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171,700 VPD
SEAN [email protected]
VAL VISTA CROSSINGSVAL VISTA CROSSINGS 3617-3701 East Southern Avenue | Mesa3617-3701 East Southern Avenue | Mesa
North
Southern Avenue
Val V
ista D
rive
38,84
4 VPD
Developable Pad
Developable Pad
GREENFIELD GATEWAY
CLASS A OFFICE ANCHORLOCATED IN 900 CITIES
WORLDWIDE
18,058 VPD
CLASS A OFFICE ANCHORLOCATED IN 900 CITIES
WORLDWIDE
ZEMP AUTO REPAIRZEMP AUTO REPAIR
EXECUTIVE SUMMARY 2
Southern Avenue
Val V
ista D
rive
VAL VISTA CROSSINGSVAL VISTA CROSSINGS
SALE PRICE $8,975,000
PRICE PER SF $140
CAP RATE 7.40%
OCCUPANCY 79%
BUILDING SIZE 64,242 SF
PARCEL SIZE 8.25 Acres
YEAR BUILT 1988
ZONING LC
CROSS STREETS Val Vista & Southern
TRAFFIC COUNT +/-56,900 VPD38,844 VPD (Val Vista Dr)
18,058 VPD (Southern Ave)
171,700 VPD
■ Upside Opportunity at 79% Occupancy (Proforma CAP Rate of 9.3%)
■ Stable Existing Cash Flow of 7.4% with Goodwill Anchor
■ Over 350,000 Residents within 5 Miles with an Average Household Income of $74,000
■ Strong Retail Intersection, includes Safeway, Starbucks, Del Taco, Extra Innings, and Hungry Howie’s
■ High Traffic Area with over 56,900 vehicles per day and Close to US-60 (171,700 VPD), Dana Park, and Val Vista Lakes
■ 59,418 SF Just Leased on Site to Regus in the Adjacent Corporate Center (NAP), Bringing Many Employees to the Corner
HIGHLIGHTS
SITE PLAN 3Southern Avenue
Val Vista Drive 38,844 VPD
18,058 VPD
Not a Part
Not a Part
VAL VISTA CORPORATE CENTER
DEVELOPABLE PAD DEVELOPABLE PAD
Not a Part
Not a Part
SHOP
S D
SHOPS C
1,805 SF
1,628
SF
1,330
SF
1,346
SF
6,122
SF
1,240
SF
VAPE
STYL
E
AZ CONTRACTORS
CABINETS
SHOPS B
SHOPS A
Not a PartZEMP AUTO REPAIR
PROPERTY PHOTOS 4
REGUS (NAP) 5
-3,000 LOCATIONS, 900 CITIES, 120 COUNTRIES
The Corporate Center at Val Vista, totaling approximately 59,418 square feet, is a two-story flexible office and co-working space in the heart of Mesa. It offers a contemporary designed working environment equipped with high speed WiFi to get work done efficiently. Ready-to-use private office space, virtual office, shared co-working spaces, meeting rooms, and a business lounge are all readily available at Regus.
■ Gym/fitness suite found nearby ■ Outdoor seating area or terrace ■ Customer parking on-site or nearby ■ Videoconferencing facilities at this location
OVERVIEW
W O R K S P A C E S A T V A L V I S T A
FEATURES
VIRTUAL OFF ICE
BUSINESS LOUNGE
MEETING ROOMS
CO-WORKING SPACE
MEMBERSHIP
OFFICE SPACE
DRONE VIDEO 6
Val Vista Drive
Southern Avenue
SHOPS A
SHOPS B SHOPS C
SHOPS D
PARCEL MAP 7
Southern Avenue
Val Vis
ta Dri
ve
38,844 VPD
18,058 VPD
140-57-345A
Developable Pad Developable Pad
PARCEL #:TAXES (2018):LAND SIZE:
140-57-345A, 140-57-348$72,968.368.25 Acres
NAP NAP 140-57-348ZEMP AUTO REPAIR
NAP
NAP
VAL VISTA CROSSINGSVAL VISTA CROSSINGS
171,700 VPD
VAL VISTA LAKES
Located in Maricopa County and just 15 miles east of Phoenix, Mesa covers 138 square miles, is the third largest city in Arizona and the 36th largest city in the nation. The City provides the advantages of a thriving metropolis while maintaining the feel of a suburban environment. With dynamic recreational, educational and business opportunities, Mesa enjoys the best in a variety of amenities including parks within easy walking distance from home, a variety of sports facilities that cater to athletes young and old, highly rated golf courses for every skill level, a diversity of special events and community festivals, and Mesa's ever-popular Chicago Cubs and Oakland A's Spring Training baseball.
LOCATION 9
VAL VISTA CROSSINGSVAL VISTA CROSSINGS
171,700 VPD
VILLAGE SQUARE AT DANA PARKVillage Square at Dana Park, the 70 acre shopping center on the northwest corner of Val Vista Drive and Baseline Road in Mesa, Arizona, has been described as an “urban lifestyle center” because of its dynamic street scenes, its quality of stores and quality of presence. The center is characterized by the presence of approximately 500 date palms, cobblestone pavers, wide streets, beautiful domes, carved limestone fountains and marble columns accenting the commitment by the Triple Five of Arizona to build a center aligned with the upscale Mesa and Gilbert residents. Stores includes: Chico’s, Loft, White House/Black Market, Barnes & Noble, Anthropologie, Baker Bros., Downeast Outfitters, Francesca’s Collections, J.Jill, Jos A Bank, Talbot’s, Kirkland’s, Potato Barn, Z Gallerie, Lizard Thicket and AJ’s Fine Foods.
DOWNTOWN MESAA square mile of unique style. Explore charming districts in this vibrant downtown featuring boutiques, sidewalk cafes, salons and antique shops. Select Saturday’s in October through April, experience free all-day arts festival, Downtown Mesa Festival of the Arts (formerly known as MACFest). Or relax while enjoying free concerts at the Mesa Arts Center.
GILBERT, AZGilbert is a community with agricultural roots that show-up in the local food scene and in uniquely handcrafted creations. Gilbert has a family-friendly vibe and an emerging nightlife, all of which has been created in alignment with our local love of great food, craft beer, Arizona wine, handmade goods, bike trails, open space, and our four-legged friends. Once known as the “Hay Shipping Capital of the World,” more recently Gilbert has received nods like, “Phoenix’s Coolest Suburb,” and a “top 5 foodie neighborhood in metro Phoenix,” it is now known more for its people food than its alfalfa. Gilbert is also consistently recognized as one of the safest cities and best places to live in the U.S. All this adds up to making Gilbert your home base for Arizona explorations. Gilbert has 22 national parks (including the Grand Canyon) and 35 state parks here in Arizona to explore, many within an hour to a day-trip away from Gilbert.
RENT ROLL 10
BuildingSuite Number Tenant
Percent ofCenter
Square Footage LeaseBegin
TermEnd
Rentper Month
Rentper Year
Rentper SF
CAMper Month
CAMper Year
CAMper SF
RentalDate
IncreasesAmount
SHOPS A
3617A01 One Source Cabinets LLC 1.94% 1,245 5/1/2017 4/30/2020 1,504$ 18,053$ 14.50$ 510.45$ 6,125$ 4.92$ 1 3 Year Option
3617A02 Arizona Contractor License Center 3.58% 2,302 3/19/2007 3/31/2024 3,453$ 41,436$ 18.00$ 644.00$ 7,728$ 3.36$ 4/1/2020 $3,568.10
4/1/2021 $3,683.204/1/2022 $3,798.304/1/2023 $3,913.40
3617A04 Gyro House 3.86% 2,480 11/1/2016 1/31/2021 4,216$ 50,592$ 20.40$ 680.00$ 8,160$ 3.29$ 2/1/2020 $4,340.00
3617A06 Friends in Style 1.93% 1,240 1/1/2009 1/31/2023 1,651$ 19,815$ 15.98$ 347.00$ 4,164$ 3.36$ 2/1/2020 $1,715.33
2/1/2021 $1,777.332/1/2022 $1,844.50
3617A07 Vapor Grande 1.93% 1,240 4/8/2019 4/30/2021 1,343$ 16,116$ 13.00$ 377.17$ 4,526$ 3.65$ 6/1/2019 $1,343.33
5/1/2020 $1,395.00
3617A08 Vacant 1.93% 1,240 1,447$ 17,360$ 14.00$ 347.20$ 4,166$ 3.36$
3641 Vacant 9.53% 6,122 6,122$ 73,464$ 12.00$ 1,714.16$ 20,570$ 3.36$
SHOPS B
3655 Goodwill Industries 53.84% 34,591 12/14/2007 12/31/2022 38,742$ 464,903$ 13.44$ 9,684.00$ 116,208$ 3.36$ 3 5 Year Options
SHOPS C
3701C1 Vacant 2.10% 1,346 1,570$ 18,844$ 14.00$ 376.88$ 4,523$ 3.36$
3701C2 Vacant 2.07% 1,330 1,552$ 18,620$ 14.00$ 372.40$ 4,469$ 3.36$
3701C3 Cousins Maine Lobster 2.06% 1,322 6/1/2017 8/31/2022 1,542$ 17,847$ 13.50$ 542.02$ 6,504$ 4.92$ 6/1/2020 $1,597.42 1 3 Year Option
6/1/2021 $1,652.50
3701C4 Vacant 2.53% 1,628 1,899$ 22,792$ 14.00$ 455.84$ 5,470$ 3.36$
SHOPS D
3725D1-5 Impact Dance 9.89% 6,351 8/1/2011 7/31/2019 6,351$ 76,212$ 12.00$ 1,778.00$ 21,336$ 3.36$
3725D6 Vacant 2.81% 1,805 2,106$ 25,270$ 14.00$ 505.40$ 6,065$ 3.36$
TOTALS 64,242 73,499$ 881,324$ 13.72$ 18,334.52$ 220,014$ 3.42$OCCUPIED 79.03% 50,771 58,803$ 704,974$ 13.89$ 14,562.64$ 174,752$ 3.44$VACANT 20.97% 13,471 14,696$ 176,350$ 13.09$ 3,771.88$ 45,263$ 3.36$
Options
RENT PROJECTIONS 11
Tenant OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP TOTAL
One Source Cabinets LLC 1,504.38 1,504.38 1,504.38 1,504.38 1,504.38 1,504.38 1,549.51 1,549.51 1,549.51 1,549.51 1,549.51 1,549.51 $18,323
Arizona Contractor License Center 3,453.00 3,453.00 3,453.00 3,453.00 3,453.00 3,453.00 3,568.10 3,568.10 3,568.10 3,568.10 3,568.10 3,568.10 $42,127
Gyro House 4,216.00 4,216.00 4,216.00 4,216.00 4,340.00 4,340.00 4,340.00 4,340.00 4,340.00 4,340.00 4,340.00 4,340.00 $51,584
Friends in Style 1,651.27 1,651.27 1,651.27 1,651.27 1,715.33 1,715.33 1,715.33 1,715.33 1,715.33 1,715.33 1,715.33 1,715.33 $20,328
Vapor Grande 1,343.00 1,343.00 1,343.00 1,343.00 1,343.00 1,343.00 1,343.00 1,343.00 1,395.00 1,395.00 1,395.00 1,395.00 $16,324
Vacant 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0
Vacant 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0
Goodwill Industries 38,741.92 38,741.92 38,741.92 38,741.92 38,741.92 38,741.92 38,741.92 38,741.92 38,741.92 38,741.92 38,741.92 38,741.92 $464,903
Vacant 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0
Vacant 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0
Cousins Maine Lobster 1,542.33 1,542.33 1,542.33 1,542.33 1,542.33 1,542.33 1,542.33 1,542.33 1,597.42 1,597.42 1,597.42 1,597.42 $18,728
Vacant 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0
Impact Dance 6,541.53 6,541.53 6,541.53 6,541.53 6,541.53 6,541.53 6,541.53 6,541.53 6,541.53 6,541.53 6,541.53 6,541.53 $78,498
Vacant 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $0
Totals 58,993.43 58,993.43 58,993.43 58,993.43 59,181.49 59,181.49 59,341.72 59,341.72 59,448.81 59,448.81 59,448.81 59,448.81 $710,815
INCOME & EXPENSE 12
Base Rent
CAM Recapture
Total Gross Revenue
Vacancy Actual of 21% | 5% Proforma
Total Adjusted Gross Revenue
Operating Expenses
Net Operating Income
Debt Service 65% LTV, 4.75% Interest, 25 Year Amortization
Return on Equity
Principal Paydown
Total Return
THE FINANCING
Proposed New Financing: 65% LTV, 4.75% Interest, 25 Year AmortizationDownpayment of 30%
THE OFFERING
Offering Price $8,975,000
Cash on Cash
Total Return 12.42% Total Return
Proforma95% Occupancy
$556,291
$124,699
$431,592
$399,111
$830,702
$221,118
$1,051,821
$55,359
$1,107,180
$220,014
$887,165
$664,449
$885,567
$265,338
$124,699
$390,037
8.45% Cash on Cash Return
$399,111
$221,118
17.71% Total Return
13.74% Cash on Cash Return
9.26% CAP Rate
OCTOBER 2019 YEAR FORWARD INCOME & EXPENSE
$139.71 psf
$5,833,750 Financing$3,141,250 Equity
ProformaActual
7.40% CAP Rate
Actual80% Occupancy
$710,815
$174,752
$885,567
ACTUAL
TENANT PROFILES 13
Goodwill is an American nonprofit 501(c)(3) organization that provides job training, employment placement services, and other community-based programs for people who have barriers preventing them from otherwise obtaining a job. Goodwill is funded by a massive network of retail thrift stores, which operate as nonprofits as well. Founded in 1947, Goodwill of Central and Northern Arizona operates more than 80 stores and donation centers today, and no-cost Goodwill career centers across the state. Annually, they fight unemployment by providing thousands of Arizonans with job preparation resources to connect local job seekers with hiring companies. Goodwill is the largest used goods retailer in the United States. www.goodwill.org
Impact Dance is dedicated to providing extraordinary technical training in a positive environment that focuses on the life skills of hard work, dedication, teamwork, responsibility and respect for others. They believe in longevity and balance. Classes offered include hip hop, jazz, tap, ballet, Improv, tumbling, pom and contemporary. www.impactdance.net
Gyro House is a Greek and Mediterranean family-owned and operated restaurant located in Mesa, Arizona open since July 2012. They offer the juiciest and most flavorful authentic Greek gyro in town, as well as Shish Kabobs and Hummus. Gyro House has been open since July 2012. www.ordergyros.com
Cousins Maine Lobster is the leading provider of Maine lobster rolls on the west coast. Their Maine lobster is sent straight to California, where it is served 24 hours later at east coast prices. They serve up fresh and authentic Maine seafood from their food trucks and online. Cousins Maine Lobster prides itself on an extra friendly staff and a unique experience. Founded in 2012, Cousins Maine Lobster rose to national recognition after being featured on the hit ABC series Shark Tank in 2013. www.cousinsmainlobster.com
Arizona Contractor License Center is committed to providing contractors the necessary tools to pass their license exam, establish their entity, acquire their contractor license, secure bonding coverage, insure their risk and outsource their employer responsibilities. We provide Licensing and Business Solutions for Contractors. www.azclc.com
One Source Cabinets is a service-oriented and budget-minded company, stocking seven premium, professionally built cabinets. They offer pick up or delivery from their distribution centers, and currently have two locations - Arizona and Colorado. www.onesourcecabinets.com
Vapor Grande is one of Arizona’s most distinguished provider of electronic cigarette hardware and hand crafted e-juices. They are a vapor lounge and e-cigarette vendor, with two locations in Arizona and one in Mexico. www.vaporgrande.com
Friends in Style is a full-service family salon offering many services including Brazilian blowouts, hair extensions, color, weaves, waxing, haircuts and styles. www.facebook.com/pages/category/Hair-Salon/Friends-In-Style-351235244996808/
Friendsin Style
2018 SUMMARY (SOURCE: ESRI) ONE MILE THREE MILE FIVE MILE
DAYTIME POPULATION 21,848 182,019 486,621
POPULATION 16,957 147,375 364,712
AVERAGE HOUSEHOLD SIZE 2.76 2.60 2.72
AVERAGE HOUSEHOLD INCOME $78,714 $73,123 $77,640
MEDIAN AGE 34.2 37.4 36.4
DAYTIME POPULATION
AVERAGE HHINCOME
MEDIANAGE
486,621
$78,714
34.21 Mile
DEMOGRAPHICS 14
1 Mile
5 Mile
www.orionprop.com
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ORION Investment Real Estate | 7328 East Stetson Drive | Scottsdale, AZ
DISCLAIMER
SEAN [email protected]
VAL VISTA CROSSINGSVAL VISTA CROSSINGS3617-3701 East Southern Avenue | Mesa