the - jesse lee west ln stockton ca-omp.pdf · marketing or sale of the property. ... site plan...

This offering is subject to prior placement, withdrawal, cancellation, or modification without notice. The information contained herein has been carefully compiled from sources we consider reliable, and while not guaranteed as to completeness or accuracy, we believe it to be correct as of this date. The proforma revenues and expenses set forth in this brochure do not constitute a representation, warranty, or guaranty of any of the numbers set forth herein or of any economic value attributable to the property or income that may be derived therefrom. Independent estimates of proforma revenues and expenses should be developed before any decision is made on whether to invest in the property.

18301 Von Karman Avenue, Suite 800Irvine, CA 92612

Phone: (949) 221–1800Fax: (949) 221–1830

www.farislee.com

The ShopS aT hammer & WeST

7840 WeST LAne, SToCKTon, CA 95210

eXCLUSIVe ADVISoR:

Jeff ConoverSenior Managing [email protected](949) 221-1810R.e. License no. 01008195

The Above Information Has Been Obtained From Sources We Believe To Be Reliable, However We Do Not Take Responsibility For Its Correctness.

Faris Lee Investments (“FLI”) has been engaged as the exclusive financial advisor to the Seller in connection with Seller’s solicitation of offers for the purchase of the property known as Subject Property located at 7840 West Lane, in the City of Stockton, County of San Joanquin, State of California (the “Property”). Prospective purchasers are advised that as part of the solicitation process, Seller will be evaluating a number of factors including the current financial qualifications of the prospective purchaser. Seller expressly reserves the right in its sole and absolute discretion to evaluate the terms and conditions of any offer and to reject any offer without providing a reason therefore. Further, Seller reserves the right to terminate the solicitation process at any time prior to final execution of the Purchase Agreement.

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, and it is not to be used for any other purpose or made available to any other person without the express written consent of Seller or FLI. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by FLI from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and qualified in their entirety by the actual document to which they relate.

no representation or warranty, expressed or implied, is made by the Seller, FLI, or any of their respective affiliates as to the accuracy or completeness of the information contained herein. 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, including engineering and environmental inspections, to determine the condition of the Property

and the existence of any potentially hazardous material located at the Property site or used in the construction or maintenance of the building at the Property site.

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 FLI 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.

Prospective purchasers are not to construe the contents of this offering Memorandum or any prior or subsequent communication from FLI or Seller or their affiliates or any of their respective officers, directors, shareholders, owners, employees, or agents as legal, tax, or other advice. Prior to submitting an offer, prospective purchasers should consult with their own legal counsel and personal and tax advisors to determine the consequences of an investment in the Property and arrive at an independent evaluation of such investment.

STaTemenT of

ConfidenTialiTy & diSClaimer

The Above Information Has Been Obtained From Sources We Believe To Be Reliable, However We Do Not Take Responsibility For Its Correctness.

Table of ConTenTS Investment Summary Investment Highlights Aerial View Property Photos Aerial View Site Plan Maps of Regional Area

Property overview Demographics Area overview

Tenant Synopsis

Rent Roll Transaction Summary

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oFFeRInGSummary: This offering consists of a 15,314 SF Multi Tenant (nnn) Triple net Leased Investment located in Stockton, CA. The subject property is located within a Walgreens and Costco anchored shopping center at the hard corner of the high traffic and signalized intersection of east Hammer Lane and West Lane (approximately 60,700 vehicles per day). The Shops at Hammer and West are occupied by national and regional tenants with triple net leases, providing ease of management to ownership. The subject property has the potential to add a drive-thru, which would create additional intrinsic value. The Shops have excellent street visibility with a large monument sign that is clearly visible from east Hammer Lane and West Lane. The trade area of the subject property features a strong demographic profile with an estimated 258,000 consumers and approximately 88,700 daytime employees within a 5-mile radius. The subject property greatly benefits from being a part of Walgreens, el Pollo Loco and Costco anchored center. other Large national retailers and businesses in the immediate trade area include Kaiser Permanenete, 99 Cent only, Factory 2-U, Auto Dealerships, Fast Food Restaurants, and banks, which provides security and stability for investor.

PrICInG: $6,042,000neT oPerATInG InCoMe $423,641CAP rATe: 7.01%

PRoPeRTY SPeCIFICATIonS

rentable Area: 15,314 SFYear Built: 2008Land Area: 1.84 Acres Property Address: 7840 West Lane, Stockton, CA 95210Parcel number: 094-040-24Major Tenants: Jollibee Food, Red Ribbon Bakery, Fred Loya Insuranceownership Interest: Fee Simple

inveSTmenT Summary

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~ 3 ~The Above Information Has Been Obtained From Sources We Believe To Be Reliable, However We Do Not Take Responsibility For Its Correctness.

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WoRLDWIDe & ReGIonAL TenAnTSJollibee, based in the Philippines, operates more than 1,700 quick service restaurants. Its flagship Jollibee chain features a menu of fast-food staples (hamburgers, hot dogs, and fried chicken) along with Asian spring rolls, spaghetti, soups, and ice cream. red ribbon, subsidiary of Jollibee, is becoming the biggest and fastest-growing bakeshop in the Philippeans. Red Ribbon has over 200 stores in the Philippines and 30 stores in the United States.• Company Type: Public • 2012 revenue: $1.645 Billion• 2012 net Income: $87.167 Million• 2012 net Worth: $86.194 Million

fred Loya Insurance was started in 1974 in el Paso, Texas. Today it is the 18th Largest Hispanic Top 500 owned and operated Company in the United States with approximately 361 agencies throughout Texas, California, new Mexico and Colorado. In 2009, The Loya Insurance Group wrote over $400 million in premiums and insured over half a million drivers with more than 360,000 active policies. Their commitment is to provide fast, dependable service and competitive rates for general auto insurance.• Company Type: Private• employees: 2,731• 2012 Revenue: $506.3 Million

eASe oF MAnAGeMenT - nnn LeASeS• established national and Local Tenants• Tenants Reimburse All operating expenses Including

Taxes, CAM, Insurance, and Management

PART oF WALGReenS AnCHoReD neIGHBoRHooD CenTeR & FRonTS CoSTCo• Dominant Shopping Center in Trade Area• High Traffic Generating Tenants Plus Strong Co-

tenant Syngery • Intrinsic Real estate • established national and Local Tenants

PoTenTIAL DRIVe-THRU BUILDInG• Discussions with City & Landlord to Include a Drive-

Thru for Jollibee• Would enhance the Intrinsic Value

SIGnALIzeD, HARD CoRneR LoCATIon• High Traffic Intersection with over 60,700 Vehicles

Per Day• Convenient Ingress & egress• Located on 2 Major Cross Street

STRonG DeMoGRAPHICS• Population of 258,000 Consumers within a 5-Mile

radius• 88,700 Day-time employees within a 5-Mile Radius• $62,140 Annual Household Income within 5-Mile

Radius

HIGH DenSITY / In FILL LoCATIon• over 130,000 People Within 3-Mile Radius• Fronts Costco & Adjacent to Walgreens

MAJoR MonUMenT SIGnAGe

• Adds Additional Major exposure for the Tenants to over 60,700 Vehicles Per Day Drive By & over 130,000 People within the Immediate Trade Area

inveSTmenT highlighTS


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7840 West Lane

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D-4

E-1

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F-1

D-1&2

Suite # Tenant SFD-1&2 JolliBee 2,480D-3 Manilla Express 1,200D-4 Red Ribbon Bakery 1,236E-1 Mongolian Restaurant/BBQ 2,399E-2&3 Orchid Nails & Hair Salon 3,627E-4 Fred Loya Insurance 1,200F-1 Vacant 3,172

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Fuel

Drive-Thru

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NORTH

LoCATIon MAPSMonUMenT SIGn


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finanCial informaTion


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JolliBee 2,480 16% $8,481 $3.42 $101,772 $41.04 24% Oct-2014 3% $8,735 $3.52 $104,825 $42.27 NNN 10/12/2008 10/11/2018 2 (5-year) OptionsOct-2015 3% $8,997 $3.63 $107,970 $43.54Oct-2016 3% $9,267 $3.74 $111,209 $44.84Oct-2017 3% $9,545 $3.85 $114,545 $46.19

Manilla Express 1,200 8% $1,978 $1.65 $23,736 $19.78 6% Mar-2014 3% $2,037 $1.70 $24,448 $20.37 NNN 3/15/2012 3/15/2015 2 (3-year) Options

Red Ribbon Bakery (1) 1,236 8% $3,797 $3.07 $45,564 $36.86 11% Oct-2014 3% $3,911 $3.16 $46,931 $37.97 NNN 9/5/2008 9/7/2018 2 (5-year) Options

Oct-2015 3% $4,028 $3.26 $48,339 $39.11Oct-2016 3% $4,149 $3.36 $49,789 $40.28Oct-2017 3% $4,274 $3.46 $51,283 $41.49

7840West Ln

E-1

Mongolian

Restaurant/BBQ (2)2,399 16% $6,357 $2.65 $76,284 $31.80 18% - - - - - - NNN 5/1/2008 4/30/2018 1 (10-year) Option

w/ 3% annual increases

7840West LnE-2&3

Orchid Nails & Hair Salon

3,627 24% $6,637 $1.83 $79,644 $21.96 19% - - - - - - NNN 2/23/2012 2/23/2016 -

7840West Ln

E-4

Fred Loya Insurance 1,200 8% $2,160 $1.80 $25,920 $21.60 6% - - - - - - NNN 3/1/2013 4/30/2015 2 (5-year) OptionsOption 1: $2,484/Mo

Option 2: FMV

Vacant 3,172 21% $6,344 $2.00 $76,128 $24.00 18% - - - - - - NNN - - -

(Rent Guarantee) (3)

Total Occupied 12,142 79% $29,410 $2.42 $352,920 $29.07 82%Total Vacant 3,172 21% $6,344 $2.00 $76,128 $24.00 18%

Total / Wtd. Avg: 15,314 100% $35,754 $2.33 $429,048 $28.02 100%Notes:(1) Red Ribbon Bakery has combined space with Jollibee, but is still pying for unit D-4 even though it is not occupied.(2) Mongolian Restaurant/BBQ: $7,370/month is the contractual rent owed. $6,357/month is negotiated flat rent for the remaining term of lease plus NNN.(3) Rent of vacant unit F-1 will be gauaranteed by Seller for up to 12-months from close of escrow, at $2.00/SF/month NNN.

7840West Ln

F-1

Options 1 & 2: Rent increases 3% annually



7840West Ln

D-4

7840West Ln

D-33% Annual Increases

3% Annual Increases

AnnualRent

Annual$/SF

7840West LnD-1&2

3% Annual Increases

MonthlyRent$/SF

% of Total (Rent)

Current Monthly

Rent

CAM Recovery Type

LeaseStart

LeaseExpires

Lease OptionsCurrentAnnual

Rent

AnnualRent$/SF

Rental IncreasesIncrease

DateIncrease

MonthlyRent

Monthly$/SF

Suite # TenantSize (SF)

% of Total (SF)

The above information has been obtained from sources we believe to be reliable, however we cannot accept responsibility for its correctness.

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TranSaCTion SummaryFinancial InformationPrice: $6,042,000

Property SpecificationsRentable Area: 15,314 SFLand Area: 1.84 AcresAddress: 7840 West Lane

Stockton, CA 95210APN: 094-040-24

Estimated Operating Information Mar-2014

Gross Potential Rent (1) $429,760

Plus Recapture (2) $191,070Tot. Gross Potential Income $620,830

Less Vacancy Factor (Rent) ($21,488) 5%Less Vacancy Factor (NNN) ($9,553) 5%

Effective Gross Income $589,788Less Expenses (2) ($166,148)

Net Operating Income $423,641

Cap Rate: 7.01%

Note:(1)

(2)

Estimated Operating ExpensesTaxes (3) 1.23% $74,311 $4.85

Special Assessments (3) $285 $0.02

Insurance (4) $11,227 $0.73

CAM (4) $66,740 $4.36

Management (4) $13,585 $0.89

Total $166,148 $10.85

Notes: (3) Property tax rate and Special Assessments are per 2013 tax bill.(4) Insurance, CAM, and Management are per 2012 Pofit and Loss Statement provided by client.

Recapture and Expenses include the reimbrusements and expenses of El Pollo Loco and Delta Blood Bank.

Gross Potential Base Rent includes the rent guarantee of unit F-1 and the March 2014 rent increase of Manilla Express.

The above information has been obtained from sources we believe to be reliable, however we cannot accept responsibility for its correctness.

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properTy overvieW LoCATIonThe Shops at Hammer and West is ideally located at the south east signalized hard corner of e. Hammer Lane and West Lane intersection (approximately 60,900 vehicles per day). The Shops at Hammer and West have excellent street visibility with a large monument sign that is clearly visible from east Hammer Lane and West Lane. The trade area of the subject property features a strong demographic profile with an estimated 258,000 consumers and approximately 88,700 daytime employees within a 5-mile radius. The subject property greatly benefits from being a part of Walgreens, el Pollo Loco and Costco anchored center. other Large national retailers and businesses in the immediate trade area include Kaiser Permanenete, 99 Cent only, Factory 2-U, Auto Dealerships, Fast Food Restaurants, and banks, which provides security and stability for investor.

PARCeLS

PARCeL ACReS SQUARe FeeT094-040-24 1.84 80,150

zonInGCA: Commercial Auto District

ACCeSSThere is (1) one-way access point off Hammer Lane Road. There are (3) two-way access points off West Lane Frontage Road.

PARKInGThere are 66 dedicated parking stalls on the owner parcel. The parking ratio is approximately 4.30 per 1,000 SF of leasable area.

NORTH

TRAFFIC CoUnTS(Source: Costar.com, october 2013) CArS Per DAY

Hammer Lane: 34,200West Lane: 26,500Intersection Total 60,700

YeAR BUILT

2008

PARCeL MAP


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demographiCS

©2012, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 11/2011, TIGER Geography

2013 Estimated Population 28,455 131,644 258,450

2018 Projected Population 30,664 141,802 278,376

2010 Census Population 27,571 127,583 250,482

Projected Annual Growth 2013 to 2018 1.6% 1.5% 1.5%

2013 Median Age 29.8 32 33.1

2013 Estimated Households 8,358 41,635 85,830

2018 Projected Households 8,869 44,182 91,080

2010 Census Households 8,101 40,350 83,182Projected Annual Growth 2013 to 2018 1.2% 1.2% 1.2%

2013 Estimated White 27.1% 38.2% 44.3%

2013 Estimated Black or African American 13.0% 10.9% 10.0%

2013 Estimated Asian or Pacific Islander 34.1% 26.7% 20.5%

2013 Estimated American Indian or Native Alaskan 0.8% 1.0% 1.2%

2013 Estimated Other Races 24.9% 23.2% 24.0%

2013 Estimated Hispanic 35.4% 34.3% 37.5%

2013 Estimated Average Household Income $47,210 $58,412 $62,140

2013 Estimated Total Employees 5,930 36,732 88,756

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Source: Regis online

DeSCRIPTIon 1 MILe 3 MILeS 5 MILeS


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CITY oF SToCKTonStockton, California is the seat of San Joaquin County and the fourth largest city in the Central Valley. With a population of approximately 300,000, Stockton is California’s 13th Largest City. It is located between Sacramento and Modesto, less than an hour from the Bay Area. Stockton is on Interstate 5, State Highway 99, and State Highway 4 in the center of the Central Valley.

Stockton has many attractions including: Central Downtown Stockton, Stockton Memorial Civic Center, and the Waterfront/Weber Point, which features the Stockton Arena (home of the Stockton Thunder, a AA affiliate of the Sane Jose Sharks), Stockton Downtown Stadium (home of the Stockton PoRTS, a single-A affiliate of the oakland Athletics), Sheraton Stockton at Regent Point, Weber Point event Center, the Downtown Stockton Marina, the Stadium 16 Cinema complex, and the concentration of retail, entertainment, arts, and community events in Stockton’s Civic Center.

The Stockton marina is the easternmost point of the deepwater channel connecting the Port of Stockton to the San Francisco Bay. Deep water, rail, air and freeway accessibility make Stockton the central hub for distribution in northern California, assuring a steady draw of goods, produce and material from California’s vast Central Valley for handling.

Stockton’s location at the head of a navigable channel, approximately 90 miles inland from San Francisco Bay, allows the city to continue to serve as a major shipping point for many of the agricultural and manufactured products of northern California.

Rich peat soil and a temperate climate have combined to make the area around Stockton one of the richest agricultural and dairy regions in California. Throughout the 150 years of Stockton’s history, almost every major fruit, nut and field crop has been grown, some with greater success than others. Current major crops include asparagus, cherries, tomatoes, walnuts and almonds, plus many other smaller-production orchard, row and feed crops. Grapes amount to 40 percent of the fruit and nut harvest and contribute 18 percent to the county’s agricultural dollar. Prize-winning wines are produced from vineyards north of Stockton, contributing to the international reputation of fine quality California wines.

The legendary Delta created by the confluence of several rivers and many man-made channels, includes 1,000 miles of waterways and is what in many ways defines Stockton and surrounding communities. Wildlife, irrigation, transportation and recreation all owe their existence and success to the muddy waters of the San Joaquin Delta. Stockton and environs have long been known in the entertainment industry as location-rich.

Stockton has been culturally and ethnically diverse since its beginning as a muddy-street gold-rush camp. Today’s diversity is reflected in Stockton street names, many ethnic festivals, architecture and in the faces and heritage of a majority of its citizens

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Top employers in the County of San Joaquin:

1. Division of Juvenille Justice2. Foster Care Svc3. Morada Produce Co.4. o-G Packing & Cold Storage Co.5. Picture Me Portrait Studios6. San Joaquin County Human Svc7. St. Joseph’s Medical Center8. Stockton Police Department9. University of the Pacific10. Walmart Supercenter11. Whirlpool Corporation

CoUnTY oF SAn JoAQUInSan Joaquin County boasts seven cities (approximately 921,600 total acres) and some of the finest opportunities in the state for boating, fishing, camping, history-gathering, or just plain fun in the sun.

The county is one of the most agriculturally rich regions in California and is the number one producer, statewide, of asparagus. Twenty-four thousand acres of county farmland is dedicated to production of this crop.

The region is fast becoming known as one of California’s leading premium wine districts. Because of its agricultural heritage, the county offers vast areas of open space and easy access to a world of adventure with nature.

Agriculture has been a historic mainstay of the San Joaquin County economy. one might think its importance has faded with rapid population growth and increasing urbanization, but the data show that the Agriculture sector has grown

in parallel with the local economy. The most recent year, 2007, shattered records as the value of the county’s farm production exceeded $2 billion for the first time.

In San Joaquin County, agriculture is what economists call a “basic industry”, which sells most of its output outside the region and in turn supports a number of locally oriented businesses. Thus, the economic impact of agriculture extends far beyond on-farm output and employment. These include indirect impacts on local sectors that critically support agriculture, ranging from trucking and wholesale trade, professional services such as veterinarians and accountants, and manufacturing of fertilizers and other agricultural chemicals. There are also induced impacts as income earned in agriculture is spent on health care, retail, housing, restaurants and other consumer needs.

Fruit and nuts is the most important subsector, representing about 40% of total Farm Production impacts, and generating over 50% of the Value-added Processing impacts.

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AGRICULTURe - eConoMIC IMPACT

overall, the total economic impact of San Joaquin County Agriculture on the San Joaquin County economy is over 6.6 billion in output and nearly 47,000 jobs, about 17% of total resident employment.

San Joaquin County Council of Governments555 E. Weber AvenueStockton, CA 95202

PH: 209.468.3913

INSIDE THIS ISSUE

Economic Impact of San Joaquin County Agriculture Sector ..............................Page 1

San Joaquin County Farm Production ...............................................Page 2

Local Sourced Value-addedFood Processing ...............................................Page 5

Total Economic Impact ofAgriculture Sector of San JoaquinCounty Economy ..............................................Page 7

Presort standard U.s. Postage Paid stockton, ca Permit #383

Estate, Healthcare, and Finance. Looking at total jobs, Retail, Healthcare and Wholesale trade, and Food Service have the most jobs indirectly connected to Agriculture. Sectors such as Real Estate and Finance have relatively high wages compared to Retail and Food Service, and

will therefore rank lower in total employment than output. This report also highlights the critical role of the Fruit and Nut sector to local economy. It is the leading category of farm output with about 40% of the value of farm production. However, it is even more critically linked to upstream

Food Processing sectors than the other farm sectors, as an even larger share (at least 50%) of locally-sourced Value-added Food Processing is critically dependent on fruit and nuts.

IndustryOutput Impact

($ Millions)Employment

Impact (Jobs)

Wholesale Trade 262.5 1,825.8

Real Estate & Rental 173.9 938.4

Health & Social Services 150.3 1,873.3

Finance & Insurance 142.6 766.5

Transportation & Warehousing 139.2 1,227.3

Retail Trade 138.1 1,894.2

Figure 9. Top 5 Private Industries Receiving Indirect and Induced Impact of Agriculture Sector*

* The list includes only industries outside of Agriculture, Manufacturing, and the Government sectors.

san Joaquin county winery

TenanT informaTion


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TenanT informaTion

Company Type:2012 Revenue:2012 Net Income:2012 Equity:Sources:

Company Type: Subsidiary of JollibeeUS Locations: 30Worldwide Locations 230+

Company Type:2012 Revenue:2012 Net Income:2012 Equity:Sources:

Company Type:US Locations:Worldwide Location:

Public$1.645 Billion

Jollibee Foods is the leading operator of quick-service restaurants in the Philippines, with more than 1,700 outletsencompassing about a half dozen different concepts. Its flagship Jollibee chain features a menu of fast-food staples(hamburgers, hot dogs, and fried chicken) along with Asian spring rolls, spaghetti, soups, and ice cream. The company alsooperates such chains as Greenwich Pizza, Chowking and Yonghe King (quick-service Asian food), Red Ribbon (bakeryitems), and Delifrance (French-style cafés). In addition to its domestic operations, Jollibee has restaurants in about six othercountries.

$86.194 Million$87.167 Millon

jollibee.com, October 2013

Private

Public$1.645 Billion$87.167 Million

From its store in Timog, Quezon City what started out as hobby-induced business in 1979, turned out to be a proudlyFilipino-owned and professionally-run business network. Red Ribbon has grown to over 200 outlets all over the countryand 30 stores in the US with locations in California, Las Vegas, Arizona and New Jersey. With its acquisition in October2005 by Jollibee Foods Corporation, Red Ribbon entered a new phase in its company history. The company will soonbecome the biggest and fastest-growing bakeshop in the Philippines. Its mission is to bring the joy of eating to everyonethrough its great-tasting food and superior quality. Red Ribbon uses premium ingredients, such as real butter, high qualitycake flour, and its unique Red Ribbon cream. Red Ribbon cakes have become a tradition, an integral part of everycelebration - birthdays, christenings, anniversaries, and weddings.

Fred Loya Insurance started with a single store front in El Paso Texas in 1974 has grown to be the 18th Largest Hispanic Top500 Owned and Operated Company in the United States. It offers liability auto insurance, low cost car insurance, generalliability insurance, comprehensive insurance, collision insurance, uninsured motorist insurance, personal injury protectioninsurance, and medical payment insurance. The company provides its products primarily in Texas, California, New Mexico,Colorado, Nevada, Arizona, and Illinois.

$86.194 Millionredribbonbakeshop.us/index.html, October 2013

3602800

www. f a r i s l e e . c om

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