Sherwood Ice Arena

Transcription

Sherwood Ice Arena

Offering Memorandum
For Sale | Investment
Opportunity
Sherwood
Ice Arena
20407 SW BORCHERS DRIVE
SHERWOOD, OREGON 97140
PRESENTED BY:
Michael D. Holzgang
Senior Vice President | Corporate Services
DIRECT +1 503 499 0055
EMAIL [email protected]
Jon M. Rubey
Broker | Industrial & Flex Properties
SHERWOOD
ICE ARENA | OFFERING MEMORANDUM
DIRECT +1 503 499 0051
EMAIL [email protected]
COLLIERS INTERNATIONAL P. 1
Table of Contents
> INVESTMENT SUMMARY
Investment Highlights ................................................................................................................ Property Photographs ............................................................................................................... Property Aerial .......................................................................................................................... Nearby Businesses & Institutions ............................................................................................. Submarket Map........................................................................................................................... 4
5
6
7
8
> PROPERTY INFORMATION
Physical Description .................................................................................................................. 10
Floor Plan, 1st Floor .................................................................................................................. 11
Floor Plan, 2nd Floor . ............................................................................................................... 12
> TENANT OVERVIEW
Tenant Roster, 1st Floor ............................................................................................................ 14
Tenant Roster, 2nd Floor .......................................................................................................... 15
> MARKET OVERVIEW
Sherwood Market Overview ..................................................................................................... 17
> FINANCIAL OVERVIEW
Pricing & Financial Summary ................................................................................................... 19
Net Operating Income . .............................................................................................................. 20
Rent Roll Summary . .................................................................................................................. 21
Market Rent Analysis . ............................................................................................................... 22
SHERWOOD ICE ARENA | OFFERING MEMORANDUM
Sherwood Ice Arena
Offering Memorandum
Opportunity
> Investment Summary
COLLIERS INTERNATIONAL
INVESTMENT SUMMARY
Investment Highlights
©2011 Colliers International
The Sherwood Ice Arena is located at 20407 SW Borchers Drive in the city of
Sherwood, Oregon. The property is a 37,500 square foot ice arena with 14,144 square
feet of general commercial area on the second floor. There are two retail spaces on
the ground floor containing 2,100 square feet. Built in the year 2000, the building is
situated on 4.71 acres and located in the Six Corners area of northwest Sherwood, a
location with significant commercial/retail development.
The strategic positioning for the project is as follows:
•Close proximity to Highway 99
•Easy access to downtown Portland
•Located in an affluent, family oriented market
INVESTMENT SUMMARY
Property Photographs
CLOCKWISE FROM TOP:
›› Building Exterior
›› Ice Rink Overview
›› Retail/Lobby Area
INVESTMENT SUMMARY
SW Borchers Drive
Property Aerial
SW Edy Road
NORTH
INVESTMENT SUMMARY
Nearby
Businesses
& Institutions
1
8
5
3
(WITHIN 2 MILES)
7
6
2
SW Tualatin Sherwood Road
4
10
1 Safeway
2 Albertson’s
3 Safari Sam’s
eet
gon Str
e
r
O
W
S
4 Target
9
5 Providence Medical Group
6 Regal Cinemas Sherwood
7 The Home Depot
11
SW Sunset Boulevard
8 Edy Ridge Elementary School
9 Sherwood Middle School
NORTH
10 Sherwood High School
11 Middleton Elementary School
INVESTMENT SUMMARY
Orchards
Submarket Map
Burlington
Vancouver
Helvetia
Camas
Maywood
Park
Fairview
Portland
Wood
Village
Troutdale
Gresham
Beaverton
Happy
Valley
Milwaukie
Tigard
Lake
Oswego
Scholls
King
City
B
Durham
Tualatin
Damascus
Johnson
City
Rivergrove
Sherwood Ice Arena
West
Linn
Sherwood
Oregon
City
Redland
Wilsonville
Beaver
Creek
Canby
NORTH
Barlow
Aurora
Sherwood Ice Arena
Offering Memorandum
Opportunity
> Property Information
PROPERTY INFORMATION
Physical Description
Built in 2000, this building contains a National Hockey League regulation size ice rink with additional commercial/retail spaces. Although
not directly located on Pacific Highway, the building is visible from this major thoroughfare.
> BUILDING AREA
51,644 SF gross
43,761 SF leasable
> PARKING
159 spaces
3.633 per 1,000 SF of rentable area
> CHILLER UNITS
80/8R series copelametic 4-stage
BR5300, 400 turbochillers
> PROPERTY ADDRESS
20407 SW Borchers Drive
Sherwood, Oregon 97140
> ZONING
Retail Commercial (RC)
> PLUMBING
Domestic water provided from water main
on Highway 68.
> YEAR BUILT
2000
> NO. OF FLOORS
Two
> BUILDING EXTERIOR
Tilt-up Concrete
> TENANCY
Multiple commercial suites
> ELEVATORS
One passenger elevator
Floor Plan
First Floor
Commercial/Retail Space
Locker Rooms
Offices
Tickets & Skate Rentals
Concessions
Lobby
NORTH
Floor Plan
Second Floor
Commercial/Retail Space
NORTH
Sherwood Ice Arena
Offering Memorandum
Opportunity
> Tenant Overview
TENANT OVERVIEW
First Floor
NW Skate Authorities
1,100 SF
Description
The pro shop located within Sherwood Ice
Arena. They carry the largest selection of
figure skating and ice hockey equipment in
the Portland area.
[Vacancy]
1,000 SF
TENANT OVERVIEW
Second Floor
Sherwood Dance Academy
3,047 SF
Description
A local dance studio providing dance lessons to students of all ages. Their goal is to
develop the love of the moving arts in their
students.
Industrial Sales Co.
500 SF
Description
A local company selling industrial and institutional boilers, chillers, and HVAC equipment.
American Family Insurance
785 SF
Description
Dave Heironimus’ agency in Sherwood provides a wide variety of insurance plans and
coverage including auto, home, business, and
health.
Freestyle Hair Studio
355 SF
Description
A local, full-service hair salon.
Sherwood Family Eye Health
1,645 SF
Description
Eye care clinic providing diagnostic, surgical,
and cosmetic services. This is a family focused practice that includes an optique shop
with designer eyeglasses, frames, lenses, and
contact lenses.
Kort Chiropractic
2,553 SF
Description
A family chiropractic clinical care provider
operated by Dr. Russell J. Kort. Provides a
variety of services including massage, acupuncture, and naturopathic medicine.
[Vacancy]
550 SF
Sherwood Ice Arena
Offering Memorandum
Opportunity
> Market Overview
MARKET OVERVIEW
Sherwood Market Overview
Household Income**
Income Range
% of Population
Less than $15,000
4.2
$15,000 to $24,999
4.4
$25,000 to $34,999
5.0
$35,000 to $49,999
10.3
$50,000 to $74,999
21.9
$75,000 to $99,999
15.1
$100,000 to $149,999
31.0
$150,000 to $199,999
3.9
$200,000 and more
4.0
Population by Age**
Age Range
Under 5
Sherwood, Oregon is a growing community of approximately 18,000 residents* located
15 miles southwest of Portland. In 2007, Sherwood was ranked 18th in the nation
among Money magazine’s Best Places to Live and, in 2009, Family Circle named the
city among its ten best communities for families. The city boasts a high median
household income, with 31 percent of its residents earning between $100,000 and
$150,000 annually**. The city effected the second highest rate of growth among
Oregon cities over the last decade at 54.3 percent*. Continued growth is expected
accompanied by increased demand for retail goods and services and entertainment
options.
Demographics Overview**
% of Population
10.6
Category
2010 Estimate
Total Population
%
17,376
-
32.1
-
5-9
9.9
Median Resident Age
10-14
9.3
Households
6,202
-
15-19
6.7
Owner Occupied Households
4,831
77.9
20-24
4.7
Renter Occupied Households
1,371
22.1
25-34
12.4
Families
4,706
-
35-44
19.5
Persons Per Household
45-54
13.4
Family Occupied Households
55-64
7.5
65-74
3.7
Average Household Income
$90,955
-
75-84
1.5
Per Capita Income
$32,525
-
85 and Older
0.7
Annual Growth Rate
Median Household Income
-
2.8
-
1,675
27.0
$80,358
-
2.5
* Per U.S. Census Bureau
** Per City of Sherwood Economic Development Department
Sherwood Ice Arena
Offering Memorandum
Opportunity
> Financial Overview
FINANCIAL INFORMATION
Pricing & Financial
Summary
Property .........................................................................................................Sherwood Ice Arena
Property Address.................................................20407 SW Borchers Drive, Sherwood, Oregon
Property Size..................................................................................................................205,114 SF
Offering Price..................................................................................................$5,500,000
Price per Square Foot..............................................................................................................$106
Cap Rate.................................................................................................................................. 7.75%
2010 Net Operating Income........................................................................................ $426,495.21*
Building Size.................................................................................................................... 51,644 SF
Number of Stories..........................................................................................................................2
Construction Year....................................................................................................................2000
Lot Size............................................................................................................................4.71 Acres
No. of Parking Spaces................................................................................................................ 159
*See NOI Summation Table on Page 20
Net Operating Income
2010 INCOME CAPITALIZATION APPROACH SUMMATION TABLE
Annual Rent
Size (SF)
x
Per SF
=
Annual Rent
NW Skate Authorities
1,100
x
$
15.77
$
17,352.00
Kort Chiropractic
2,553
x
$
13.62
$
34,780.89
3,047
x
$
10.98
$
33,441.00
500
x
$
13.68
$
6,840.00
-
x
$
-
$
4,500.00
1,645
x
$
17.47
$
28,740.49
785
x
$
14.04
$
11,017.80
355
x
$
17.45
$
6,193.26
-
x
$
-
$
2,500.00
35,360
x
$
$
353,600.00
Tradia
Big Bang Fireworks
Ground Floor Ice Arena
10.00*
*Estimated Rental Rate
2010 Gross Rental Income
45,345
$
498,965.44
Reimbursable Income
45,345
$
244,319.00
$
743,284.44
(Operating Expenses)
Total Potential Gross Income
Less: Vacancy & Collection Loss
5%
Effective Gross Income
$
(37,164.22)
$
706,120.22
Real Estate Taxes
$
85,917.00
Insurance
$
16,729.00
Utilities
$
141,673.00
Less: Operating Expenses
Reimburseable
Non-Reimburseable
% EGI
Management/Administration
3.5%
$
24,714.21
Replacement of Reserves
1.5%
$
10,591.80
Total Operating Expenses
$
279,625.01
Net Operating Income
$
426,495.21
Rent Roll Summary
Rent Roll & Current Term Tenant Summary | As of May 2011
Tenant Name
Lease Dates & Term
Floor
Square Feet
Northwest Skate Authorities
2000 - Present
First
1,100
Kort Chiropractic
2003 - Present
Rate & Amount
per Year
per Month
per Square Foot
Operating Expense
Reimbursements
per Month
Changes on
Changes to
$14,844.00
$1,237.00
$1.12
-
-
$297.00
Month to month lease.
Second
2,553
$27,144.00
$2,262.00
$0.89
-
-
$780.79
Month to month lease. Tenant
completed their own office
build-out.
2006 - May 31, 2012
Second
1,645
$21,570.48
$1,797.54
$1.09
6/12/2011
$22,217.52
$1,851.46
$1.13
$641.55
Tenant completed their own
office build-out.
2008 - May 31, 2013
Second
355
$4,788.00
$399.00
$1.12
-
-
$138.00
2008 - March 31, 2012
Second
785
$7,344.00
$612.00
$0.78
-
-
$306.15
2004 - January 31, 2012
Second
500
$10,959.96
$913.33
$1.83
-
-
-
Same owner as Sherwood
Dance Academy.
2004 - July 31, 2011
Second
3,047
$37,140.00
$3,095.00
$1.02
-
-
-
Tenant continues to grow and
expand their space.
Comments
Tenant took space as-is.
Market Rent Analysis
SHERWOOD OFFICE MARKET
The Sherwood office market, with a more limited total inventory than its larger
neighboring submarkets, has experienced a rapid recovery from its peak vacancy rate
of 17 percent and a three year rental rate low of $19.36 in early 2010. Asking rates for
all office properties in the Sherwood submarket averaged $21.62 per square foot in the
first quarter of 2011, an increase of 8.9 percent from the first quarter of last year.
Additionally, as only a handful of availabilities remain, rates will likely stay fixed at this
level as the market continues to recover and space remains tight over the course of the
year.
Sherwood Asking Rates
Average Rate/SF/Year
$21.62
% Change from Prior Year
8.9%
Sherwood Vacancy & Rental Rates (2006 - 2011)
$25.00
14.00%
12.00%
$20.00
$15.00
8.00%
6.00%
$10.00
4.00%
$5.00
2.00%
$0.00
2006
2007
2008
Rates
2009
2010
2011
0.00%
Vacancy Rates
Vacancy Rate
Rental Rate
10.00%
CONFIDENTIALITY & DISCLAIMER STATEMENT
This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 20407 SW Borchers Drive in Sherwood, Oregon. It
has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire.
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.
It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based
in part upon information supplied by the Seller. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the
accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. 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.
By acknowledging your receipt of this Offering Memorandum from Colliers International, you agree:
1) The Offering Memorandum and its contents are confidential;
2) You will hold it and treat it in the strictest of confidence; and
3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the
interest of the Seller.
Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property
and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written
agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Sherwood Ice Arena, 20407 SW Borchers Drive, Sherwood, Oregon or in the future you
discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
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 Colliers International 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.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state
of affairs of the Property since the date this Offering Memorandum.
CONTACT DETAILS
Jon M. Rubey
Broker | Industrial & Flex Properties
DIR
+1 503 499 0051
[email protected]
Colliers International
601 SW Second Avenue
Suite 1950
Portland, Oregon 97204
www.colliers.com

Sherwood Ice Arena

Transcription

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