flowing wells plaza€¦ · flowing wells plaza | 1280-1370 w. prince rd., tucson, az 85705 7...
TRANSCRIPT
480.241.1475 [email protected]
Jason Fessinger602.820.8725 [email protected]
Kalen Rickard
FLOWING WELLS PLAZA1280-1370 W. PRINCE RD. TUCSON, ARIZONA 85705
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EXCLUSIVELY MARKETED BY: TABLE OF CONTENTS:
Executive Managing [email protected]
Jason Fessinger
Florham Realty Group, [email protected]
JAMES YACENDA
Senior Vice [email protected]
Kalen Rickard
PROPERTYINFORMATION
3
FINANCIAL ANALYSIS 6
LOCATIONINFORMATION
18
DEMOGRAPHICS 23
ADVISOR BIOS 27
2398 E. CAMELBACK ROADSUITE 520PHOENIX, ARIZONA 85018602.884.8345WWW.CBCADVISORS.COM
PROPERTYINFORMATION
4FLOWING WELLS PLAZA | 1280-1370 W. PRINCE RD., TUCSON, AZ 85705
EXECUTIVE SUMMARY
PROPERTY OVERVIEWColdwell Banker Commercial Advisors is pleased to present an opportunity to acquire a multi-tenant shopping center, Flowing Wells Plaza, located in Tucson, Arizona. Flowing Wells Plaza, anchored by Family Dollar and Rascon Mexican Grocery, is 93% occupied by a strong mix of national and local tenants including Title Max, Cricket Communications, Tucson Coinless Laundry, Hollywood Barber College, Marksman Pistol, Pappy’s Diner, Pappy’s Event Center, Pappy’s School Catering, and Rodney Young Insurance. All of the tenants are on NNN leases, except Pappy’s Storage, providing minimal landlord responsibilities.Several of the leases also include annual rental increases, option periods, and corporate guarantees.The offering affords the investor the rare opportunityto acquire a property within a dynamic city with immediate value added potential,due to annual rent increases and an existing5,900 SF vacancy. Flowing Wells Plaza is located at the hard corner signalized intersection of Prince Road and Flowing Wells Road (58,000 vehicles per day) with excellent visibility and multiple points of access. Additionally,the property is convenientlylocated 1 mile east of Interstate 10 (145,000 vehicles per day) with direct on/off access. The site is located across from Walgreens and O’Reilly Auto Parts. Other nearby national/credit tenants include Wells Fargo Bank, Auto Zone, Dollar General, Goodwill, H & R Block, and more, further enhancing consumer draw to the subject trade area. The 5-mile trade area is supported by a population of nearly 222,000 with an average household Income of $53,164.
PROPERTY SUMMARY
Sale Price: $7,750,000
Cap Rate: 7.8%
NOI: $604,481
Lot Size: 5.31 Acres
Building Size: 79,121 SF
Year Built: 1966
Renovated: 2008
Zoning: C-2, Tucson
Cross Streets: N. Flowing Wells Rd. & W. Prince Rd.
5FLOWING WELLS PLAZA | 1280-1370 W. PRINCE RD., TUCSON, AZ 85705
INVESTMENT HIGHLIGHTS
FAMILY DOLLAR ANCHORED SHOPPING CENTER NATIONAL TENANTS93% occupied by 10 tenantsStrong mix of national and local tenantsTenants include: TitleMax, Cricket Communications, Tucson Coinless Laundry, Hollywood Barber College, Marksman Pistol, Papp’s Diner, Pappy’s Event Center, Pappy’s School Catering, Rascon Grocery, and Rodney Young Insurance• 79,121 SF of retail space on 5.31 acres• Roof was completely restored in March, 2017. Storefront repainted• Parking has new slurry seal and restriping
ADJACENT TO INTERSTATE 10/ MAJOR THOROUGHFARE• Subject property is conveniently 1 mile east of interstate 10 (145,000 vehicles per day)• Along Prince Road (58,000 vehicles per day) with excellent visibility and access• Direct on/off ramp access on Prince RoadNNN LEASES / RENTAL INCREASES / OPTION PERIODS• Tenants are responsible for CAM, insurance, and taxes• Ideal, management-free investment for an out-of-state, passive investor• Several tenants have attractive annual rent increases and option periods
ACROSS FROM WALGREENS / NATIONAL TENANT PRESENCE• Flowing Wells Plaza is located across from Walgreens• Other nearby national/credit tenants in the trade area include Wells Fargo Bank, AutoZone, Dollar General, Goodwill, H&R Block and more• Increase consumer traffic to the subject trade areaAFFLUENT POPULATION WITHIN 5-MILE TRADE AREA• Nearly 222,100 residents and over 186,000 employees support the trade area• $53164 average household income
FINANCIALANALYSIS
7FLOWING WELLS PLAZA | 1280-1370 W. PRINCE RD., TUCSON, AZ 85705
FINANCIAL SUMMARYPrice $7,750,000
Down 35%
Current Cap 7.8%
Pro Forma Cap 9.5%
Price/SF $97.95
Pro Forma GRM -
Ownership Fee Simple
Property Information
Address1280-1370 W Prince Road
Tucson, AZ 85705
No. of Units 16
Year Built 1966
Parcel Size (SF) ± 231,303
Parcel Size (AC) 5.31
Net Rentable Sf 79,121
APN 106-06-0180 01
ANNUALIZED INCOME & EXPENSE
Income
Scheduled Rent Income -
Other Income -
Scheduled Gross Income -
Less: Vacancy/Other Deductions 7.0% $0
Effective Gross Income $830,622.00
Less: Operating Expenses 29% $242,519.85
Net Operating Income $604,885
Debt Service (65% of sale price of $7,750,000 = $5,037,500 at 4.5% per 25 year amount)
$336,001
Pre-Tax Cash Flow 9.5% $256,986
Principal Reduction $111,596
Total Return Before Taxes 13.6% $368,582
ANNUALIZED EXPENSES
Operating Expenses
Less Vacancy $0
Less Reimbursement Vacancy $26,245
Real Estate Taxes $108,687
Personal Property Taxes $0
Property Insurance $29,918
CAM $81,650
Management $22,265
Total Expenses $242,519.85
Total Expenses per Unit
Total Expenses per Sq. Ft. $3.07
8FLOWING WELLS PLAZA | 1280-1370 W. PRINCE RD., TUCSON, AZ 85705
INCOME & EXPENSESTotal Number of Units: 16
Total Rentable Area: 79,121 SF
I N C O M E
Scheduled Rent Income
Other Income
GROSS POTENTIAL INCOME
Vacancy/Collection Allowance (GPR)
EFFECTIVE GROSS INCOME $830,622.00
E X P E N S E S
Less Vacancy $0 -
Less Reimbursement Vacancy $26,245 -
Real Estate Taxes $108,687 -
Personal Property Taxes $0 -
Property Insurance $29,918 -
CAM $81,650 -
Management $22,265 -
TOTAL EXPENSES $242,519.85
Expenses per SF $3.07
Expenses per Unit
% of EGI
NET OPERATING INCOME $604,481
PRINCE RD. TENANT PSFRENT % SF AREA
LEASE EXECUTION
YEAR
BASE TERM YEAR TERM EXP. DATE OPTION INCREASES CAM/
TAXES GUARANTEE SECURITY DEPOSIT TOTAL
1330 Tucson Coinless Laundry 11.02 6.82% 5,400 1/1/1999 1/1/1999 20 years 3/31/2032 2 (5 year) 2.5% yes personal NNN none 59,523.57
1336 Hollywood Barber College 11.50 3.88% 3,070 4/1/2005 4/1/2005 3 years 9/30/2021 no option 3.5% yr yes personal NNN none 35,309.79
1344-1354 Family Dollar 6.70 13.69% 10,832 12/9/1998 12/31/2008 5 years 12/31/2018 1 5yr auto 0% yes corporate NNN none 72,600.00
1370 Title Max 15.00 2.88% 2,277 8/1/2012 1/1/2013 5years 12/31/2017 2(5yr) yes corporate NNN 2,846.25 36,555.00
1326 Cricket Communications 16.32 1.83% 1,450 5/1/2016 5/1/2010 5 Years 4/30/2021 1 (5 year) 2% per year yes corporate NNN $2,186.66 23,668.00
1280 Marksman Pistol 6.34 13.23% 10,471 6/1/2006 6/1/2006 5 years 7/31/2021 2(5year) 4% start 2017
yes personal NNN $3,000.00 66,427.99
1300 Pappys Dinner 12.50 5.56% 4,400 3/1/2009 3/1/2009 3 years 2/29/2020 1 (3year) 3.50% yes personal NNN none 55,017.90
1296 Pappys Catering 9.98 6.10% 4,823 9/1/2014 9/1/2014 5yrs 11/30/2020 1 3yr 1psf yrs 2&3 yes personal NNN 3693.25 48,149.67
*1290-1292 Pappys Event Center 9.09 8.53% 6,750 4/1/2015 3/1/2016 6years 2/28/2022 3 5yr 2.5% yes personal NNN 4443.75 61,326.50
1 Pappy’s Storage 4.55 2.06% 1,630 6/1/2016 5/31/2017 1 year 6/30/2018 0 n/a no personal Gross 0 7,416.00
1282 Liberty Tax 12.28 1.70% 1,348 5/1/2013 5/1/2013 5 years 4/30/2018 2 5yr 3% yrly Yes personal NNN 1500 16,554.44
1310 Rascon Grocery 6.60 18.96% 15,000 8/1/1998 5/1/2010 5 years 4/30/2021 1 (5 year) 0% yes corporate NNN none 99,000.00
1320 Rodney Young Insurance 15.54 1.91% 1,512 10/1/2014 1/1/2015 5years 1/13/2022 1 3 yr $1.00 yr 2&3 yes corp. NNN 1831.5 23,490.00
1322 Lanlord Storage Maintenance 0.00 1.31% 1,040
1324 vacant` 0.00 7.47% 5,907
1328 / Cost Less Outlet 8.00 4.06% 3,211 6/1/2017 6/1/2017 5years 5/31/2022 1 5 year 2.5% annual yes Personal NNN 13000 25,688.00
TOTAL BASE RENT 7.97 100.00% 79,121 $630,727
NOTES Marksman Increase 2 % every 2 yrs starting 2017 Less LL Share of CAM Ins Taxes on Vacant Space & Gross lease @ 3.06 psf
8577 sq ft (26,245.62)
NET OPERATING INCOME $604,481
1280-1370 W PRINCE ROAD, TUCSON, AZ | 9
RENT ROLL
10FLOWING WELLS PLAZA | 1280-1370 W. PRINCE RD., TUCSON, AZ 85705
BUDGET2017 BUDGET | COMMON AREA EXPENSES
Alarm Monitoring $1,200 $0.015
Parking Lot Repairs $1,400 $0.018
Building Repairs - Signs Painting $7,750 $0.098
Security Patrol $36,000 $0.455
Grounds Maintenance $12,500 $0.158
Site Electric $11,000 $0.139
Misc Expenses $500 $0.006
Telephone Expense $1,300 $0.016
Trash Removal $6,000 $0.076
Utilities - Water $4,000 $0.051
Total CAM $81,650 $1.032
Management Fee $22,265 $0.281
Insurance $29,918 $0.378
Property Taxes $108,686.85 $1.374
Total Management, Ins, Taxes $160,869.85 $2.033
Total CAM, Ins, Mgmnt, & Taxes $242,519.85 $3.065
11FLOWING WELLS PLAZA | 1280-1370 W. PRINCE RD., TUCSON, AZ 85705
DEPRECIATION
NEW BUYER’S ALLOCATION FOR ESTIMATED DEPRECIATION
Asset Date In Service Life Cost 2018 2019 2020 2021 2022 202 2024 2025 2026 2027 2028
Land 3/1/2018 $1,250,000
Site Improvements 3/1/2018 15 yrs $2,750,000 $2,750,000
Building 3/1/2018 39 yrs $3,656,750 $74,229 $93,763 $93,763 $93,763 $93,763 $93,763 $93,763 $93,763 $93,763 $93,763 $93,763
Loan Acquisition Costs 3/1/2018 10 yrs $93,250 $7,771 $9,325 $9,325 $9,325 $9,325 $9,325 $9,325 $9,325 $9,325 $9,325 $1,554
Totals $7,750,000 $2,832,000 $103,088 $103,088 $103,088 $103,088 $103,088 $103,088 $103,088 $103,088 $103,088 $95,317
Bonus depreciation of 100 for quali ed property acquired and placed in service after / /1 and before 1/1/ .
1280-1370 W PRINCE ROAD, TUCSON, AZ | 12
AMORTIZATION SCHEDULE
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AMORTIZATION SCHEDULE
AMORTIZATION SCHEDULE
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1280-1370 W PRINCE ROAD, TUCSON, AZ | 15
11 YEAR INCOMEFlowing Wells - Tucson, AZ
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
A. Gross Rental Net of LL Vacancy Loss of $26,245
TOTAL BASE RENTS (1)
Total Building = 79,122 SF
B. Total Expenses
Vacancy Reserve 5,907 SF Existing (2)
Replacement Reserve ($.15 PSF) x 79,121 SF 11,868$ 11,868$ 11,868$ 11,868$ 11,868$ 11,868$ 11,868$ 11,868$ 11,868$ 11,868$ 11,868$Landlord's Vacancy CAM Loss deducted previously from Base Rent "A" Above
TOTAL ADD BACK
C. Cash Flow Before Debt 592,987$ 608,108$ 623,607$ 639,494$ 655,778$ 672,470$ 689,578$ 707,114$ 725,089$ 743,512$ 762,397$
D. Debt Service - 65% Sale price of $7,750,000 (3) 336,001$ 336,001$ 336,001$ 336,001$ 336,001$ 336,001$ 336,001$ 336,001$ 336,001$ 336,001$ 336,001$
$5,037,500/4.5%/10 YR/25 YR. Amort.6.67 Constant
Actual Percentage of Cash on Cash Return
E. Net Cash Flow for Prefferred Distribution 256,986$ 272,107$ 287,606$ 303,493$ 319,777$ 336,469$ 353,577$ 371,113$ 389,088$ 407,511$ 426,396$
Based on $2,712,500 Capital
F. Principal Accrual 111,596$ 116,723$ 122,085$ 127,694$ 133,560$ 84,839$ 89,624$ 94,680$ 100,020$ 105,662$ 111,622$
G. Total Cash & Principal Accrual on Investment 368,582$ 388,830$ 409,691$ 431,187$ 453,337$ 421,308$ 443,201$ 465,793$ 489,108$ 513,173$ 538,018$
H. Effective % Return on Investment (4) 13.6% 14.3% 15.1% 15.9% 16.7% 15.5% 16.3% 17.2% 18.0% 18.9% 19.8%
I.Capitalization Value @ 7.8% on Cash Flow Before Debt Letter "C" Above (5) 7,754,551$ 7,948,410$ 8,147,115$ 8,350,795$ 8,559,564$ 8,773,564$ 8,992,897$ 9,217,718$ 9,448,167$ 9,684,359$ 9,926,474$
Based on Net Cash Flow before Debt. 4,925,904$ 4,809,181$ 4,687,096$ 4,559,402$ 4,425,842$ 4,341,003$ 4,251,379$ 4,156,700$ 4,056,679$ 3,951,017$ 3,839,394$
J. Less Existing Debt & Original Capital Investment 2,712,500$ 2,712,500$ 2,712,500$ 2,712,500$ 2,712,500$ 2,712,500$ 2,712,500$ 2,712,500$ 2,712,500$ 2,712,500$ 2,712,500$
K. Equity/Appreciation (6) 116,147$ 426,729$ 747,519$ 1,078,893$ 1,421,222$ 1,720,061$ 2,029,018$ 2,348,518$ 2,678,988$ 3,020,842$ 3,374,580$
L. Depreciation Shelter Effect on Total Cash & Principal Accrual Section "G" (8)
M. Taxable Distribution & Equity (Deduct G - L) (7) (2,715,853)$ (2,430,111)$ (2,123,508)$ (1,795,409)$ (1,445,160)$ (1,126,940)$ (786,827)$ (424,122)$ (38,102)$ 371,983$ 814,684$
1 Includes current annualized Net Base Rent of $604,855, and 2.5% year annual increases, net of Landlord vacancy loss
2 Landlord's Subsidity includes Replacement Reserve and CAM loss for Vacancy and Pappy's Gross Lease (Pappy's 1,630 SF/Landlord Utility Maintenance 1,040 SF and vacant space of 5,907 SF totalling 8,577 SF @ $3.06 PSF = $26,245. (See Rent Roll Report)
3 Debt Service: Loan Amount is $5,037,500 @ 4.5% Interest Rate (6.67% P & I) - 10 year term with a 25 year Amortization. Beginning in Year 6 the interest rate increases to 5.5% (7.37% Constant) for the next 6 years of the Pro-Forma Period.
4 Effective Return on Investment: Is the total of "E" and "F" above (Cash Return + Annual Principal Reduction)
5 Capitalization Value @ 7.8%: Is the value of asset determined by an acceptable return on the investment. We have applied a 7.8% Cap Rate, which is acceptable in today's current market rate for retail properties.
6 Equity Appreciation: Is current Capitalization Value less existing debt, and original cash equity capital investment.
7 Taxable Distribution: The actual taxable gain or loss of income for the calendar year
8Depreciation Shelter Effect on Total: Effective shelter on the total cash distribtution plus plus principal loan reduction, is based on most recent IRS regulations, which this year allows a bonus depreciation of 100% of this site cost allocation can be written off in year one. This provides significant avoidance of Federal Tax for the first nine (9) years. Due to new tax law for 2018
103,088$ 103,088$ 103,088$ 103,088$ 95,317$2,832,000$ 103,088$ 103,088$ 103,088$ 103,088$ 103,088$
15.7%
-$ -$ -$ -$ -$
13.0% 13.7% 14.3% 15.0%
-$ -$
9.5% 10.0% 10.6% 11.2% 11.8% 12.4%
A-1 - Revised 01/18/2018
-$ -$ -$ -$
BASED ON SALE PRICE OF $7,750,000
604,855$ 619,976$ 635,475$ 651,362$ 667,646$ 684,338$ 701,446$ 718,982$ 736,957$ 755,380$ 774,265$
1280-1370 W PRINCE ROAD, TUCSON, AZ | 17
ADDITIONAL PHOTOS
LOCATION INFORMATION
RENT ROLL
1280-1370 W PRINCE ROAD, TUCSON, AZ | 19
W. Prince Rd.
N. F
low
ing
Wel
ls R
d.
RENT ROLL
1280-1370 W PRINCE ROAD, TUCSON, AZ | 20
Flowing Wells High School 1280-1370 W. Prince Rd.
W. Prince Rd.
N. O
racle Rd.
N. Fairview
Ave.
N. Flow
ing Wells Rd.
Romero Road
W. Roger Rd.
1280-1370 W PRINCE ROAD, TUCSON, AZ | 21
REGIONAL MAP
W. Prince Rd.
W. Roger Rd.Rom
ero
Road
N F
low
ing
Wel
ls R
d.
N O
racl
e Rd
.
N F
airv
iew
Ave
W. Prince Rd.
E. Fort Lowell Rd.
W. Wetmore Rd.
1280-1370 W. Prince Rd.
RENT ROLL
1280-1370 W PRINCE ROAD, TUCSON, AZ | 22
DEMOGRAPHICS
1280-1370 W PRINCE ROAD, TUCSON, AZ | 24
DEMOGRAPHICS - 1 MILE
Demographic and Income Profile1310 W Prince Rd, Tucson, Arizona, 85705 Prepared by EsriRing: 1 mile radius Latitude: 32.27215
Longitude: -110.99358
Su r e u Population 14,352 14,800 14,994Households 6,057 6,128 6,167Families 3,254 3,228 3,215A erage Household Size 2.36 2.41 2.42Owner Occupied Housing Units 3,678 3,359 3,374Renter Occupied Housing Units 2,379 2,768 2,794Median Age 38.2 38.9 40.0
re : u e re S e oPopulation 0.26% 1.41% 0.83%Households 0.13% 1.35% 0.79%Families -0.08% 1.27% 0.71%Owner HHs 0.09% 1.32% 0.72%Median Household Income 1.08% 1.84% 2.12%
ou e o co e umber Percent umber Percent<$15,000 1,249 20.4% 1,242 20.1%$15,000 - $24,999 1,089 17.8% 1,049 17.0%$25,000 - $34,999 1,080 17.6% 972 15.8%$35,000 - $49,999 966 15.8% 887 14.4%$50,000 - $74,999 947 15.5% 978 15.9%$75,000 - $99,999 403 6.6% 494 8.0%$100,000 - $149,999 260 4.2% 359 5.8%$150,000 - $199,999 69 1.1% 103 1.7%$200,000+ 63 1.0% 84 1.4%
Median Household Income $30,934 $32,643A erage Household Income $42,718 $48,955Per Capita Income $18,188 $20,686
e u o u o e umber Percent umber Percent umber Percent0 - 4 1,027 7.2% 997 6.7% 985 6.6%5 - 9 937 6.5% 932 6.3% 947 6.3%10 - 14 856 6.0% 887 6.0% 918 6.1%15 - 19 959 6.7% 826 5.6% 855 5.7%20 - 24 1,047 7.3% 954 6.4% 841 5.6%25 - 34 1,845 12.9% 2,126 14.4% 2,015 13.4%35 - 44 1,653 11.5% 1,667 11.3% 1,817 12.1%45 - 54 1,886 13.1% 1,763 11.9% 1,682 11.2%55 - 64 1,690 11.8% 1,909 12.9% 1,941 12.9%65 - 74 1,217 8.5% 1,547 10.5% 1,742 11.6%75 - 84 900 6.3% 833 5.6% 937 6.2%
85+ 336 2.3% 360 2.4% 315 2.1%e u
ce c umber Percent umber Percent umber PercentWhite Alone 10,696 74.5% 10,581 71.5% 10,484 69.9%Black Alone 293 2.0% 327 2.2% 352 2.3%American Indian Alone 309 2.2% 358 2.4% 385 2.6%Asian Alone 259 1.8% 300 2.0% 329 2.2%Pacific Islander Alone 28 0.2% 33 0.2% 36 0.2%Some Other Race Alone 2,296 16.0% 2,662 18.0% 2,833 18.9%Two or More Races 471 3.3% 537 3.6% 576 3.8%
Hispanic Origin (Any Race) 6,320 44.0% 7,280 49.2% 7,878 52.5% o e: Income is e pressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022.
January 19, 2018
©2018 Esri Page 1 of 6
Demographic and Income Profile1310 W Prince Rd, Tucson, Arizona, 85705 Prepared by EsriRing: 1 mile radius Latitude: 32.27215
Longitude: -110.99358
AreaStateUSA
Trends 2017-2022Trends 2017-2022
Ann
ual R
ate
(in
perc
ent)
21.81.61.41.2
10.80.60.40.2
0Population Households Families Owner HHs Median HH Income
20172022
Population by AgePopulation by Age
Perc
ent
14
12
10
8
6
4
2
0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
2017 Household Income 2017 Household Income
<$15K20.4%
$15K - $24K17.8%
$25K - $34K17.6%
$35K - $49K15.8%
$50K - $74K15.5%
$75K - $99K6.6%
$100K - $149K4.2%
$150K - $199K1.1%
$200K+1.0%
2017 Population by Race2017 Population by Race
Perc
ent
7065605550454035302520151050
White Black Am. Ind. Asian Pacific Other Two+
2017 Percent Hispanic Origin: 49.2%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022.
January 19, 2018
©2018 Esri Page 2 of 6
1280-1370 W PRINCE ROAD, TUCSON, AZ | 25
DEMOGRAPHICS - 3 MILES
Demographic and Income Profile1310 W Prince Rd, Tucson, Arizona, 85705 Prepared by EsriRing: 3 mile radius Latitude: 32.27215
Longitude: -110.99358
Su r e u Population 98,993 102,162 104,455Households 42,288 43,289 44,138Families 21,080 21,143 21,322A erage Household Size 2.31 2.32 2.33Owner Occupied Housing Units 19,081 17,547 17,664Renter Occupied Housing Units 23,207 25,743 26,475Median Age 32.7 33.8 34.8
re : u e re S e oPopulation 0.44% 1.41% 0.83%Households 0.39% 1.35% 0.79%Families 0.17% 1.27% 0.71%Owner HHs 0.13% 1.32% 0.72%Median Household Income 1.34% 1.84% 2.12%
ou e o co e umber Percent umber Percent<$15,000 10,218 23.6% 10,282 23.3%$15,000 - $24,999 7,370 17.0% 7,010 15.9%$25,000 - $34,999 6,095 14.1% 5,628 12.8%$35,000 - $49,999 6,235 14.4% 5,800 13.1%$50,000 - $74,999 6,227 14.4% 6,523 14.8%$75,000 - $99,999 3,206 7.4% 3,852 8.7%$100,000 - $149,999 2,528 5.8% 3,230 7.3%$150,000 - $199,999 798 1.8% 1,021 2.3%$200,000+ 612 1.4% 794 1.8%
Median Household Income $30,951 $33,088A erage Household Income $45,532 $51,946Per Capita Income $19,749 $22,402
e u o u o e umber Percent umber Percent umber Percent0 - 4 6,700 6.8% 6,458 6.3% 6,607 6.3%5 - 9 5,798 5.9% 5,860 5.7% 5,850 5.6%10 - 14 5,442 5.5% 5,373 5.3% 5,472 5.2%15 - 19 6,965 7.0% 6,224 6.1% 6,190 5.9%20 - 24 12,455 12.6% 11,433 11.2% 10,891 10.4%25 - 34 15,256 15.4% 17,626 17.3% 17,543 16.8%35 - 44 11,504 11.6% 11,603 11.4% 12,653 12.1%45 - 54 12,101 12.2% 11,071 10.8% 10,612 10.2%55 - 64 10,682 10.8% 11,577 11.3% 11,522 11.0%65 - 74 6,173 6.2% 8,471 8.3% 9,667 9.3%75 - 84 4,081 4.1% 4,284 4.2% 5,239 5.0%
85+ 1,837 1.9% 2,182 2.1% 2,210 2.1%e u
ce c umber Percent umber Percent umber PercentWhite Alone 68,069 68.8% 67,453 66.0% 67,325 64.5%Black Alone 4,208 4.3% 4,588 4.5% 4,901 4.7%American Indian Alone 3,433 3.5% 3,771 3.7% 4,006 3.8%Asian Alone 3,473 3.5% 4,124 4.0% 4,605 4.4%Pacific Islander Alone 175 0.2% 192 0.2% 206 0.2%Some Other Race Alone 15,479 15.6% 17,390 17.0% 18,422 17.6%Two or More Races 4,156 4.2% 4,644 4.5% 4,989 4.8%
Hispanic Origin (Any Race) 41,093 41.5% 45,795 44.8% 49,440 47.3% o e: Income is e pressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022.
January 19, 2018
©2018 Esri Page 3 of 6
Demographic and Income Profile1310 W Prince Rd, Tucson, Arizona, 85705 Prepared by EsriRing: 3 mile radius Latitude: 32.27215
Longitude: -110.99358
AreaStateUSA
Trends 2017-2022Trends 2017-2022
Ann
ual R
ate
(in
perc
ent)
21.81.61.41.2
10.80.60.40.2
0Population Households Families Owner HHs Median HH Income
20172022
Population by AgePopulation by Age
Perc
ent
16
14
12
10
8
6
4
2
00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
2017 Household Income 2017 Household Income
<$15K23.6%
$15K - $24K17.0%
$25K - $34K14.1%
$35K - $49K14.4%
$50K - $74K14.4%
$75K - $99K7.4%
$100K - $149K5.8%
$150K - $199K1.8%
$200K+1.4%
2017 Population by Race2017 Population by Race
Perc
ent
65605550454035302520151050
White Black Am. Ind. Asian Pacific Other Two+
2017 Percent Hispanic Origin: 44.8%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022.
January 19, 2018
©2018 Esri Page 4 of 6
1280-1370 W PRINCE ROAD, TUCSON, AZ | 26
Demographic and Income Profile1310 W Prince Rd, Tucson, Arizona, 85705 Prepared by EsriRing: 5 mile radius Latitude: 32.27215
Longitude: -110.99358
Su r e u Population 215,038 222,250 227,554Households 91,564 93,985 96,110Families 44,581 44,801 45,314A erage Household Size 2.22 2.24 2.24Owner Occupied Housing Units 42,019 38,842 39,254Renter Occupied Housing Units 49,545 55,144 56,856Median Age 32.6 33.6 34.6
re : u e re S e oPopulation 0.47% 1.41% 0.83%Households 0.45% 1.35% 0.79%Families 0.23% 1.27% 0.71%Owner HHs 0.21% 1.32% 0.72%Median Household Income 1.65% 1.84% 2.12%
ou e o co e umber Percent umber Percent<$15,000 19,750 21.0% 19,668 20.5%$15,000 - $24,999 13,422 14.3% 12,651 13.2%$25,000 - $34,999 12,376 13.2% 11,388 11.8%$35,000 - $49,999 13,288 14.1% 12,302 12.8%$50,000 - $74,999 14,232 15.1% 14,882 15.5%$75,000 - $99,999 8,193 8.7% 9,661 10.1%$100,000 - $149,999 7,157 7.6% 8,830 9.2%$150,000 - $199,999 2,733 2.9% 3,328 3.5%$200,000+ 2,829 3.0% 3,393 3.5%
Median Household Income $36,197 $39,280A erage Household Income $55,734 $63,356Per Capita Income $24,256 $27,417
e u o u o e umber Percent umber Percent umber Percent0 - 4 12,341 5.7% 11,915 5.4% 12,285 5.4%5 - 9 10,968 5.1% 10,990 4.9% 10,954 4.8%10 - 14 10,410 4.8% 10,349 4.7% 10,476 4.6%15 - 19 19,146 8.9% 17,839 8.0% 17,850 7.8%20 - 24 29,012 13.5% 26,974 12.1% 25,853 11.4%25 - 34 32,445 15.1% 37,536 16.9% 37,710 16.6%35 - 44 23,910 11.1% 24,326 10.9% 26,748 11.8%45 - 54 26,363 12.3% 23,582 10.6% 22,540 9.9%55 - 64 24,448 11.4% 26,051 11.7% 25,182 11.1%65 - 74 13,545 6.3% 18,958 8.5% 21,880 9.6%75 - 84 8,311 3.9% 9,043 4.1% 11,314 5.0%
85+ 4,139 1.9% 4,687 2.1% 4,759 2.1%e u
ce c umber Percent umber Percent umber PercentWhite Alone 157,277 73.1% 156,280 70.3% 156,236 68.7%Black Alone 8,467 3.9% 9,383 4.2% 10,093 4.4%American Indian Alone 6,008 2.8% 6,734 3.0% 7,215 3.2%Asian Alone 7,981 3.7% 9,606 4.3% 10,835 4.8%Pacific Islander Alone 394 0.2% 439 0.2% 473 0.2%Some Other Race Alone 26,277 12.2% 29,972 13.5% 32,012 14.1%Two or More Races 8,634 4.0% 9,836 4.4% 10,689 4.7%
Hispanic Origin (Any Race) 73,744 34.3% 83,569 37.6% 91,174 40.1% o e: Income is e pressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022.
January 19, 2018
©2018 Esri Page 5 of 6
Demographic and Income Profile1310 W Prince Rd, Tucson, Arizona, 85705 Prepared by EsriRing: 5 mile radius Latitude: 32.27215
Longitude: -110.99358
AreaStateUSA
Trends 2017-2022Trends 2017-2022
Ann
ual R
ate
(in
perc
ent)
21.81.61.41.2
10.80.60.40.2
0Population Households Families Owner HHs Median HH Income
20172022
Population by AgePopulation by Age
Perc
ent
16
14
12
10
8
6
4
2
00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
2017 Household Income 2017 Household Income
<$15K21.0%
$15K - $24K14.3%
$25K - $34K13.2%
$35K - $49K14.1%
$50K - $74K15.1%
$75K - $99K8.7%
$100K - $149K7.6%
$150K - $199K2.9%
$200K+3.0%
2017 Population by Race2017 Population by Race
Perc
ent
7065605550454035302520151050
White Black Am. Ind. Asian Pacific Other Two+
2017 Percent Hispanic Origin: 37.6%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022.
January 19, 2018
©2018 Esri Page 6 of 6
DEMOGRAPHICS - 5 MILES
ADVISOR BIOS
Specialties: Retail
Jason Fessinger joins CBC Advisors as an Executive Managing Partner of the Phoenix office, specializing in retail agency leasing, retailer representation, and capital markets acquisitions and dispositions in Arizona.
Prior to joining CBC Advisors, Jason Fessinger was a founding Partner at Strategic Retail Group. His leadership and guidance was crucial to forming and growing the company for over a decade including navigation through the great recession. Prior to forming Strategic Retail Group, Fessinger was an integral member of the retail teams at Trammel Crow Company and Insignia/ESG. Fessinger is a native of Arizona, having graduated from Arizona State University.
Fessinger’s dedication to honesty and integrity is second to none. He thrives on providing accurate and timely information to his clients in order to aid the clients’ decision making. Jason’s ability to creatively structure many different transactions, through out-of-the-box thinking, has provided his clients with innumerable results.
Fessinger’s success is not limited to any class, size, or quality of retail asset. His Landlord clients encompass institutional Fortune 100 level companies, high net worth individuals, syndicated real estate funds, receivers of bank-controlled assets, national retail developers, and multigenerational family held assets. Jason has an innate ability to tailor his approach to all levels of real estate expertise, providing a clear and simple explanation of complicated and sophisticated transactions. Simply stated, Jason is an expert trusted advisor.
Fessinger has also represented many buyers and sellers of retail assets and land in the Arizona market. His investment transactions span the purchase of raw land for development, pad sales, vacant buildings for repositioning, single-tenant triple net investments, and the sale of retail strip and grocery-anchored centers. His fact and experience based analysis of retail assets provides his clients clear direction tailored to their individual goals.
Jason is an active member of International Council of Shopping Centers and has been recognized multiple times as a Costar Power Broker of the Year. Outside the office Fessinger likes to help in charitable fashion with St. Jude Children’s Hospital, CASS – Central Arizona Shelter Services, and the Phoenix Kollel.
ASSET SERVICES | BROKERAGE | CORPORATE SERVICES | MERGERS AND ACQUISITIONS
Phoenix Office | 2398 E. Camelback Rd. | Phoenix, AZ 8018 | 602.884.8345 | www.cbcadvisors.com
602.892.8664 Office480.241.1475 [email protected]
JASON FESSINGEREXECUTIVE MANAGING PARTNER
Specialties: Retail
Kalen Rickard joins CBC Advisors as a Senior Vice President specializing in retailer representation, retail agency leasing and capital markets acquisitions and dispositions. Prior to joining CBC Advisors, Kalen was a Vice President at Strategic Retail Group. Having started his career only months before the start of the great recession, Kalen provides a unique perspective on commercial real estate.
A Phoenix native, Kalen graduated from Brophy College Preparatory earning the President’s Scholarship to Arizona State University. He went on to earn a bachelor’s degree from ASU while being a re-founding father of Sigma Nu Fraternity – Zeta Upsilon Chapter and playing for the Sun Devils lacrosse team.
Rickard provides an extensive locational knowledge, creative market strategies, strong attention to detail and a high level of energy on behalf of his clients. His ability to quickly understand economic details of transactions, as well as to thoroughly understanding of complicated legal matters differentiates him.
Kalen represents national, regional and local tenants with their site selection needs in the Arizona market. He builds market entry plans, cultivates market specific site selection criteria, develops competitive site analysis and negotiates successful long-term transactions on behalf of his clients.
Rickard’s advanced market knowledge and vast transactional knowledge aids his retailer, landlord and developer clients alike. He represents owners of real estate encompassing Fortune 100 companies, publicly-traded real estate investment trusts, syndicated real estate funds, receivers of bank-controlled assets, national and local retail developers, multigenerational family held assets and high net worth individuals alike. His tailored approach to each client is based on superior market data as well as experience-based analysis that continues to provide proven results.
Kalen contributes expert advice on capital markets transactions on behalf of his clients as well, having represented both buyers and sellers of retail commercial real estate. He has an innate ability to quickly understand assets’ financial merits, inherent risk profile, design concerns and constraints and market conditions.
Kalen is an active member of International Council of Shopping Centers, having served on the Southwest Idea Exchange planning committee. He has served as a team captain for Brokers for Kids and served on the Sigma Nu – Zeta Upsilon alumni housing board. Kalen is also involved with the Ronald McDonald House, Backcountry Hunters and Anglers and the Brophy Community Foundation. Outside the office, he can be found on the golf course, at a new restaurant or exploring a new location around the world.
ASSET SERVICES | BROKERAGE | CORPORATE SERVICES | MERGERS AND ACQUISITIONS
Phoenix Office | 2398 E. Camelback Rd. | Phoenix, AZ 8018 | 602.884.8345 | www.cbcadvisors.com
KALEN RICKARD
602.910.6486 Office602.820.8725 [email protected]
SENIOR VICE PRESIDENT@KALENRICKARD