Shops at Glendale Thunderbird Center AVAILABLE

Investment Offering NEC 59th Ave & Thunderbird Rd | Glendale, AZ
Exclusively Listed by
Chad Tiedeman
Senior Managing Director
(602) 288-3472
[email protected]
Exclusively Listed by
Table of Contents
4
INVESTMENT SUMMARY
Executive Summary
Investment Highlights
Site Plan
6
PROPERTY OVERVIEW
Property Description
8
FINANCIALS
Rent Roll
10
AREA OVERVIEW
Demographics
Aerials
17
CONTACT
3131 East Camelback Road, Suite 340
Phoenix, Arizona 85016
P 602-957-9800 F 602-957-0889
www.pcainvestmentsales.com
Executive Summary
Phoenix Commercial Advisors is pleased to exclusively offer for sale the
Shops at Glendale Thunderbird Shopping Center, a newly constructed
±6,000 square foot two-tenant pad building leased to Barro’s Pizza and
Pita Kabob Grill. The shops are shadow anchored by Safeway and located
±2 miles from Arizona State University West Campus with nearly 14,000
students. The extremely strong employment area includes nearly 136,000
daytime employees within a 5-mile radius and Banner Thunderbird
Medical Center located at the intersection. With dense retail synergy and
strong traffic flow at the intersection, this investment provides a potential
purchaser with an exceptional investment opportunity in a high traffic
shopping center.
Investment Summary
OFFERING PRICE
$2,350,000
CAP RATE
6.50%
OCCUPANCY
100%
TOTAL GLA
±6,000 SF
STRONG REAL ESTATE FUNDAMENTALS
Demanding food service need with the strong employment corridor
including over 135,000 daytime employees within a 5-mile radius
Excellent retail synergy at the intersection with two large grocers and
Banner Thunderbird Medical Center
The new construction outparcel is leased to two excellent local food
service tenants
Shadow anchored by Safeway
Strong performing Barro’s Pizza location – Barro’s has been serving
the Phoenix area for over 35 years, with 36 locations in the Phoenix Metro
area
Internet resistant tenants, providing long-term stability and security
Low management responsibility provides an investor with a low hassle
investment
HIGHLY DESIRABLE LOCATION
Dense retail corridor just west of Banner Thunderbird Medical Center,
a recently expanded 513-bed acute-care hospital
LAND AREA
±0.50 Acres
Extremely strong employment area with nearly 136,000 daytime
employees within a 5-mile radius
SHADOW ANCHOR
Safeway
There are nearly 14,000 students at Arizona State University West
Campus, located just ±2 miles east of the shopping center
NET OPERATING INCOME
±$152,780
Excellent long-term value with a high traffic shopping center serving a
strong customer base
High traffic intersection boasting ±71,420 vehicles per day
Established surrounding trade area with over 365,000 residents within
a 5-mile radius
4 | Shops at Glendale Thunderbird Shopping Center Investment Summary
Site Plan
Pita
Kabob Grill
N
site plan not drawn to scale
Shops at Glendale Thunderbird Shopping Center | 5
Property Description
LOCATION
PARCEL
The shops at Glendale Thunderbird Shopping Center are located on the
northeast corner of 59th Avenue and Thunderbird Road in Glendale, Arizona.
This property consists of one (1) parcel containing approximately ±0.50
acres of land.
BUILDING AREA
The subject property consists of one retail building, two suites, totaling
approximately ±6,000 square feet of rentable space.
ZONING
The shops are zoned C-2 by the city of Glendale.
FRONTAGE & ACCESS
The shops at Glendale Thunderbird Shopping Center are easily accessible
with two (2) full movement access points on 59th Avenue and three (3) full
movement access points on Thunderbird Road.
TRAFFIC COUNTS
59th Avenue ..............................................................................................±33,909 VPD
Thunderbird Road ...................................................................................±37,511 VPD
Total ...................................................................................... ±71,420
6 | Shops at Glendale Thunderbird Shopping Center Property Overview
APN NO.
ADDRESS
200-74-708A
13971 N. 59th Avenue
Total
SQUARE FEET
ACRES
±21,936
±0.50
±21,936
±0.50
Shops at Glendale Thunderbird Shopping Center | 7
RENT ROLL
TENANT
Barro’s Pizza
SF
LEASE
CURRENT ANNUAL
BASE RENT
CURRENT
RENT PER SF
ANNUAL
ESTIMATED CAMS
3,600
April 2014 to April 2024
10 Years
$100,800.00
$28.00
$30,254.00
2,400
Est. July 2016 to July 2021
5 Years
$51,980.00
*Rent Based on
2,260 SF
$23.00
$18,995.00
Corporate Guarantee
Pita Kabob Grill
Personal Guarantee
TOTALS
6,000
OCCUPIED SQ. FT.
6,000
Total Base Rent
Expense Reimbursements
$152,780.00
$49,249.00
100%
$152,780
$49,249
Total Income
$202,029
Less Expenses
($50,424)
Net Operating Income
$151,605
8 | Shops at Glendale Thunderbird Shopping Center Financials
Estimated NNN Expenses
Admin/Mgmt
$13,378
CAM
$16,914
Taxes
$18,600
Insurance
Total
$1,532
$50,424
INCREASES
ON
INCREASES
TO
RENEWAL
OPTIONS
Two, Five Year Options
At 3% Annual Increases
Est Jul 2017
Est Jul 2018
Est Jul 2019
Est Jul 2020
$23.69
$24.40
$25.13
$25.89
One, Five Year Option
At 3% Annual Increases
Demographics
Location
59th Ave & Thunderbird Rd | Glendale AZ
Average Household Income
2015 Estimated Average Household Income
2020 Projected Average Household Income
2015 Estimated Average Family Income
3 mi radius
$70,535
$74,816
$80,838
5 mi radius
$63,186
$67,024
$74,913
Median Household Income
2015 Estimated Median Household Income
2020 Projected Median Household Income
2015 Estimated Median Family Income
3 mi radius
$61,560
$64,254
$71,976
5 mi radius
$54,378
$56,608
$66,077
Lat/Lon: 33.6131/-112.1854
©2015, Sites USA. This report was produced using data from private and government sources
deemed to be reliable. The information herein is provided without representation or warranty.
NOT A PART
10 | Shops at Glendale Thunderbird Shopping Center Area Overview
Population
2015 Estimated Population
2020 Projected Population
2015 to 2020 Projected Annual Growth
3 mi radius
126,916
135,878
8,962
5 mi radius
365,601
393,234
27,634
Per Capita Income
3 mi radius
2015 Estimated Per Capita Income
$26,505
2020 Projected Per Capita Income
$27,727
2015 Estimated Average Household Net Worth $443,747
5 mi radius
$24,935
$26,075
$395,292
Households
2015 Estimated Households
2020 Projected Households
2015 Estimated Average Household Size
3 mi radius
47,511
50,186
2.64
5 mi radius
143,793
152,529
2.52
2015 Daytime Demos
Total Businesses
Total Employees
Residential Population per Business
5 mi radius
13,270
135,784
27.6
3 mi radius
4,718
40,761
26.9
NOT A PART
Shops at Glendale Thunderbird Shopping Center | 11
NOT A PART
NOT A PART
Confidentiality Statement
This Confidential Offering Memorandum has been prepared by Phoenix Commercial Advisors (PCA) for use by a limited number of parties whose sole purpose is to evaluate the possible
purchase of the subject property. This Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of
interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.
The information contained in this Memorandum has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee,
warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used, are for
example only, and do not represent the current or future performance of the property. The value of this transaction to you depends on taxes and other factors which should be evaluated
by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine, to your satisfaction, the suitability of the
property for your needs. All potential buyers must take appropriate measures to verify all of the information set forth herein. Both Phoenix Commercial Advisors (PCA) and the Owner disclaim
any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. The contained information is subject to change
at any time and without notice. The recipient of the Memorandum shall not look to the Owner or Phoenix Commercial Advisors (PCA) for the accuracy or completeness of this Memorandum.
A prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the property without reliance on this Memorandum or any
other Confidential Information, written or verbal, from the Broker or the Seller. The Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the property or to
terminate any negotiations with any party, at any time, with or without written notice. Only a fully-executed Real Estate Purchase Agreement, approved by Seller, shall bind the property. Each
prospective purchaser and/or broker proceeds at its own risk.
All property showings are by appointment only.
Exclusively Listed by
Chad Tiedeman
Senior Managing Director
(602) 288-3472
[email protected]
3131 East Camelback Road, Suite 340
Phoenix, Arizona 85016
P 602-957-9800 F 602-957-0889
www.pcainvestmentsales.com