retail center in prime southern california location · views for the 145,000 cars passing daily....
TRANSCRIPT
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28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
FOR SALE THE SHOPS AT OAK CREEK
RETAIL CENTER IN PRIME SOUTHERN CALIFORNIA LOCATION
REPRICED TO MARKET: $16,750,000 | 5.5% cap
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•Class “A” Retail Center
•AVG HH Income: $154,670*
•FWY Exposure: 145,000+ CPD
•Trader Joe’s Shadow Anchor
* 6 mile radius
28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
THE SHOPS AT OAK CREEK
EXCELLENT LOCATION
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Agoura High School
Excellent Location!
THE SHOPS AT OAK CREEK
CONFIDENTIALITY & DISCLAIMER
33
This confidential investment brochure has been prepared solely for informational
purposes and does not constitute all or any part of an offer or contract. It is designed
to assist a potential investor in determining whether to proceed with an in-depth
investigation of the subject property.
This investment brochure was prepared by May Realty Advisors and has been
reviewed by representatives of the Owner. It contains select information pertaining
to the sale of the East and West portions of The Shops at Oak Creek, Agoura Hills,
California, and does not purport to be all inclusive or to contain all of the
information which prospective purchasers may desire. It should be noted that all
financial projections are provided for general reference purposes, only in that they
are based upon assumptions relating to the general economy and other factors
beyond the control of Owner, and therefore, are subject to material variation.
Additional information and an opportunity to inspect the property will be made
available to interested and qualified prospective purchasers. Neither the Owner
nor May Realty Advisors nor any of their respective officers or agents
make any representation or warranty, expressed or implied, as to the accuracy or
completeness of this investment brochure or any of its contents, and no legal
commitments or obligations shall arise by reason of this brochure or its contents.
Certain documents in this investment brochure are described in summary form.
The summaries do not purport to be complete nor necessarily accurate
descriptions of the full agreements involved, nor do they purport to constitute a
legal analysis of the provisions of the documents. Interested parties are expected
to independently review all such documents. The terms and conditions stated in
this section will relate to all sections of the brochure as if stated independently
therein.
It is essential that all parties to real estate transactions be aware of the health,
liability and economic impact of environmental factors on real estate. May Realty
Advisors does not conduct investigations or analysis of environmental matters,
and accordingly, urges its clients to retain qualified environmental professionals to
determine whether hazardous or toxic wastes or substances, or other
undesirable materials or conditions are present at the property, and if so,
whether any health danger or other liability exists.
Various federal, state and local laws and regulations have been enacted dealing
with the use, storage, handling, removal, transport and disposal of toxic or
hazardous wastes and substances. Consequently, legal counsel and technical
experts should be consulted where these substances are or may be present.
The Owner and May Realty Advisors expressly reserve the right, at their sole
discretion, to reject any or all expressions of interest or offer to purchase the
property and/or to terminate discussions with any entity at any time with or
without notice. The Owner shall have no legal commitment or obligation to
any entity reviewing this investment brochure or making an offer to
purchase the property, unless and until a written commitment to purchase
the property has been fully executed, delivered and approved by Owner and
any conditions to Owner’s obligations thereunder have been satisfied or
waived.
By receipt of this investment brochure, you agree that its contents are of a
confidential nature, that you hold and treat it in the strictest confidence, and that
you will not disclose this brochure or any of its contents to any other entity
without the prior written authorization of May Realty Advisors, nor will you use
this brochure or any of its contents in any fashion or manner detrimental to the
interest of the Owner. This brochure shall not be deemed an indication of the state
of affairs of the Owner nor constitute an indication that there has been a change
in the business or affairs of Owner since the date of preparation of this investment
brochure. For additional information, please contact: Matthew May or Richard
Huelsman with May Realty Advisors at 818-528-3999. If after reviewing this
investment brochure you have no further interest in purchasing the property,
kindly return it to May Realty Advisors at your earliest convenience. Photocopying
and other duplication expressly prohibited.
28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
THE SHOPS AT OAK CREEK
TABLE OF CONTENTS
CONTENTS
Page 5
Page 11
Page 12
Page 14
Page 15
Page 16
Page 20
Page 24
Executive Summary
Site Plan
Aerials
Investment Highlights
Rent Roll
Regional Overview
Demographics
Tenants
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THE SHOPS AT OAK CREEK
REGIONAL OVERVIEW
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28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
THE SHOPS AT OAK CREEK
EXECUTIVE
SUMMARY
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THE SHOPS AT OAK CREEK
EXECUTIVE SUMMARY
STRONG REAL ESTATE FUNDMENTALS
• Newer Construction, High-Quality Asset – Construction completed in 2009, no deferred maintenance or near-term capital improvements. Seller investedover $200,000 when they purchased the property to maintain the Class “A” condition of the center.
• Limited Future Competition, Supply-Constrained Market - Affluent and
mature trade area creating a high barrier to entry for future competition and
ensuring the center’s long term growth and success.
INTERNET RESISTANT TENANCY
You can’t do it online – You cannot go out to breakfast, lunch, dinner or have a
cocktail online, nor can you get your manicure and pedicure via your laptop.
You cannot workout at the gym online, nor can you buy the select goods that
only Trader Joes has to offer. This is truly an eclectic center with tenants that
answer the demand of the neighborhood.
HIGH IDENTITY, IN AN UPSCALE NEIGHBORHOOD
• This point of destination creates an experience for customers in Agoura Hills one of the wealthiest communities in California.
• High-quality “Jewel Box” retail and restaurants are located just minutes
from the new Avanti residential project an exclusive residential
community with an embedded density and customer base as well as
being extremely accessible and identifiable to the 145,000 cars per day
that drive by this site.
• Oak Creek is ideally located within minutes to Caruso Affiliated’ s The
Commons which is anchored by Edwards Grand Place Stadium Theater,
Barnes and Nobel and William Sonoma.
• Proximity to both residential and commercial density keeps this Property busy throughout the day and week.
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THE SHOPS AT OAK CREEK
EXECUTIVE SUMMARY
PRESERVATION OF CAPITAL AND GROWTH
• Strong Inflation Hedge – Scheduled rental increases plus the lease-up of
vacant space produce excellent return increases, enhancing cash-on-cash
returns and providing strong hedge against inflation in a tangible,
dependable asset.
IDEAL 1031 EXCHANGE PROPERTY OR PORTFOLIO ASSET
• Newer Construction – Rare, newly-constructed Los Angeles County asset
• Pride of Ownership – High-quality newer construction with meticulous upkeep.
• Property can be delivered debt-free allowing the Property to be
delivered to the widest and deepest pool of investors thus providing a
potential purchaser an opportunity to customize debt to achieve optimal
returns.
LOCATION
The Shops at Oak Creek sits adjacent to the 101 Freeway with unobstructed
views for the 145,000 cars passing daily. The property is located in Agoura Hills,
CA on Canwood St., just off the Kanan Rd. exit of the 101 Freeway.
Geographically, Agoura Hills is located just west of the San Fernando Valley, in the
Conejo Valley. Its neighboring cities, Calabasas to the east, Westlake Village to
the west, Malibu to the south and Oak Park to the North, are some of Los
Angeles County’s most affluent areas. Agoura Hills boasts strong demographics
of its own with an average annual household income of over $154,670 within a 6
mile radius.
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THE SHOPS AT OAK CREEK
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
The area is packed with other national retailers such as Vons, Rite Aid, Starbucks,
McDonald’s, CVS, Panda Express, Ralph’s, Bank of America and many more.
Agoura Hills is also known as an area with extremely high barriers to entry for
both tenants and developers as there is a limited amount of retail space and the
city is highly-restrictive on new development. This site took nearly five years to
entitle and develop.
INVESTMENT OPPORTUNITY - The Shops at Oak Creek is a seasoned center
with exceptional anchored-tenant sales. The center took over 5 years to entitle
and construct due to the restrictive nature of the City. Hence, there are no other
parcels with this size, configuration and visibility in the trade area that could
provide an alternative for either tenant. A survey of the trade area will reveal
that the vacancy for Class A retail centers is less than 5%.
ATTRACTION FOR THE TENANTS - The Trader Joe’s location in Westlake
Village is approximately 5 miles to the west of the subject property while their
Woodland Hills location is 11 miles to the east. The combination of easy access,
wealthy residents, lack of specialty grocer competition and excellent parking
attracted Trader Joe’s to this site which draws a large and consistent customer
base.
Center of an affluent trade area West Lake Village to the West, North
Ranch/Thousand Oaks, to the North; Calabasas to the East, and Malibu to the
South.
ACCESS & VISIBILITY - The site’s frontage on the 101 Freeway provides a
dominate position in the trade area, as well as unparalleled visibility and a
competitive advantage. Westbound vehicles can exit at Chesboro and head
west on Canwood or they can exit on Kanan and head east on Canwood.
Customers headed east on the freeway can exit at Kanan. The City of Agoura
recently completed a reconstruction of the Kanan Road interchange which
facilitates easier and faster ingress and egress.
PARKING - The center offers convenient surface parking with the combined
parking ratio of over 7 cars per 1,000 square feet of gross leasable area,
exceeding the City’s requirements. There are a total of 91 parking spaces on
the east side of the shopping center where Trader Joe’s and Jinky’s are located,
and approximately 165 spaces on the west side. There is also a reciprocal
parking agreement with the adjacent hotel, thus additional parking is available.
DEMOGRAPHICS
• More than 7,500 people within a 1 mile radius, with an Average Household Income of $128,347.
• More than 40,000 people within a 3 mile radius, with an Average Household Income of $145,263.
• More than 75,000 people within a 6 mile radius, with an Average Household Income of $154,670.
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28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
AVAILABLE
THE SHOPS AT OAK CREEK
NOTE: Trader Joe’s & Jinky’s Not A Part of the SaleNAILSBLVD
OCCUPIED
AVAILABLE
NOT FOR SALE
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0
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SITE PLAN
28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
THE SHOPS AT OAK CREEK
CLOSE-UP AERIAL
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AGOURA HILLS, CA
THE SHOPS AT OAK CREEK
INVESTMENT
HIGHLIGHTS
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28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
THE SHOPS AT OAK CREEK
Property Name:
Property Address:
Property Type:
Gross Leasable Area:
Land Size:
Number of Buildings:
Parking:
Asking Price (West SideShops):NOI:
Cap Rate:
Lease-up Credit:
The Shops at Oak Creek
28941/29105/29125/29145 C a n w o o d Street
Agoura Hills, California 91301
Multi-Tenant RetailCenter
Total: 36,186 SF
West Side: 21,186 SF East Side: (Not For Sale)
Total: 5.71 Acres
West Side: 3.55 Acres
91 Parking Spaces on the East Side
West Side: Approx: 165 spaces (7.3/1,000)
$16,750,000$922,809.775.5% Top Line
Seller will credit Buyer up to $200,000 upon close of escrow.
INVESTMENT HIGHLIGHTS
INVESTMENT HIGHLIGHTS
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AGOURA HILLS, CA
THE SHOPS AT OAK CREEK
12 MONTH RENT ROLL - FISCAL YEAR 2018
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28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
$1.38
$1.38
THE SHOPS AT OAK CREEK
REGIONAL
OVERVIEW
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AGOURA HILLS, CA
THE SHOPS AT OAK CREEK
REGIONAL OVERVIEW
MARKET AREA ANALYSIS
The subject property is in the neighborhood of Agoura Hills, within theincorporated City of Los Angeles, in Los Angeles County. Los Angeles County ispart of the Greater Los Angeles area or the Los Angeles Metropolitan Areacomprised of Los Angeles, Orange, Riverside, San Bernardino, and VenturaCounties. The location map below shows the general location of theneighborhood.
The Greater Los Angeles area is the most populous region in the state ofCalifornia. California is now the largest and one of the most economically andpolitically important states in the country. With over 10 million residents in 88cities spread across 4,100 square miles, Los Angeles County’s population exceedsthat of 43 states. If it were a country, it would be the twentieth largest economyin the world (having displaced Saudi Arabia to move up one spot from last year).In addition to its signature industries—entertainment, tourism and fashion—itsenormous and diversified economy is home to the largest port complex in theWestern Hemisphere and the largest number of manufacturing jobs of anycounty in the country. Other major industries include health care, education andknowledge creation and business services.
Now that the economy is back to full employment, upward pressure on wages, astrong dollar, and weak inflation may lead to significant gains in householdpurchasing power this year. Since much of the gain in income is expected to bespent, local spending as measured by total taxable sales is expected to increaseby 5.5% this year and 6.8% the next year.
AGOURA HILLS
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NEIGHBORHOOD HIGHLIGHTS
• Agoura Hills is the gateway, via Kanan Road, to Malibu in the South; Oak Park, North Ranch, and Thousand Oaks to the North: Close to Malibu Creek State Park, the Paramount Ranch and Triunfo Creek Park, Agoura Hills offers access to scenic hikes, a major selling point.
• The neighborhood is where L.A. meets Ventura County: Almost equidistant
from Thousand Oaks and the west Valley, Agoura Hills is convenient to major employment and retail destinations in two counties.
• Making the grade: Agoura Hills is within the highly-regarded Las Virgenes Unified School District, which serves affluent communities in the Conejo Valley.
28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
THE SHOPS AT OAK CREEK
REGIONAL OVERVIEW
VENTURA COUNTY
The subject property is located immediately adjacent to the eastern border ofVentura County.
Ventura County, often referred to as the Gold Coast has a reputation of being one
of the most affluent as well as the safest populated places in the country.
Ventura is located along the scenic southern-most part of California’s Central
Coast. It is ranked as one of the 100 highest-income counties in the country and
as the sixth wealthiest county in California by per capita income.
Ventura County was established as an agricultural center and expanded into oil
and technology. While the value of agriculture generates over $2.1 billion in
revenues, the diversification has allowed Ventura to maintain an unemployment
rate below the majority of other California cities and the national average as
well. Retail vacancy is less than ten percent and Agoura Hills is less than 5% for
traditional retail centers.
CONEJO VALLEY
The Conejo Valley is comprised of, Agoura Hills, Newbury Park, Oak Park,
Thousand Oaks, Westlake Village and Lake Sherwood. Lake Sherwood is one of
the most prestigious residential areas in Southern California and home to
Sherwood Country Club and the Tiger Woods Invitational Golf Tournament.
The area is attractive to employers as a result of a very educated employee base,
suburban atmosphere, reasonable housing base, very good schools and easy
access via the 101 freeway corridor.
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THE SHOPS AT OAK CREEK
CONEJO VALLEYS LARGEST EMPLOYERS
Amgen Teradyne Homestore, Inc. Hyatt Westlake Plaza
Biotechnological Research Automatic Test Equipment Internet Real Estate Hotel
6,700 employees 800 employees 450 employees 300 employees
Wellpoint/Blue Cross City of Thousand Oaks JD Power and Associates Costco
Health Insurance City Government Automotive & Relates Research Wholesale
2,296 employees 650 employees 360 employees 300 employees
Verizon Countrywide Financial Corporation Sage Publications Rockwell Scientific Company
Telephone/Telecommunications Financial Services Publishers High Technology R&D
2,200 employees 630 employees 355 employees 292 employees
Conejo Valley Unified School District HMS Capital State Farm Insurance K-Swiss, Inc.
Public Education Mortgage Lender Insurance Sports Footwear
1,723 employees 630 employees 350 employees 275 employees
Los Robles Regional Medical Center Silver Star Automotive Group Edo Communications Pleasant Holidays
Medical Auto Sales & Service Military Guidance Systems Travel Services - Tour Company
1,465 employees 600 employees 345 employees 250 employees
Baxter Bio Science Skyworks Solutions Dole Food Company Securitas Security Service
Biotechnology Manufacturing Semiconductors Food Company Security & Investigations
950 employees 500 employees 300 employees 250 employees
Janss Marketplace California Lutheran University Farmers Insurance Guitar Center Management
Retail Center Private University Insurance Retail Sales - Musical Instruments
804 employees 472 employees 300 employees 230 employees
REGIONAL OVERVIEW
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THE SHOPS AT OAK CREEK
DEMOGRAPHICS
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College Education
THE SHOPS AT OAK CREEK
DEMOGRAPHICS
HOUSEHOLDS WITH CHILDRENW/IN A 6-MILE RADIUS
Households w/Children66%
Householdsw/out Children34%
Affluent & Growing Population
Highly-educated and affluent population
Prime Buying Years
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Large family community
28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
Medium Household Income
THE SHOPS AT OAK CREEK
DEMOGRAPHICS | INCOME MAP
2 Mile
4 Mile
6 Mile
Agoura Hills
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THE SHOPS AT OAK CREEK
TENANTS
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AGOURA HILLS, CA
Private1Agoura Hills, CA
OWNERSHIP:LOCATIONS:
HQ:
Your neighborhood bakery and cafe,
specializing in fresh baked artisan
breads, pastries and custom cakes.
Serving breakfast and lunch daily
made with our freshly baked bread,
Mary’s Organic Chicken and locally
grown produce. The bakery hosts
kids' parties for cake decorating and
more. They also have a large
wholesale business for baked goods.
Gourmet sandwiches and healthy
salads, made fresh by a fast, friendly
staff, in a comfortable modern cafe
setting. It all started in 2003 when
owner Tom Holt and his friend Pete,
came up with a unique bread recipe
and created a menu centered
around locally-sourced ingredients,
house-roasted meats, and crafted
sauces to give each creation its own
unique flavor.
Original Tenantwww.wfbakery.com
Original Tenantwww.urbanecafe.com
THE SHOPS AT OAK CREEK
TENANT INFORMATION
Private14Ventura, CA
OWNERSHIP:LOCATIONS:
HQ:
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Private2000Rosemead, CA
OWNERSHIP:LOCATIONS:
HQ:
America's favorite Chinese
restaurant. Founded in 1983, Panda
Express now has 2000 units in the
U.S., Puerto Rico, Guam, Guatemala,
Canada, Mexico, Dubai, Saudi Arabia,
Korea, and Japan. The chain is family-
owned and operated by the Panda
Restaurant Group. The company
does not offer franchising; all units
are company-owned and operated.
Gourmet sandwiches and healthy
salads, made fresh by a fast, friendly
staff in a comfortable modern cafe
setting. One bite of a Charburger
will transport you to a place where
cool ocean breezes sweep gently
through majestic green palm fronds.
MAKE IT A HABIT.
www. pandaexpress.com Original Tenantwww.urbanecafe.com
28941-29145 CANWOOD STREET
AGOURA HILLS, CA
THE SHOPS AT OAK CREEK
TENANT INFORMATION
NASDAQ: HABT$225M$332M5,358210Irvine, CA
OWNERSHIP:MARKET CAP:
REVENUE:EMPLOYEES:LOCATIONS:
HQ:
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THE SHOPS AT OAK CREEK28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
PrivateOWNERSHIP:
Veterinary clinic that specializes in
critical care and offers wellness,
emergency, and surgical services,
filling the gap between primary
veterinary care and the hospital
emergency room. Helmed by Dr.
Rachel Wallach and Dr. Carin
Ferdowsian, the center has a
steady stream of customers and is
backed by strong financing.
www. Oaksvetcare.com
THE SHOPS AT OAK CREEK
TENANT INFORMATION
Fire Island Grill was conceived by
five friends with years of
experience in the restaurant
business who love “the islands”.
Inspired by causal island living,
friendly people, sandy beaches,
crystal blue ocean and great food,
they decided to create a tropical
island escape that serves island-
inspired food for those of us who
can’t go away on vacation just yet.
www. fireislandgrill.com
Private3
OWNERSHIP:LOCATIONS:
NAIL BLVD - Upscale nail salon with multi-unit operator.
SAVVY SALON, THE STUDIO - (www.savvysalon.com) A haven for fresh ideas in beauty. Built inside a space that combines a clean, modern energy with friendly and inviting
warmth, The Studio is the place to find innovative products, tried-and-true beauty essentials and the latest trends (and beautiful classics) in cuts and color that you’ve come to expect
from Savvy Salon. Savvy Salon has operated in the Center since it was built and been in business in Agoura for over 15 years.
OTHER TENANTS
28941/29105/29125/29145 CANWOOD STREET
AGOURA HILLS, CA
Turning Retail Into Revenue Since 1986We Look Forward
to Hearing From
You!
MATTHEW MAY | President
[email protected] | 818.528.3999 x100
BRE #00912472
RICHARD HUELSMAN | Managing Director
[email protected] | 310.463.3102
BRE #01956167
www.mra.la
MAY REALTY ADVISORS
15206 Ventura Blvd, Suite 302
Sherman Oaks, CA 91403
Phone: (818) 528-3999
Toll Free: (888)-805-8188