Riverbank Downtown Marketing Effort Overview - Home

Riverbank Downtown Marketing Effort Overview
Key Milestones
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Marketing Package Created and Distributed
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120 Business/ Property Owners Contacted
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46 Real Estate Brokers/ Agents Contacted Directly
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Dozens of Potential Tenants Contacted Directly
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1 Letter of Intent to Lease Obtained
KEY DOWNTOWN HIGHLIGHTS
Benchmark Commercial Real Estate Services, Inc.
1120 13th Street, Suite H, Modesto, CA, 95354 PH: (209) 534-9455 FAX: (209) 554-0470
www.BenchmarkCRES.com
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Order of Contents 1.
2.
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6.
Summary of What Was Heard From Businesses, Tenants and Brokers………………3 Signage Idea……………………………………………………………………………………………………..5 Property Flyer…………………………………………………………………………………………………..6 Brokers/ Agents Contacted………………………………………………………………………..……12 Companies Contacted…………………………………………………………………………………..…14 Letter of Intent to Lease—Riverbank Community Theatre……………………….……..15 2
Summary of what was heard from Businesses, Tenants, and Brokers 1. Market Conditions are Very Weak a. Smaller storefront office and retail users are nervous about starting new businesses or expanding to new locations. Start up costs are significant and business owners are generally not taking the risk. b. There are high levels of vacancy in other parts of the City and County and rents are universally very low. Rents in the downtown area need to be extremely low to attract tenants. c. When housing was growing, people were taping into home equity and easily obtained credit to purchase home furnishing, financial services and other products. With their equity gone and their borrowing ability tapped they have stopped spending. d. Financing for new businesses/ new locations is increasingly hard to come by. For many years, small business owners would pull equity from their houses, obtain bank lines of credit, or pull money from credit cards. Banks and Credit Card companies are being much more careful who they lend to. e. Businesses at the Crossroads center are really suffering. I noticed that 70,000 square feet are still advertised as being available, divisible to 1,100 square feet. 2. Lack of Downtown Exposure a. There are tremendous traffic counts on Atchison and Patterson (18,300 on Atchison and 21,300 on Patterson) but people are not turning off because there is nothing to draw them off. There is some signage but not a compelling reason for them to turn in. b. There is not a focal point. The Del Rio will someday be valuable as a focal point. c. Some brokers cited the downtown street closures as part of the issue. 3. Lack of Location Demand—Jobs and Residents a. Jobs and residents are what create market demand. Currently 1,844 people work within 1 mile of the downtown and 12,386 live within 1 mile of downtown. Everything that can be done to increase jobs in this area should be done. The Bottom Line / What to do now: 1. The next two years are going to be very challenging. Businesses will continue to struggle and everything that can be done to retain businesses should be done. It is easier to keep the businesses you have than find new ones. Start‐up costs are high. 2. Given our current market, the next two years are the time to plan for the future. Stanislaus County is expected to grow 77% in the next 25 years. Demand is going to come from local population growth. Now is the time to: a. Do the downtown renovation b. Complete an EIR that includes the Cannery c. Prepare the Ammo plant property 3
3. Monument Signage: Why not put a monument signage on both sides of Third Street that advertizes downtown businesses. The words “Support our Downtown” should be on the sign. People are driving by, why not grab their attention. The businesses will also appreciate the signage. 4. The Del Rio purchase is done. And though it is unclear what the immediate future for the property is, you should do everything you to make it part of your long term plan. It has the ability to anchor the Downtown and to appeal to people driving by. You should do what you can to get the Riverbank Community Theatre group in there and active. 4
DOWNTOWN SIGNAGE IDEA 5
Lease Opportunities
Riverbank, California
Major Downtown Redevelopment in Progress
1,000-4,000 SF of Office/ Retail Space for Lease
 Major Downtown Remodel: Including Streets, Curbs, a Fountain, Trees, and Walkways
 High Local Occupancy: 1,844 (Daytime Employed) 12,386 Living within 1 Mile of the Center
of Downtown.*
 Major Local Jobs Hub: Employers Include: City of Riverbank (Police, Fire, City Offices),
Silgan Container, Riverbank Unified School District, and Don Francisco Cheese.
Presented By:
Joe Muratore, CCIM
Benchmark Commercial Real Estate Services
1120 13th Street, Suite H
Modesto, Ca 95354
(209) 534-9455
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KEY DOWNTOWN HIGHLIGHTS
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Downtown Beautification Project: Will include new streetscapes, gateway features, and the new
Plaza Del Rio. All are intended to support a more pedestrian friendly environment. Will be
completed in phases along with the Del Rio Theater renovation during 2009.
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Significant Local Population: 12,836 Live within 1 mile and the daytime working population is
1,844.*
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High Traffic Counts: The intersection of Atchison and 3rd Street has a Daily Traffic County of
18,300. The Intersection of Patterson Road and 3rd Street has a Daily Traffic Count of 21,300.*
Mix of Historic and Recent Tenants: New businesses like Curves, Zavaterro’s Café, Steven Williams
Day Spa and Metro PCS mix with much older establishments. Landon’s Menswear and Uniforms has
been downtown for 62 years. Meyer’s Shoe Shop/ Saddlery has been in its downtown location for
approximately 50 years.
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REGIONAL OVERVIEW
Downtown Riverbank
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DOWNTOWN OVERVIEW INCLUDING AVAILABLE SPACE
Available Spaces
Traffic/ Daytime Pop
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AVAILABLE SPACE
6620 Third Street
1,584 square foot former bank building
Key Corner location on Third and Santa Fe
$1.25 per square foot
3218, 3220 Santa Fe Street
Four Suites ranging from 550 to 2400 square feet
Ideal for Medical Office/ Professional Offices (small shop space in rear)
$1.18 per square foot (Negotiable depending on suite)
3327 Santa Fe Street
1,250-3,890 square feet
Configured as Retail Store
$.46 per square foot
3234 Santa Fe Street
3,000 square feet
Excellent Retail Frontage
$0.75 per square foot
3326 Santa Fe Street (upstairs)
1,800 square feet
Well priced office space
$0.83 per square foot
3337 Atchison Street
3,750 square feet
Well priced office space
$0.85 per square foot
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Demographic Overview:*
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*Note that demographic and traffic data was acquired from www.stdbonline.com (subscription based).
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For Further Information, Please Contact:
Joe Muratore, CCIM
Benchmark Commercial Real Estate Services
1120 13th Street, Suite H
Modesto, Ca 95354
(209) 534-9455
BenchmarkCRES.com
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Brokers/ Agents Contacted
Name
Doug Sweetland
Suzie Yonan
Jeanette Woerman
Randy Brekke
Javier Santana
Dave Kamrar
Pam Toombs
Rod Johnson
Jake Billingsley
Athena Cota
Jake Maiorino
Janet Akard
Jordan DeBoer
Gerry Hughes
Stephanie Serbe
Dave Jensen
Nino Pascolati
Bowen Cardoza
Joe Crist
Mark Reckers
Ken Elving
Angel Polhemus
Art Martin
Ben Allustiarte
Duke Leffler
Larry Koch
Lee Ockey
Randy High
Rob Stevens
Craig Lewis
Dave Tanner
Gary Kirkpatrick
Pat McHugh
Ron Roaks
Tony Suleiman
Jason Winter
Rich Rand
Fred Miller
Ben Sweet
Niniv Tamimi
Becky Meridth
Brian Velthoen
Chris Beck
Glee Williams
Kevin MacEgan
Rob Sauser
Firm
Alliance
Alliance
Brekke Com.
Brekke Com.
CBRE
Coldwell Banker
Coldwell Banker
Coldwell Banker
Colliers
CoSol
CoSol
CoSol
DeBoer Com.
Hughes Com.
Hughes Com.
Jensen Com.
Keller Williams
Lee and Assoc.
Lee and Assoc.
Lee and Assoc.
Matel
Pmz
Pmz
Pmz
Pmz
Pmz
Pmz
Pmz
Pmz
Prudential
Prudential
Prudential
Prudential
Prudential
Prudential
Rand Com.
Rand Com.
Stepping Stone
Sweet Properties
Tamimi Com.
Velthoen
Velthoen
Velthoen
Velthoen
Velthoen
Velthoen
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Companies Contacted
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Company Name
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Agi Publishing, Inc.
Net Tech
Modesto Kitchen and Bath
Don's Mobile Glass
Associated Designs, Inc.
Modesto Appliance Parts, Inc.
Rite Aid
Autozone
Aura Hardwood
Signtech
Wild Signs
Manufacturing Solutions, Inc.
Modesto Tent and Awning
Birchwood Cabinets of California
Subway Restaurants
Doortek of Modesto, Inc.
Z Blinds
Macdaddy Computers
Modesto Steam Laundry and Cleaners
California Live Floors
Wood Colony Woodworks
Delta Bank
Farmers and Merchants Bank
Modesto Hobby and Crafts
Hobby Zone
Mark S Nelson Law
Curtis and Arata Law
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Company Name
Monster Hobbies
Bad Cat Toys
San Joaquin Religious Supplies
Hands‐on Educational Supply
Basics Plus
Model Pharmacy
Ten‐Four Communications
Excel Pest Control
Architecture Plus, Inc.
Ristau and Company, Inc.
Truck Tops Inc.
PMZ Real Estate
Lang Real Estate
Paddock Appraisal Services
Nor Cal Appraisers
Kemper Accounting
Robert Lynch, MD
Express Security Systems
RBK Tool and Die
RB Welty and Assoc Engineering
Cornerstone Family Practice
McHenry Medical Group, Inc.
Sutter Gould Medical Foundation
Dr. Christina Chan
Family Health Care Medical Group
Modesto Arts Medical Group
Gianelli Law
Scott Mitchell Law
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