7th & claremont phoenix, arizona 85014 center · 2019. 1. 29. · office condo development with...

7th & Claremont center

Offering Memorandum

6239 North 7th StreetPhoenix, Arizona 85014

contentsPROPERTY SUMMARY 3

FINANCIAL ANALYSIS 11

MARKET OVERVIEW 13

CONFIDENTIALITY AGREEMENT 19

EXCLUSIVELY MARKETED BY:Andrew K. Fosberg Senior Vice President Investment Properties | Retail CBRE Capital Markets +1 602 735 1723 [email protected] www.cbre.us/invphxretail

Cam Stanton First Vice President Investment Properties CBRE | Capital Markets +1 602 735 5545 [email protected] www.cbre.us/cam.stanton

Chris Ackel Senior Associate Office CBRE | Capital Markets +1 602 735 5254 [email protected] www.cbre.us/chris.ackel

© 2018 CBRE, Inc. All Rights Reserved.

CBRE has been retained as the exclusive representative to offer qualified investors the opportunity to acquire the fee simple interest in 7th & Claremont Center (the “Property”), a brand new, ±7,272 square-foot urban infill mixed-use development located at 6239 North 7th Street in Phoenix, Arizona. 7th & Claremont Center is a trophy retail and office asset spanning two stories along the highly sought after 7th Street corridor and is 100% leased to an excellent and unique tenant roster including: Uncle Biff’s California Killer Cookies, Burn It Build It Fitness and JACOR Partners. The Property is prominently positioned on the northeast corner of 7th and Claremont Street in the historic and affluent North Central neighborhood of metropolitan Phoenix, approximately 4 miles from the Central Business District and 6 miles north of Downtown Phoenix.

The Property benefits from its excellent visibility and frontage along 7th Street, a major arterial commuter thoroughfare, which features more than 31,000 vehicles each day (Source: ADOT 2015). Additionally, 7th & Claremont Center prospers from the dense and affluent surrounding neighborhood demographics with nearly 400,000 residents and over 230,000 employees located within a five-mile radius (Source: Esri). The 7th Street Corridor is packed with dozens of hip dining and entertainment hot spots with many of the Valley’s top restauranteurs having their top-tier eatery concepts located within the booming trade area.

Due to exceptional location fundamentals, 7th & Claremont Center presents an excellent opportunity for an investor to acquire a brand new, 100% leased, trophy mixed-use asset situated in one of the most highly sought-after trade areas in Arizona.

• The Property is 100% leased to Uncle Biff’s California Killer Cookies, Burn It Build It Fitness and JACOR Partners.

• Developed in 2017 using high-quality construction and materials with cutting edge tenant improvements.

• Rare, fully leased, high profile, infill investment opportunity along the 7th Street corridor.

• Major employment corridor with ±230,962 employees within a five-mile radius of the Property (Source: Esri).

• Modern, sleek and timeless architectural design implementing light wood, metal, glass and natural stone.

• Affluent, infill neighborhoods surround the Property with over ±394,000 residents living within a 5-mile radius (Source: Esri).

• Excellent visibility and frontage along 7th Street, with over 31,000 vehicles per day (Source: City of Phoenix 2016).

investment highlights• Major retailers located nearby include: The Yard (Sam Fox), Mora

Italian, Ace Hardware, Starbucks, Pita Jungle, Spinato’s Pizzeria, Stock & Stable, Pure Sushi, Bashas’, O’Reilly Auto Parts, Cold Beers & Cheeseburgers, CVS, Salad & Go, CosmoProf and CycleBar, among many others.

• Average household incomes in excess of $71,000 within three miles of the subject Property (Source: Esri).

• Prominently positioned along 7th Street, a major arterial commuter thoroughfare, which connects the North Central neighborhood with Downtown Phoenix and the Central Business Corridor.

• The Property is located a few blocks west of the SR-51 freeway which boasts approximately 143,173 vehicles per day (Source: ADOT 2016).

asset summaryAddress 6239 North 7th Street

Phoenix, AZ 85014Intersection NEC 7th Street & Claremont StreetImprovement Size ±7,272 SFYear Built 2017Occupancy 100%Tenants Uncle Biff’s California Killer Cookies,

Burn It Build It FItness & JACOR Partners

Lease Type Triple-Net (NNN)Description Freestanding, Mixed-Use BuildingStories Two (2)Elevator YesParking 51 Surface Parking SpacesParking Ratio ±7.1 spaces per 1,000 square feetParcel Number 161-15-038Parcel Size 26,981 SFCounty MaricopaZoning C-2, City of Phoenix

pricing summaryPrice $3,155,000NOI $236,640Cap Rate 7.50%

demographics1 Mile 3 Miles 5 Miles

2018 Population 16,125 153,286 399,7092023 Population 17,125 166,385 429,0312018 Median Age 45.90 38.90 35.402018 Average Household Income

$90,017 $75,335 $69,103

2018 Average Home Value

$408,836 $46,809 $15,474

Source: Esri

tenant profilesUNCLE BIFFS CALIFORNIA KILLER COOKIES

In business since 1989, Uncle Biff’s California Killer Cookies is a cookie bakery that has become a tradition in the city of San Diego. Using family recipes handed down throughout the years, Uncle Biff’s produces mouthwatering cookies made from only the finest natural ingredients. The shop offers gourmet cookies in over a dozen flavors as well as gift boxes, corporate incentives, holiday gift packages and gift tins with convenient nationwide shipping services. Uncle Biff’s is a household name throughout the San Diego market with two existing locations (Pacific Beach & Hillcrest) and they just opened their third bakery in Phoenix, AZ in 2018. Biff’s has been around long enough to accumulate a wide following, including past presidential candidates, mayors, politicians, PGA tour players and hall of fame athletes who have fallen in love with the soft cookies Uncle Biff’s California Killer Cookies has become renowned for. Having won many awards over the years in multiple cities and competitions, Uncle Biff’s California Killer Cookies takes pride in being the finest all-natural organic cookie along the west coast and now Arizona.

www.unclebiffskillercookies.com

BURN IT BUILD IT FITNESS

Established in 2016, Burn It Build It Fitness is a new and revolutionary fitness concept offering a balanced approach to health and wellness. Burn It Build It Fitness was founded to offer a balanced approach to fitness that is fun, sustainable and affordable.

The Burn It Build It Fitness program focuses on a balance between cardio, strength and mobility, where the gym is two studios in one. The “Burn It” Studio is heart interval training that emphasizes a cardiovascular workout with resistance training. These classes use treadmills, air bikes, TRX and weights to maximize calories burned while Heart Rate Monitors keep track of member’s heart rate and the calories burned which are displayed on TV screens. The “Build It” Studio is functional training that has a weight-based emphasis, focusing on larger muscle groups, with short cardio bursts. With two successful locations in metropolitan Phoenix, Burn It Build It Fitness is becoming a community staple helping members lose weight, increase muscle and improve overall health.

www.burnitbuilditfitnesscom

JACOR PARTNERS

Brothers, Tom, Dave and Mike Auther along with Joe Jackson make-up JACOR Partners. Tom, Mike and Joe are veterans in the commercial real estate industry and have held various roles throughout the course of their careers. Dave Auther has a legal background and opened his own firm, Law Offices of David C. Auther. Over the last 17 years they have successfully developed 19 projects. A few significant developments are a QuikTrip on the NWC of I-17 and Cactus Road, the Morgan Stanley Dean Witter Office building, a ±60,000 SF office condo development with two retail pads located off the 101 and 19th Ave and Metro Commons, which sold for $8.2 million dollars. JACOR also has developed and owns the ±124 Acre Yavapai Race Track in Prescott Valley, The Stratford Plaza in Phoenix and a retail center off 7th Street and Claremont.

location overview7th & Claremont Center is prominently positioned along the booming 7th Street corridor, approximately 6 miles north of Downtown Phoenix. Perfectly situated within the historic and affluent North Central neighborhood of Phoenix, Arizona, the Property is located within a strong employment corridor with over ±230,900 employees working within a five-mile radius. Major employers located near the Property include: Charles Schwab (±2,279 employees), Phoenix Indian Health Services (±1,200 employees), CenturyLink Communications (±985 employees), Dignity Health (±780 employees), Vanguard (±650 employees), IBM (±509 employees), State of Arizona (±497 employees), Cole Real Estate Investments (±300 employees) and CBRE (±291 employees), among many others (Source: MAG). 7th & Claremont Center is centrally located approximately 8 miles northwest of Phoenix Sky Harbor International Airport, 3.8 miles northwest of the Central Business District, 3 miles from Biltmore Fashion Park (Macy’s, Saks 5th Avenue, Apple Store) and 2.1 miles from the SR-51 Freeway.

The Property is located on the northeast corner of 7th Street and Claremont Street in a dense infill area of Phoenix which boasts approximately 31,546 vehicles per day along 7th St, a major arterial commuter thoroughfare (Source: ADOT 2015). This busy trade area provides the existing tenancy with a strong customer base and excellent frontage along 7th Street, which has seen an influx of new multifamily and retail development over the last three years. There are two new apartment communities planned within a half mile of the Property which will bring an additional 306 units to the immediate trade area by the beginning of 2019, in addition to the existing 7,711 households (±16,125 residents) already living within a mile of the Property. This population grows to ±399,709 earning an average household income of $69,103 within a five-mile radius (Source: Esri), creating an ideal middle-income demographic for 7th & Claremont Center and its existing tenancy.

phoenix metro map

10

10

177th & claremont center

Not to scale

aerial - facing southwest

7TH STREET (±31,546 VPD*)

CLAREMONT STREET

*SOURCE: ADOT 2015


aerials - facing north and south

Sources: *ADOT 2015, **City of Phoenix 2015

NORTH PHOENIX BAPTIST CHURCH

DOWNTOWN PHOENIX MAJOR EMPLOYERS County of Maricopa: 6,155 EmployeesCity of Phoenix: 3,701 EmployeesArizona State University: 1,900 EmployeesState of Arizona: 1,821 EmployeesAn international banking and financial services holding company: 1,650 EmployeesA global financial services firm: 1,606 EmployeesSOURCE: geo.azmag.gov/maps/employment

7TH

STR

EET

(±31

,546

VPD

*)

12TH STREET

CLAREMONT STREET

MARYLAND AVENUE

BETHANY HOME ROAD (±25,400VPD*)

STARBUCKS

DAYBREAK PLACE APARTMENTS

211 Units

ALTA MARLETTE 250 Units

UC in 2018

3 APARTMENT COMMUNITIES

226 Units


financial summaryIN-PLACE NOI

REVENUES MAY-18 TO APR-19 Scheduled Base Rent $236,640 Operating Expense Reimbursement $47,268EFFECTIVE GROSS REVENUE $283,908EXPENSES Common Area Maintenance $40,404 Property Taxes $6,864TOTAL EXPENSES $47,268NET OPERATING INCOME $236,640 Cap Rate 7.50%PRICE $3,155,000

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

rent roll Lease Dates Base Rent Schedule ReimbursementsTenant Suite ±SF % Start End Begin Annual PSF Total PSFUncle Biff's California Killer Cookies 100 1,430 19.66% Jan 18 Jan 23 1 $50,050 $35.00 $9,295 $6.50

2 $50,050 $35.00 3 $50,050 $35.00 4 $51,051 $35.70 5 $52,066 $36.41

Option 1 11 $53,110 $37.14 12 $54,168 $37.88 13 $55,255 $38.64 14 $56,356 $39.41 15 $57,486 $40.20

Option 2 16 $58,630 $41.00 17 $59,803 $41.82 18 $61,004 $42.66 19 $62,219 $43.51 20 $63,463 $44.38

Burn It Build It Fitness, LLC 2 3,352 46.09% May 18 Apr 25 1 $117,320 $35.00 $21,788 $6.502 $117,320 $35.00 3 $117,320 $35.00 4 $117,320 $35.00 5 $117,320 $35.00 6 $120,672 $36.00 7 $124,024 $37.00

Option 1 Yrs 8-12 $136,426 $40.70 Jacor Partners 3 2,490 34.24% May 18 Jan 24 1 $69,270 $27.81 $16,185 $6.50

2 $69,270 $27.81 3 $69,270 $27.81 4 $69,270 $27.815 $69,270 $27.81

Tenant shall have Three (3), Five-Year Option Periods to Renew (Rates TBD)Rentable SF 7,272 100.0% Totals $236,640 $30.89 $47,268 $6.50

Occupied 7,272 100.0%Vacant 0 0.0%

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

metropolitan Phoenix overviewEXECUTIVE SUMMARY

The Phoenix metropolitan area has become an increasingly vibrant community and economic hub over the last several decades, attracting new residents and businesses alike. Today, the Greater Phoenix region is home to more than 4.7 million residents and continues to grow. The Phoenix MSA was the fourth fastest growing metro in the nation from mid-year 2016 to mid-year 2017 and it ranks 11th in total population. The metro remains attractive not only because of a competitive advantage with regard to cost, but also because of an overall value proposition, which includes its talent pool, quality of life and infrastructure.

Efforts to diversify the Phoenix economy, market its strengths and make the region a friendlier place to do business have paid dividends. Today, the Phoenix metro area is increasingly known for its high quality of talent, relatively low taxes and business friendly regulatory climate. This combination, backed by numerous public-private partnerships between government, industry and leading educational institutions, supports a dynamic entrepreneurial community. Furthermore, the Valley has become a preferred location for finance, technology and advanced manufacturing. Companies also benefit from the metro’s inherent advantages; for example, its strategic location provides access to major markets within one day’s drive.

DEMOGRAPHIC AND ECONOMY

Robust population growth across the Valley is supported by strong net migration. The metro’s population has grown from 375,000 people in1950 to more than 4.7 million residents today. Between July 2016 and July 2017, the metro added 88,772 residents (an average of 243 people per day), making it the fourth fastest growing metro in the nation. Over the same period, Maricopa County—where Phoenix is located—was the fastest growing county in the U.S. Looking

forward, the Phoenix metro population is expected to grow at an average annual rate of 1.8% over the next five years, more than double the national rate of growth.

While many know Phoenix as a retirement destination, the metro boasts a relatively young population with a median age of 35.9 years—approximately two years younger than the national median age. This young and growing labor pool offers long-term stability to metro employers.

Metropolitan Phoenix is the economic engine of the state, accounting for two-thirds of Arizona residents and nearly three-fourths of the state’s labor economy. The metro’s unemployment rate of 4.5% in August 2018 is slightly below the state’s (4.6%) and above the national unemployment rate (3.9%). The employment

35.9PHOENIX

MEDIAN AGEPHOENIX

UNEMPLOYMENT

4.5%

DEMOGRAPHIC HIGHLIGHTS

Source: Esri, 2018; Metro Phoenix Marekt Overview: University of Arizona, Economic & Business Research Center, 2018;

outlook for the metro is positive. Notable growth is occurring in the construction, manufacturing, professional and business services, and financial sectors. Rising employment in these higher-paying industries, combined with a tightening labor market, is supporting wage increases. In 2017, the annual mean wage rose 4.1% to $49,500, just slightly below the U.S. mean wage of $50,620.

Lastly, tourism remains an important economic driver in the state and metro. In 2017, approximately 44 million people visited Arizona. The total economic impact totaled $22.7 billion and supported 128,000 jobs.

HOUSING

The Valley’s single-family and multifamily housing market continues to strengthen on robust population growth and a healthy economy. Leading up to the downturn, the market averaged a total of 55,000 single family and multifamily permits each year, outpacing household growth. Permitting activity dramatically slowed in 2009 and the market was underserved through 2015. Since then, developers have been increasingly active to keep pace with demand with more than 32,000 housing permits expected in 2018. New home construction is concentrated in the East and West Valley where there is an abundance of affordable land to build.

Strong demand for housing and relatively low levels of supply has put some upward pressure on home values. The median price for an existing and new home was $255,000 and $315,459, respectively in July 2018.

Multifamily developers have been especially active over the past several years. A relatively low homeownership rate of 63.8% and strong demand for urban housing has captured developers’ attention. Currently, more than 15,000 units are under construction and 7,500 units are Scheduled to deliver during 2018. New, higher-priced units and healthy demand have put upward pressure on rents. In the second quarter of 2018, rents increased 4.9% annually to $1,046 per month.

Source: CBRE Research, Q3 2018

Q2 2018VACANCY RATE

4.9%

MULTIFAMILY

AVERAGEMONTHLY RENT

$1,046

SINGLE-FAMILY

MEDIAN HOME PRICE

$285KYTD SALES

GROWTH (YOY)

9.4%

2006

University of Phoenix Stadium opened

in Glendale

1994

Phoenix-Mesa Gateway Airport opened

America West Arena opened in Phoenix

1992 1998

Chase Field opened in Phoenix

1990

The population of metropolitan Phoenix

was 2.2 million

Terminal 4 opened at Sky Harbor

International Airport

2014

The Loop 303 was connected to the

I-10 freeway

2017

State Farm Campus wascompleted

Arizona Center was built in

Downtown Phoenix

1989 2005

Phoenix Biomedical Campus opened with

TGen and IGC

1987

Mayo Hospital inScottsdale opened

2008

The Loop 202 was completed in the

east valley

Metro Light Rail opened in Phoenix

202

1999

Tempe Town Lake completed

2015


was 4.5 million

Marina Heightsopened

2010


was 4 million

CityScape was completedin Phoenix

Freeport-McMoRan Center was completed

in Phoenix

major milestones in Phoenix

2000

Kierland Commons opened in Scottsdale


was 3 million

Jobing.com Arena was built in Glendale

2003 2018

Thunderbird School of Management Integrates with ASU and moved to

downtown Phoenix

2019

Completion of Block 23


Phoenix retail metrics remained stable through Q3 2018. Big-box retailers were especially active, absorbing over 550,000 sq.ft. of space. Of that, nearly 200,000 sq. ft. of space was preleased completed construction. On an annual basis, the marketwide vacancy rate ticked up year-over-year, settling at 8.4%. Further downward movement in vacancy was suppressed by recent big-box move outs including Sears, K-Mart, Sam’s Club, and Toys “R” Us. Despite this, Phoenix retail metrics remain healthy and the market outlook is positive.

Several positive economic indicators are supporting demand for retail space in the Phoenix metro. Two noteworthy retail demand

Source: CBRE Research, Q4 2017*Trend arrows indicate year-over-year change. Data reflects market totals.

VACANCY8.1%

LEASE RATES$17.31 Per Sq. Ft.

NET ABSORPTION 561,509 Sq. Ft.

UNDER CONSTRUCTION 940,687 Sq. Ft.

DELIVERIES 490,600 Sq. Ft.

Q4 2016

Q4 2017

4.1% 2.6% 93.2% 16,840 1.5%

3.7% 1.8% 98.4% 18,658 1.6%

PhoenixUnemployment

PhoenixEmployment Growth

U.S. Consumer Sentiment

Phoenix Annual Housing Starts

PopulationGrowth

VACANCY8.1%

LEASE RATES$17.31 Per Sq. Ft.

NET ABSORPTION 561,509 Sq. Ft.

UNDER CONSTRUCTION 940,687 Sq. Ft.

DELIVERIES 490,600 Sq. Ft.

Q4 2016

Q4 2017

4.1% 2.6% 93.2% 16,840 1.5%

3.7% 1.8% 98.4% 18,658 1.6%

PhoenixUnemployment

PhoenixEmployment Growth

U.S. Consumer Sentiment

Phoenix Annual Housing Starts

PopulationGrowth

Phoenix metro retail market

drivers are population and employment growth—and Phoenix is leading the nation for both. In August, Phoenix added 73,500 jobs over the last 12-month period, ranking fifth among all metros. Additionally, Phoenix was the fourth fastest growing metro during 2017 with the addition of 88,772 residents. Additionally, continued job growth and a tightening labor market is boosting wages, which is supporting retail spending and bodes well for local retailers.

Additionally, a bolstering housing market helps strengthen demand for retail amid a changing retail landscape. Housing starts are particularly concentrated in suburban areas in the Southeast, Northwest, and Southwest—and retailers are following. The Trailhead—a Safeway—anchored shopping center development—was recently announced in Peoria, which has experienced tremendous housing growth in recent years. In addition, ALDI has several stores planned in suburban areas with strong housing growth such as Buckeye, Queen Creek, and Gilbert.

NET ABSORPTION

The Phoenix retail market recorded 259,915 sq. ft. of net absorption and 1,043,106 sq. ft. of gross absorption in the third quarter. The Mesa/Chandler/Gilbert submarket posted the highest net absorption, totaling 220,620 sq. ft. This was attributed in part to VASA Fitness and Altitude Trampoline Park leasing two vacant big-box spaces—totaling 62,826 and 5,270 sq. ft. respectively. Conversely, the Northwest Phoenix submarket registered 295,14 sq. ft. of negative net absorption—largely due to a 211,578 sq. ft. Sears department store vacating space at Metrocenter Mall.

Big-box fitness users were especially active in Q3, absorbing over 200,000 sq. ft. of space across the Valley. Since 2016, fitness users have absorbed just over 30 big-box spaces totaling over one million sq. ft., which is second to grocers for most square feet absorbed in that time span. Established users like EoS fitness and Planet Fitness continue to expand their existing footprint, while newcomers including Crunch Fitness and VASA Fitness look to

NET ABSORPTION

147,471 SF

Tota

l SF

(Mill

ions

)

2014 2015 2016 2017 2018

2.0

1.5

1.0

0.5

0

VACANCY

8.4%

2013 2014 2015 2016 2017 2018 To

tal S

F (M

illio

ns)

4%

6%

8%10%12%

14%

2%

0%


make their mark. Furthermore, the discount-fitness trend is likely to continue as consumers demand affordability.

VACANCY

In Q3 2018, the marketwide vacancy rate ticked up year-over-year, settling at 8.4%. The East Phoenix and Scottsdale submarkets continue to register the lowest vacancy rates in the Valley at 4.5% and 4.6% respectively. These submarkets consistently outperform others due to favorable demographics and density. Meanwhile, the Northwest Phoenix and Mesa/Chandler/Gilbert submarkets have the highest vacancy rates at 15.4% and 9.7%. The reconfiguration of vacant big-box space will help push down overall vacancy in these areas over time.

ASKING RENTAL RATE

The Phoenix retail market’s average asking lease rate settled at $17.95 per sq. ft. (NNN) at the end of Q3 2018. The Scottsdale submarket continues to boast the highest asking rate of all submarkets—ending the quarter at $32.12 per sq. ft. The second highest average asking rent was in the North Scottsdale submarket at $25.33 per sq. ft. Average asking rates continue to grow in these high-demand submarkets due to high-quality space and supportive demographics.

OUTLOOK

Phoenix retail market fundamentals remained positive in Q3 2018. Over 550,000 sq. ft. of big-box space was absorbed and new supply was heavily preleased. The marketwide vacancy rate remained constant on an annual basis, though further decline has been hindered by some big-box move-outs. Furthermore, steady population and job growth is supporting consumer spending, which will attract retailers and boost demand for space. The Phoenix metro is expected to post 3.1% employment

growth in 2018, an increase over last year and above the forecast for U.S. growth.

Although the economic outlook remains positive in Phoenix, minor setbacks may hinder more significant growth in the retail market. Though closures of several big-box retails loom, leasing activity in this segment remains strong in the market. Some larger big-box spaces—notably in regional mall projects—will likely be redeveloped to support alternative uses. Furthermore, the rise of e-commerce will continue to create obstacles for brick-and-mortar retailers—e-commerce sales are projected to grow nearly 16% in 2018. To compete, successful retailers must continue to adapt to changing consumer preferences.


AFFILIATED BUSINESS DISCLOSURE

CBRE, Inc. operates within a global family of companies with many subsidiaries and 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, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENT

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and

benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMER

This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents,

including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves 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 at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners.

Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

CONFIDENTIALITY AGREEMENT

EXCLUSIVELY MARKETED BY:

7th & Claremont center6239 North 7th StreetPhoenix, Arizona 85014

Andrew K. Fosberg Senior Vice President Investment Properties | Retail CBRE Capital Markets +1 602 735 1723 [email protected] www.cbre.us/invphxretail

Cam Stanton First Vice President Investment Properties CBRE | Capital Markets +1 602 735 5545 [email protected] www.cbre.us/cam.stanton

Chris Ackel Senior Associate Office CBRE | Capital Markets +1 602 735 5254 [email protected]

www.cbre.com/chris.ackel

© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

7th & claremont phoenix, arizona 85014 center · 2019. 1. 29. · office condo development with...

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