COMMERCIAL INVESTMENT REAL ESTATE€¦ · COMMERCIAL INVESTMENT REAL ESTATE Investment Offering - Single Tenant 5840 W Bell Road | Glendale, ... interest in the subject property

CIRE PartnersCOMMERCIAL INVESTMENT REAL ESTATE

Investment Offering - Single Tenant 5840 W Bell Road | Glendale, AZ

For more information contact: Joshua Volen, President (858) 367-5901

Confidentiality & Disclaimer The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended only to be reviewed by the party receiving it from CIRE Brokerage Services Inc. dba CIRE Partners (hereafter “CIRE Partners”) and should not be made available to any other person or entity without the written consent of CIRE Partners. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. CIRE Partners 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 regulators, 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 Offering Memorandum has been obtained from sources we believe to be reliable; however, CIRE Partners has not verified, and will not verify, any of the information contained herein, nor has CIRE Partners conducted any investigation regarding theses 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. This is not an appraisal. Please consult your CIRE Partners agent for more details. The information contained herein was obtained from sources believed reliable, however, CIRE Partners makes no guaranties, warranties or representations as to the completeness thereof. This document has been prepared by CIRE Partners for advertising and general information only. CIRE Partners excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.

Joshua Volen, President(858) 367-5901 main [email protected] CA BRE #01437000

For more information contact:

tabl

e of

con

tent

s

section Iexecutive summary

section IIproperty description

section IIIfinancial analysis

section IVmarket information

section Vtenant profiles

Investment Offering - Single Tenant 5840 W Bell Road | Glendale, AZ

CIRE Partners is pleased to exclusively offer for sale a single tenant net leased asset located in the Glendale Market Square retail center in Glendale, Arizona. The subject property consists of an approximately 4,200 SF building on a 0.32 acre parcel located at 5710 W Bell Road, Glendale, AZ. T-Mobile corporate occupies 100% of the property on a newly renewed lease term that runs through January 2023.

The subject property is strategically located at the northeast corner of Bell Road and 59th Avenue with direct frontage on Bell Road, the primary retail corridor serving the Glendale submarket. The intersection boasts traffic counts of over 71,000 vehicles per day due to its close proximity to two major arterial roadways, Loop 101 from the North and West, and Interstate 17 from the East. The prominent location is highly accessible, offering customers six points of entry along Bell Road, 59th Avenue and 57th Avenue. The tenant mix at Glendale Market Square features a diverse collection of national retailers and restaurants, including Winco Foods, Floor & Décor, El Pollo Loco, Compass Bank, and Nationwide Mutual Insurance, among others.

The shopping center will be undergoing a planned renovation (see proposed redevelopment on pages 8 and 9), which is expected to significantly enhance the presence and marketability of the center within the immediate submarket. The seller, at its sole cost, in conjunction with the planned renovation of other buildings in the center, will renovate the subject property consistent with the redevelopment concept plan shown on page 9.

property snapshot

5840 W Bell Road, Glendale, AZBuilt in 19924,200 SF Located on 0.32 AcresSingle Tenant Net Leased - RetailFee-Simple Ownership

pricing summaryPurchase Price $2,290,000NOI $143,250*CAP rate 6.25%Lease Term 5+ Years Remaining* Base Rent = $142,296 + $954 Admin Fee = $143,250 NOI

executive summarypage 3

investment overviewAddress 5840 W Bell Road | Glendale, AZAPN 200-49-585Square Footage 4,200 SFYear Built 1992Purchase Price $2,290,000CAP Rate 6.25%NOI $143,250Parking 4.95/1,000Zoning C-2 General CommercialAmenities Exterior SignageLease Type Single Tenant Net LeaseRemaining Lease Term Approximately 5+ Years RemainingTraffic Counts W Bell Road: 43,700 average daily counts

N 59th Avenue: 28,400 average daily counts

investment highlights• Strong performing Corporate Location• Greater than five (5) years remaining on the lease term – tenant recently

exercised 5 year extension• Tenant recently upgraded the store interior to the newest T-Mobile prototype

at its sole cost• Buyer will benefit from free post-closing renovation of the property paid by

seller• Trophy asset in Glendale, Arizona less than thirty minutes to Downtown

Phoenix• Strategically located at the northeast corner of Bell Road and 59th Avenue

with direct frontage on Bell Road, the primary retail corridor serving the Glendale submarket *Representative Photo

Year Dates Base Rent Base / SF NOI CAP Rate

Year 1 02/01/2017 - 01/31/2018 $129,360 $30.80 / SF $130,314 -

Year 2 02/01/2018 - 01/31/2019 $142,296 $33.88 / SF $143,250 6.25%

Year 3 02/01/2019 - 01/31/2020 $142,296 $33.88 / SF $143,250 6.25%

Year 4 02/01/2020 - 01/31/2021 $142,296 $33.88 / SF $143,250 6.25%

Year 5 02/01/2021 - 01/31/2022 $142,296 $33.88 / SF $143,250 6.25%

Year 6 02/01/2022 - 01/31/2023 $142,296 $33.88 / SF $143,250 6.25%

Option Period 02/01/2023 - 01/31/2028 $156,534 $37.27 / SF $157,488 6.88%

property descriptionpage 4

5840 W Bell Road | Glendale, AZ

lease abstractTenant T-MobileLease Commencement 9/28/2007Lease Expiration 1/31/2023Lease Type Single-Tenant Net LeaseNOI $143,250Renewal Option One 5 year option with 10% rent increaseRoof & Structure Landlord responsible, Tenant reimbursesGuarantor Corporate

location map



N. 59th Street: 28,400 ADT

W Bell Road: 43,700 ADT

N



property aerial

75,000sf

fs518, 2

3,466sf

11,000sf

AD

T 28

,400

59th

Ave

nue

4,450sf

8,000sf

4,920sf

Bell RoadADT 43,700

Diamond Kitchen & Bath

131,947sf

8,443sf

eunevA ht 75 htr o

N

West Greenbriar Drive

2,907sf

28,909sf

Furniture

SalonBoutique

Cucina Tagliani

CompassBank

Hi Health Food

Floor & Decor

Popo's Mexican Food

WinCo FoodsLina Home

Nationwide Mutual Insurance

AuctionEJ's

3000

sf

White Dove

3,202sf

A Taste of Bu�alo

El Pollo Loco

59th

Ave

nue:

28,

400

ADT

W Bell Road: 43,700 ADT

N 5

7th

Aven

ue

West Greenbriar Drive



property site plan

Before

After



redevelopment

Before

After



proposed redevelopment



property photos

Lease Dates: 9/28/2007 - 01/31/2023

Renewal Options: One (1) Five (5) year renewal option with 10% rental increase

Expense Reimbursement: The lease is a NNN lease. Tenant is responsible for reimbursing Landlord for property taxes, insurance and all expenses incurred by Landlord related to the repair, replacement, maintenance, protection and operation of the Common Area. In addition, Tenant also pays Landlord a fixed administrative fee equal to fifteen percent (15%) of the annual NNN’s, exclusive of property taxes, insurance and utilities.

financial analysispage 11


financial information

2017 demographics1 mile 3 miles 5 miles

total population 12,348 114,104 339,807

total households 4,488 43,228 129,617

average household income $75,776 $83,521 $75,913

population growth (2010 -2015) 6.99% 7.18% 7.51%

market informationpage 12


Glendale, AZGlendale is a city in Maricopa County, in the U.S. state of Arizona located about 9 miles northwest of Downtown Phoenix. Glendale, with an estimated population of more than 225,000, is the fifth largest city in the state of Arizona. Historic Downtown Glendale has been named by USA Today & Sunset Magazine as one of the country's ten best places for shopping. Downtown Glendale is comprised of two neighborhoods, Historic Catlin Court and Old Towne, which offer specialty shops, famous antique stores and ethnic eateries.

In addition to Historic Downtown, shoppers can also delight at one of the largest malls in the region, the beautifully-designed Arrowhead Towne Center. The mall features water fountains, a movie theater and more than 170 shops and restaurants. Glendale is also home to the Westgate Entertainment District that offers a vibrant outdoor setting with unique water features and an interactive shopping, dining and entertainment experience. It is anchored by the Gila River Arena, home of the Arizona Coyotes and adjacent to the University of Phoenix Stadium, home to the Arizona Cardinals. Glendale and the West Valley are fast becoming the nation's newest sports mecca with a lineup of professional football, hockey, Spring Training baseball, auto racing, NCAA Regionals and home to the Annual Tostitos Fiesta Bowl, the 2008 and 2015 Super Bowls.

Glendale Market Square is situated on the northeast corner of Bell Road and 59th Avenue. Traffic counts at the intersection are over 71,000 vehicles per day. The property benefits from its convenient proximity to the Loop 101 freeway, with access points two miles to the North and three miles to the West. The excellent mix of tenants and stable occupancy contribute to the quality of this property. The property is less than 20 minutes from University of Phoenix stadium, a major tourism driver. Glendale Market Square is also less than 30 minutes from Downtown Phoenix & Sky Harbor International Airport.

GlendaleArizona

market overview

As America's Un-carrier, T-Mobile US, Inc. (NASDAQ: TMUS) is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on quality and value. Based in Bellevue, Washington, T-Mobile US provides services through its subsidiaries and operates its flagship brands, T-Mobile and MetroPCS.

T-Mobile USA is a national provider of wireless voice, messaging, and data services capable of reaching over 308 million Americans where they live, work, and play. T-Mobile US, Inc. (NASDAQ: "TMUS") is a publicly traded company. T-Mobile US provides wireless voice, messaging, and data services in the United States, Puerto Rico and the U.S. Virgin Islands under the T-Mobile, MetroPCS and GoSmart Mobile brands. The company operates the third largest wireless network in the U.S. market with over 65.5 million customers and annual revenues of $32 billion. Its nationwide network reaches 98 percent of Americans, through its networks, as well as through roaming agreements.

As of 2011, J. D. Power and Associates, a global marketing-information-services firm, ranked the company highest among major wireless carriers for retail-store satisfaction four years consecutively and highest for wireless customer care two years consecutively. The company owns licenses to operate a 1900 MHz GSM PCS digital cellular network and a 1700 MHz UMTS AWS digital cellular network that cover areas of the continental U.S., Alaska, Hawaii, Puerto Rico and the U.S. Virgin Islands. In addition to its cellular mobile network, T-Mobile US operates a nationwide Wi-Fi Internet-access network under the T-Mobile HotSpots brand. According to OpenSignal’s “State of the Mobile Network”, T-Mobile has the second best network.

tenant profilespage 13


tenant profile

Year Founded 1990Headquarters Bellevue, WAWebsite www.t-mobile.comTotal Employees ±50,000NASDAQ TMUS

*Representative Photo


Winco Foods is a privately held, majority employee-owned supermarket chain located in the U.S. It was founded in 1967 and has now expanded to 98 stores and currently employees over 15,000 people in eight states. They boast incredibly low prices, great quality, a vast selection, excellent service and local employee ownership. There are currently 5 Winco’s in the state of Arizona, all of which are open 24 hours a day and 7 days a week.

El Pollo Loco is a restaurant chain specializing in Mexican style grilled chicken. The company operates over 400 company-owned and franchised restaurants in the Southwestern U.S. In 2010 El Pollo was recognized by the World Franchising Network as a top franchise for Hispanics in 2010. Its headquarters is located in Costa Mesa, California. At El Pollo Loco, pronounced “L Po-yo Lo-co” and Spanish for “The Crazy Chicken,” we go to crazy lengths for our signature citrus-marinated, fire-grilled chicken. First, we marinate fresh, whole chickens in a special recipe of herbs, spices, fruit juices and garlic. The whole chickens are then fire-grilled, hand-cut, and served with our chicken meals, burritos, salads, soups, tacos and quesadillas. And if that’s not enough, we apply that same passion to our handmade guacamole, salsas and dressings every day.


Download CIRE Compass Bank OM

BBVA Compass Bank is one of the leading US banking franchises. It ranks among the top 25 largest US commercial banks based upon deposit market share with locations throughout the Sunbelt region. BBVA Compass operates 688 branches in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. It is the second largest bank in Alabama, fourth in Texas & fifth in Arizona. BBVA Compass has also been recognized for its commitment to small businesses and is recognized as one of the nation’s leading small business administration lenders. BBVA is a subsidiary of BBVA Compass Bancshares Inc. a wholly owned subsidiary of BBVA.

tenant profilespage 14


nearby retailers

CIRE PartnersCOMMERCIAL INVESTMENT REAL ESTATE

CIRE Partners | 530 B Street, Suite 2050 | San Diego, CA 92101 | www.CIREpartners.com

Documents

COMMERCIAL INVESTMENT REAL ESTATE€¦ · COMMERCIAL INVESTMENT REAL ESTATE Investment Offering - Single Tenant 5840 W Bell Road | Glendale, ... interest in the subject property