fully-leased retail center cbre capital markets | retail ... · property brochure – winter 2019...
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F U L LY - L E A S E D R E T A I L C E N T E RS F B A Y A R E A | G R O C E R Y A N C H O R E D
I N V E S T M E N T O P P O R T U N I T YProperty Brochure – Winter 2019
CBRE Capital Markets | Retail
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2 • Brentwood Town Centre
AFFILIATED BUSINESS DISCLOSURECBRE, 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 AGREEMENTYour 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.
DISCLAIMERThis 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.
Copyright Notice © 2019 CBRE, Inc. All Rights Reserved.
Brentwood Town Centre • 3
CBRE, as exclusive advisor, is pleased to present the opportunity to acquire a 100% fee simple interest in the grocery shadow-anchored Brentwood Town Centre at 1185 & 1155 2nd Street in Brentwood, CA (the “Property” or “Building”). The Property is a fully-leased 24,161 square foot multi-tenant retail center located in one of the fastest growing suburbs of the San Francisco East Bay.
Investment Summary
OFFERING PRICE $7,900,000
IN-PLACE NOI $514,638
IN-PLACE CAP RATE 6.50%
PRICE PER SQUARE FOOT $327
PERCENTAGE LEASED 100%
GROSS LEASABLE AREA 24,161 sf
TOTAL LAND AREA 98,010 sf
YEAR BUILT 1997
Investment HighlightsFULLY-LEASED, LONG ESTABLISHED SHOPPING CENTER: The Property is 100% leased to 13 tenants, with most of the tenants having operated at the Property for over 5 years.
ANNUAL NOI GROWTH: Current tenant leases include fixed annual rent increases.
EXCELLENT LOCATION, VISIBILITY, & ACCESS:Centrally located within the City of Brentwood, the Property is positioned at a busy signalized intersection, less than a half mile from Liberty High School and City Hall. The Property can be easily accessed from three major streets.
COVETED SF BAY AREA LOCATION: The Property presents investors with a rare opportunity to acquire an asset in one of the strongest investment markets in the country.
DENSLY POPULATED & AFFLUENT TRADE AREA: Population within five miles of the Property is over 139,000 with a median household income of $99,400 (44% higher than the State of CA).
SIGNIFIGANT RESIDENTIAL DEVELOPMENT PIPELINE: 4,000 housing units approved or under construction within a five-minute drive of the Property.
NNN LEASES INCLUDING MANAGEMENT:All tenants reimburse the Common Area Expenses (including management fee), Property Insurance, and Property Taxes.
INTERNET RESISTANT TENANT MIX: Good mix of restaurants, medical and community service uses. The Safeway and CVS shadow-anchors provide additional “daily needs” traffic.
GROCERY SHADOW-ANCHORED: The Property is shadow-anchored by a successful Safeway grocery and a CVS Pharmacy.
ABSOLUTE FEE OWNERSHIP: The property includes both the land and the improvements, allowing investors to take full advantage of current depreciation rules, enhancing after-tax cash flow.
4 • Brentwood Town Centre
Residential Development Pipeline
CALIFORNIA
4
CALIFORNIA
4
Project Name Status
1.2.3.4.5.6.7.8.9.
10.11.12.13.14.15.16.17.18.20.21.22.23.24.25.26.27.28.29.30.31.32.33.34.35.36.
Sciortino RanchHarper ParcSilvergatePioneer Square/Barcelona TrilogyPulte GroupVista Dorado I (Shea Family)Palermo/Meritage HomesMission GroveMagnoliaPortofinoBarringtonVillagioTrilogy at the VineyardsSparrow at Marsh CreekBella FioreAmberfieldKingston ParkHeidorn VillageAvianoThe PromenadeMinnesota RentalsCatchings RanchParkside VillasFairview AveBrentwood Country ClubBella VerdeAlvernaz PartnersWindy Springs EstatesVista Dorado IICowell RanchThe RanchQuail CoveVineyards at Sand CreekEnclave at Bridle GateAmber Meadows
Under ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionUnder ConstructionApprovedApprovedApprovedApprovedApprovedApprovedApprovedApprovedApprovedApprovedApprovedApprovedApprovedIn PlanningIn PlanningIn PlanningIn PlanningIn Planning
32684
16672
4088296
13233
240486160
1,25050983627
117533641
82437
9874848
550
1401,307
32337366195
Units
Status
Approved
In Planning
Under Construction
3,746 units under construction1,748 units approved2,237units in planningOver 4,000 new residential units planned within a five minute drive of the Town Centre
FAST GROWING TRADE AREA
3 MILES
Brentwood Town Centre • 5
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© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors 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. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. PMStudio_January2019
ANDREW REEDER+1 415 772 0162
Lic. 01297374
JOSH PETERSON+1 415 291 1712
Lic. 01455490
JIM KORINEK +1 415 772 0416
Lic. 01917740
DEBT & STRUCTURED FINANCE CONTACT
INVESTMENT CONTACTS
CBRE, INCBroker Lic . 00409987
415 Mission Street , 46th Floor
San Francisco, CA 94105