fletcher heights marketplace

offering memorandum
multi-tenant retail complex
investment opportunity
Fully leased retail center
North wing of Goodwill anchored center
FLETCHER HEIGHTS
MARKETPLACE
JAKE DANOVIC - PRINCIPAL
Reliance Commercial Real Estate
Phone: 480.414.4014
Email: [email protected]
www.RelianceCRE.com
MATT OLSON - ASSOC. BROKER, CCIM, SIOR
Property Resources Group
Phone: 701.499.3921
Email: [email protected]
www.PropertyResourcesGroup.com
TABLE OF CONTENTS
Offering Process ........................................................................................................................... 3
Investment Summary ...................................................................................................................... 4
Investment Details ........................................................................................................................... 5
Rent Roll...........................................................................................................................................6
Physical Description .......................................................................................................................7
Property Photographs ............................................................................................................. 8-9
Site Plan ........................................................................................................................................10
Parcel Map ................................................................................................................................... 11
Area Map ..................................................................................................................................... 12
*All information contained herein is
believed to be true but should be verified
to the buyer’s satisfaction in case of error,
typographical or otherwise. All information is
subject to change without further notice.
PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
OFFERING MEMORANDUM
P.2
OFFERING PROCESS
All offers must consist of a Letter of Intent and include the debt/equity structure and source of
funds.
Seller reserves the right to remove the property from the market at any time. Seller expressly
reserves the right, in its sole and absolute discretion, to reject any and all proposals or
expressions of interest in the Property, to terminate discussions with any party at any time, or to
extend the deadlines previously set forth.
Upon receipt of an acceptable Letter of Intent, the successful Offeror will be supplied a
Purchase Agreement.
All communications, inquiries and requests should be addressed to Reliance Commercial Real
Estate or Property Resources Group, as the exclusive representatives of the Seller. The management of the Property should not be contacted directly. To schedule a tour or for property
inquiries, please contact one of the representatives below:
Matt Olson 701.499.3921 Associate Broker, CCIM, SIOR
Jake Danovic 480.414.4014 Principal
Neither the Seller nor Property Resources Group or Reliance Commercial Real Estate make any
representations or warranties, expressed or implied, as to the accuracy or completeness of the
information contained in the marketing materials or their contents and all Purchasers are advised to independently verify any information they deem important.
Purchasers should not rely upon the information provided by or through Seller without
independent verification. The marketing materials do not purport to contain all of the
information that a Purchaser may desire and Purchasers are urged to conduct their own
investigation and analysis.
PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
OFFERING MEMORANDUM
P.3
INVESTMENT SUMMARY
Fletcher Heights Marketplace
NEC of Lake Pleasant Parkway & 83rd Avenue, Peoria, Arizona 85382
Sale Price: $3,144,822
Cap Rate:7.25%
Net Operating Income:
$228,004
Property Highlights:
Fully leased retail center
High growth area
Great visibility
Strong demographics
Positive recent leasing activity
Variety of space available
PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
OFFERING MEMORANDUM
P.4
INVESTMENT DETAILS
TenantsSFMonthly Rent
Infuze 1,980 1,969 Make-up Eraser
1,500 1,750 Athletic Ink
974 1,136 *after 3 months free expires
Delex Realty 910 834 Panda Express 2,054 3,423 Delia’s Cleaners
1,500 2,121 Howard & Blum Fine Jewelers
900 1,050 *after 3 months free expires
Tip Toe Nails and Spa
1,200 1,799 Fletcher Heights Chiropractic
1,500 2,060 Arizona Beach 1,520 1,330 Forkum LLC (Bar and Grill)
2,500 3,125 Total 16,538 19,548 Annual Base Rent
234,574 CAM Recovery 114,157 Gross Income 348,731 Annual NNN Expenses
120,727 7.30 per sf
NOI228,004 PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
OFFERING MEMORANDUM
P.5
RENT ROLL
Rent Roll
Fletcher Heights Marketplace (fletcher)
As of: 12/02/2015
Unit
Unit type
Unit
Sq Ft
Resident Name
Actual
Rent
Lease
Expiration
Current/Notice Residents
101
comm
1,980
INFUZE, LLC
1,968.75
01/31/2020
103
comm
1,500
MAKEUP ERASER, LLC
1,750.00
07/31/2019
104
comm
974
ATHLETIC INK, LLC
0.00
10/31/2018
105
comm
910
DELEX REALTY, LLC
947.92
11/30/2018
106
comm
2,054
PANDA EXPRESS, INC
3,423.33
03/31/2018
107
comm
1,500
DELIAS CLEANERS OF ARIZONA, INC
2,121.25
01/31/2016
108
comm
900
109
comm
1,200
LINH M. HA
1,799.00
07/31/2016
HOWARD & BLUM FINE JEWELERS
0.00
110
comm
1,500
NICHOLAS JAY ASSOC. INC
2,121.25
08/31/2018
111
comm
1,520
ARIZONA BEACH 2, LLC
1,330.00
09/30/2019
112
comm
2,500
FORKUM, LLC
3,125.00
04/30/2020
201
comm
1,160
VACANT
202
comm
1,140
VACANT FLETCHER HEIGHTS
204
comm
2,100
DENTAL CARE, VACANT
206
comm
1,800
KRES-AZ, LLC EL HILLAL &
SAAVEDRA ORTHODONTICS LLP
207
comm
1,200
209
comm
2,720
Square
Footage
Market
Rent
27,679.20
Current/Notice Res.
0.00
Future Residents/Applicants
Occupied Units
Total Non Rev Units
Total Vacant Units
Totals:
PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
Actual
Rent
21,658
0.00
0
0.00
5,000
0.00
26,658
0.00
OFFERING MEMORANDUM
27,679.20
P.6
PHYSICAL DESCRIPTION
Property Addresses: Fletcher Heights Marketplace
20783 & 20959 North 83rd Avenue
Peoria, AZ 85382
Total Building SF:
16,538
Year Built:
2002
Number of Stories:
1
Site Size:
1.71 acres / 74,349 sf
Property Type:
Multi-Tenant Retail Complex
Zoning:
Planned Area Development
2015 Taxes: $45,815.66
Specials Installment: $240.02
PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
OFFERING MEMORANDUM
P.7
PROPERTY PHOTOGRAPHS
PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
OFFERING MEMORANDUM
P.8
PROPERTY PHOTOGRAPHS
PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
OFFERING MEMORANDUM
P.9
SITE PLAN
Fletcher Heights Market
NORTH
& Blum
Howard
elers
Fine Jew
202
Infuze
Make-up Eraser
Athletic Ink
Delex Realty
NAP
206
201
201
5110 N. 44th St. Suite L-245
Phoenix, AZ 85018
PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
Jake D
480.414.4014 -
OFFERING MEMORANDUM
P.10
PARCEL MAP
1
PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
OFFERING MEMORANDUM
P.11
AREA MAP
Fletcher Heights
Marketplace
PEORIA, AZ
PROPERTY RESOURCES GROUP
RELIANCE COMMERCIAL REAL ESTATE
OFFERING MEMORANDUM
P.12