n mccarran blvd & mae anne avereno eada · 2.110 ac. 9 9. 8 0 adj. par. 3 r.s. 2875 po r.a 1 p...

C H E C K C I T Y O F F E R I N G M E M O R A N D U M

N MCCARRAN BLVD & MAE ANNE AVE Reno ,

Nevada 89503

Presented by: ROXANNE STEVENSONSenior Vice President+1 775 823 [email protected]

CASEY SCOTT, CCIMSenior Associate +1 775 823 [email protected]

> EXECUTIVE SUMMARYOffering Memorandum

COLLIERS INTERNATIONAL 3Check City Offering Memorandum | Reno, NV

EXECUTIVE SUMMARY

Colliers International is pleased to present for sale a single tenant, net leased, Check City located in Reno Nevada on the intersection of McCarran Boulevard (Reno’s ring road) and Mae Anne Avenue. The property is situated in the desirable Northwest Reno Submarket and is surrounded by retailers, restaurants and dense residential development. The University of Nevada Reno, with ±22,000 students, is in close proximity to the east.

The tenant will be operating under a new five year NNN lease renewal with two remaining five year renewal options. Current and future option terms feature annual 2.5% rent increases. The tenant has operated in this location for 12 years and has an exceptional operating and rental payment history. This is a true NNN lease structure with no landlord responsibilities. This investment opportunity is being offered for sale at $2,640,000, a net operating income of $132,000 and a corresponding cap rate of 5.0%.

ASKING PRICE: $2,640,000

CAP RATE: 5.00%

NOI: $132,000

SIZE: ±2,700 SF

PARCEL SIZE: ±0.92 Acres

RENT INCREASES: 2.5% Annual Increases

NEW LEASE TERM: Five (5) Years

RENEWAL OPTIONS: Two (2), Five (5) year Options

O FF E R I N G S U M M A RY


INVESTMENT HIGHLIGHTS

F R E ESTA N D I N G BU I L D I N G W I T H PE R M I T T E D D R I V E -T H RU

> Strong demographics

> Desirable Northwest Reno Submarket with less than 3% vacancy in trade area

> Approximately 2,000 single family and multifamily units under construction in the Northwest Reno Submarket with more than 3,000 additional units pending approval.

> Surrounded by retail, restaurants, commercial and dense residential development

> Traffic generators include Walmart, Kohl’s, Safeway, Ross, Ulta, SaveMart, Petsmart, Ulta, Chili’s

> Highest traffic intersection in the trade area

> Rare opportunity in the entire market for a drive-thru feature

1 0 3 1 E XC H A N G E OPPO RT U N I T Y

> Founded in 1986, Check City now has 65 locations in four states and has been a tenant for 12 years

> Renewal option exercised in November 2018 with two, five year options remaining

> Annual 2.5% rent increases, including the option period

> Tenant has outstanding operational and credit history in this location

> Adjacent to Chase Bank's location currently undergoing remodel. This former Dairy Queen property was purchased in August 2018 for $2,800,000.00.

DRIVE-THRU

Offering Memorandum> PROPERTY INFORMATION


PROPERTY DESCRIPTION

Ê Ê

BLVD

.

001-57

001-59 001

-58

001-41

001-44 R.S. 3466

BOWIE ROAD

FRONTIER STREET

45

8 9

001-45

PORTION OF SW 1/4 OF SW 1/4 OF SECTION 4& SE 1/4 OF SE 1/4 OF SECTION 5

T19N - R19E

001-271-06

001-272-38

136.02

101.

01

87.7

438

172.93

PM 1738PAR. 1

14903sf

001-271-1525

0

249.

37

435.6

434.43

2.5 ac.

316.85 100

271

100

440

1.0 ac.

1.0 ac.001-271-03

001-271-02

863.

66

100 100

126.49

798.82

8.39 ac.001-271-16

190.11

45.3

824.92

243.

3648

.52

173.

73

219.

12 181.

95

5.751.56

304.93

224.86

187.

5222.68 1.600 ac.001-272-35

152.46

64.21

111.04

POR. PAR'S. 1 & 2P.M. 1927

ADJ. PAR. 4R.S. 2875

161.50

208.

85

219.

00

PAR. 1P.M. 2910001-272-39

0.920 ac.

161.50

PAR. 2P.M. 2910

311.

91

251.

70

251.

70

001-272-400.930 ac. PAR. 2

P.M. 2909

54.0

8PAR. 3P.M. 2910

92.9

1

230.

91

001-272-410.850 ac.

34.54

37.66

16.1

4

77.88

32.20

75.8

1

256.50

2725.170 ac.

128.77

PAR. 1P.M. 2909001-272-37

166.700.480 ac. 12

1.66

38.07.0

126.

46

141.70 114.84

302.

25

194.02

45.5

1

45.72

68.666.0

189.00

001-272-342.110 ac.

99.8

0


POR. PAR. 1P.M. 1927

287.40

226.

83

SEVENTH

WEST

KIRS

TON

ST.

McCA

RRAN

ALLEN

GLEN

DRIVE

LANE

CONW

AY

STREET

AKARD DRIVE

MAE ANNEAVENUE

5.18 13


POR. PAR. 2P.M. 1917

1.340 ac.001-272-36

5.12

WASHOE COUNTYASSESSOR'S OFFICE

STATE OF NEVADA

NOTE: This map was prepared for the use of theWashoe County Assessor for assessment and illustrative purposes only. It does not represent a survey of the premises. No liability is assumedas to the sufficiency or accuracy of the data delineated hereon.

Joshua G. Wilson, Assessor1001 East Ninth Street

Building DReno, Nevada 89512

(775) 328-2231

created by: __________________________

last updated: _________________________

area previously shown on map(s)

____________________________________

Assessor's Map Number

001-27

1 inch = 200 feet

Å

005-03005-34039-75

001-20001-32

001-34001-27039-05

001-30039-49001-15

039-35 001-13001-14

039-36

005-02

Reno

Sparks

0 50 100 150 200

Feet

TWT 2/13/2012

Parcel Map

PROPERTY ADDRESS: 10590 North McCarran Boulevard, Reno, NV 89503

APN: 001-272-39

OFFERING PRICE: $2,640,000.00

NOI: $132,000.00

CAP RATE: 5% Year One NOI

LEASE TYPE: NNN – No Landlord Responsibilities

LEASE TERM: New Five (5) Year Renewal11/23/2018 TO 11/23/2023

RENT: Year 1: $132,000.00 Year 2: $135,300.00Year 3: $138,682.50Year 4: $142,149.56Year 5: $145,703.30

RENEWAL OPTIONS: Two (2) Five Year Options With Annual 2.5% Rent Increases

YEAR BUILT: 1999

BUILDING SIZE: ±2,700 SF

PARCEL SIZE:

±0.92 Acres


PROPERTY SITE PLAN

CANYONCENTER

MCCARRAN BLVD.AND MAE ANNE AVE.

RENO, NEVADA

UNDER CONSTRUCTION

PROPOSED

PROPOSED

SUBJECT


PROPERTY OBLIQUE

PROPOSED

PROPOSED

UNDER CONSTRUCTION

SUBJECT


INTERSECTION AERIAL

McC

arra

n B

oule

vard

Mae Anne Avenue

W 7th Street

RIDGEVIEWPLAZA

SUBJECT


TENANT OVERVIEW

Founded in 1986, Check City now has 65 locations in four states: Utah, Nevada, Virginia and Colorado. Check City operates as a diversified financial services company. The company’s services include cash advances, payday loans, check cashing, installment loans, installment title loans, title loans, fee money orders, prepaid debit cards, gold buying, money transfers and insurance.

With dozens of convenient locations, a surprising range of financial services, and a proven passion for customer service, honesty, and value, Check City offers financial solutions that match your needs for customers in all walks of life.

Offering Memorandum

> LOCATION OVERVIEW

LOCATION OVERVIEW

Reno and Sparks are experiencing a strong comeback. The area was among the hardest hit states with the recession beginning in 2007. However, it is now experiencing one of the strongest recoveries. In addition to its significant influx of major new businesses, the region prides itself on its life-work balance. Washoe County’s unemployment rate was 3.7% as of August 2018. Recent tech and construction activity has surged the economy and GDP has shown significant continual growth ($147.5 billion in 2016 – a 13% jump from $128.3 billion in 2006)*. In addition, the University of Nevada Reno is a tier 1 university and had 22,000 students enrolled in 2017.

The economy has enjoyed steady growth over the past few years as property values are steadily increasing, the population is growing, and industries are diversifying. Some of the biggest names in technology, distribution and manufacturing like Apple, Google, Tesla, Switch Supernap and Zulily have already made the move to our region, followed more recently by Clear Capital, Thrive Market, Block Chain, eBay and Deantronics.

Source: Nevada Business Times

Economic Overview

Ranked #12 2018 Best States for Business

Chief Executive Magazine

The Hippest Cities In The US Everyone Under 30 Wants To Move To

Business Insider

Nevada Ranks 2nd in American Dream Index

Forbes

2018 Best Mid-Size Cities for Job Growth #10

NewGeorgraphy

No. 5 Best Business Tax Climate

Business Tax Climate Index by Tax Foundation

Ranked #4 in Growth Entrepreneurship and #1 in Startup Activity

Kauffman Index

25 of America’s Best Towns Ever Outside Magazine

How Reno/Sparks Ranks Nationally

Check City Offering Memorandum | Reno, NV COLLIERS INTERNATIONAL 12

> Vida Luxury Living: 312 luxury multifamily units under construction in the prestigious hills of Northwest Reno on Mae Anne and Sharlands. They offer one, two and three-bedroom apartment homes that feature unique designer floor plans, efficient appliances, gourmet and the finest amenities like a fitness center, year-round pool, spa/hot tub, and more.

> Wintercreek at Somersett: A 144 unit residential development by Lennar Homes in Somerset. Pricing ranges from $446,950s - $599,950s

> Estates at West Meadows: DR Horton is proud to announce their premier new home community, Estates at West Meadows, located in the desirable Verdi area currently under construction starting at $540,000. The development will have a total of 324 homes upon completion.

> Argos and Quest at Meridian 120: A Bates Stringer luxury development with 273 homes under construction off I-80 and Boomtown-Garrison Road. Pricing starts at $630,000.

> University Of Reno Nevada: U.S. News and World Report ranks UNR as a national Tier 1 university. This distinction was earned by the quality of their students, faculty, research activity, and degree programs. There are currently over 22,000 students with a vibrant campus and residence halls housing 3,100 students. Park Place, a 726 bed, 267 unit student housing project is currently under construction.

Developments in Close Proximity


AREA MAP

Downtown Reno

McCarran Blvd

Sparks

SUBJECT


POP FACTS: DEMOGRAPHIC REPORT 201810590 NORTH MCCARRAN BOULEVARD,

RENO, NV 89503RADIUS 1

(0.0-1.0 miles)RADIUS 2


(0.0-5.0 miles)

POPULATION

2000 Census 13,709 64,760 146,626

2010 Census 15,211 74,057 163,037

2018 Estimate 16,756 80,017 177,556

2023 Projection 17,790 84,745 187,767

Growth 2000- 2010 1.05% 1.35% 1.07%

Growth 2010 - 2018 1.18% 0.94% 1.04%

Growth 2018 - 2023 1.20% 1.15% 1.12%

HOUSEHOLDS

2000 Census 5,226 27,040 60,257

2010 Census 5,962 31,874 67,263

2018 Estimate 6,493 34,158 72,301

2023 Projection 6,843 36,123 76,176

Growth 2000- 2010 1.33% 1.66% 1.11%

Growth 2010 - 2018 1.04% 0.84% 0.88%

Growth 2018 - 2023 1.06% 1.12% 1.05%

2018 EST. POPULATION BY SINGLE CLASSIFICATION RACE

White Alone 74.4% 78.5% 70.5%

Black Alone 2.2% 2.3% 3.1%

American Indian/Alaska Native Alone 1.2% 1.1% 1.5%

Asian Alone 9.8% 7.8% 6.8%

Pacific Islander Alone 0.8% 0.7% 0.9%

Other Race 6.3% 5.0% 12.6%

Two or More Races 5.3% 4.6% 4.7%

Hispanic Origin (Any Race) 18.3% 14.5% 27.1%

2018 TENURE OF OCCUPIED HOUSING UNITS

Total 6,902 38,084 80,970

Owner Occupied 3,316 16,093 31,645

Renter Occupied 3,177 18,065 40,656

AVERAGE HOUSEHOLD SIZE

Total 2.58 2.27 2.40

2018 EST. AVERAGE HOUSEHOLD INCOME

Total $72,541 $74,086 $68,120

2018 EST. MEDIAN HOUSEHOLD INCOME

Total $58,609 $53,216 $44,706

POP FACTS: DEMOGRAPHIC REPORT 201810590 NORTH MCCARRAN BOULEVARD,

RENO, NV 89503RADIUS 1



(0.0-5.0 miles)

DEMOGRAPHICS

COLLIERS INTERNATIONAL 15Burger King Offering Memorandum | Columbus, OH

CONFIDENTIALITY & DISCLAIMER STATEMENT

This Offering Memorandum contains select information pertaining to the business and affairs of the property at 10590 North McCarran Boulevard, Reno, NV 89503. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained deemed reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum from Colliers International, you agree:

1) The Offering Memorandum and its contents are confidential;

2) You will hold it and treat it in the strictest of confidence; and

3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the property at 10590 North McCarran Boulevard, Reno, NV 89503 or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

n mccarran blvd & mae anne avereno eada · 2.110 ac. 9 9. 8 0 adj. par. 3 r.s. 2875 po r.a 1 p...

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