHEN
ERIC ROY
First Vice President
+1 213 613 3031
Lic. 01416489
alex.kozakov@cbre.com
First Vice President
+1 213 613 3071
Lic. 01454690
patrick.wade@cbre.com
Associate
+1 213 613 3117
Lic. 01928768
maxx.cohen@cbre.com
Associate
+1 213 613 3410
Lic. 01943774
eric.roy@cbre.com
2
Local Map
3
TAX MAP
TAX MAP
PROPERTY SUMMARY
TAX MAP
Via Montana Shopping Center
1504-1528 E Champlain Drive, Fresno, CA 93720
PRICE:
$32,000,000
BUILDING SIZE:
123,586 SF
PRICE/SF:
$258.69
LAND AREA:
544,500 SF
OCCUPANCY:
94.32%
YEAR BUILT:
2006
YEAR 1 NOI:
$2,065,194
YEAR 1 CAP RATE:
6.45%
YEAR 3 NOI (stabilized):
$2,278,360
YEAR 3 CAP RATE (stabilized):
7.12%
PARKING:
640 spaces
MAJOR TENANTS:
Orchard Supply Hardware, Jamba Juice, Big 5 Sporting
Goods, Dollar Tree, Wells Fargo, Papa John’s Pizza
TRAFFIC COUNTS:
45,340: Champlain Dr. & Shepherd Ave.
Average HH Income: $103,252 (1 mile)
4
2014 Population: 190,105 (5 mile)
Investment Highlights
Stable, High-Quality Anchored Shopping Center
Prime Demographics and Location in Underserved Market
> Orchard Supply Hardware-anchored shopping center with attractive 2006
construction
> Current rents average under $1.50/sf/month: below market average
> Over 94% occupied with upward trending rental rates - newest leases over $1.90/sf/
month
> Over 60% of GLA leased to national and regional tenants: OSH, Big 5, Jamba Juice,
Wells Fargo, Dollar Tree, Papa John’s, Marble Slab, UFC Gym and others
> Professionally managed: low deferred maintenance
> To be delivered free & clear of debt: ability to lock in new, long-term debt at attractive
rates
> Average HH income over $102,000 and almost 20,000 people in 1-mile radius
> Adjacent to Dominion Courtyard: a 287-unit luxury apartment complex (http://
www.dominioncourtyard.com)
> Area retail report shows major opportunity for building & garden ($22m);
sporting goods ($4m); & food service & drinks ($13m) in a 1-mile radius
> Signalized intersection of Champlain Dr. & Shepherd Ave.: over 45,000 cars/day
> Adjacent to proposed 84k SF office complex & 63-unit apartment development
> Limited area retail competition
> Tenants maintain excellent customer reviews on Yelp and Google
5
6
Executive Summary
CBRE is pleased to offer for sale Via Montana Shopping Center - a 123,000sf Orchard Supply Hardware-anchored shopping center in the affluent Clovis
submarket of Fresno, California.
The shopping center consists of three anchors (OSH, Big 5 and Dollar Tree) plus five pad buildings and shop space on over 12.5 acres of land. Via Montana has a seasoned roster of credit
and regional tenants (over 60% of the GLA), which includes Jamba Juice, Wells Fargo, UFC Gym, Papa John’s Pizza, and the popular Yosemite Ranch restaurant. Built in 2006 and 2007,
the shopping center is currently over 94% occupied, with most of the tenants (over 75% of the GLA) having occupied their respective units for five or more years. The shopping center is
strategically located at the signalized intersection of Champlain Drive and Shepherd Avenue (over 45,000 cars/day) in an affluent, established neighborhood (almost 20,000 people with an
average household income exceeding $102,000 in a 1-mile radius). Via Montana is adjacent to the Dominion Courtyard (a 287-unit luxury apartment complex) in addition to two new proposed
office and apartment developments. Retail demand reports also illustrate that the immediate area is significantly under-served, which projects long-term success of the existing tenant base.
Within a 1-mile radius of the property, there is an estimated gap in supply for building and garden materials (over $22 million), food and beverage stores ($11 million), clothing and accessories
($16 million), general merchandise ($23 million) and food service and drinking places ($13 million).
7
SITE
SITEPLAN
PLAN
2
3
,8
SF
3
in Dr
a
l
p
ham
East C
Planned
84,000 SF
Office Project
6 SF
54
SF
7,320 SF
,9
Pad D
12,300 SF
42
East Shepherd Ave
7,07
9
8
,8
SF
27
9,701 SF
Planned 63-Unit
Apartment
Development
12,529 SF
8
Regional Map
9
Financial Overview
Executive Summary
PROPERTY DESCRIPTION
Property Type
Retail
Size of Improvements
123,586 SF
Property Name
Via Montana Shopping Center
Current Leased as of 4/1/15
94.32%
1504-1528 E Champlain Dr., Fresno, CA
Projected Leased as of 6/1/15
94.32%
Property Address
ACQUISITION AND RESIDUAL SUMMARY
LEVERAGE SUMMARY [1]
Market Loan
Purchase Price as of August 1, 2015
$259 PSF
$32,000,000
Initial Loan Funding (as of Aug-15)
Loan-To-Value Ratio (Initial Funding)
Earnout
Capitalization Rate
$20,800,000
65.00%
$0
Max Loan-to-Value (Including Earnout)
65.00%
Funding Date
Aug-15
Maturity Date
Jul-25
Year 1
Year 2
Year 3
6.45%
6.81%
7.12%
Remaining Loan Term During Analysis
10.0 Years
Cash Return
5.91%
6.43%
6.92%
Amortization Period
Leveraged Cash Return
8.83%
10.28%
8.65%
Initial Interest Only Period (If Any)
3-Year
5-Year
7-Year
6.79%
7.02%
7.19%
Origination Fee on Initial Loan Funding
1.00%
9.93%
Average Capitalization Rate
30 Years
24 Months
Interest Rate
4.25%
Loan Constant
5.90%
Average Cash Return
6.42%
6.75%
6.88%
Initial Debt Yield
Average Leveraged Cash Return
9.25%
9.37%
9.40%
Debt Service Coverage Ratio (NOI)
1.68x
Debt Service Coverage Ratio (CF)
1.54x
Net Residual Value as of July 31, 2025
$38,394,000
Purchase Price as of June 1, 2015
$32,000,000
7.00%
Total Initial Loan Prinicpal
(20,800,000)
1.25%
Total Initial Loan Fees
Net Residual Per Square Foot
$311
Residual Capitalization Rate
Residual Cost of Sale
Iniital Equity
ALL CASH IRR
8.43%
LEVERAGED IRR
[1] Leveraged Analysis is based on financing that a particular investor may or may not be able to obtain and is subject to change. Please contact Shaun Moothart at 949-509-2111 or shaun.moothart@cbre.com for details.
208,000
$11,408,000
14.05%
10
Financial Overview
GLOBAL
SUMMARY OF FINANCIAL ASSUMPTIONS
VACANT SPACE LEASING
ANALYSIS PERIOD
SECOND GENERATION LEASING
OCCUPANCY AND ABSORPTION
Commencement Date
August 1, 2015
Projected Vacant at 8/1/15
7,015 SF
End Date
July 31, 2025
Currently Vacant as of 6/1/15
7,015 SF
Term
10 Years
Percentage Vacant as of 6/1/15
Absorption Period
AREA MEASURES
Building Square Feet (NRSF)
123,586 SF
5.68%
9 Month(s)
Absorption Period Start Date
August 1, 2015
First Absorption Occurs On
December 1, 2015
Last Absorption Occurs On
May 1, 2016
RETENTION RATIO
Suite 1536
Restaurant
Anchor
>5,000 SF
<5,000 SF
70%
70%
70%
70%
70%
$1.05 PSF
$2.50 PSF
$1.30 PSF
$1.90 PSF
See Rent Roll
5% every 5 Yrs
3.00% Annually
5% every 5 Yrs
3.00% Annually
3.00% Annually
10 Years
5 Years
10 Years
5 Years
5 Years
NNN+AF
NNN+AF
NNN+AF
NNN+AF
NNN+AF
2 Month(s)
2 Month(s)
2 Month(s)
2 Month(s)
2 Month(s)
FINANCIAL TERMS
2015 Monthly Market Rent
Rent Adjustment
Lease Term
Expense Reimb. Type
GROWTH RATES
Consumer Price Index (CPI)
3.00%
FINANCIAL TERMS
Other Income Growth Rate
3.00%
2015 Monthly Market Rent
Operating Expenses
3.00%
Rent Adjustment
Real Estate Taxes
2.00%
Lease Term
Market Rent Growth
TENANTING COSTS
See Rent Roll
3.00% Annually
5 Years
Expense Reimbursement Type
NNN + AF
CY 2016
-
3.00%
Rent Abatements
2 Month(s)
CY 2017
-
3.00%
Tenant Improvements ($/NRSF)
$15.00 PSF
Commissions
CY 2018
-
3.00%
CY 2019
-
3.00%
6.00%
CY 2020
-
3.00%
EXPENSES
CY 2021
-
3.00%
OPERATING EXPENSE SOURCE
CY 2022
-
3.00%
CY 2023
-
3.00%
CY 2024
-
3.00%
CY 2025+
-
3.00%
Rent Abatements
New
Renewal
Weighted Average
0 Month(s)
0 Month(s)
0 Month(s)
0 Month(s)
0 Month(s)
0.60 Month(s)
0.60 Month(s)
0.60 Month(s)
0.60 Month(s)
0.60 Month(s)
Tenant Improvements ($/NRSF)
New
$10.00 PSF
$25.00 PSF
$10.00 PSF
$15.00 PSF
$15.00 PSF
Renewal
$0.00 PSF
$0.00 PSF
$0.00 PSF
$0.00 PSF
$0.00 PSF
Weighted Average
$3.00 PSF
$7.50 PSF
$3.00 PSF
$4.50 PSF
$4.50 PSF
2015 Forecast
Commissions
MANAGEMENT FEE (% of EGR)
REAL ESTATE TAXES REASSESSED
Millage Rate
General Vacancy Loss
5.00% [1]
Capital Reserves (CY 2015 Value)
$0.15 PSF
Special Assessments
2.50%
Yes [3]
New
6.00%
6.00%
6.00%
6.00%
6.00%
Renewal
2.00%
0.00%
2.00%
0.00%
0.00%
Weighted Average
3.20%
1.80%
3.20%
1.80%
1.80%
New
9 Month(s)
9 Month(s)
9 Month(s)
9 Month(s)
9 Month(s)
Weighted Average
3 Month(s)
3 Month(s)
3 Month(s)
3 Month(s)
3 Month(s)
1.197390%
$1,545
Downtime
All market rates are started on calendar-year basis.
[1] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover downtime, and fixturing downtime. The following tenants are excluded from this loss factor for current lease terms only: Big 5, Dollar Tree and Orchard Supply Hardware
[2] Real Estate Taxes have been reassessed at the estimated purchase price based on a millage rate of 1.197390% plus special assessments of $1,545.
11
Financial Overview
YEAR 1 NOI SUMMARY
In-Place NOI Aug-15, Annualized
Size Of Improvements
$ PSF
Year One NOI Aug-15 to Jul-16
123,586 SF
$ PSF
123,586 SF
REVENUES
Gross Potential Rent
Absorption & Turnover Vacancy
Base Rent Abatements
$2,233,620
$18.07
$2,239,563
$18.12
(150,456)
(1.22)
(98,229)
(0.79)
0
0.00
(25,698)
(0.21)
Total Scheduled Base Rent
2,083,164
16.86
2,115,636
17.12
Expense Reimbursements
636,552
5.15
663,936
5.37
Miscellaneous Rental Revenue
2,400
0.02
2,400
0.02
Wells Fargo ATM
8,160
0.07
11,563
0.09
2,730,276 [1]
22.09
2,793,535
22.60
0
0.00
0
0.00
2,730,276
22.09
2,793,535
22.60
Landscaping
(53,148)
(0.43)
(54,078)
(0.44)
Parking Lot Sweeping
(3,600)
(0.03)
(3,658)
(0.03)
TOTAL GROSS REVENUE
Gross Vacancy Loss
EFFECTIVE GROSS REVENUE
OPERATING EXPENSES
PG&E
(20,388)
(0.16)
(20,744)
(0.17)
City Utilities
(45,276)
(0.37)
(46,067)
(0.37)
Pest Control
(588)
(0.00)
(597)
(0.00)
(2,520)
(0.02)
(2,565)
(0.02)
Fountain R&M
Roof Repairs
Grounds/Porter Service
Alarm Monitoring
(588)
(0.00)
(594)
(0.00)
(14,520)
(0.12)
(14,771)
(0.12)
(4,404)
(0.04)
(4,482)
(0.04)
Misc. R&M
(14,532)
(0.12)
(14,787)
(0.12)
Management Fee
(68,256)
(0.55)
(69,838)
(0.57)
City Revenue Tax
(2,184)
(0.02)
(2,228)
(0.02)
Real Estate Taxes
(384,612)
(3.11)
(389,083)
(3.15)
(14,700)
(0.12)
(14,961)
(0.12)
HVAC
(6,768)
(0.05)
(6,887)
(0.06)
Trash
(81,576)
(0.66)
(83,001)
(0.67)
Insurance
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
Capitalization Rate
PURCHASE PRICE AS OF JUNE 1, 2015
(717,660)[2]
(5.81)
(728,341)
(5.89)
$2,012,616
$16.29
$2,065,194
$16.71
6.29%
$32,000,000
6.45%
$258.93
[1] In-Place Net Operating Income is calculated using contractual rents and expense reimbursements as of August 2015, Annualized (with no General Vacancy Loss). In-Place NOI does not include vacant lease-up revenue, downtime due to near-term expirations, or future rent increases for existing tenants.
[2] Real Estate Taxes are reassessed based on the sales price.
$32,000,000
$258.93
12
Financial Overview
CASH FLOW PROJECTIONS
Fiscal Year Ending - July 31
Physical Occupancy
Overall Economic Occupancy [1]
Weighted Average Market Rent
2016
96.38%
95.75%
2017
97.49%
96.53%
2018
98.81%
96.88%
2019
99.12%
96.89%
2020
100.00%
97.05%
2021
97.58%
96.66%
2022
97.03%
96.18%
2023
98.85%
96.81%
2024
98.92%
96.74%
2025
98.55%
96.98%
2026
97.50%
96.31%
$1.57
$1.62
$1.67
$1.72
$1.77
$1.83
$1.88
$1.94
$1.99
$2.05
$2.12
Weighted Average In-Place Rent [2]
$1.48
$1.54
$1.61
$1.64
$1.68
$1.70
$1.76
$1.83
$1.85
$1.89
$1.93
Total Operating Expenses PSF Per YR
$5.89
$6.05
$6.20
$6.35
$6.50
$6.65
$6.82
$6.99
$7.16
$7.33
$7.50
REVENUES
FY 2016-$/SF/MO [3]
Scheduled Base Rent
Gross Potential Rent
Absorption & Turnover Vacancy
Base Rent Abatements
Total Scheduled Base Rent
Expense Reimbursements
Miscellaneous Rental Revenue
Wells Fargo ATM
$1.51
$2,239,563
$2,321,306
$2,404,845
$2,454,279
$2,496,019
$2,545,193
$2,657,843
$2,729,222
$2,764,899
$2,813,395
$2,907,004
(0.07)
(0.02)
(98,229)
(25,698)
(78,769)
(18,215)
(39,491)
(7,974)
(32,933)
(6,587)
0
0
(77,147)
(13,780)
(108,759)
(23,173)
(42,878)
(8,241)
(46,775)
(10,215)
(56,601)
0
(94,073)
(25,628)
1.43
0.45
0.00
2,115,636
663,936
2,400
2,224,322
693,291
2,000
2,357,380
723,676
0
2,414,759
744,861
0
2,496,019
771,851
0
2,454,266
766,865
0
2,525,911
780,190
0
2,678,103
818,486
0
2,707,909
839,235
0
2,756,794
855,376
0
2,787,303
863,938
0
0.01
11,563
14,193
14,619
14,820
15,302
15,690
15,950
16,435
16,665
17,199
17,630
TOTAL GROSS REVENUE
General Vacancy Loss
1.88
0.00
2,793,535
0
2,933,806
(8,238)
3,095,675
(50,621)
3,174,440
(60,407)
3,283,172
(96,739)
3,236,821
(20,251)
3,322,051
0
3,513,024
(62,658)
3,563,809
(61,063)
3,629,369
(54,565)
3,668,871
(19,985)
EFFECTIVE GROSS REVENUE
1.88
2,793,535
2,925,568
3,045,054
3,114,033
3,186,433
3,216,570
3,322,051
3,450,366
3,502,746
3,574,804
3,648,886
OPERATING EXPENSES
Landscaping
(0.04)
(54,078)
(55,700)
(57,371)
(59,093)
(60,865)
(62,691)
(64,572)
(66,509)
(68,505)
(70,560)
(72,676)
Parking Lot Sweeping
(0.00)
(3,658)
(3,768)
(3,881)
(3,997)
(4,117)
(4,241)
(4,368)
(4,499)
(4,634)
(4,773)
(4,916)
PG&E
(0.01)
(20,744)
(21,367)
(22,008)
(22,668)
(23,348)
(24,048)
(24,770)
(25,513)
(26,278)
(27,066)
(27,878)
City Utilities
(0.03)
(46,067)
(47,449)
(48,873)
(50,339)
(51,849)
(53,405)
(55,007)
(56,657)
(58,357)
(60,107)
(61,911)
Pest Control
(0.00)
(597)
(615)
(634)
(653)
(672)
(693)
(713)
(735)
(757)
(779)
(803)
Fountain R&M
(0.00)
(2,565)
(2,642)
(2,721)
(2,803)
(2,887)
(2,974)
(3,063)
(3,155)
(3,249)
(3,347)
(3,447)
Roof Repairs
Grounds/Porter Service
Alarm Monitoring
(0.00)
(0.01)
(0.00)
(594)
(14,771)
(4,482)
(612)
(15,214)
(4,617)
(630)
(15,670)
(4,755)
(649)
(16,140)
(4,898)
(669)
(16,625)
(5,045)
(689)
(17,123)
(5,196)
(710)
(17,637)
(5,352)
(731)
(18,166)
(5,513)
(753)
(18,711)
(5,678)
(775)
(19,272)
(5,849)
(799)
(19,851)
(6,024)
Misc. R&M
(0.01)
(14,787)
(15,231)
(15,688)
(16,159)
(16,643)
(17,143)
(17,657)
(18,187)
(18,732)
(19,294)
(19,873)
Management Fee
(0.05)
(69,838)
(73,139)
(76,126)
(77,851)
(79,661)
(80,414)
(83,051)
(86,259)
(87,569)
(89,370)
(91,222)
City Revenue Tax
(0.00)
(2,228)
(2,295)
(2,364)
(2,435)
(2,508)
(2,583)
(2,660)
(2,740)
(2,822)
(2,907)
(2,994)
Real Estate Taxes
Insurance
HVAC
(0.26)
(0.01)
(0.00)
(389,083)
(14,961)
(6,887)
(396,834)
(15,409)
(7,094)
(404,740)
(15,872)
(7,306)
(412,804)
(16,348)
(7,526)
(421,029)
(16,838)
(7,751)
(429,418)
(17,343)
(7,984)
(437,976)
(17,864)
(8,223)
(446,705)
(18,400)
(8,470)
(455,608)
(18,952)
(8,724)
(464,689)
(19,520)
(8,986)
(473,952)
(20,106)
(9,255)
Trash
(0.06)
(83,001)
(85,491)
(88,055)
(90,697)
(93,418)
(96,221)
(99,107)
(102,080)
(105,143)
(108,297)
(111,546)
(0.49)
(728,341)
(747,477)
(766,694)
(785,060)
(803,925)
(822,166)
(842,730)
(864,319)
(884,472)
(905,591)
(927,253)
1.39
2,065,194
2,178,091
2,278,360
2,328,973
2,382,508
2,394,404
2,479,321
2,586,047
2,618,274
2,669,213
2,721,633
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
13
Financial Overview
CASH FLOW PROJECTIONS (CONT.)
Fiscal Year Ending - May 31
CAPITAL COSTS
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
(107,826)
(67,074)
(28,830)
(21,956)
0
(56,462)
(86,376)
(31,577)
(34,049)
0
(101,419)
Tenant Improvements
(0.07)
Leasing Commissions
(0.03)
(47,573)
(34,487)
(15,098)
(12,471)
0
(26,089)
(43,871)
(15,602)
(19,340)
0
(48,521)
Capital Reserves
(0.01)
(18,862)
(19,428)
(20,011)
(20,611)
(21,230)
(21,867)
(22,523)
(23,198)
(23,894)
(24,611)
(25,349)
TOTAL CAPITAL COSTS
(0.12)
(174,261)
(120,989)
(63,939)
(55,038)
(21,230)
(104,418)
(152,770)
(70,377)
(77,283)
(24,611)
(175,289)
OPERATING CASH FLOW
$1.28
$1,890,933
$2,057,102
$2,214,421
$2,273,935
$2,361,278
$2,289,986
$2,326,551
$2,515,670
$2,540,991
$2,644,602
$2,546,344
($32,000,000)
0
0
0
0
0
0
0
0
0
0
ALL CASH
ACQUISITION & RESIDUAL SALE
Acquisition Cost
Net Residual Value [4]
CASH FLOW BEFORE DEBT
0
0
0
0
0
0
0
0
0
0
38,394,466
IRR
($32,000,000)
$1,890,933
$2,057,102
$2,214,421
$2,273,935
$2,361,278
$2,289,986
$2,326,551
$2,515,670
$2,540,991
$41,039,068
8.43%
20,800,000
0
0
0
0
0
0
0
0
0
(17,530,257)
(208,000)
0
0
0
0
0
0
0
0
0
0
MARKET LOAN [5]
Loan Funding/Payoff
Loan Fees
Annual Debt Service
CASH FLOW AFTER DEBT
0
(884,000)
(884,000)
(1,227,882)
(1,227,882)
(1,227,882)
(1,227,882)
(1,227,882)
(1,227,882)
(1,227,882)
(1,227,882)
IRR
($11,408,000)
$1,006,933
$1,173,102
$986,539
$1,046,053
$1,133,396
$1,062,104
$1,098,669
$1,287,788
$1,313,109
$22,280,928
14.05%
NOI Return
6.45%
6.81%
7.12%
7.28%
7.45%
7.48%
7.75%
8.08%
8.18%
8.34%
UNLEVERAGED Cash Return
5.91%
6.43%
6.92%
7.11%
7.38%
7.16%
7.27%
7.86%
7.94%
8.26%
LEVERAGED Cash Return
8.83%
10.28%
8.65%
9.17%
9.94%
9.31%
9.63%
11.29%
11.51%
12.42%
Debt Service Coverage Ratio (NOI)
2.34x
2.46x
1.86x
1.90x
1.94x
1.95x
2.02x
2.11x
2.13x
2.17x
Debt Service Coverage Ratio (CF)
2.14x
2.33x
1.80x
1.85x
1.92x
1.86x
1.89x
2.05x
2.07x
2.15x
Rolling - All Cash IRR
1.93%
6.37%
7.23%
7.68%
7.65%
8.02%
8.36%
8.34%
8.38%
8.43%
Rolling-Leveraged IRR
N/M
9.24%
11.85%
13.07%
12.96%
13.75%
14.36%
14.17%
14.11%
14.05%
[1]
[2]
[3]
[4]
[5]
Leveraged
This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements.
This figure does not include any amount related to expense reimbursements. Only Scheduled Base Rent and Fixed/CPI Increases are included in this calculation, which is based on the weighted-average physical occupancy during each fiscal year.
Based on 123,586 square feet.
Net Residual Value is calculated by dividing Year 11 NOI by the Residual Cap Rate of 7.00% and applying a 1.25% Cost of Sale.
Market Debt based on 65% Loan-to-Value, 4.25% Interest Rate, with 24 Months of Interest Only then 30-Year Amortization, and 1.00% Loan Fee.
14
Rent Roll
Lease Term
Suite
Tenant Name
SF
% of
Property
1536
Orchard Supply
Hardware
42,954
34.76%
1544101
Big 5 Sporting
Goods
10,335
8.36%
Sept-2006
1544105
Dollar Tree
14,929
12.08%
1544 Convenience Store 2,625
1552101
1552
Ozzy’s Sports Bar
& Grill
Indian Kabob
Palace
1552107
Begin
Rental Rates
Recovery Type
Market
Assumption/
Market Rent
Comments/Options
Begin
Monthly
PSF
Annually
PSF
Current
Jan-2017
Apr-2021
Apr-2026
Apr-2031
$45,639
$47,930
$50,328
$52,833
$55,482
$1.06
$1.12
$1.17
$1.23
$1.29
$547,663
$575,154
$603,933
$634,001
$665,787
$12.75
$13.39
$14.06
$14.76
$15.50
NNN + 10% AF Market $1.05 Original expiration is 3/21. Tenant is assumed to
(Anchor)
NNN + 10% AF exercise all three (3) 5-year options to renew with 5%
(Anchor)
rent increases at the beginning of each period (flat
during each option). Tenant directly reimburses HVAC
and Trash expenses.
Jan-2017
Option 1
Option 2
Option 3
Current
Feb-2017
Feb-2022
Feb-2027
Feb2032
$13,642
$15,003
$16,510
$18,155
$19,972
$1.32
$1.45
$1.60
$1.76
$1.93
$163,706
$180,036
$198,122
$217,862
$239,669
$15.84
$17.42
$19.17
$21.08
$23.19
NNN + 10% AF
(Prop 13)
Jul-2007
Jul-2017
Option 1
Option 2
Current
Aug-2017
Aug-2022
$18,288
$21,075
$23,190
$1.23
$1.41
$1.55
$219,456
$252,897
$278,277
$14.70
$16.94
$18.64
2.12%
Aug-2015
Jul-2025
2,870
2.32%
Jul-2011
Oct-2016
5,888
4.76%
May-2015
Apr-2025
Current
Aug-2016
Aug-2017
Aug-2018
Aug-2019
Current
Nov-2015
Current
May-2016
May-2017
May-2018
May-2019
May-2020
May-2021
May-2022
May-2023
May-2024
$4,625
$4,718
$4,813
$4,909
$5,007
$5.432
$5,597
$11,069
$11,119
$11,168
$11,217
$11,266
$11,315
$11,364
$11,413
$11,462
$11,511
$1.76
$1.80
$1.83
$1.87
$1.91
$1.89
$1.95
$1.88
$1.89
$1.90
$1.91
$1.92
$1.93
$1.94
$1.95
$1.96
$1.97
$55,503
$56,621
$57,750
$58,905
$60,086
$65,188
$67,158
$132,833
$133,422
$134,011
$134,600
$135,188
$135,777
$136,366
$136,955
$137,544
$138,132
$21.14
$21.57
$22.00
$22.44
$22.89
$22.71
$23.40
$22.56
$22.66
$22.76
$22.86
$22.96
$23.06
$23.16
$23.26
$23.36
$23.46
NNN + 15% AF Market $1.30 Original expiration is 7/17. Tenant is assumed to
(Anchor)
NNN + 10% AF exercise all two (2) 5-year options with rent equal to the
(Anchor)
following: Option 1: $16.94/sf/yr and Option 2: $18.64/
sf/yr (flat during each option period). Tenant directly
reimburses HVAC and Trash expenses.
NNN+10% AF Market $1.75 Tenant has two (2) 5-year options to renew with 2%
NNN + 10% MF annual increases and 180 days notice.
(<5k SF)
Pure Radiance
3,771
3.05%
Nov-2014
Oct-2020
3,832
3.10%
Oct-2007
Aug-2016
$1.50
$1.70
$1.75
$1.80
$1.85
$2.12
$67,878
$76,928
$79,191
$81,454
$83,716
$97,332
$18.00
$20.40
$21.00
$21.60
$22.20
$25.40
Market $1.75 Tenant has one (1) five (5) year option at FMV. Tenant
NNN + 10% MF pays an additional $200/mo for Equipment Purchase,
(<5k SF)
which expires 10/16.
UFC Gym
$5,657
$6,411
$6,599
$6,788
$6,976
$8,111
NNN + 10% AF
1504
Current
Nov-2016
Nov-2017
Nov-2018
Nov-2019
Current
NNN + 10% AF
1512101
Jamba Juice
1,470
1.19%
Jul-2006
Jun-2016
Current
$4,002
$2.72
$48,025
$32.67
NNN + 10% AF
1512103
Roll One for Mi
Sushi
1,804
1.46%
Jun-2013
Dec-2018
Current
$3,530
$1.96
$42,365
$23.48
NNN + 10% AF
1512105
1512106
Marble Slab
1,415
1.14%
Jul-2006
Oct-2017
Current
$3,580
$2.53
$42,959
$30.36
NNN + 10% AF
Chiffono’s Bakery
1,167
0.94%
May-2007
Sept-2020
Papa John’s Pizza
1,220
0.99%
Feb-2012
Jun-2022
$2,617
$2,682
$2,749
$2,818
$2,888
$2,961
$2,294
$2,342
$2.24
$2.30
$2.36
$2.42
$2.48
$2.54
$1.88
$1.92
$31,404
$32,186
$32,991
$33,820
$34,660
$35,535
$27,523
$28,109
$26.91
$27.58
$28.27
$28.98
$29.70
$30.45
$22.56
$23.04
NNN + 10% AF
1512107
Current
Oct-2015
Oct-2016
Oct-2017
Oct-2018
Oct-2019
Current
Jul-2015
Market $2.00 Tenant has one (1) five (5) year option at $10,423.04/
NNN + 10% AF mo for first 30 months and $11,189.44/mo for second 30
months.
Market $2.50 Tenant has three (3) five (5) year options at $5,115.60/mo
NNN + 10% MF for first 5 years, $5,747.70/mo for second 5 years and 95%
of FMV for third 5 years.
Market $2.25 Tenant has two (2) five (5) year options with rent to
NNN + 10% MF be negotiated. Tenant is assumed to roll to weighted
average market leasing assumptions upon expiration.
Market $2.25
NNN + 10% MF
Market $2.25
NNN + 10% MF
1520
Yosemite Ranch
7,320
5.92%
Aug-2006
Jul-2026
Current
Aug-2016
Aug-2021
$16,104
$19,325
$23,192
$2.20
$2.64
$3.17
$193,248
$231,898
$278,306
$26.40
$31.68
$38.02
Apr-2006
End
Mar-2021
Option1
Option2
Option3
Market $1.30 Original expiration is 1/17. Tenant is assumed to
NNN + AF exercise all four (4) 5-year options to renew with 10%
(Anchor)
rent increases at the beginning of each period (flat
during each option). Tenant has Prop 13 protection.
NNN + 10% AF
Market $2.00
NNN + 10% MF
NNN + 10% AF Market $1.90
NNN + 10% MF
(>5k SF)
NNN + 10% AF
Market $1.75
NNN + 10% AF
(<5k SF)
NNN + 10% AF Market $2.50
NNN + 10% MF
(restaurant)
Tenant has two (2) five (5) year options with rent to
be negotiated. Tenant is assumed to roll to weighted
average market leasing assumptions upon expiration.
Tenant has three (3) five (5) year options with 20% rent
increases every 5 years.
15
Rent Roll (Cont.)
Lease Term
Suite
Tenant Name
SF
% of
Property
1528101
Mediterranean
Restaurant
1,901
1.54%
Jun-2015
1528103
Vacant
1,741
1.41%
1528104
Emerald Nails &
Spa
2,531
1528106
Vacant
1528107
1528108
Market
Assumption/
Market Rent
Comments/Options
Monthly
PSF
Annually
PSF
May-2015
Current
May-2017
May-2018
May-2019
May-2020
May-2021
May-2022
May-2023
May-2014
May-2025
$3,840
$3,956
$4,074
$4,196
$4,322
$4,452
$4,585
$4,722
$4,865
$5,011
$2.02
$2.08
$2.14
$2.21
$2.27
$2.34
$2.41
$2.48
$2.56
$2.64
$46,080
$47,468
$48,894
$50,357
$51,859
$53,418
$55,015
$56,669
$58,380
$60,129
$24.24
$24.97
$25.72
$26.49
$27.28
$28.10
$28.94
$29.81
$30.71
$31.63
NNN + 10% AF
Market $2.25 Tenant has one (1) five (5) year option to renew. Tenant
NNN + 10% MF has exclusive use to operate as a Mediterranean
Armenian fast food restaurant. Tenant’s rent and
reimbursements are abated for first 8 months of lease
to be credited by seller at close of escrow (abatement
not modeled in Argus).
Dec-2015
Nov-2020
Dec-2015
Dec-2016
Dec-2017
Dec-2018
Dec-2019
$3,308
$3,407
$3,510
$3,614
$3,723
$1.90
$1.96
$2.02
$2.08
$2.14
$39,695
$40,879
$42,115
$43,368
$44,674
$22.80
$23.48
$24.19
$24.91
$25.66
NNN + 10% AF
Market $1.90
NNN + 10% MF
(<5k SF)
2.05%
Aug-2006
Dec-2018
Jan-2016
Dec-2020
$1.82
$1.86
$1.89
$1.93
$1.80
$1.86
$1.91
$1.97
$2.03
$55,308
$56,416
$57,530
$58,694
$22,409
$23,082
$23,776
$24,491
$25,216
$21.85
$22.29
$22.73
$23.19
$21.63
$22.28
$22.95
$23.64
$24.34
Market $2.25
NNN + 10% MF
0.84%
$4,609
$4,701
$4,794
$4,891
$1,867
$1,924
$1,981
$2,041
$2,101
NNN + 10% AF
1,036
Current
Jan-2016
Jan-2017
Jan-2018
Jan-2016
Jan-2017
Jan-2018
Jan-2019
Jan-2020
NNN + 10% AF
Market $1.75
NNN + 10% MF
(<5k SF)
Foot Reflexology
1,508
1.22%
Feb-2008
Mar-2018
Current
$3,169
$2.10
$38,024
$25.22
NNN + 10% AF
Vacant
1,560
1.26%
Feb-2016
Jan-2021
Feb-2016
Feb-2017
Feb-2018
Feb-2019
Feb-2020
$2,812
$2,896
$2,984
$3,073
$3,164
$1.80
$1.86
$1.91
$1.97
$2.03
$33,743
$34,757
$35,802
$36,878
$37,970
$21.63
$22.28
$22.95
$23.64
$24.34
1528109
Tres Jolie
2,023
1.64%
Oct-2006
May-2016
MTM
Current
$3,844
$1.90
$46,128
$22.80
1560100
1568101
Vino 100
4,068
3.29%
Sept-2006
Nov-2016
Vacant
1,233
1.00%
Oct-2015
Sept-2020
1568103
Vacant
1,445
1.17%
Mar-2016
Feb-2021
Current
Aug-2015
Oct-2015
Oct-2016
Oct-2017
Oct-2018
Oct-2019
Mar-2016
Mar-2017
Mar-2018
Mar-2019
Mar-2020
$7,902
$8,299
$2,158
$2,222
$2,289
$2,358
$2,429
$2,605
$2,683
$2,764
$2,847
$2,931
$1.94
$2.04
$1.75
$1.80
$1.86
$1.91
$1.97
$1.80
$1.86
$1.91
$1.97
$2.03
$94,825
$99,585
$25,893
$26,670
$27,471
$28,297
$29,148
$31,255
$32,195
$33,163
$34,160
$35,171
$23.31
$24.48
$21.00
$21.63
$22.28
$22.95
$23.64
$21.63
$22.28
$22.95
$23.64
$24.34
1568105
Papi’s Mexican
Grill
2,940
2.38%
Jan-2012
Nov-2017
Current
Dec-2015
Dec-2016
$5,200
$5,304
$5,410
$1.77
$1.80
$1.84
$62,399
$63,651
$64,915
$21.22
$21.65
$22.08
116,571
94.3%
$173,598
$1.49
$2,083,176
$17.87
7,015
5.7%
$12,718
$1.81
$152,616
$21.72
123,586
100%
$186,316
$1.50
$2,235,792
$18.00
VACANT
TOTAL
End
Recovery Type
Begin
OCCUPIED
Begin
Rental Rates
Market $2.25
NNN + 10% MF
NNN + 10% AF Market $1.75
NNN + 10% MF
(<5k SF)
NNN + 10% AF
Market $1.90
NNN + 10% MF
(>5k SF)
NNN + 10% AF Market $2.00
NNN + 10% MF
NNN + 10% AF Market $2.00
NNN + 10% MF
(<5k SF)
Tenant is signing a new 5-year lease with 2% annual
increases.
Tenant has two (2) five (5) year options with 5% rent
increases every 2 years.
NNN + 10% AF
Market $1.75
NNN + 10% MF
(<5k SF)
NNN + 10% AF
Market $1.90 Tenant has two (2) five (5) year options at FMV.
NNN + 10% MF
(<5k SF)
Weighted-Average Lease Term Remaining: 4.5 Years
16
TENANT OVERVIEW
Orchard Supply Hardware
Orchard Supply Hardware (OSH) is an American retailer of home
improvement and gardening products. Headquartered in San Jose, California,
Orchard Supply Hardware has dozens of locations throughout California, with
expansions into Oregon. The company started as a non-profit cooperative in
1931 and was acquired by Sears as a for-profit corporation in 1996. In June
2013, the bulk of OSH’s assets and locations have been sold to the home
improvement store chain, Lowe’s, and are expected to be operated as a subsidiary.
Website: osh.com
Big 5 Sporting Goods
Big 5 Sporting Goods is a sports retailer headquartered in El Segundo,
California. There are currently 420 stores in Arizona, California,
Colorado, Idaho, Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah,
Washington and Wyoming. Steven G Miller is the Chairman, President,
and CEO. The Big 5 name is derived from its start in 1955 as five ArmyNavy surplus stores in Southern California.
Website: big5sportinggoods.com
# of Locations: 420
# of Locations: 91
NASDAQ: BGFV
NYSE: OSH
# of Employees: 5,400
Jamba Juice
Jamba Juice is headquartered in Emeryville, CA. With over 800
locations in 26 states, the Bahamas, Canada, Philippines, Mexico
and South Korea, there are approximately 287 company-owned
locations and 517 franchise-operated stores in the US, in addition
to 45 international stores. Jamba Juice was founded in April 1990 by Kirk Perron, a
healthy-lifestyle advocate. In 1999, Jamba Juice acquired all nationwide Zuka Juice,
Inc. Stores and has since expanded into a well-known smoothie chain. In March 2006,
Jamba Juice was acquired by Services Acquisition Corp. International.
Website: jambajuice.com
NASDAQ: JMBA
# of Employees: 9,500
UFC Gym
UFC Gym is the first major brand extension of the Ultimate
Fighting Championship, the world leader in mixed martial arts. In
alliance with New Evolution Ventures, developers of many of the
world’s most successful fitness brands, the UFC Gym brand gives
UFC enthusiasts and fitness seekers of all ages the opportunity
to practice training techniques of famed UFC athletes. Offering a full-range of group fitness classes,
private MMA training, personal and group dynamic training and MMA-style youth programming,
UFC Gym creates something for all ages and fitness levels.
Website: ufcgym.com
# of Locations: 130
# of Locations: 849
Ozzy’s Sports Grill
Ozzy’s Sports Grill is a sports bar and grill that has 24 beers on tap
and an extensive food menu including Nathan dogs, Johnsonville
brats, burgers, sandwiches, salads, pasta and much more! They also
have many events throughout the year.
Website: ozzyssportsgrill.com
Chiffonos Bakery
Chiffonos Bakery offers cakes, cupcakes and more. All of their cakes
are made from scratch on the premises from recipes developed
by Chiffonos. They use only the finest ingredients, including
real butter, whole eggs, natural flavors and guittard chocolates.
Chiffonos specializes in “chocolate wrapped” wedding cakes as
well, which is an actual chocolate wrap rather than fondue. Dark or white chocolate is wrapped around
your cake to create a unique finish that tastes as good as it looks. The chocolate wrap can be smooth
or ruffled and tinted to match your wedding colors.
Website: chiffonosbakery.com
17
TENANT OVERVIEW (CONT.)
Marble Slab Creamery
Since 1983, Marble Slab Creamery has been serving chef-created, superpremium, hand-mixed ice cream. Every batch of Marble Slab Creamery ice
cream is freshly made in small batches in the store using ingredients from
around the world as well as dairy from local farms. Today, Marble Slab
Creamery is enjoyed by consumers across the globe with locations in the
Bahrain, Canada, Guam, Kuwait, Lebanon, Mexico, Oman, Pakistan, Saudi
Arabia, Singapore, St. Lucia, Trinidad and Tobago, the United Kingdom, United Arab Emirates
and the United States.
Website: marbleslab.com
Yosemite Ranch
Inspired by the story of Yosemite and the connection with our valley,
Yosemite Ranch is located on a route that once transported timber from
the areas surrounding Yosemite. Yosemite Ranch is Fresno-grown and
proud of their connection to the history and people of the Central Valley.
This restaurant is a culmination of many years of experience that strives
to create a memorable dining experience. They offer fantastic dishes including their signature
spicy butter-adorned aged steaks, delicately seasoned grilled salmon and roast house specialties
prepared on a Coastal Oak fire.
Website: yosemiteranchssrh.com
Ranked in Entrepreneur Magazine’s “Top 500 Franchises”
Founded: 1983
Vino & Friends
Vino & Friends offers over 40 wines by the glass and also puts on
wine dinners for 50-60 people monthly. Their wine club now has
over 725 members. Vino & Friends opened in 2006, and over the
next four years, their company grew to 425 members. In February
2011, they expanded to a bigger location and now have over 300 wines in stock.
Website: vinoandfriends.com
Roll One for Mi
Roll One for Mi, a fun-for-the-family sushi joint, opened in 2013.
The restaurant has an extensive menu, chefs with sushi preparation
prowess and plenty of welcoming staff and servers. It features a
traditional Japanese-esque “mi” dining area, with a dining area and
a hangout area. The owners are continuing to expand and improve their restaurant by
focusing on providing great food and a fun time for the whole family.
Website: rolloneformi.com
Pure Radiance Day Spa
Pure Radiance Day Spa is an on-going collaboration of dedicated years of experience in the beauty
industry. Owner Patricia Shirk has been in the beauty industry for 19 years, and her experience and
expertise is brought to fruition with “you” in mind. They offer a wide variety of beauty treatments
and bridal services for hair, nail care, facials & massage, and silky body polishes. Additionally, they
have traditional European tanning or a Norvell custom spray tan that leaves your skin glowing with a
beautiful beach-bronzed look.
Website: mypureradiancesalon.com
Wells Fargo
Wells Fargo is an American multinational banking and financial services holding company. It is the
fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is
the second largest bank in deposits, home mortgage servicing and debit cards. In 2011, Wells Fargo
was the 23rd largest company in the United States. Headquartered in San Francisco, Wells Fargo has
over 9,000 retail branches and over 12,000 ATMs in 39 states as well as the District of Columbia. A
“Big-Four Bank,” Wells Fargo has over 270,000 employees and over 70 million customers. As of July
2013, it became the world’s biggest bank by market capitalization, worth $236 billion.
Website: www.wellsfargo.com
NYSE: WFC
Headquarters: San Francisco, CA
Established: 1852
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DEMOGRAPHICS ANALYSIS
DEMOGRAPHICS
1 MILE
3 MILE
5 MILE
2014 Estimated Population
19,094
90,288
190,105
2019 Projected Population
20,128
95,462
197,932
2010 Census Population
18,289
86,171
184,401
2000 Census Population
14,458
67,542
158,403
Growth 2010-2014
4.40%
4.78%
3.09%
Growth 2014-2019
5.41%
5.73%
4.12%
2014 Estimated Median Age
38.22
37.44
35.05
2014 Estimated Average Age
38.39
38.38
37.62
2014 Estimated Households
7,405
33,498
71,378
2019 Projected Households
7,774
35,225
74,174
2010 Census Households
7,153
32,347
69,554
2000 Census Households
5,346
25,180
60,506
Growth 2010-2014
3.52%
3.56%
2.62%
Growth 2013-2019
4.98%
5.15%
3.92%
2014 Est. Average Household Size
2.64
2.68
2.63
2014 Est. Median Household Income
$81,705
$71,557
$54,853
2019 Prj. Median Household Income
$87,516
$76,973
$58,445
2000 Cen. Median Household Income
$69,195
$57,553
$43,670
2014 Est. Average Household Income
$103,252
$91,845
$75,439
2014 Estimated Per Capita Income
$40,044
$34,076
$28,325
2014 Estimated Housing Units
7,789
35,251
75,986
2014 Estimated Occupied Units
7,405
33,498
71,378
2014 Estimated Vacant Units
383
1,753
4,608
2014 Est. Owner Occupied Units
4,805
21,851
40,163
2014 Est. Renter Occupied Units
2,600
11,647
31,215
2014 Est. Median Housing Value
$287,753
$269,177
$245,419
2014 Est. Average Housing Value
$339,484
$314,462
$288,853
2014 Est. Population by Race
69,026
- White Population
13,669
(71.6%)
63,712
(70.6%)
126,994
(66.8%)
- Black Population
605
(3.2%)
2,947
(3.3%)
8,595
(4.5%)
- Asian Population
2,416
(12.7%)
11,202
(12.4%)
19,774
(10.4%)
- Other Race Population
1,183
(6.2%)
6,844
(7.6%)
21,976
(11.6%)
- Two or More Races Population
1,063
(5.6%)
4,579
(5.1%)
10,080
(5.3%)
- Hispanic Population
3,800
(19.9%)
19,709
(21.8%)
52,999
(27.9%)
- White Non-Hispanic Population
11,553
(60.5%)
53,304
(59.0%)
102,330
(53.8%)
415,024
1,075,544
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RETAIL OPPORTUNITY GAP REPORT
1504-1528 E Champlain Dr., Fresno - 1 mile radius
2015 Demand (Consumer Exp.) in $M
2015 Supply (Retail Sales) in $M
Opportunity (Gap/Surplus) in $M
$385.7
$187.9
$197.8
Furniture & Home Furnishings Stores
$8.2
$4.0
$4.2
Electronics & Appliance Stores
$7.5
$6.4
$1.1
Building Material & Garden Equipment & Stores
$41.2
$18.3
$22.9
- Building Material & Supply Dealers
$35.3
$17.4
$18.0
- Lawn and Garden Equipment and Supplie
$5.9
$1.0
$4.9
Total Retail Stores
Food & Beverage Stores
$47.1
$36.1
$11.0
- Grocery Stores
$30.4
$35.3
$-4.8
- Specialty Food Stores
$3.8
$0.2
$3.6
- Beer, Wine, & Liquor Stores
$12.9
$0.7
$12.2
Health & Personal Care Stores
$19.5
$43.3
$-23.8
- Pharmacies and Drug Stores
$15.5
$41.6
$-26.2
- Other Health and Personal Care Stores
$1.7
$1.2
$0.5
Clothing & Clothing Accessories Stores
$19.4
$2.7
$16.7
- Clothing Stores
$9.9
$1.4
$8.5
- Shoe Stores
$1.4
$0.1
$1.3
- Jewelry, Luggage, & Leather Goods Sto
$8.2
$1.2
$6.9
Sporting Goods, Hobby, Book, & Music Stores
$7.7
$3.6
$4.1
- Sporting Goods, Hobby, & Musical Inst
$6.6
$3.4
$3.3
- Book, Periodical, & Music Stores
$1.0
$0.2
$0.8
General Merchandise Stores
$44.1
$20.8
$23.3
- Department Stores excluding leased de
$19.1
$12.7
$6.4
- Other General Merchandise Stores
$25.0
$8.1
$16.9
Miscellaneous Store Retailers
$9.7
$2.1
$7.6
Food Service & Drinking Places
$40.1
$26.8
$13.3
- Full-Service Restaurants
$18.2
$11.0
$7.3
- Limited-service Eating Places
$15.9
$15.5
$0.5
- Special Foodservices
$4.4
$0.4
$4.0
- Drinking Places - Alcoholic Beverages
$1.6
$0.0
$1.6
GAFO
$92.0
$38.7
$53.3
- General Merchandise Stores
$44.1
$20.8
$23.3
- Clothing & Clothing Accessories Store
$19.4
$2.7
$16.7
- Furniture & Home Furnishings Stores
$8.2
$4.0
$4.2
- Electronics & Appliance Stores
$7.5
$6.4
$1.1
- Sporting Goods, Hobby, Book, & Music
$7.7
$3.6
$4.1
- Office Supplies, Stationery, & Gift Stores
$5.0
$1.2
$3.9
20
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LOCATION OVERVIEW
FRESNO, CA
The city of Fresno is situated in the center of the San Joaquin Valley of Central California, approximately
200 miles north of Los Angeles and 170 miles south of the state’s capitol, Sacramento. The blending of
commercial and residential development and the preservation of the area’s rich heritage has created the
quintessential community of Fresno, California. Incorporated in 1885, Fresno is among the region’s top
cities for residential living and tourism, and it’s one of the first cities to be founded in Fresno County.
Fresno can be reached by State Route 99, which serves as the main north/south freeway connecting the
major cities of the California Central Valley. Fresno Yosemite International Airport (FAT) is the only selfsufficient airport serving the San Joaquin Valley - with eight air carriers, the airport offers passengers
nonstop service to ten domestic and international locations. Located in the 5th largest city in California,
over 1.2 million business and leisure passengers travel through FAT annually.
Fresno is the only city in California to be surrounded by three national parks: Yosemite, Sequoia, and Kings
Canyon. In addition, the city welcomes thousands of visitors to experience local and regional attractions:
Fresno County Zoo (8 acres of native animal exhibits); Block at Fresno (top venues for shopping and
dining, as well as a movie theater, bowling alley, and a skate park); and the Fresno International Street Fair
(hosted annually in the historic district of Fresno, the event draws over 400,000 people). Additional tourist
attractions include Forestiere Underground Gardens, Fresno Art Museum, Fresno Metropolitan Museum of
Art & Science, Legion of Valor Museum, Fresno Chaffee Zoo, and the Saroyan Theatre.
Five major freeways pass through Fresno County including 99, 41,180, 168, and Interstate 5, as well as rail
TOP FRESNO EMPLOYERS
service from Burlington Northern Santa Fe and Union Pacific. Fresno is known as the gateway to the Sierras
and offers a wide variety of outdoor recreational opportunities including Yosemite and Sequoia National
• Community Medical Center
Parks, numerous lakes and rivers, snow skiing, water sports, and easy access to the central coast, which is
• City of Fresno
popular for fishing, surfing, whale watching and wine.
• Saint Agnes Medical Center
Residents of Fresno also enjoy a very low cost of living relative to California, an uncongested freeway
• Kaiser Permanente
system, great shopping and entertainment, top-ranked schools, and opportunities for higher education
• PetCo by Schneider Electric
(including California State University Fresno), and a mild California climate.
• Children’s Hospital
• Ruiz Foods, Inc.
• Chukchansi Gold Resort and Casino
• Tachi Palace Hotel and Casino
• Foster Farms
22
EXCLUSIVELY LISTED BY:
ALEX KOZAKOV
First Vice President
+1 213 613 3031
Lic. 01416489
alex.kozakov@cbre.com
PATRICK WADE
First Vice President
+1 213 613 3071
Lic. 01454690
patrick.wade@cbre.com
MAXX COHEN
Associate
+1 213 613 3117
Lic. 01928768
maxx.cohen@cbre.com
Affiliated Business Disclosure
CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”), engaging in a broad range of commercial real estate
businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management, and development. At times different
Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE
Investors, Inc. or Trammel Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer
to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate
will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest
of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate
to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s)
it represents in the transaction described in this Memorandum.
Confidentiality Agreement
This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the
Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial
projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition
and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material
variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be
made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary
form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such
summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc., nor any
of their respective directors, officers, Affiliates, or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely
on your investigations and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with
any entity at any time with or without notice which may arise as a result of review of this Memorandum or making an offer to purchase the Property unless and until written
agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any conditions to the Owner’s obligations therein have been
satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence, and that
you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will
not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.
If, after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
DISCLAIMER
©2015w CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not
verified it and makes no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends
on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for your needs.
CBRE and the CBRE logo are service marks of CBRE Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. 2/13 PMC0004481