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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
EXCLUSIVEINVESTMENTOFFERING
FEATURES:
IrreplaceableLocationintheHeartofBroadwayRetailCorridor(AcrossfromParkPlace:Macys,Sears,Dillards,CenturyTheaters,Borders,OldNavy)
FrontingMajorRetailThoroughfare/BookendedbyTucsonsBusiestIntersections(Broadway&Wilmot:93,500CarsPerDay;Broadway&Craycroft:92,000CarsPerDay)
AttractiveBelowMarketAssumableFinancing(5.51%FixedInterest,30YearAmortization,62%LTV)
Dense,InFillDemographics(572,930PeopleinImmediateTradeArea)
2004PrideofOwnershipConstruction
ChrisRodriguez|AdamIndihar
PacificCommercialInvestments,Inc.3700CampusDrive,Suite201A
NewportBeach,California92660
Phone(949)7235800|Fax(949)7235801
[email protected]|[email protected]
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
accuracyorcompleteness. Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember2008.
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]8/14/2019 BR - Pier 1 - Tucson, AZ
2/14
PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
CONFIDENTIALITY
Thisisaconfidentialmarketingprofile(the"Profile")intendedsolelyforyourlimiteduseandbenefitin
determining whether you desire to express further interest in purchasing the "Property", located in
Tucson,Arizona.
ThisProfilehasbeenpreparedbyPacificCommercialInvestments,Inc.("PCI")onbehalfoftheownerof
theProperty(the"Owner")andhasbeenreviewedbyrepresentativesoftheOwner.Itcontainsselect
informationpertainingtothePropertyanddoesnotpurporttobeanallinclusiverepresentationofthe
state of affairs of the Property, or to contain all the information, which prospective investors may
require.Allfinancialprojectionsand informationareprovidedforgeneralreferencepurposesonlyand
arebasedonassumptionsrelatingtothegeneraleconomy,marketconditions,competitionandother
factorsbeyondthecontroloftheOwnerandPCI. Theinformationcontainedhereinwasobtainedfrom
thirdparties,and ithasnotbeen independentlyverifiedbyPCI. Prospective investorsshouldhavethe
expertsoftheirchoice inspectthePropertyandverifyall information. PCI isnotqualifiedtoactasor
selectexperts
with
respect
to
legal,
tax,
environmental,
building
construction,
soils
drainage
or
other
suchmatters.Therefore,allprojections,assumptionsandother informationprovidedandmadeherein
are subject tomaterial variation. Neither the Owner nor PCI, nor any of their respective directors,
officers,affiliatesorrepresentativesmakeanyrepresentationorwarranty,expressedor implied,asto
the accuracy of completeness of this Profile or any of its contents, and no legal commitment or
obligationshallarisebyreasonofyourreceiptofthisProfileoruseofitscontents.
TheOwnerexpresslyreservestheright,atitssolediscretion,torejectanyorallexpressionsofinterest
orofferson thesubjectProperty,and/ortoterminatediscussionswithanyentityatanytimewithor
withoutnoticewhichmay arise as a resultof reviewof this Profile. TheOwner shallhaveno legal
commitmentorobligationtoanyentityreviewingthisProfileormakinganofferonthePropertyunless
and
until
written
agreement(s)
for
the
Property
have
been
fully
executed,
delivered
and
approved
by
the
OwnerandanyconditionstotheOwner'sobligationsthereinhavebeensatisfiedorwaived.
ByreceiptofthisProfile,youagreethatthisProfileanditscontentsareofaconfidentialnature,thatyou
willholdandtreat it in thestrictestconfidenceandthatyouwillnotdisclosethisProfileoranyof its
contents toanyotherentitywithoutpriorwrittenauthorizationof theOwnerorPCI. Youalsoagree
thatyouwillnotusethisProfileoranyofitscontentsinanymannerdetrimentaltotheinterestofthe
OwnerorPCI.
PCI reserves the right to submit theProperty toadditional clientson terms thatmayormaynotbe
identical to the terms containedherein. By receiptof this Profile, you acknowledge that competing
interestsmaydevelopinconnectionwithoffersontheProperty,andwaiveanyconflictofinterestthat
mightarise
as
aresult
thereof.
In
such
case,
PCI
expressly
disclaims
any
obligation
to
advance
the
interestofanyclientattheexpenseofanyotherclientwhomayreceivethisProfile. Dealingswitheach
client shall remain strictly confidential and in no case will PCI disclose the terms of any actual or
potentialoffertoanycompetingclient.
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
accuracyorcompleteness. Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember2008.
8/14/2019 BR - Pier 1 - Tucson, AZ
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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
LOCATIONBROADWAYBOULEVARDRETAILTRADEAREA
Thesubjectproperty isstrategicallypositionedontheheavilytraveledarterialofBroadwayBoulevard,
bookendedby twoofTucsonsbusiest intersections. Onehalfmileeastof the subjectproperty, the
intersectionofBroadwayBoulevard&WilmotRoadboastsastunningtrafficcountof93,500carsperday. Onehalfmilewestof thesubjectproperty, the intersectionofBroadwayBoulevard&Craycroft
Roadboastsanequally impressivetrafficcountof92,000carsperday. BroadwayBoulevard isoneof
thebusiestthoroughfaresinTucsonwithatwowaydailytrafficcountof53,000carspassingdirectlyin
front of the subject property. The subject property is easily accessible from multiple points of
ingress/egressonBroadwayBoulevardwithasignalizedleftturnforcustomerstravelingeastboundon
Broadway Boulevard. This centralized location in the heart of Tucsons best commercial corridor
providesthesubjectpropertywithunmatchedexposuretoretailconsumers,helpingtoensurethelong
termstabilityandsuccessofPier1Imports.
Directly across Broadway Boulevard from the subject property is Park Place Mall, which has been
completelyredeveloped
and
boasts
1.1
million
square
feet
with
120
stores,
22
restaurants,
and
a20
screenmovie theater. Major tenantswithinParkPlaceMall include Macys, Sears,Dillards, Century
Theaters,Borders,OldNavy,Gap,GapKids,BananaRepublic,ZGallerie,PacSun,TheChildrensPlace,
KB Toys, Applebees, McDonalds, Red Lobster, Starbucks, Sears Auto Center and Jiffy Lube, all of
whichprovideanunrivaledretailconsumerdrawtothe immediatearea. Nearbytherearenumerous
national tenants such as Best Buy, Cost Plus, BevMo, OfficeMax, Circuit City, TJ Maxx, Famous
Footwear,Linens&Things,LAFitness,Target,Petco,ToysRUs,Barnes&NobleandMervyns.This
denseretailtradeareaprovidesahighlysynergisticshoppingenvironmentforretailersasevidencedby
theAListretailerswhichhavechosentooperateonBroadwayBoulevard.
With its exceptional location on one of Tucsons busiest thoroughfares, a strong retail trade area,
affluent
East
Tucson
consumer
base
and
high
daytime
population,
Pier
1
Imports
at
Broadway
Parc
offers even the most demanding and locationsensitive investors an opportunity to own a prideof
ownershippropertyinoneofthemostcovetedlocationsinTucson.
LONGTERMOPERATINGHISTORY
Furtheradding to theappealof this investmentopportunity is the fact that Pier 1 Imports has been
successfullyoperatingatthesubjectlocationforover20years. Pier1Importswaspreviouslylocated
in thebuilding immediatelyadjacent to the subjectproperty (oneparcel to thewest). In2004, they
jumpedattheopportunitytoopenaprototypestorewithouthavingtorelocatetoaninferiorlocation.
Thiscommitmenttothesubjectlocationunderscoresthedesirabilityandtenantdemandforretailspace
throughouttheBroadwayBoulevardretailcorridor.
* Trafficcountinformationobtainedfromreportof2007TrafficVolumesinMetropolitanTucsonandEasternPimaCounty,preparedbyPimaAssociationofGovernments,November2007.
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
accuracyorcompleteness. Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember2008.
8/14/2019 BR - Pier 1 - Tucson, AZ
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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
TRADEAREADEMOGRAPHICS
TheCityofTucson is locatedjusteastofthe10,19and210FreewayswithinPimaCounty,oneofthe
top twentyfive fastest growing counties in the Nation. The metropolitan Tucson population is
expectedtogrowfromapproximately1,000,000peoplein2005toover1,592,533peoplein2030,anincrease of 59% compared to 23% nationally during that same period. Retail sales in Tucson were
$10.982 billion in 2005 with $2.657 billion of that generated within a 5 mile radius of the subject
property. Retailsalesareexpected to grow to over$13.7 billion by2010. Thereareapproximately
127,289residentswithina3mileradiusofthesubjectpropertywithanaveragehousehold incomeof
$45,790. Thecombinationofadense residentialpopulationbaseanda largedaytime populationof
over 160,867 people within a 5 mile radius (91,000 of whom are employed in executive and
professional positions or support) further solidify the infill nature of the subject property location.
Tucsonsmultipleconsumergroupssupportingthesubjectpropertyincludeover1,000,000yearround
residents, 300,000 affluent seasonal residents, 2.5 million tourists annually, including a growing
number of affluent Mexican visitors, 38,000 students at the University of Arizona, 8,200 military
personneland
an
affluent
retired
population.
Ten miles south of the subject property is the Tucson International Airport where passenger traffic
exceeded 4.2 million in 2006. The Airports estimated economic impact on local payrolls and
expenditureswasnearly$1billiondollars in2007. Tourism isakeygrowingcomponenttotheTucson
economywith visitors spending $2.3 billion dollars in 2006, a 20% increase since 2000. Retail sales
accountedfor23%ofthatamount,totalingover$450milliondollars. Withtherelativeclosenessofthe
Mexicanborder,Mexicanvisitorsareavaluedmarketsegmentforthetourismindustry. Itisestimated
thatover22millionvisitorscrossthebordereachyeartoshopandplayinTucson. TheMetropolitan
TucsonConvention&VisitorsBureauestimatesthatMexicanvisitorscreate$360millionineconomic
impact in Tucson annually. According to The Economic Impacts of Mexican Visitors to Arizona
conducted
by
the
Economic
and
Business
Research
Program
at
the
University
of
Arizona,
72%
of
MexicanvisitorsciteshoppingastheirreasonforvisitingTucson.
TRADEAREAPROFILE 5MILERADIUSPROFILE
2007Population: 572,930 2007Population: 267,158
2012ProjectedPopulation: 620,443 2012ProjectedPopulation: 282,605
2007Households: 222,957 2007Households: 118,229
2012ProjectedHouseholds: 242,741 2012ProjectedHouseholds: 126,782
2007MedianAge: 34.0 2007MedianAge: 36.7
2007AvgHHIncome: $54,202 2007AvgHHIncome: $51,717
2012Projected
Avg
HH
Income:
$60,117
2012
Projected
Avg
HH
Income:
$56,985
DAYTIMEEMPLOYMENT3MileRadius 86,7585MileRadius 160,867
*Demographicinformationobtainedfrommultiplesources. PleasecontactPCItoobtaindetailedinformation.
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
accuracyorcompleteness. Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember2008.
8/14/2019 BR - Pier 1 - Tucson, AZ
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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
TENANTSUMMARY
Headquartered in Fort Worth, Texas, Pier 1 Imports, Inc. (NYSE: PIR) is a publicly traded retailer
specializing in importedhome furnishingsanddcor. Founded in1962 in SanMateo,California, the
Companycurrentlyoperates1,034stores intheUnitedStatesand83stores inCanada. Duringfiscal
2008,theCompanysuppliedmerchandiseandlicensedthePier1ImportsnametoGrupoSanbornsand
SearsPuertoRico,whichsoldPier1Importsmerchandiseprimarilyinastorewithinastoreformatin
31 SearsMexico stores and in7 Sears PuertoRico stores. Pier1 Importsoperates inallmajorU.S.
metropolitanareasandmanyoftheprimarysmallermarkets. Companywidesalestotaledover$1.5
billioninfiscal2008.
Pier1Imports
offers
aunique
selection
of
merchandise
consisting
of
more
than
4,000
items
imported
from over 50 countries around the world. Merchandise largely consists of items that feature a
significantdegreeofhandcraftsmanshipandaremostlyimporteddirectlyfromforeignsuppliers. While
thebroadcategoriesofPier1Importsmerchandiseremainfairlyconstant,individualitemswithinthese
product categories change frequently in order to meet the changing demands and preferences of
customers. Theprincipalcategoriesofmerchandiseincludethefollowing:
DECORATIVE ACCESSORIES: Thisproductgroup constitutes thebroadest categoryofmerchandise in
Pier1ImportssalesmixandareimportedprimarilyfromAsianandEuropeancountries,aswellassome
domesticsources. Thiscategoryincludesdecorativewoodaccessories,lamps,vases,driedandartificial
flowers,baskets,walldecorations,ceramics,dinnerware,bathandfragranceproducts,candles,bedding,
epicurean
products
and
seasonal
and
gift
items.
FURNITURE: Thisproductgroupconsistsoffurnitureandfurniturecushionstobeusedinliving,dining,
kitchen and bedroom areas, sunrooms and on patios. These goods are imported from a variety of
countriessuchas Italy,Malaysia,Brazil,Mexico,China,thePhilippinesand Indonesia,aswellassome
domestic sources. The furniture ismadeofmetalorhandcraftednaturalmaterials, including rattan,
pine,beech,rubberwoodandselectedhardwoodswitheithernatural,stained,paintedorupholstered
finishes.
PIER1IMPORTSHIGHLIGHTS 1,117Locationsin49StatesandCanada Total2008Revenue:$1.511Billion Assets:$821.9Million ShareholdersEquity(NetWorth):$267.1Million
* FinancialinformationobtainedfromPier1Imports,Inc.AnnualReportFYEMarch1,2008Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
accuracyorcompleteness. Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember2008.
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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoitsaccuracyorcompleteness. Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember2008.
INVESTMENTINFORMATION
Address: 5919EastBroadway,Tucson,Arizona85711(BroadwayBoulevardbetweenWilmotRoad&CraycroftRoad)ViewMap
Tenant: Pier1Imports(U.S.),Inc.
Occupancy: 100%
YearBuilt: 2004
Land: (Approx.) 65,890SquareFeet
Improvements: (Approx.) 11,287SquareFeet
Construction: ConcreteBlock
APN: 12713051C
Price: $4,250,000
CapitalizationRate: 7.01%
Terms: CashtoExistingAssumableFinancing
OriginalAmount: $2,800,000
CurrentBalance: (Approx.) $2,655,000(62%)InterestRate: 5.51%(FixedforTerm)Amortization: 30Years
Term: 10Years(DueFebruary2015)EquityRequired: (Approx.) $1,595,000(38%)
RefinanceScenario1 RefinanceScenario2
Current @1stOption @1
stOption
ScheduledGrossIncome: $297,977 $327,775 $327,775
PlusExpenseRecapture: NNN NNN NNN
GrossOperatingIncome: $297,977 $327,775 $327,775
LessOperatingExpenses: (NNN) (NNN) (NNN)
NetOperatingIncome: $297,977 (7.01%) $327,775 (7.71%) $327,775 (7.71%)LessDebtService: ($190,988) ($220,786) ($175,346)
NetCashFlow: $106,989 (6.71%) $106,989 (10.74%) $152,429 (9.56%)PlusPrincipalReduction: $45,844 $32,536 $25,840
PreTax
Income:
$152,833 (9.58%) $139,525 (14.01%) $178,268 (11.18%)
LessMortgageInterest: ($145,144) ($188,250) ($149,506)
LessDepreciation: ($75,316) ($75,316) ($75,316)(70%[email protected])
AfterTaxIncome: ($67,628) ($124,042) ($46,555)
*See10YearProjectionpagesforfinancialassumptionsforrefinancingscenarios.
NOREPRESENTATION ISMADEBYPCIASTOTHELEGALORTAXEFFECTORVALIDITYOFANYPROJECTIONS,FINANCIAL
OROTHERWISE,CONTAINEDHEREIN. AREALESTATEBROKERISQUALIFIEDTOGIVEADVICEONREALESTATEMATTERS.
IFYOUDESIRELEGALORTAXADVICE,CONSULTYOURATTORNEYORTAXADVISOR.
AnnualOperatingInformation:
FinancialInformation:
PropertyInformation:
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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
RENTROLL
Tenant
Suite
Sq.Ft.
Lease
Start
Lease
End
Monthly
Rent
Annual
Rent
RentalIncrease
Pier1Imports
(U.S.),Inc.11,287 11/1/2004 2/28/2015 $24,831.41 $297,977 10%Every5Yea
Totals 11,287 $24,831.41 $297,977
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember20
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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
AERIALPHOTOBROADWAYRETAILCORRIDOR
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember20
8/14/2019 BR - Pier 1 - Tucson, AZ
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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
AERIALPHOTOBROADWAYRETAILCORRIDOR
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember20
8/14/2019 BR - Pier 1 - Tucson, AZ
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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
SITEPLAN
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
accuracyorcompleteness. Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember2008.
8/14/2019 BR - Pier 1 - Tucson, AZ
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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
PARCELMAP
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
accuracyorcompleteness. Buyershouldconductitsownindependentinvestigationandconsultanattorney.AsofSeptember2008.
8/14/2019 BR - Pier 1 - Tucson, AZ
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PIER1IMPORTS BROADWAYPARC
TUCSON,ARIZONA
Theaboveinformationisforreferencepurposesonly,isapproximate,andissubjecttochange. Itisnotguaranteedastoits
accuracy or completeness. Buyer should conduct its own independent investigation and consult an attorney. As of September 2008.
LOCATIONMAPS