Offering Memorandum
Transcription
Offering Memorandum
BANK OF AMERICA INVESTMENT OFFERING Absolute NET Retail Property FOR SALE 7700 El Camino Real Carlsbad, California 92009 A PRIME COASTAL SAN DIEGO LOCATION JIM RINEHART | Lic. #01824068 | 858.523.2092 | [email protected] MIKE MOSER | Lic. #00977876 | 858.523.2089 | [email protected] RETAIL INSITE Commercial Real Estate TABLE OF CONTENTS: INVESTMENT HIGHLIGHTS INVESTMENT SUMMARY LEASE SUMMARY PROPERTY OVERVIEW TRADE & AREA DETAILS 7700 El Camino Real | SALE INVESTMENT HIGHLIGHTS: • Single Tenant, Bank of America, full NNN Lease • Below market base rent allows for future upside • Annual Escalations • Bank deposits show this as one of the highest performing branches in San Diego. • Adjacent to THE BEACON shopping center, to include Equinox Gym, the first in San Diego county and exciting new retail and restaurants. • Trophy Coastal San Diego location 3 Investment Highlights 7700 El Camino Real | SALE INVESTMENT Summary: PRICE: $8,950,000 EXISTING RETAIL NET INCOME: $435,137.72 CAP RATE: 4.8% TENANT PROFILE: Bank of America Bank of America (abbreviated as BofA) is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second largest bank holding company in the United States by assets. As of 2013, Bank of America is the twenty-first largest company in the United States by total revenue. In 2010, Forbes listed Bank of America as the third biggest company in the world. Bank of America provides its products and services through operating 5,100 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans. 4 Investment Summary 7700 El Camino Real | SALE LEASE Summary: T ENA N T SF: B ANK OF AM ERICA ± 19,400 (taken from Tax Rolls) MONTHLY BASE RENT: $36,261.74 NOI: $435,137.72 BASE RENT INCREASES DURING THE INITIAL TERM: 2% annually LEASE EXPIRATION: December 6, 2021 RENEWAL OPTION(S): 3x5 year options OPTION RENT: GUARANTEE: NNN: FDIC REPORTS: 5 Lease Summary Option 1: Option 2: Option 3: 2% annual increase continues Fair Market Value Fair Market Value Corporate Guarantee Absolute Net, Tenant is responsible for all maintenance, repairs, taxes & insurance. The lease provides that “the parties intend this to be a “triple net”lease with the Landlord having no responsibility or expense of any kind or nature.” (ARTICLE 5 : Rent) Bank deposit as of 6/30/2015: $270,510,000 7700 El Camino Real | SALE PROPERTY Overview ADDRESS: 770 El Camino Real Carlsbad, CA 92009 LAND AREA: 57,935 SF (1.33 acres) TOTAL RENTABLE SF: ± 19,400 SF PARKING: 63 Parking Spaces YEAR BUILT: 1980 STORIES: 2 ZONING: C2- General Commerical Zone APN: 216-124-25-00 6 Property Overview 7700 El Camino Real | SALE mino El Ca LA COSTA PLAZA Real La Costa Ave SITE PROPOSED EQUINOX THE BEACON 7 Property Overview 7700 El Camino Real | SALE BUILDING HISTORY: In June of 1980, Security Pacific Bank, Predecessor to Bank of America, entered into a build to suit with the property owner. Bank of America entered into 4 subsequent amendments, and in 2011, a ten year extension of the original lease term plus three five year options to extend. TODAY: Bank of America’s branch, including a drive through, occupies the entire ground floor. Bank of America also occupies a portion of the second floor for their home loan division and have chosen to sublease space to several outside office tenants. Zoning allows for the following categories: • Retail • Office • Residential Mixed Use **Retail Insite does not warantee any of the zoning information provided. Independent investigation on zoning is suggested. 8 Property Overview 7700 El Camino Real | SALE TRADE AREA Details: WESTFIELD CARLSBAD AREA DETAIL CARLSBAD • Located in the heart of La Costa, This building serves a very affluent trade area with the nearby communities of Carlsbad, Encinitas, La Costa, Rancho Santa Fe, Del Mar and Solana Beach. CARLSBAD RESEARCH CENTER CARLSBAD PREMIUM OUTLETS • Carlsbad Research Center (4.5 million square feet) is within close proximity to the Property (5.3 miles). PALOMAR AIRPORT LA COSTA FOUR SEASONS RESIDENCE CLUB/PARK HYATT AVIARA OMNI LA COSTA RESORT 7700 EL CAMINO REAL • Annual events of LPGA KIA Classic at Hyatt Aviara and WTA Tennis at La Costa Resort bring additional customers to the trade area. THE FORUM WESTFIELD NORTH COUNTY FAIR • The city of Carlsbad has also been able to maintain it’s gorgeous open spaces, while providing a friendly small-town atmosphere with unmatched amenities. ENCINITAS RANCHO SANTA FE DEMOGRAPHICS: 1 MILE 3 MILE Population: 8,303 89,519 Households: 3,436 34,988 Average Age: Median HH Income: TRAFFIC COUNT: (CARS PER DAY) *SANDAG report 9 Trade Area Details ESCONDIDO PROMENADE 31.5 32.7 $130,911 $126,377 El Camino Real: 33,600 ADT La Costa Avenue: 19,000 ADT TOTAL: 52,600 ADT 7700 El Camino Real | SALE CARLSBAD AREA 10 Trade Area Details 7700 El Camino Real | SALE SITE a n ta Fe R d THE BEACON ve ta A Cos La an ch oS THE FORUM R Proposed 11 Trade Area Details FOR MORE INFORMATION, PLEASE CONTACT: Jim RInehart Mike Moser Lic. #1824068 Lic. #00977876 [email protected] [email protected] 619.726.8557858.523.2089 Erin CadieuxMaya Grim Lic. #01952070 Lic: #01273486 [email protected] [email protected] 858.523.2086858.523.2094 RETAIL INSITE Commercial Real Estate 12264 El Camino Real Ste. 202 San Diego, CA 92130 Lic. # 01206760 | T: 858 523 2090 retailinsite.net The information above has been obtained from sources believed 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 tax 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.