offering memorandum - loopnet · brewing craft beer by winning numerous awards for their...

2079 Bonita Ave, La Verne, CA 91750 Offered At: $4,475,000

GATEWAY TO OLD TOWN LA VERNE 100% LEASED, 7% CAP (AVG), FULL NNN

OFFERING MEMORANDUM

Offered by

The Wright Associated companies A professional Real Estate Company

966 N Amelia Ave, San Dimas, CA 91773 – 626.610.1309 – www.wrightassociated.com

PRESENTED BY

TOMMY GIBSON Owner/Broker, The Wright Associated Companies 966 N Amelia Ave, San Dimas, CA 91773 T 626.610.1309 | C 626.242.4655 [email protected]

Broker co-operation The Wright Associated Companies recognizes and appreciates the importance of co-operating with brokers that are actively representing qualified buyers. This property is offered at a full 3% buyers commission to brokers representing prospective buyers.

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Contents §  Site Information 3 §  Site Map 4 §  Investment Summary 5 §  Leasable Space 6 §  Tenant Profiles 7-12 §  City Profile 13-14 §  University Profile 15 §  Regional Profile 16 §  Financials 17 §  Lease Details 18 §  Future Development 19 §  Disclosure 20

TABLE OF CONTENTS

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SITE INFORMATION

About the Site Established in the heart of downtown La Verne, the D Street Square connects La Verne’s agricultural roots with a Vibrant and centrally located mixed-use building. The D Street Square a lively destination space offering restaurant, retail and executive office space all centrally located in the Old Town district and adjacent to the University of La Verne. Paying tribute to La Verne’s rich history in the citrus growing and packing industry, the building’s exterior showcases an iconic brick architecture while the rustic interior explores the line between elegant open space design and a vintage industrial/manufacturing era feel. Home to Chase’s, Alosta Brewing Company, the Law Offices of Zubiate-Beauchamp LLC, and a stand alone Wells Fargo ATM, the D Street Square is an anchor building to Old Town La Verne.

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SITE MAP

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OFFERING SUMMARY §  Sales Price $4,475,000 §  Leasable Space (SF) 14,885 §  Lot Size(SF) 34,934 §  Price/SF (Leasable Space) $300 §  Net Annual Income* $308,471 §  Cap Rate* 7%

* 10 Year Average

INVESTMENT SUMMARY

SYPNOSIS Wright Associated Real Estate is pleased to offer this 34,934 square foot premier lot with a beautiful 10,166 square foot mixed use retail building, ATM kiosk, garden area, covered grill, outdoor patio areas and a 53 space parking lot currently fully occupied with established, long-term lease tenants all located adjacent to the University of La Verne and at the gateway to Old Town La Verne.

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Leasable space (14,885 sft) § Main Building Size 10,166 § Outdoor Patios 2,800 §  Garden Area 1,500 § Outdoor Grill 306 §  ATM Kiosk Size 113

LEASABLE SPACE

OVERVIEW The D Street Square main building features over 10,000 SFT of leasable area. The four tenant spaces are currently leased by three tenants all with long-term leases. The Wells Fargo ATM building also resides on the property, also under a long-term lease. The center of The 53 space parking lot features a open garden area currently leased on a month-to-month contract by one of the tenants. The garden area offers opportunity for possible future development on the lot.

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T E NA N T P RO F I L E ZUBIATE-BEAUCHAMP LLC

Since opening the doors at their original Covina location in November of 2013, Alosta Brewing Company continues to demonstrate their mastery of brewing craft beer by winning numerous awards for their high-quality beer. Opening the D Street Square tasting room in August 2018, the Alosta Brewing’s tasting room has quickly become a popular spot for craft beer lovers and those seeking a comfortable place to enjoy the ambiance of Old Town La Verne. Alosta’s lease runs through 2027.

The Law Offices of Karen & Jessica Zubiate-Beauchamp was founded in 1998 and provides legal services for a variety of needs including business law, real estate law, contract law, probate wills & trusts, entertainment law, appellate, and labor law. The law offices lease runs through 2038.

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T E NA N T P RO F I L E ALOSTA BREWING COMPANY

Since opening the doors at their original Covina location in November of 2013, Alosta Brewing Company continues to demonstrate their mastery of brewing craft beer by winning numerous awards for their high-quality beer. Opening the D Street Square tasting room in August 2018, the Alosta Brewing’s tasting room has quickly become a popular spot for craft beer lovers and those seeking a comfortable place to enjoy the ambiance of Old Town La Verne. Alosta’s lease runs through 2025.

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T E NA N T P RO F I L E CHASE’S LA VERNE

Opening June 2018 at the D Street Square, Chase’s La Verne features an expanded signature wood-fired outdoor grill, a stunning new bar, expanded indoor dining, expanded patio lounge & outdoor dining, and a dedicated private party space accommodating private events up to 75 people. Recently named one of the best steak houses between Pasadena and Palm Springs by Sunset Magazine, Chase’s La Verne is a must for anyone wanting extraordinary food in a home town environment. Chase’s lease runs through 2038.

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Recently named one of the best steak houses between Pasadena and Palm Springs by Sunset Magazine, Chase’s La Verne is a must for anyone wanting extraordinary food in a home town environment.

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T E NA N T P RO F I L E WELLS FARGO BANK (ATM)

Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California. It is the world’s second-largest bank by market capitalization and the third largest bank in the U.S. by total assets. Wells Fargo & Company operates a dedicated ATM building on the site, which they built in 1999. Wells Fargo’s lease runs through 2028.

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CITY OF LA VERNE

Recognized by Family Circle magazine as one of “America’s 10 Best Towns for Families,” La Verne emphasizes a first-rate quality of life. The city is very safe, with its own fire and police departments and the lowest crime rate for serious crimes among 14 neighboring cities.

Major Don Kendrick at the annual 4th of July Parade.

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CITY OF LA VERNE

Population 34, 630

Average Household Income

$99, 190

Attended College 67%

Home Ownership

72%

Old Town Annual Sales $15+ Million

Old Town Daytime Population

7,500+

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UNIVERSITY OF LA VERNE

Founded in 1891, the University of La Verne awards undergraduate, graduate, and doctoral degrees to its more than 8,000 enrolled students. U.S. News & World Report ranked the University 8th among private institutions in California and 18th overall in the state in its 2017 Best College Rankings. With an annual operating budget of over $200,000,000, the University is a major source of economic vibrancy to La Verne and surrounding communities.

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LOS ANGELES COUNTY

Population 34, 630

Average Household Income

$99, 190

Attended College 67%

Home Ownership

72%

Old Town Annual Sales $15+ Million

Old Town Daytime Population

7,500+

Los Angeles County is the most heavily populated county in the country with 10 million people making up over 25% of the population in California. Its continued economic growth is due to its diversified economy and abundant, well-trained workforce (labor pool of 4.6 million). Los Angeles is served by one of the largest freeway networks In the country, providing direct access to five neighboring Counties of Orange, Riverside, San Bernardino, Kern and Ventura. It is home to the Ports of Los Angeles and Long Beach, two of the busiest shipping container ports in the United States. LAX is the 7th busiest in the U.S., serving More than 75 million passengers per year. Los Angeles is recognized as a worldwide leader in Entertainment, health sciences, business services, aerospace, and international trade. Los Angeles literally has something For everyone because its so large and diverse.

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FINANCIALS 10 Y EAR PRO J EC T IO N

10-YEAR PROJECTION: Net Income & Cap Rate (2020-2029)

7% 10 Year Average

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$308,471 10 Year Average


DStreetSquare-TenantLeaseDetail

Tenant Term StartDate EndDate Length IncreasesWellsFargoATM Current 12/16/18 12/15/23 5 FixedWellsFargoATM ExtendedTerm 12/16/23 12/15/28 5 Fixed10%

Chase's(Restaurant) Current 7/1/19 11/30/24 5 3%annualChase's(Restaurant) 1stExtendedTerm 12/1/24 11/30/29 5 3%annualChase's(Restaurant) 2ndExtendedTerm 12/1/30 11/30/35 5 3%annual

AlostaBrewingCo. Current 4/1/18 3/30/21 3 3%annualAlostaBrewingCo. 1stExtendedTerm 4/1/19 3/31/22 3 3%annualAlostaBrewingCo. 2ndExtendedTerm 4/1/22 3/31/25 3 3%annual

ZubiateBeauchampLLP Current 12/1/17 11/30/20 3 -ZubiateBeauchampLLP 1stExtendedTerm 12/1/20 11/30/23 3 3%annualZubiateBeauchampLLP 2ndExtendedTerm 12/1/23 11/30/28 5 3%annualZubiateBeauchampLLP 3rdExtendedTerm 12/1/28 11/30/33 5 3%annualZubiateBeauchampLLP 4thExtendedTerm 12/1/33 11/30/38 5 3%annual

LEASE DETAILS (C O NF IDENT IA L )

ESTABLISHED TENANTS WITH LONG-TERM LEASE COMMITMENTS

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Long-termTenantLeases •  AlostaBrewingCo.

EndofLease: 03/2025•  WellsFargo

EndofLease: 12/2028•  Chase’s

EndofLease: 11/2035•  ZubiateBeauchampLLC

EndofLease: 11/2038


FUTURE DEVELOPMENT POSSIB IL IT IES

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Large lot offers possibility of further development on the property. Important Note: Any future development would need to comply with the various regulating departments within the City of La Verne and supporting agencies. No representation is being made in this offering that any due diligence has been done to confirm the feasibility of any future development of the site. Buyer would need to do their own due diligence as to the feasibility of any future site development.


DISCLAIMER

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Important Notice:

This information has been obtained from reliable sources. However, neither Broker or Landlord are responsible for any inaccuracies. The sale is subject to Buyer’s sole reliance on Buyer’s independent investigation and due diligence.

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