crossroads towne center

Transcription

CROSSROADS TOWNE CENTER
6436 & 6512 N. Decatur Boulevard
|
North Las Vegas, NV 89131
OFFERING MEMORANDUM
MATT
PROOF
DESIGNER:
NEW
DRAFT#
Approval acknowledges the permission
for use in printed and web marketing.
SIGN AFTER APP ROVED
BROKER:
CLIENT
:
(NAP)
Exclusively Listed By:
Val (Ric) Russell
Senior Managing Director
415-677-0448
[email protected]
LIC#1000864
For leasing, management and investment information:
Jeff Mitchell
702-787-0123 x411
[email protected]
Chris Emanuel
702-787-0123 x401
[email protected]
Crossroads Towne Center |
North Las Vegas, NV
TABLE OF CONTENTS
I:
II:
III: Disclaimer & Confidentiality Agreement 1
- Marketing Process
- Anticipated Marketing & Sale Timeline
Executive Summary
-
Property Overview
-
9
Investment Opportunity
Property Summary
Financial Highlights
Investment Highlights
Property Overview
Property Photographs
Site Plan and Tenant Summary
Tenancy Overview
Property Overview
Tenant Profiles
Site Data
Improvements Data
Parcel Map
15
IV: Financial Analysis
27
- Financial Overview
- Prospective Acquisition Financing
- Rent Roll
- Net Operating Income
- Pricing Assumptions
- Loan Abstract
- 10-Year Projection of Income and Expense Cash Flow
V: Location
- Metropolitan Las Vegas Overview
- Regional & Local Maps
37
Market Analysis
43
VI:
-
Aerial Photography
Market Overview - Metro Las Vegas
Competing Properties Map
Area Demographics Summary
| 3
4 |
DISCLAIMER, CONFIDENTIALITY AGREEMENT
& MARKETING PROCESS
| 5
Government and Civic land planned
for municipal use
Silver Sky Assisted Living
SUPERCENTER
6 6| |
Crossroads Towne Center
Disclaimer & Confidentiality Agreement
Cassidy Turley (“Agent”) has been engaged as the exclusive agent for the sale
make their own investigations, projections and conclusions without reliance
of Crossroads Towne Center, 6436 & 6512 N. Decatur Boulevard, North Las
upon the material contained herein.
Vegas, NV 89131 (the “Property”), by the owner of the Property (“Seller”).
Seller reserves the right, at its sole and absolute discretion, to withdraw the
The Property is being offered for sale in an “as-is, where-is” condition and
Property from the market at any time and for any reason. Seller and Agent
Seller and Agent make no representations or warranties as to the accuracy
each expressly reserves the right, at their sole and absolute discretion, to
of the information contained in this Offering Memorandum. The enclosed
reject any and all expressions of interest or offers regarding the Property and/
materials include highly confidential information and are being furnished
or to terminate discussions with any entity at any time, with or without notice.
solely for the purpose of review by prospective purchasers of the interest
This offering is made subject to omissions, correction of errors, change of
described herein. Neither the enclosed materials nor any information
price or other terms, prior sale or withdrawal from the market without notice.
contained herein is to be used for any other purpose or made available to
Agent is not authorized to make any representations or agreements on behalf
any other person without the express written consent of the Seller. Each
of Seller.
recipient, as a prerequisite to receiving the enclosed, should be registered
with Cassidy Turley as a “Registered Potential Investor” or as “Buyer’s Agent”
for an identified “Registered Potential Investor.” The use of this Offering
Memorandum and the information provided herein is subject to the terms,
provisions and limitations of the confidentiality agreement furnished by Agent
prior to delivery of this Offering Memorandum.
Seller shall have no legal commitment or obligation to any interested party
reviewing the enclosed materials, performing additional investigation and/or
making an offer to purchase the Property unless and until a binding written
agreement for the purchase of the Property has been fully executed, delivered,
and approved by Seller and any conditions to Seller’s obligations thereunder
have been satisfied or waived.
The enclosed materials are being provided solely to facilitate the prospective
investor’s own due diligence for which it shall be fully and solely responsible.
By taking possession of and reviewing the information contained herein,
The material contained herein is based on information and sources deemed to
the recipient agrees that (a) the enclosed materials and their contents are
be reliable, but no representation or warranty, expressed or implied, is being
of a highly confidential nature and will be held and treated in the strictest
made by Agent or Seller or any of their respective representatives, affiliates,
confidence and shall be returned to Agent or Seller promptly upon request;
officers, employees, shareholders, partners and directors, as to the accuracy
and (b) the recipient shall not contact employees or tenants of the Property
or completeness of the information contained herein. Summaries contained
directly or indirectly regarding any aspect of the enclosed materials or the
herein of any legal or other documents are not intended to be comprehensive
Property without the prior written approval of the Seller or Agent; and (c)
statements of the terms of such documents, but rather only outlines of some
no portion of the enclosed materials may be copied or otherwise reproduced
of the principal provisions contained therein. Neither the Agent nor the Seller
without the prior written authorization of Seller or Agent or as otherwise
shall have any liability whatsoever for the accuracy or completeness of the
provided in the Confidentiality and/or Registration Agreement executed and
information contained herein or any other written or oral communication or
delivered by the recipient(s) to Cassidy Turley.
information transmitted or make available or any action taken or decision
made by the recipient with respect to the Property. Interested parties are to
| 7
Marketing Process
Cassidy Turley has been authorized to prepare and distribute the enclosed data
Buyer Negotiation & Selection
for the purpose of soliciting offers to purchase Crossroads Towne Center (the
If your offer results in the Owner choosing to open negotiations with you, you may be asked
“Property”) from interested and qualified parties. You are invited to review this
to provide financial references. The eventual Buyer will be chosen based on an assessment
opportunity and make an offer to purchase based upon your analysis.
of price, terms, and a demonstrated ability to close the transaction.
Asking Price
Due Diligence Period
The Property is being offered on a best offers basis. Each investor should base its
With an executed purchase and sale agreement, combined with an initial deposit, the
offer on the “As Is, Where Is” condition of the property.
selected Buyer will be afforded a fixed period of time to perform its due diligence on the
Property. A significant additional deposit will be required with the Buyer’s removal of
Review Period & Deadline for Offers
contingencies upon the end of the due diligence period.
After an initial review period, we will announce a deadline for offers and expressions
of interest. At that point, the Owner may selectively distribute additional data to
Acquisition Financing
interested parties who have submitted compelling, qualified proposals by the bid
The property is being offered subject to existing financing as summarized on Page 12.
deadline.
Anticipated Marketing & Sale Timeline
Month
Week of
1
Distribution of Marketing Materials
2
Investor Property Tours
3
Call for Offers
4
Review Offers and Potential Second Round
5
Buyer Selection
6
Negotiate and Execute Purchase and Sales Agreement
7
Buyer’s Due Diligence Period
8
Buyer’s Removal of Contingencies
9
Estoppels and Removal of Final Closing Conditions
10
8 |
PROJECTED CLOSING
SEPTEMBER
8
15
22
OCTOBER
29
6
13
20
NOVEMBER
27
3
10
17
DECEMBER
24
1
8
15
22
29
EXECUTIVE SUMMARY
| 9
Investment Opportunity
Crossroads Towne Center is an institutional-quality neighborhood shopping
center located at the strongest retail intersection of the Aliante Master
Planned Community in North Las Vegas, Nevada. This trophy asset is
anchored by a high-volume Walmart SuperCenter (NAP), and features many
of the nation’s most sought-after retailers. Set on a sprawling 16.34 acres
at the intersection of I-215 and Decatur Boulevard, Crossroads Towne Center
is a highly coveted North Las Vegas landmark, encompassing 148,791
square feet of architecturally-distinct, institutional-quality retail space set
within a desirable shopping environment with a dramatic backdrop of the Las
Vegas strip. This offering features a dynamic mix of national and regional
tenants including Bed Bath and Beyond, Bank of America, Bath and Body
Works, Starbucks, GNC, Payless Shoesource, Mattress Firm and many other
destination tenants. The Property was built in 2007 and is currently 90%
occupied, with historical occupancy above 92%. The land parcels total
±16.34 acres.
Crossroads Towne Center serves an affluent and dense trade area of North
Las Vegas. This submarket and master planned community has a very high
barrier to entry from future competition. The population within a five-mile
radius of Crossroads Towne Center exceeds 290,923 residents with some of
the highest household incomes in the state averaging over $77,647.
Aliante is a master planned community in North Las Vegas, Nevada, created
by North Valley Enterprises – an affiliate of American Nevada Company and
Del Webb Communities, Inc. Located at Aliante Parkway and the northern
215 beltway, the 1,905-acre community includes a mix of approximately
6,500 homes, commercial centers, shopping, dining, and the new Aliante
Station Casino. 428 acres of the community are dedicated to recreational
and public use, including Aliante Golf Club, three city parks – including the
20-acre Nature Discovery Park with a scenic lake – a natural arroyo and a
24-mile interconnecting trail system.
Crossroads Towne Center is a vibrant, Walmart Supercenter anchored
community shopping center offering consistent in-place income, long
term stability and the opportunity to enhance value.
10 |
Executive Summary
EXECUTIVE SUMMARY
| 11
Financial Highlights
Property Summary
Property:
Price
Address:
6436 & 6512 N. Decatur Boulevard Las Vegas, NV 89131
Year-1 NOI$3,381,541
Price:
Submit Offer
Projected Year-10 NOI$4,574,512
Year Built:2007
Total Square Footage:
±148,791 SF
Number of Parcels:2
Assessor Parcel Numbers:
124-19-412-002, 124-19-412-003
Site Area:
16.34 Acres
Submit Offer
Projected Year-2 NOI$3,499,468
Year-1 Cash Flow After In-Place Debt Service$1,133,762
Financing to be Assumed
Projected Loan Balance at Closing*$28,504,605
Interest Rate5.92%
Debt Constant*7.37%
Annual Debt Service$2,105,256
Loan Maturity Date
*Calculated at January 1, 2015
12 |
May 1, 2022
EXECUTIVE SUMMARY
Investment Highlights
Property Overview
• Dynamic, North Las Vegas location offering strong traffic patterns – located
at the corner of I-215 and Decatur Boulevard, on the ‘going home’ side.
• Institutional quality shopping center location
• Walmart Supercenter (NAP) anchored
• Strong, proven submarket
• Freeway proximity with nearby full diamond interchanges
• Proximity to downtown Las Vegas employment
• Attractive, highly-visible location
• Offered with attractive in-place low-interest-rate financing
• 2007 quality construction
• Exceptional, affluent demographics – 290,923 residents earning an average
of $77,647 live within a five mile radius of the property
• Credit Tenancy 39.41% of the tenancy is publicly traded
| 13
EXECUTIVE SUMMARY
Major Tenant Snapshot - Lease Expirations
Tenant
Gross Leasable Area
Lease Expiration
Bed Bath & Beyond 29,982 SF
January 2018
Colleen’s Classics
11,181 SF
May 2017
Euphoria Salon
7,000 SF
December 2015
Bank of America
5,150 SF August 2027
Anytime Fitness 4,727 SF January 2017
AT&T
4,057 SF
June 2020
Starbucks
2,100 SF
February 2018
Market Overview
• Extremely vibrant local economy
• Highly-sought-after demographics/concentration of income in trade area
• Limited direct competition in immediate and surrounding trade area
• High barriers to the construction of new competing centers
Demographic Summary
Population
Households
Average Household Income
1-MILE
3-MILES
5-MILES
17,512
124,563
290,923
6,213
42,638
99,020
$82,262
$83,963
$77,647
Traffic Counts
14 |
Decatur Boulevard
= 51,319 VPD
CR-215
= 151,000 VPD
PROPERTY OVERVIEW
| 15
SUPERCENTER
16 |
EXECUTIVE SUMMARY
Ro
me
B
ou
lev
ard
Decatur B
oulevard
| 17
PROPERTY OVERVIEW
Site Plan and Tenant Roster
NAP
A200
(Above
A100)
NOT A PART
C100
C110
C120
C130
C140
C150
C180
A100
A130
SUPERCENTER
NAP
D160
D145
D140
D130
D115
D110
D100
18 |
G140
G130
G120
G110
F150
F140
F130
F120
F100
J140 J125
G100
H100
J120
E140
E130
E110
E100
J115
J100
Suite
Tenant
Sq. Ft.
A100
A130
A200
B100
C100
C110
C120
C130
C140
C150
C180
D100
D110
D115
D130
D140
D145
D160
E100
E110
E130
E140
F100
F120
F130
F140
F150
G100
G110
G120
G130
G140
H100
J100
J115
J120
J125
J140
Colleens Classics
Bath & Body Works
Available (Second Floor)
Bed Bath & Beyond
Hallmark Gold Crown
Sally Beauty Salon
Flores Family Dental
Payless Shoes
Radio Shack
Sideline Sports
Mom & Pop's Cleaners
U-Swirl International
Century Link
Aliante Chiropractic
Optic Gallery
GNC
Anytime Fitness
Aloha Orthodontics
Dickey's BBQ
Available
Roberto's Taco Shop
Cugino's Pizza
Starbucks
Little Dumplings
Port of Subs
Wings Restaurant
Geisha Steak House
Mattress Firm
Lulu Hawaiian BBQ
EB Games
Nevada Legal Forms
Bank of America
Euphoria Salon
Goldfinger Sports Bar
TitleMax
Shelter Mutual Insurance
AT&T
Eyeglass World
11,181
3,501
12,067
29,982
4,000
2,000
2,000
3,000
2,500
2,267
1,750
3,006
1,503
4,509
2,900
1,281
4,727
2,972
2,074
2,689
1,448
1,777
2,100
2,124
1,338
1,366
4,237
2,500
1,605
1,143
1,085
5,150
7,000
4,610
1,590
1,176
4,057
4,576
U-Swirl Interior
19 |
| 19
20 |
| 20
EXECUTIVE SUMMARY
U-Swirl Interior
| 21
Tenant Profiles
Tenant
WalMart (NAP)
Bank of America
Bed, Bath & Beyond
Starbucks
General Nutrition Corp
Bath & Body Works
AT&T
Century Link
22 |
Founded
1962
1904
1971
Products/Services
Grocery and Discount
Department Store
Banking, Financial
Services
Bath and bedding store
1971
Coffee Shops
1935
Nutrition Related
Products
1990
1885
1968
Stores
11,088
±5,151
±1,000
±23,305
±6,000
Bath & Body products
±1,665
Telecommunications
largest
provider
of mobile
and fixed
telephone
in the US
Telecommunications
Website
Summary
www.walmart.com
Wal-Mart Stores, Inc., branded as Walmart, is an American multinational retail
corporation that runs chains of large discount department stores and warehouse
stores. The company is the world’s largest public corporation, according to the
Fortune Global 500 list in 2014, the biggest private employer in the world with over
two million employees, and the largest retailer in the world.
www.bankofamerica.com
Bank of America 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.
www.bedbathandbeyond.com
Bed Bath & Beyond Inc. (also B3) is a chain of domestic merchandise retail
stores in the United States, Canada and Mexico. Formed in 1971, the stores sell
goods primarily for the bedroom and bathroom, as well as kitchen and dining
room. The company is included in the S&P 500 and Global 1200 Indices and the
NASDAQ-100 Index. It is also counted among the Fortune 500 and the Forbes
2000 as well.
www.starbucks.com
Starbucks Corporation, doing business as Starbucks Coffee, is an American global
coffee company and coffeehouse chain based in Seattle, Washington. Starbucks is
the largest coffeehouse company in the world, with 23,305 stores in 65 countries
and territories, including 13,049 in the United States, 1,909 in China, 1,555 in
Canada, 1,089 in Japan and 927 in the United Kingdom.
www.gnc.com
General Nutrition Corporation (GNC) is a Pittsburgh, Pennsylvania-based American
commercial enterprise focused on the retail sale of health and nutrition related
products, including vitamins, supplements, minerals, herbs, sports nutrition, diet,
and energy products.
www.bathandbodyworks.com
Bath & Body Works, LLC, is an American retail store under the L Brands (formerly
Limited Brands) umbrella. It was founded in 1990 in New Albany, Ohio and has
since expanded across the United States and Canada. It specializes in shower gels,
lotions, fragrance mists, perfumes, candles, and home fragrances.
www.att.com
AT&T is the largest provider of mobile telephone and the largest provider of fixed
telephone in the United States, and also provides broadband subscription television
services. As of May 2014, AT&T is the 23rd-largest company in the world as
measured by a composite of revenues, profits, assets and market value, and the
16th-largest non-oil company. As of 2014, it is also the 20th-largest mobile telecom
operator in the world, with over 116.6 million mobile customers.
www.centurylink.com
CenturyLink, Inc., is an American multinational communications company
headquartered in Monroe, Louisiana. It provides communications and data services
to residential, business, governmental and wholesale customers. A member of the
S&P 500 index, the company operates as a local exchange carrier and Internet
service provider in U.S. markets and is the third-largest telecommunications
company in the United States in terms of lines served, behind AT&T and Verizon.
PROPERTY OVERVIEW
Tenant Profiles (continued)
Tenant
Founded
Products/Services
Stores
Website
Summary
Sally Beauty Supply
1994
Retailer and distributor
of professional beauty
supplies
±4,000
www.sallybeautyholdings.com
Sally Beauty Holdings, Inc. (NYSE: SBH) is an international speciality retailer and
distributor of professional beauty supplies with revenues of more than US$2.6
billion annually.
Payless Shoes
1956
Discount footwear
retailer
±14,523
www.payless.com
Payless ShoeSource is an American discount footwear retailer headquartered
in Topeka, Kansas and is owned by Collective Brands, Inc. In 1996, Payless
ShoeSource became an independent publicly held company. The company had a
total revenue for 2011 of US$3.4 billion
Anytime Fitness
2002
24-hour health and
fitness club
±2,400
www.anytimefitness.com
Anytime Fitness is a 24-hour health and fitness club. The company operates over
2400 franchised locations in 19 countries. The gym facilities are open 24 hours a
day, 365 days out of the year.
EB Games
1977
Computer and Video
Game Retailer
±6,600
www.ebgames.com
EB Games (formerly known as Electronics Boutique and EB World) is an American
computer and video games retailer.
www.u-swirl.com
Featuring the tag line Worth the Weight®, U-SWIRL allows guests the ultimate
choice in frozen yogurt by providing up to 20 non-fat flavors, including tart, traditional and no-sugar options; and more than 60 toppings, including seasonal fresh
fruit, sauces, candy and granola. Guests serve themselves and pay per ounce instead
of by the cup size.
U-Swirl International
Eyeglass World
2008
Frozen Yogurt
1978
Discount provider of
eye exams, glasses and
contact lenses
±70
www.eyeglassworld.com
Eyeglass World is the one stop shop for all prescription eyewear needs. Their
selection includes thousands of frames from name brand designers. Eyeglass World
has everyday deals like 2 pairs for $78 or two pair pricing on their entire collection
of designer eyeglasses.
Mattress Firm
1986
Mattress Store
1,600+
www.mattressfirm.com
Mattress Firm, Inc. is an American retailing company and mattress store chain
founded on July 4, 1986. The headquarters of the company is in Houston, Texas.
Mattress Firm currently operates over 1,600 locations across 33 states nationwide,
which makes it the largest US bedding retailer.
Geisha Corporation
1971
Japanese Restaurant
3
www.geishahouserestaurant.com
Geisha House was the first Japanese Hibachi restaurant in Las Vegas. Currently
there are three locations in the Las Vegas Valley.
Euphoria Salon
1994
Salon and Day Spa
5
www.euphoriasalons.com
Founded in 1994 on Flamingo and Eastern Ave., Euphoria™ is the most prestigious
and oldest Salon & Spa Company in Las Vegas. Over 300 professionals at six
locations are available to make certain you look and feel your best. Winner of “The
Best of Las Vegas” seven times.
| 23
Site Data
PROPERTY DATA Address: 6436 & 6512 N. Decatur Boulevard
North Las Vegas, Nevada 89131
Site Area:
The site area of the property encompasses ±711,770 SF
or 16.34 acres.
Location: Located at the convergence of I-215 and Decatur
Boulevard in North Las Vegas, NV.
Year Built: 2007
Parking: 931 total spaces (6.3/1,000 SF)
Access/Egress: Site access is facilitated by six ingress/egress points,
two along each Decatur & Rome Boulevard, and two
along San Mateo Street, with Decatur Boulevard
enjoying direct I-215 interchange access.
Utilities and Services: The City of North Las Vegas provides water; Republic
Services provides trash collection; Nevada Power
provides electric services and gas is provided by
Southwest Gas.
Adjacent Properties: Directly to the west is a neighborhood shopping center,
anchored by Costco, Ashely Furniture, SteinMart and
Best Buy. Across the highway is a Super Target and
Winco anchored center owned by Weingarten.
24 |
EXECUTIVE
PROPERTY OVERVIEW
SUMMARY
Improvements Data
The property is improved with a total of ±148,791 SF of total rentable area.
CONSTRUCTION DATA Foundation:
The foundations consist of continuous monolithic slabs
poured on reinforced concrete footings.
Construction:
The construction components are primarily masonry block.
Exterior Walls:
Exterior walls are masonry block with plate glass
storefront panels set in anodized aluminum frames.
Roof Cover:
The buildings have flat roof decks with built up
composition covering.
Interior Finishes:
The interior areas are typical building standard retail
showroom finish. The floor coverings are commercial
grade short loop carpeting and vinyl tile over concrete.
The walls are textured and painted sheetrock. The
ceilings are a combination of texture and painted
sheetrock and suspended acoustical tile. The lighting
is standard commercial fluorescent fixtures.
HVAC, Electrical, Plumbing:Each building is 100% heated and air conditioned
via roof-mounted units. The electrical systems are
new and assumed to be in good working condition.
Plumbing components include cast iron sanitary
sewer systems with copper domestic water mains and
distribution lines.
Fire Protection:
The improvements are 100% fire sprinklered by an
overhead wet system that is also wired into the local
fire department. The improvements have adequate
fire alarm systems, fire exits, fire extinguishers, fire
escapes and/or other fire protection measures to meet
local fire marshal requirements.
Landscaping:
The Property features a combination of grass, gravel,
and natural desert landscaping to meet zoning
requirements and enhance the curb appeal of the
site. All plantings are sprinklered or irrigated.
ADA Compliance:
All common areas of the property appear to have
handicap accessibility.
| | 25
25
10
PROPERTY DESCRIPTION ::
PARCE L M AP
MAP
MAP
56.35
116
123.97
126
126
123.97
116.33
138.2
126 5
3
116.3116
135.05
30
30
30
1144.36
001
3.58
431.
53
PB 140-46
1-4
112
PT 437
L= 34
4 77.84
388
006
0.99
.96
.76
PT 437
4 77.84
L= 11
L= 34
.76
388
.96
58.42
40
40
40
65.7
40.67
40
40
R
34.66
CEDA
WAXW ING ST
40
40
34.66
41.43
65.36
40
65.36
40
40
CEDAR
WAXW ING ST
40
40
40.67
65.7
40
R=
L= 11
2.18
5
47 7
005
PT430
9
2.5
816
159.01
39
45
35.01
45
146.89
146.89
39
VALLEY DR
45
8
45
45
45
8
8
243
8.02 3 2
140
.68
169
.29
.68
.0
77
9
35.01
379.5
45
45
30
R
.5 5
5001
.
77
513.7
12
009
77
=4
97-021
5
010
008
263.12
PT 417 (PT GL17)
015
R=25
263.11
"
PT 417 (PT GL17)
429 (1)
(PT1)
006
L 3 2.
41.49
159.01
012
816 285.96
.1
812
50 1
169
.2
309.15
439.34
130.12
R=25
27
429 (1)
50
006
021
2.18
008
248.44
011
0.38
50
CENTENNIAL PKWY
006
0.99
50
PB 140-46
CROSS1-4
ROADS TOWNE
112 CENTER
53
OLD BLM SECTION LINE
2.5
56
4 5
010
263.11
009
40
"
R=25
1
19
.24
TAX DIST 250
118.54
431.
CENTENNIAL PKWY
1144.36
140
309.15
439.34
130.12
27
47
263.12
R
566.58
615.95
615.95
615.95
CROSS ROADS TOWNE CENTER
005
50
025
1144.36
001
3.58
R
75
= 47
R=
.7
41.49
428 (2)
9
015
.28
352
.6
320
(PT1)
012
PT430
.28
352
R=25 PT430
(PT1)
.6
285.96
320
(PT1)
021
30 LINE
30
OLD BLM SECTION
30
R
VAC 20050907:1803
566.58
VAC 20050907:1803
615.95
1009.62
SAN MATEO ST
723.5
SAN MATEO ST
1
30
89.16
1-1
VALLEY DR
379.5
119.91
119.91
2
2
723.5
50
50
(LD 104-83)
011
0.38
75
83
57
.09
51 .7 027
N 123 52
1
10
M
97-021
PB
110
-72
2.04
248.44
(2)
ALIANTE
NORTH
PB
110
010
-72
028
230
2
229
244
100.27 5
.5
8.02 3 2
53
M
(LD 37-80)
428 (2)
(2)
52
N
ALIANTE
NORTH
(LD 37-80)
(LD 104-83)
025
89.16
259.08
259.08
77.7
120.23
227.6
227.6
268.59
268.59
664.56
664.56
1009.62
120.23
77.7
119.4
119.4
BLVD
DECATUR
BLVD
DECATUR
52. 1
61.39 61.3952.1
134.22 134.22
214.03
214.03
298.9
298.9
9.
19
010
2.04
R=20
031 243
812
54 029
57
027
40
4 5
110.14
012
3.97
5340 101.09
R=20
007
7
3 6. 7
3 1.6
96
012
3.97
R=20
40
266.46
R=15
028
100.27
.1
100
244
030
55 100.63
56
55 100.63
40
266.46
201.17
030
56
.
96
9.
19
CT 007382.89
017 TURKEY CT
83
100
54 029
58100 .7
032
8
57
L 3 2.
230
2
2
25 7.7
188.4
0.5
R=20
017 TURKEY
201.17 020
PT430
1144.36
1-2
=5
119.84
R=15
014
1-1
.6
0
10
119.84
014
30
1-2
25 7.7
26 |
382.89
031
57
56
033
229
27
002
6
0.5
1
188.4
R=35
401
401
417.25
6
018
=5
020
417.25
R=35
298.18
50
002
011
324.86
50
011
25
116.
002
2.91
.6
4
WALMART
SUPERCENTER
(NAP)
002
2.91
7
48
79.
88.75
92.5
001
18.82
001
18.82
018
014
23.27
032
4
PB 140-46
25
6
.9 .
96 3 2
7
3 2.5
110.14
PB 140-46
014
23.27
58100
2
188.95
82.4
0
10
50
298.18
003
SITE
188.95
324.86
"
"
003
283.42
283.42
71
7
27
016
2
26.37
024
190.13
70
69
AT ALIANTE PARCEL
UNIT
1 16
3 1.6 3
88.75
1
033AT ALIANTE UNIT
3
92.5
47.7
26.37
412
412
PM 110-42
PM 110-42
.
32
2
009
190.13
016
536.68
72
N
TL
N
RE
.3 5
TL
42
EG
RE
.35
AT
42
E
EG
35
GR
AT
E
4 2.
GR
40
7
3 6. 7
024
7
47.7
009
1-3
002
48
79.
3 2.5
50
1-3
68
5
116.
010
67
57 4 2.3
42
5
66
40
629.91
156.58
010
008
.86
40
280.15
156.58
536.68
114
41.43
280.15
629.91
349.76
30
72
69
.4 5
40
308.25
308.24
411
See Condo List
Page
See Condo List Page
"A"
"A"
349.76
30
001
45
82.4
308.25
411
306.92
365.4
365.4
1
30
R=20
PB 137-25
PB 137-25
1
30
597-021 55
002
019
ROME PARK
ROME PARK
306.92
290.57
254.97
254.97
408.07
408.07
CROSS ROADS
CENTER
CROSS
ROADS TOWNE
CENTERCENTER
CROSSROADS
TOWNE
71.8
261.85
015
2.52
57.
001
68
114
.86
6740 121-24 0 40
4
PARCEL
121-24
100.19
008 16
R=20
027
PARCEL
16
AT ALIANTE
007 027 66 100.19
2 AT ALIANTE
65 100 UNIT007
UNIT9 2
006
65 100 223
9
C
4 3.
64
222
223 9
006
.9
005
64
63
813 005221100 C 222 4 3
004
63
813
100
221
62
004
220
003
62
61
003
219 100 217220
002
61
60 100
219 100 217
002
013
B
001
100
60 218
5901388.74 B 49 001A
218
49
PARCEL591688.74
A
60
G
34
.1 7
2
003
13.43003
13.43
TOWNE
015
2.52
LP92 002
019
012
49.3 97-021
44.9
202
.0 9
71
A
LP58A 71 5
LP6.51 003
6
1 42.3
70
93002
003
66..5
35
LP58A 97
.2
352.13
PM 113-59
PM 113-59
30
008
261.85
012
49.37
.1 7
3
100
LP92
631.54
026
R=15
30
51.23
202
.0 9
7 16 97-016
.9
171
A
9
10
321.23
100
PT 417 008
PT 417
026
352.13
R=15
50
004
004
(GL27)
1
97
LP
93
398
2
ROME BLVD
5 BLVD
ROME
5
321.23
023
038 037 036
039
038 037 036
40 39 38 039
37 36
34
51.23 49.37 49.3
40 44.9
39 G38 35
37 3671.8 35
60
97-016
6
.2
023
100
228.67
100
50
001
001
228.67
100
136.19
(GL27)
113.82
126
800
.9
171
4
9
10
022
022
136.19
160
161
162
100
5
5
163
164
631.54
005
005
60
60
3
160
161
162
165
48.16
163
164
56.35
165
(GL29)
(GL29)
R=25
2
141
58.42
5
1
122
141
136
136
5
4
48.16
202 202
55
55
R=25
SEC.
SEC.
122
113.82
800
S 2 SW
S 42 SW 4 124-19-4
124-19-4
103
135.05
600
600
19
084
30
400
400
085
103
290.57
5
5
200
200
086 084
308.24
100
100
087 085
3
0
0
088 086
087
138.25
LP SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
USE THIS
USE79
THIS
79 SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
088
118.54
This
including
surveys
andand
deeds,
Thismap
mapisiscompiled
compiledfrom
fromofficial
officialrecords,
records,
including
surveys
deeds,
but
required
forfor
assessment.
SeeSee
thethe
but only
onlycontains
containsthe
theinformation
information
required
assessment.
recorded
documents
for
more
detailed
legal
information.
recorded documents
for more detailed legal information.
LP
T19ST19S
R61ER61E 19
4
8
8
8 8 4 4
6
5
4
36 2 5 1 4
NUMBERNUMBER
PARCEL
BOUNDARY
3
2
1
UNIT UNIT
ROAD PARCEL
001 ROAD
PARCEL
BOUNDARY CONDOMINIUM
CONDOMINIUM
001PARCEL
099 100 099
101 100
102 101
5
1
102 7 8 9 10 11 12
5 5 1 1
5
SUB BOUNDARY
NUMER NUMER
SUB BOUNDARY
7
8
9 10 11 12
AIR SPACE
PCL PCL 001 PARCEL
001 PARCEL
AIR SPACE
PM/LD
BOUNDARY
18 17 16 1518 1417 1316 15 14 13
PM/LD
BOUNDARY
1.00 ACREAGE
1.00 ACREAGE
RIGHTRIGHT
OF WAY
6
2
123 124
126 125 126
124 125
OFPCL
WAY PCL
6 6 2 2
6
123
ROADROAD
EASEMENT
EASEMENT
19 20 21 22 23 24
19 20 21 22 23 24
PARCELPARCEL
SUB/SEQ
NUMBERNUMBER
PCL PCL
SUB/SEQ
MATCH
/ LEADER
LINE LINE SUB-SURFACE
SUB-SURFACE
MATCH
/ LEADER
7
3
30 29 28 27 26 25
137 138 139 140
7 7 3 3
7
30 29 28 27 26 25
137 138 139 140
PLAT
RECORDING
NUMBERNUMBER
PB 24-45
HISTORIC
LOT LINE
PLAT RECORDING
PB
24-45
HISTORIC
LOT LINE
31 32 33 34 35 36
42 .9
31 32 33 34 35 36
HISTORIC SUB BOUNDARY
9
BLOCK NUMBER
97-019
4 42.99
4
HISTORIC SUB BOUNDARY
BLOCK NUMBER
97-019 8
8 8 4
8
E
HISTORIC PM/LD BOUNDARY
SKIMMERS CT 97-020 F 97-020
5 LOT NUMBER
E
HISTORIC PM/LD BOUNDARY
CT
F98
5 LOT NUMBER
1
5
5 SKIMMERS
1
SECTION LINE
6.1
Rev: 02/17/2011
Scale: Scale:
1" = 200'
49.3
49.3
5
5 .8 6 1
GL5 GOV. LOT NUMBER
5
SECTION LINE
6.1
02/17/2011
Rev:
PT 417
1"
=
200'
1
49.3
49.3
4
6
GOV.
LOT
NUMBER
GL5
5
PT 417
4 1.8
MAP LEGEND
MAP LEGEND
NOTES
NOTES
No
of of
thethe
data
deliniated
herein.
No liability
liabilityisisassumed
assumedfor
forthe
theaccuracy
accuracy
data
deliniated
herein.
Information
parcels
may
be be
obtained
Informationon
onroads
roadsand
andother
othernon-assessed
non-assessed
parcels
may
obtained
from
inin
the
Assessor's
Office.
fromthe
theRoad
RoadDocument
DocumentListing
Listing
the
Assessor's
Office.
BOOK
ASSESSOR'S
PARCELS
- CLARK
CO.,CO.,
NV. NV.
ASSESSOR'S
PARCELS
- CLARK
Michele
W. Shafe
- Assessor
Michele
W. Shafe
- Assessor
This
and
does
NOT
represent
a survey.
Thismap
mapisisfor
forassessment
assessmentuse
useonly
only
and
does
NOT
represent
a survey.
BOOK
Parcel Map
3
Capital Markets | Private Capital Group
PROPERTY OVERVIEW
40
1
19
.24
TAX DIST 250
FINANCIAL ANALYSIS
| 27
Financial Overview
Crossroads Towne Center offers an investor the
opportunity to acquire a regionally drawing, institutionalquality shopping center in the highly-sought-after North
Las Vegas market. The property features attractive highquality construction and superior market position at
the convergence of I-215 and Decatur Boulevard. The
Property’s irreplaceable, market-protected location and
high credit profile, long-term leases provide an investor
with a high-quality, predictable and secure income
stream.
The property is being offered subject to existing financing
as summarized below.
The projected financial performance of the property has
been modeled using ARGUS software. A projection of
the property’s 10-year net operating income, cash flow,
and detailed assumption are to follow. As the property is
being offered unpriced, no yield projections are included
but can be easily modeled. A copy of the ARGUS model
will be delivered by email upon request.
Financing to be assumed
Projected Loan Balance at Closing*$28,504,605
Interest Rate5.92%
Debt Constant*7.37%
Annual Debt Service$2,105,256
Loan Maturity Date
*Calculated at January 1, 2015
28 |
May 1, 2022
PLEASE NOTE THAT THE FOLLOWING PROJECTIONS ARE BEING PROVIDED FOR CONVENIENCE ONLY.
NO REPRESENTATIONS OR WARRANTIES OF ANY KIND ARE BEING MADE BY THE OWNER OR CASSIDY TURLEY
COMMERCIAL REAL ESTATE REGARDING THESE OR ANY OTHER FINANCIAL PROJECTIONS. INTERESTED PARTIES
ARE MOST STRONGLY ENCOURAGED TO CONSULT WITH EXPERTS TO REACH THEIR OWN INDEPENDENT
CONCLUSIONS REGARDING THE POTENTIAL FINANCIAL PERFORMANCE OF ANY POTENTIAL INVESTMENT.
FINANCIAL ANALYSIS
Rent Roll
MLA
Rate
SF
% of
Total
Lease
Start
Lease
End
Monthly
Rent
Monthly
Rate
Colleen’s Classics
$15.00
11,181
7.51%
5/31/2012
5/31/2017
5,468
0.49
65,614
5.87
A130
Bath & Body Works
$33.00
3,501
2.35%
2/11/2008
1/31/2019
9,482
2.71
113,783
32.50
A200
B100
Available (Second Floor)
Bed Bath & Beyond
$15.00
$15.00
12,067
29,982
8.11%
20.15%
6/1/2015
4/6/2007
5/31/2020
1/31/2018
15,084
27,234
1.25
0.91
181,005
326,804
15.00
10.90
C100
Hallmark Gold Crown
$20.00
4,000
2.69%
6/12/2007
2/28/2018
6,200
1.55
74,400
18.60
C110
Sally Beauty Salon
$33.00
2,000
1.34%
7/18/2007
7/17/2017
5,333
2.67
64,000
32.00
C120
Flores Family Dental
$36.00
2,000
1.34%
6/17/2007
6/30/2024
6,000
3.00
72,000
36.00
C130
Payless Shoes
$20.00
3,000
2.02%
6/15/2007
6/30/2016
4,635
1.55
55,620
18.54
C140
Radio Shack
$20.00
2,500
1.68%
6/1/2007
6/30/2017
1,750
0.70
21,000
8.40
C150
Sideline Sports
$33.00
2,267
1.52%
1/15/2012
12/31/2015
5,668
2.50
68,010
30.00
1/1/2016
FMV
C180
Mom & Pop's Cleaners
$29.00
1,750
1.18%
7/1/2011
6/30/2016
4,113
2.35
49,350
28.20
7/1/2015
29.04
7/1/2016
29.91
7/1/2017
3% annual
Suite
Tenant
A100/120
Annual Annual
Rent
Rate
Escalation
Date
6/1/2015
6/1/2016
2/1/2019
2/1/2024
2/1/2018
2/1/2023
2/1/2028
3/1/2015
3/1/2016
3/1/2017
3/1/2018
7/18/2017
7/18/2022
7/1/2015
7/1/2016
7/1/2017
7/1/2018
7/1/2019
7/1/2020
7/1/2021
7/1/2022
7/1/2023
7/1/2024
7/1/2015
Escalation Comments/Options
Rate
6.36 Pays nets on only 9,113 SF.
6.84 No options
35.75 Three (3) five (5) year options commencing 2/1/19,
39.33 2/1/24, & 2/1/29.
11.90
12.55
13.30
19.20
19.80
20.40
20.40
34.00
36.40
37.08
38.19
39.34
40.52
41.73
42.99
44.28
45.60
46.97
3% annual
19.10
Five (5) five (5) year options commencing 2/1/18,
2/1/23, 2/1/28.
Pays nets on only 28,982SF
One (1) five (5) year option commencing 3/1/18.
Two (2) five (5) year options commencing 7/18/17 &
7/18/22
One (1) five (5) year option commencing 7/1/24
No options remain
Tenant is currently paying rent under a minimum gross
sales provision that allows Tenant to terminate lease
or pay 3% of gross sales if those gross sales are below
$800,000 annually.
For purposes of the analysis, it is assumed that Tenant
pays rent of $21,000 annually through their term.
Two (1) five (5) year options commencing 1/1/16.
| 29
Rent Roll
Suite
Tenant
D100
U-Swirl Yogurt
D110
D115
D130
Century Link
Aliante Chiropractic
Optic Gallery
MLA
Rate
SF
% of
Total
Lease
Start
Lease
End
Monthly
Rent
Monthly
Rate
$29.00
3,006
2.02%
9/12/2009
9/30/2019
7,214
2.40
$25.00
$25.00
$29.00
1,503
4,509
2,900
1.01%
3.03%
1.95%
11/14/2013
12/20/2010
10/18/2013
3/31/2019
12/31/2019
4/15/2019
2,856
9,965
6,525
1.90
2.21
2.25
Annual Annual
Rent
Rate
86,569
34,268
119,579
78,300
28.80
22.80
26.52
27.00
Escalation
Date
Rate
10/1/2015
29.66
10/1/2016
30.55
10/1/2017
31.47
10/1/2018
32.41
10/1/24.
Gross Lease
10/1/2019
36.48
10/1/2025
3% annual
4/1/2019
23.48
4/1/2024
24.19
4/1/24.
1/1/2016
27.32
1/1/2017
28.14
1/1/2018
28.98
1/1/2019
29.85
1/1/2020
30.74
1/1/2021
31.67
1/1/2022
3% annual
4/16/2015
27.81
4/16/2016
28.64
4/16/2017
29.50
4/16/2018
30.39
4/16/2019
3% annual
D140
GNC
$40.00
1,281
0.86%
12/15/2007
12/31/2017
4,227
3.30
50,727
39.60
D145
Anytime Fitness
$20.00
4,727
3.18%
2/1/2012
1/31/2017
7,563
1.60
90,758
19.20
2/1/2015
19.80 No options remain
2/1/2016
20.40
D160
Aloha Orthodontics
$33.00
2,972
2.00%
11/13/2007
11/30/2015
7,430
2.50
89,160
30.00
12/1/2015
FMV
12/1/2016
3% annual
E100
E110
30 |
Dickey's BBQ
Available
$25.00
$25.00
2,074
2,689
1.39%
1.81%
6/1/2014
3/1/2015
9/30/2021
2/28/2020
4,355
5,602
2.10
2.08
52,265
67,225
25.20
25.00
No options remain
10/1/2015
12/1/20.
10/1/2016
25.96 Two (2) five (5) year options commencing 10/1/21 &
26.73 10/1/26.
10/1/2017
27.54
10/1/2018
28.36
10/1/2019
29.21
10/1/2020
30.09
10/1/2021
3% annual
FINANCIAL ANALYSIS
Rent Roll
Suite
Tenant
E130
Roberto's Taco Shop
E140
Cugino's Pizza
MLA
Rate
SF
% of
Total
Lease
Start
Lease
End
Monthly
Rent
Monthly
Rate
$29.00
1,448
0.97%
9/25/2012
9/30/2022
3,258
2.25
$25.00
1,777
1.19%
7/26/2011
7/31/2016
3,501
1.97
Annual Annual
Rent
Rate
39,096
42,008
27.00
23.64
F100
Starbucks
$50.00
2,100
1.41%
11/1/2007
2/28/2018
9,240
4.40
110,880
52.80
F120
Little Dumplings
$36.00
2,124
1.43%
6/9/2007
6/30/2016
6,127
2.88
73,528
34.62
F130
Port of Subs
$33.00
1,338
0.90%
5/1/2010
4/30/2015
3,678
2.75
44,141
32.99
Escalation
Date
10/1/2015
28.20
10/1/2016
29.40
10/1/2017
30.00
10/1/2018
30.96
10/1/2019
31.92
10/1/2020
32.88
10/1/2021
33.84
10/1/2022
3% annual
8/1/2015
8/1/2016
3/1/2018
3/1/2023
7/1/2015
7/1/2016
5/1/2015
5/1/2016
F140
Wings Restaurant
$25.00
1,366
0.92%
5/19/2010
5/31/2015
2,459
1.80
29,506
21.60
F150
Geisha Steak House
$50.00
4,237
2.85%
11/10/2007
11/30/2017
17,980
4.24
215,762
50.92
6/1/2015
6/1/2016
11/10/2015
11/10/2016
G100
Mattress Firm
$36.00
2,500
1.68%
8/5/2007
8/31/2017
7,500
3.00
90,000
36.00
G110
Lulu Hawaiian BBQ
$33.00
1,605
1.08%
11/1/2009
10/31/2019
4,385
2.73
52,615
32.78
G120
G130
G140
EB Games
Nevada Legal Forms
Bank of America
$45.00
$33.00
$50.00
1,143
1,085
5,150
0.77%
0.73%
3.46%
6/14/2007
3/1/2012
8/9/2007
6/30/2015
2/29/2016
8/31/2027
4,286
2,995
22,660
3.75
2.76
4.40
51,435
35,935
271,920
45.00
33.12
52.80
Rate
12/1/2017
9/1/2015
9/1/2016
9/1/2017
9/1/2018
11/1/2015
11/1/2016
11/1/2017
11/1/2018
11/1/2019
3/1/2015
8/9/2017
8/9/2022
9/1/2027
10/1/27 @ the greater of FMV or 3% annual.
3% annual 8/1/21 @ the greater of FMV or 3% annual.
58.08 Four (4) five (5) year options commencing 3/1/18,
63.89 3/1/23.
3% annual 7/1/21 @ the greater of FMV or 3% annual.
5/1/20 @ FMV, but in no event less than the previous
3.5% annual
12 months.
22.25 One (1) five (5) year option commencing 6/1/15.
3% annual
54.02 12/1/22
3% annual Tenant pays sign rent of $6,000/yr.
37.08 Tenant shall be entitled to terminate Lease if
38.19 gross store sales do not exceed $550,000 for 12
39.34 months ending 8/31/15. One (1) five (5) year option
commencing 9/1/17 @ the greater of FMV or 3%
3% annual increase.
33.77 One (1) five (5) year option remains commencing
34.78 11/1/19; assume 3% annual increase.
35.82
36.90
3% annual
No options remain
34.08 No options remain
58.08 Five (5) five (5) year options.
63.84 Tenant pays sign rent of $18,000/yr.
70.32
| 31
Rent Roll
MLA
Rate
SF
% of
Total
Lease
Start
Lease
End
Monthly
Rent
Monthly
Rate
Euphoria Salon
Goldfinger’s Sports Bar
$33.00
$40.00
7,000
4,610
4.70%
3.10%
5/12/2007
9/1/2011
12/31/2015
7/31/2024
17,500
14,522
2.50
3.15
210,000
174,258
30.00
37.80
J115
TitleMax
$36.00
1,590
1.07%
2/21/2008
2/28/2018
4,770
3.00
57,240
36.00
J120
Shelter Mutual Insurance
$36.00
1,176
0.79%
9/22/2007
9/30/2017
3,395
2.89
40,739
34.64
J125
AT&T
$36.00
4,057
2.73%
6/28/2007
6/30/2020
8,452
2.08
101,425
25.00
J140
Eyeglass World
$50.00
4,576
3.08%
1/1/2008
12/31/2017
18,876
4.13
226,512
49.50
Total Occupied
134,035
90%
Total Available
Project Total
14,756
148,791
10%
100%
281,602
20,684
302,286
2.10
1.40
2.03
3,379,227
248,208
3,627,435
25.21
16.82
24.38
Suite
Tenant
H100
J100
32 |
Annual Annual
Rent
Rate
Escalation
Date
8/1/2015
8/1/2024
9/1/2015
9/1/2016
3/1/2018
3/1/2019
10/1/2015
10/1/2016
7/1/2015
7/1/2016
7/1/2017
7/1/2018
7/1/2019
1/1/2018
1/1/2023
Rate
3% annual
3% annual
37.80
39.60
40.79
3% annual
35.68
36.75
25.75
26.25
27.04
27.85
28.68
54.45
59.90
Assume roll to market
Three (3) five (5) year options commencing 8/1/24,
8/1/29 & 8/1/34 with continued 3% annual increases.
One (1) five (5) year option commencing 3/1/18
remains.
Tenant pays sign rent of $12,000/yr.
No options remain
No options remain
Tenant pays sign rent of $12,000/yr.
1/1/23.
FINANCIAL ANALYSIS
Net Operating Income
PSF
Current (1)
PSF
Stabilized (2)
24.55
3,652,724
24.90
3,705,111
Expense Reimbursement Revenue
3.46
514,505
3.96
589,667
Signage Revenue
0.34
50,000
0.35
51,500
28.34
4,217,229
29.21
4,346,278
(1.67)
(248,230)
(0.92)
(136,173)
26.67
3,968,999
28.30
4,210,105
CAM
2.18
324,700
2.25
334,442
Real Estate Taxes
1.28
190,000
1.32
195,700
Insurance
0.39
58,050
0.40
59,792
Management Fee/Other
0.77
114,225
0.81
120,703
Total Operating Expenses
4.62
686,975
4.78
710,637
22.06
3,282,024
23.52
3,499,468
Base Rental Revenue
Potential Gross Revenue
(less) Vacancy
Effective Gross Revenues
Operating Expenses
(1) Current NOI assumes that any tenant with a year 1 expiration continues to occupy throughout the first 12 months of the analysis at their same rate upon their expiration.
(2) Stabilized NOI assumes lease up to 95% occupancy and any free rent has been satisfied; for purposes of illustration, the amount shown above is equal to a second year projected NOI.
| 33
Pricing Assumptions
Global
Analysis Period
Analysis Start
Analysis End
Term
Area Measure
Building Square Footage
Growth Rates
Real Estate Taxes
Market Rent Growth
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
General Vacancy Loss1
Capital Reserves
January 1, 2015
December 31, 2024
10 Years
148,791 SF
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
5.00%
$.10/SF
(1) Excludes BBB & Starbucks
Available Space Leasing and Absorption
Suite A200: 12,067SF/60 mos/$5.00 TI
Suite E110: 2,689SF/60 mos/$5.00 TI
Percentage Available
Absorption Period
Market T/I and commissions apply to the lease up.
34 |
6/1/2015
3/1/2015
9.92%
5 Months
Available Space Leasing and Absorption Cont.
Annual Rental Adjustments
Expense Reimbursement Type-E110
Expense Reimbursement Type-A200
Tenant Improvements
Commissions
3.00%
NNN + 20%
NNN + 15%
$5.00/SF
6.00%
* Rental rates shown are as of the start of the analysis; lease up assumed in year 2
of the analysis assume an inflation adjusted starting market rate.
Expenses
Operating Expense Source
Management Fee (% of EGR)
Estimate
2.50%
Management fees are assumed to be non-reimbursable.
In-Place Loan Information
Initial Loan Funding
Estimated Balance @ COE
Loan to Price
Funding Date
Amortization Start
Maturity Date
Amortization
Interest Rate
Assumption Fee
Refinance Assumptions
Projected Value of Property
Projected Loan to Value
Estimated New Loan Amount
Interest Rate
Amortization
Estimated Proceeds from Refinancing
Loan Fee
Reversion
Residual Cap Rate
Cost of Sale
$29,500,000
$28,504,605
51.83%
5/1/12
6/1/12
5/1/22
30 Years
5.92%
0.50%
$63,294,993
50%
$31,647,496
6.00%
30 Years
$7,010,172
0.50%
6.75%
1.00%
Second Generation Leasing
Renewal Probability
2015 Market Rental Rates
Rent Adjustment
Lease Term
Expense Reimbursement Method
Tenanting Costs
Rental Abatement
New
Renewal
Blended Average
Tenant Improvement
New
Renewal
Blended Average
Commissions
New
Renewal
Blended Average
Downtime
New
Blended Average
70%
See Rent Roll
3% annually
5 Years
NNN + 20%
0 Months
0 Months
0.0 Months
$5.00/SF
$0.00/SF
$1.50/SF
6.00%
3.00%
3.90%
6 Months
1.8 Months
FINANCIAL ANALYSIS
Loan Abstract
Current Loan
Assumed Replacement Loan
Origination Date
May 1, 2012
Date of Future Loan
First Payment Date
June 1, 2012
CYE 2022 NOI
May 1, 2022
Projected Value (based on residual cap rate assumption)
Maturity Date
June 1, 2022
$4,272,412
$63,294,993
Original Loan Amount
$29,500,000
Loan-to-Value
Estimated Loan Balance COE
$28,504,605
Interest Rate
6.00%
Estimated Balance @ Maturity
$24,637,324
Amortization
30 Years
Interest Rate
5.92%
Loan Fee
Interest Calculation
Actual/360
Proposed Loan Amount
Structure
Fixed Rate
Proceeds from Refinancing
Amortization
Amortization Commencement Date
Implied Loan-to-Value
Assumption Fees (Not in Argus)
Borrower
Lender
Monthly Debt Service
Capital Expenditure Monthly Impound
Tenant Improvement Monthly Impound
30 Years
May 1, 2012
51.83%
Monthly Debt Service
Amortization Commencement
Structure
50%
0.50%
$31,647,496
$7,010,172
$189,743
June 1, 2022
Fixed Rate
0.50%
Eagle Crossroads Center, LLC
Cantor Commercial RE Lending
$175,438
$1,860
$10,359
| 35
Cash Flow
Year 1
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
PSF
Dec-2015
Dec-2016
Dec-2017
Dec-2018
Dec-2019
Dec-2020
Dec-2021
Dec-2022
Dec-2023
Dec-2024
$24.55
$3,652,725
$3,761,213
$3,922,803
$4,138,516
$4,236,249
$4,349,679
$4,474,004
$4,575,333
$4,760,045
$4,878,450
$0.00
0
0
0
0
0
0
0
0
0
0
Absorption & Turnover Vacancy
($0.64)
(95,196)
(56,102)
(62,698)
(9,332)
0
(92,716)
(90,026)
(86,793)
(44,262)
(16,091)
Scheduled Base Rental Revenue
For the Years Ending
Potential Gross Revenue
Base Rental Revenue
Base Rental Abatement
$23.91
3,557,529
3,705,111
3,860,105
4,129,184
4,236,249
4,256,963
4,383,978
4,488,540
4,715,783
4,862,359
Expense Reimbursement Revenue
$3.72
553,483
589,667
613,277
656,785
677,533
681,545
708,436
723,489
760,231
788,184
Signage Revenues
$0.34
50,000
51,500
53,045
54,636
56,275
57,964
59,703
61,494
63,339
65,239
$27.97
4,161,012
4,346,278
4,526,427
4,840,605
4,970,057
4,996,472
5,152,117
5,273,523
5,539,353
5,715,782
Total Potential Gross Revenue
General Vacancy
Effective Gross Revenue
($0.60)
(89,944)
(136,173)
(138,736)
(203,122)
(218,053)
(131,098)
(141,234)
(150,169)
(202,250)
(237,431)
$27.36
$4,071,068
$4,210,105
$4,387,691
$4,637,483
$4,752,004
$4,865,374
$5,010,883
$5,123,354
$5,337,103
$5,478,351
Operating Expenses
CAM
$2.18
$324,700
$334,442
$344,475
$354,810
$365,452
$376,414
$387,709
$399,340
$411,320
$423,659
Real Estate Taxes
$1.28
190,000
195,700
201,571
207,618
213,847
220,262
226,870
233,676
240,686
247,907
Insurance
$0.39
58,050
59,792
61,585
63,433
65,336
67,296
69,315
71,394
73,536
75,742
Management Fees (non-recoverable)
$0.68
101,777
105,253
109,692
115,937
118,800
121,634
125,272
128,084
133,428
136,959
Other Non-Reimbursable Insurance
$0.10
15,000
15,450
15,914
16,391
16,883
17,389
17,911
18,448
19,002
19,572
$4.63
689,527
710,637
733,237
758,189
780,318
802,995
827,077
850,942
877,972
903,839
80%
83%
84%
87%
87%
85%
86%
85%
87%
87%
$22.73
$3,381,541
$3,499,468
$3,654,454
$3,879,294
$3,971,686
$4,062,379
$4,183,806
$4,272,412
$4,459,131
$4,574,512
Total Operating Expenses
(Percent Recovered)
Debt Service
Interest Payments
$11.27
$1,677,257
$1,651,201
$1,623,558
$1,594,231
$1,563,120
$1,530,115
$1,495,100
$1,716,449
$1,874,470
$1,849,648
Principal Payments
$2.88
427,999
454,055
481,699
511,025
542,136
575,142
610,157
$488,941
402,443
427,265
Loan Fees
$0.96
142,523
0
0
0
0
0
0
158,237
0
0
Proceeds from Refinancing
$0.00
0
0
0
0
0
0
0
(7,010,172)
0
0
Total Debt Service
$15.11
2,247,779
2,105,256
2,105,256
2,105,256
2,105,256
2,105,256
2,105,256
(4,646,545)
2,276,913
2,276,913
$7.62
$1,133,762
$1,394,212
$1,549,198
$1,774,038
$1,866,430
$1,957,123
$2,078,550
$8,918,957
$2,182,218
$2,297,599
Tenant Improvements
$0.51
$75,495
$17,126
$31,164
$2,100
$0
$37,077
$27,048
$38,571
$15,291
$5,676
Leasing Commissions
$0.60
89,723
69,697
77,891
11,593
0
115,185
111,841
102,436
60,541
22,721
Capital Expenditures
$0.10
14,879
15,325
15,785
16,259
16,747
17,249
17,766
18,299
18,848
19,414
Total Leasing & Capital Costs
$1.21
180,097
102,148
124,840
29,952
16,747
169,511
156,655
159,306
94,680
47,811
Cash Flow After Debt & CapEx
$6.41
$953,665
$1,292,064
$1,424,358
$1,744,086
$1,849,683
$1,787,612
$1,921,895
$8,759,651
$2,087,538
$2,249,788
Cash Flow After Debt Service
Leasing & Capital Costs
36 |
LOCATION
| 37
Clark County Las Vegas
Clark County, with jurisdiction over the world-famous Las Vegas Strip and covering
an area the size of New Jersey, is the nation’s 12th-largest county and provides
extensive regional services to more than 2 million citizens and 42 million visitors
a year. The area includes the nation’s 8th-busiest airport, McCarran International
Airport.
Population
According to data from the U.S. Census Bureau, Clark County has an overall
population of just over 2 million, with 606,762 of those residents living in Las
Vegas. The same U.S. Census Bureau report has Clark County adding 30,209 new
residents between July 2012 and July 2013, which was year-over-year growth of
1.5 percent. Clark County estimates their population growth during the same period
to be higher, at 59,599 new residents. The difference in the population numbers
is because Clark County counts persons per household while the Census Bureau
relies on phone survey data. Either method indicates that Clark County, Nevada is
experiencing steady population growth.
38 ||
38
EXECUTIVE SUMMARY
LOCATION
Employment
Clark County has over 868,400 nonfarm jobs, an 11 percent increase in the amount
of jobs over the past 10 years. During that same 10 year period, the nation’s job
growth was a mere two percent. The forecast for annual job growth in Nevada is two
percent each year through 2015. That equates to an additional 35,000 jobs for Las
Vegas, putting the city near its peak employment numbers of 2007.
Non-farm employment in the Las Vegas metro area grew 3.1 percent in 2013.
Expectations are for continued growth with increases of 3.6 percent in 2014 and 3.8
percent in 2015. The areas unemployment rate has steadily dropped since 2010,
with year-end unemployment of 8.9 percent in 2013. By year-end 2014 that number
is expected to drip to 8.2 percent and then fall below 8 percent by 2015.
Employment sectors that led the way for jobs added include education, professional
and business services and trade/transportation and utilities.
Source: U.S. Census Bureau, Las Vegas Chamber of Commerce; Clark County, Nevada, Las Vegas
Review Journal; Brookings
Largest Nongaming Industry Employers in Clark County
Employer
Industry
Approximate # Employees
Clark County School District
School
30,000 to 39,999
Clark County
Local Government
7,500 to 7,999
University of Nevada - Las Vegas
School
5,000 to 5,499
Las Vegas Metropolitan Police
Local Government
4,500 to 4,999
University Medical Center of S. NV
Hospital
3,500 to 3,999
Southwest Airlines
Air Transportation
3,000 to 3,499
City of Las Vegas
Local Government
2,500 to 2,999
Largest Corporate Gaming Employers in Clark County
Employer
Industry
Approximate # Employees
Wynn Las Vegas
Casino Hotels
8,000 to 8,499
Bellagio
Casino Hotels
7,500 to 7,999
MGM Grand Hotel/Casino
Casino Hotels
7,500 to 7,999
Aria Resort & Casino
Casino Hotels
7,000 to 7,499
Mandalay Bay Resort and Casino
Casino Hotels
7,000 to 7,499
Source: Nevada Dept of Employment - Quarter 1, 20114Nevada Employer Directory
| 39
Clark County Las Vegas (Continued)
Las Vegas Entertainment
Las Vegas has been best known for The Strip and its world-class entertainment and
nightlife, but new upscale dining, retail and entertainment offerings continue to
spring-up and add to the culture and diversity of the area. Las Vegas has continued
to see expansion and growth among non-gaming industries, bringing high-tech
companies, educational and medical research facilities and cultural arts offerings
to its residents. The Small Business and Entrepreneurship Council’s Small
Business Survival Index ranked Las Vegas as having the second best entrepreneurial
environment in the nation. The pro-business attitude in Las Vegas is supported by
Nevada’s no personal or corporate income tax and no estate tax laws.
Recently announced projects along the Strip are helping to erase the slowdowns
from the recent recession. The Genting Group (Malaysia) announced plans to break
ground in 2014 on Resorts World Las Vegas, a cluster of hotels, 175,000-squarefeet of gaming space, 210,000-square-feet of restaurants, 250,000-square-feet
of retail, a 4,000-seat theater, 500,000-square-feet of convention and meeting
space and 300,000-square-feet of pools and water slides. This $7 billion dollar
development promises to bring tens of thousands of jobs between the construction
phase and the operational phase of the property which should open in 2017. The
former Sahara casino was redeveloped by SBE Entertainment (Los Angeles) and
renamed SLS Las Vegas Hotel & Casino. Located on the north end of the Strip, the
1,600 room hotel and casino opened in August 2014.
Two major non-casino projects are also underway on the Strip. The Las Vegas
Global Business District is a $2.5 billion dollar development overhaul of the 54year old Convention Center. Construction includes the purchase of a 3.3-acre lot
on Sierra Vista where the group plans to demolish a 100-unit apartment complex
when the leases expire in 2014. MGM Resorts is also planning to develop an
outdoor mall area complete with parks, shops, restaurants and a 20,000 seat
arena. Located between the New York-New York and the Monte Carlo casinos, the
project is estimated to cost over $100 million dollars.
40 |
Regional Map
LOCATION
DECATUR BOULEVARD & CC-215
LAS VEGAS, NEVADA
McCarran International Airport
Thom Boulevard
Local Area Map
Geisha House
Little Dumpling
•
Five miles south of Downtown Las Vegas is the 2,800 acre McCarran
International Airport with 4 runways and 110 aircraft gates at two separate
terminal buildings, each with its own parking garage, ticketing/check-in area,
baggage claim, and shopping and dining options.
•
In 2013 McCarran ranked 24th in the world for passenger traffic, with
41,856,787 passengers passing through the terminal. According to a leading
aviation analyst, McCarran will have the fifth largest percentage of passenger
growth among all major North American airports over the next 10 years.
•
29 airlines currently fly out of McCarran International Airport including Allegiant,
American Airlines, Delta, Frontier Airlines, JetBlue, Southwest Air, Sun Country
Airlines, United and US Airways.
Image Sun
Viva El Taco
Cugino’s Pizzeria
Rome Boulevard
19,000 cars/day
Sideline Sports
J’s Cleaners
Lulu Hawaiian BBQ
®
Decatur Boulevard
Cashback Title Loans
Goldfingers
COMING SOON
20,000 cars/day
Rice Avenue
6,100 cars/day
enue
Tropical Av
| 41
0
0
0 .1
0 .1
0 .2
Miles
0 .2
Miles
North Las Vegas
North Las Vegas is a growing, independent city with a population of
226,877*, an increase in population of nearly 5 percent since 2010.
Multiple master-planned communities have fueled economic development
in North Las Vegas by attracting new business and retail amenities to the
area. A proactive city government has led the way in creating a technology
hub in the area. The city is home to the bulk of Southern Nevada’s
manufacturing, technology, distribution and industrial facilities.
Demographics - 2014 (Quick Facts)
Population
Households (2008-2012)
Homeownership Rate (2008-2012)
Median Household Income (2008-2012)
Median Home Value (2008-2012)
Source: U.S. Census Bureau, cityofnorthlasvegas.com
42 |
226,877
65,663
59.6%
$55,466
$160,300
MARKET ANALYSIS
| 43
Aerial View Facing Southwest
Future Residential
Decatur B
oulevard
Ro
me
Bo
ule
va
rd
SUPERCENTER
44 |
EXECUTIVE SUMMARY
Aerial View Facing Southeast
Las Vegas Strip
Future Residential
KB Homes Centennial Springs
Future Residential
SUPERCENTER
Ro
me
Bo
ule
var
d
rd
leva
ou
ur B
at
Dec
| 45
Aerial View Facing Northeast
Aliante Hotel
& Casino
Standard Pacific
Future Homes
Vincent L Triggs
Elementary
Future Residential
ard
oulev
B
Rome
SUPERCENTER
Dec
atur
46 |
Bou
leva
rd
EXECUTIVE SUMMARY
Aerial View Facing South
De
cat
SUPERCENTER
ur
Bo
ule
var
d
rd
Rome Bouleva
| 47
Market Overview: Nevada
Through mid-2014, the Metro Las Vegas retail market posted a slight decline in demand
with 156,894 square feet (sf) of negative absorption. The Las Vegas market has only
recorded one year of negative absorption since 2006, posting negative 197,346 sf in
2011. Demand for retail space in Las Vegas has been relatively healthy since 2012,
absorbing over 2.2 million square feet (msf) since the beginning of 2012 through June
2014. Due to the increase in demand, the vacancy rate has declined steadily from the
peak of 11.4% set in 2011 to 10.1% at the end of the second quarter. The vacancy rate
hit bottom in 2006 at 4.4% and increased sharply from 2006 - 2011 due to nearly 20
msf of new construction that was delivered while only absorbing 10.1 msf. From 2012
through the second quarter 2014, 900,000 sf of retail space was delivered while 2.2
msf was absorbed. Despite the large amount of deliveries during the period of 20062011, 9 out of the last 10 quarters have averaged over 2.0 msf of retail space under
construction. At the end of the second quarter there was 2.9 msf under construction,
which is the largest amount since 2007. Average quoted rental rates have appeared
to hit bottom during the third quarter 2013 at $15.39 per square foot (psf) and have
steadily increased each quarter to finish the second quarter at $15.55 psf.
Las Vegas Metro Vacancy %
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2013
2014
Source: CoStar
Las Vegas Metro Avg. Quoted Rates
$30.00
Millions
Las Vegas Metro Net Absorption vs. Deliveries
$25.00
8
7
6
$20.00
5
4
3
$15.00
2
1
$10.00
0
2006
2007
2008
2009
2010
-1
Source: CoStar
48 |
2011
2012
2013
2014
2006
Source: CoStar
Net Absorption
Deliveries
2007
2008
2009
2010
2011
2012
MARKET ANALYSIS
Market Overview: North Las Vegas
The Crossroads Towne Center is located in the North Las Vegas submarket and is
comprised of approximately 15.5 msf, which is 14.4% of the Metro Las Vegas retail
market. The North Las Vegas submarket finished the second quarter with a vacancy rate
of 13.1%. Crossroads Towne Center has consistently exceeded submarket occupancy
since development in 2007. The submarket vacancy rate has ranged from 11.8% to
13.1% since the 3rd quarter 2010 through the second quarter 2014. During the first
two quarters of 2014, the North Las Vegas submarket posted a slight decline in demand
with 77,743 sf of negative absorption. The submarket posted a small decline in 2013
with 2,585 sf of negative absorption, but recorded a large gain in 2012 with 176,570
sf of positive absorption. Since the third quarter 2010, the North Las Vegas submarket
has absorbed 86,103 sf. Construction activity has remained limited since the third
quarter 2010, with only 259,253 sf completed. The majority of the construction activity
occurred in 2012 and 2013 with 117,171 sf and 54,646 sf completed respectively.
During the first two quarters of 2014, 19,122 sf has been completed and 155,270 sf
was under construction at the end of the second quarter, a significant increase from the
previous quarter of 18,499 sf. Average quoted rental rates finished the second quarter
at $14.08 psf, or $1.47 psf lower than Las Vegas Metro.
North Las Vegas Vacancy %
15.00%
14.00%
13.00%
12.00%
11.00%
10.00%
2010
4Q
2011
2Q
2011
4Q
Source: CoStar
2012
2Q
2012
4Q
2013
2Q
2013
4Q
2014
2Q
2013
4Q
2014
2Q
Vacancy %
North Las Vegas Avg. Quoted Rates
$20.00
North Las Vegas Net Absorption vs. Deliveries
200,000
150,000
$15.00
100,000
50,000
0
-50,000
2010
4Q
2011
2Q
2011
4Q
2012
2Q
2012
4Q
2013
2Q
2013
4Q
2014
2Q
$10.00
2010
4Q
-100,000
2011
2Q
2011
4Q
2012
2Q
2012
4Q
2013
2Q
Source: CoStar
-150,000
Source: CoStar
Net Absorption
Deliveries
| 49
ELKHORN RD
Competing Properties - Map
#
Shopping Center
Main Tenants
Subject Property
1 ±148,791 SF
Bed, Bath & Beyond, Bank of
America, AT&T, Starbucks, Hallmark,
GNC, Anytime Fitness
±359,444 SF
Costco, Best Buy, Walgreens,
SteinMart, Ashley Furniture
Decatur 215
3 ±390,000 SF
Target, Winco/ Hobby Lobby
JONES BLVD
Shadow Mountain Marketplace
2
CROSSROADS
TOWNE CENTER
DEER SPRINGS WAY
!
(
!
(
1
2
3
AVIARY WAY
!
(
DECATUR BLVD
CENTENNIAL PKWY
TROPICAL PKWY
Source: Esri, DigitalGlobe, GeoEye, i-cubed, Earthstar Geographics,
CNES/Airbus DS, USDA, USGS, AEX, Getmapping, Aerogrid, IGN,
IGP, swisstopo, and the GIS User Community
50 |
MARKET ANALYSIS
Area Demographic Summary including Projections
1 Mile Radius
3 Mile Radius
5 Mile Radius
2000 Population
2,739
52,449
137,615
2010 Population
15,890
118,025
274,942
2014 Population
17,512
124,563
290,923
2019 Population
19,309
134,291
313,504
2000-2010 Annual Rate
19.22%
8.45%
7.17%
2.31%
1.28%
1.34%
1.97%
1.52%
1.51%
2000 Households
942
18,091
47,745
2010 Households
5,644
40,514
94,117
2014 Total Households
6,213
42,638
99,020
2019 Total Households
6,845
45,881
106,414
19.61%
8.40%
7.02%
2.29%
1.21%
1.20%
1.96%
1.48%
1.45%
2014 Average Household Income
$82,262
$83,963
$77,647
2019 Average Household Income
$91,225
$96,320
$89,293
2.09%
2.78%
2.83%
| 51
52 |
Exclusively Listed By Cassidy Turley:
Exclusively Listed By:
Val (Ric) Russell
Senior Managing Director
415-677-0448
[email protected]
For leasing, management and investment information:
Jeff Mitchell
702-787-0123 x411
Chris Emanuel
702-787-0123 x401
[email protected]
[email protected]
6436 & 6512 N. Decatur Boulevard
|
North Las Vegas, NV 89131
777 North Rainbow, Las Vegas, Nevada 89107
(P) 602.954.9000 (F) 602.468.8588 | www.cassidyturley.com
OFFERING MEMORANDUM

crossroads towne center

Transcription

Similar documents

Poster LVA WACAC 2016

BOY SCOUTS NIGHT OUT AT BLUE MAN GROUP!

Terry Fator Fox Theatre_PP1

SKYBOT HAND

FiestaPoster2012

welcome entertainment and amenities

How Did They Do That? - Sacramento Civil War Round Table

Combat Veterans Motorcycle Association of Nevada - Nevada 41-1

flyer here

Las Vegas Flyer