OFFERING MEMORANDUM UKIAH (MENDOCINO COUNTY), CALIFORNIA - Raley's Executed 10-Year Lease Extension in 2022 Strong Gross Sales; Tenant Pays ...
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Raley’s Executed 10-Year Lease Extension in 2022
Strong Gross Sales; Tenant Pays Percentage Rent
94% National/Regional Tenants
Below Replacement Cost
OFFERING MEMORANDUM
UKIAH (MENDOCINO COUNTY), CALIFORNIA
TABLE OF CONTENTS EXCLUSIVELY LISTED BY:
Offering Summary 3 Kevin Fryman
Investment Highlights 4 Executive Vice President
Rent Roll 6 kfryman@hanleyinvestment.com
949.585.7674 | CA Lic. #01321833
Income & Expense 8
10-Year Cash Flow 9
Ed Hanley
10-Year Cash Flow Assumptions 10 President
Site Plan 11 ehanley@hanleyinvestment.com
Surrounding Tenants 14 949.585.7677 | CA Lic. #01118569
Aerial Overview 15
Regional Map 17
Tenant Profiles 18
Area Overview 24
Demographics 26
OFFERING SUMMARY
LOCATION
Ukiah Crossroads
VIEW ON
1307-1399 North State St; 180-200 Ford Rd GOOGLE MAPS
Ukiah, CA 95482
OFFERING SUMMARY
RALEY’S EXECUTED 10-YEAR LEASE EXTENSION IN 2022
Price: $19,410,000
Current NOI @ 96% Occupancy: $1,164,642
Current Capitalization Rate: 6.00%
CAGR: 3.37%
NOI Growth over 10 Years: 39%
Price per Square Foot: $177
Net Rentable Area: 109,956
94% NATIONAL/REGIONAL TENANTS
Year Built: 1986; R-2012
Lot Size (Acres): 8.39
FINANCING SUMMARY
All Cash or Cash to New Financing
(Contact Hanley Investment Group for Further Details)
2012 COMPLETE EXTERIOR SHOPPING CENTER RENOVATION
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 3
INVESTMENT HIGHLIGHTS
y Grocery Anchored Shopping Center: The subject property is a 110,000 square foot center anchored by Raley’s
« Raley’s, which owns and operates 235 grocery stores, is the dominant grocer in Sacramento MSA and
surrounding regions
« In 2022, Raley’s extended their lease by an additional 10 years, demonstrating their commitment to the
center
« In 2012, Raley’s remodeled the interior of their store to reflect their Lifestyle Concept at their sole
cost and expense in excess of $5 million
« In 2017, Raley’s invested in adding solar to their building at their sole cost
« Strong gross sales of $31,136,000; Raley’s pays percentage rent
« Favorable 2.15% rent to sales ratio
« Raley’s operates under banners of Raley’s, Bel Air, Nob Hill Foods, Raley’s O-N-E Market, Bashas’, Bashas’ Diné, Food City, AJ’s Fine Foods, and
Eddie’s Country Store
« #17 largest private company in California (Forbes)
« #135 America’s largest private companies (Forbes)
« $4 billion annual revenue for 2020-2021 up from $3.6 billion the previous year
y 3.37% CAGR; 39% NOI Growth Over 10 Years
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 4
INVESTMENT HIGHLIGHTS
y Limited Shop Space Competition in Nearby Grocery Anchored Centers: Ukiah Crossroads benefits from
the fact that Grocery Outlet, Safeway and Walmart Supercenter are stand-alone stores. The FoodMaxx
anchored center’s co-tenants are Staples, Michael’s and Friedman’s Home Improvement with no shop
tenants. The only traditional grocery anchored center with shop tenants is Pear Tree Center, anchored
by Lucky’s, which is 95% occupied
y Below Replacement Cost; $177 per Square Foot
y 94% National/Regional Tenant Mix: Including Raley’s, Boot Barn, Dollar Tree, Little Caesar’s, O’Reilly’s,
Rent-A-Center, Subway and U.S. Cellular
y 96% Occupied; Long-Term Historical Occupancy: 87% of the current tenants have successfully
operated in the center at least 10 years, including Raley’s, which has been successfully operated since Ukiah
Crossroads was originally built in 1986
y In-N-Out, Harbor Freight and Speedway Outparcels are Not a Part of the Offering, but Drive Additional Traffic to the Center
y 2012 Exterior Shopping Center Renovation: In 2012, the exterior of the façade was renovated, including enhanced store elevations with new rock columns
throughout the center
y Freeway Visible Location: Ukiah Crossroads is located immediately off of the on/off ramp of the 101 Freeway along State Street, the main thoroughfare in Ukiah
y Regional Trade Area Shopping Demand: Due to lack of shopping options in the surrounding cities in Mendocino and Lake Counties, which have a population of
160,000 people, Ukiah draws customers from a larger trade area than a traditional grocery anchored center
y Largest City in Mendocino County: Ukiah is surrounded by over 30 wine tasting rooms, organic wineries and acres of vineyards as well as a number of award-
winning microbreweries. Ukiah Valley Medical Center is the largest healthcare facility in the county. Mendocino College, which is located just north of Ukiah
Crossroads, currently enrolls 4,000 students
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 5
RENT ROLL
MOST
RECENT LEASE LEASE ANNUAL CURRENT CURRENT RENTAL LEASE RENEWAL
TENANT SUITE SF LEASE START END RENT/SF RENT/SF RENT/MO. INCREASES TYPE OPTIONS
Four 5-Year &
One 3-Year @
Raley's 1315 61,046 2022 06/04/86 06/30/33 $7.57 $0.63 $38,500 None NNN Opt. 1-3: $38,500
Opt. 4: $40,425
Opt. 5: $42,446
Three 5-Year @
O'Reilly Auto Parts 1399 8,317 2014 07/08/89 07/31/24 $16.11 $1.34 $11,169 None NNN
7% Each Option
One 5-Year @
Dollar Tree 1395 10,196 2019 01/26/09 03/31/24 $13.30 $1.11 $11,301 None NNN
$12,201
$3,957
U.S. Cellular 1393 2,364 2019 04/25/14 11/30/25 $20.00 $1.67 $3,940 (December 2022) NNN None
then 3% Annually
Available 1389 2,000 - - - - - - - NNN -
3% Annually
Ukiah Nails & Spa 1387 1,200 2020 11/01/10 10/31/25 $23.36 $1.95 $2,336 NNN None
(November 2022)
2% Annually One 5-Year @
Rent-A-Center 1383 4,332 2020 11/01/00 10/31/23 $16.17 $1.35 $5,836 NNN
(November 2022) $7,083
10% Every 5 Years Four 5-Year @
Boot Barn 1375 8,896 2018 06/27/18 06/30/28 $9.00 $0.75 $6,672 NNN
(July 2023) 10% Each Option
3% Annually
La Buena Michoacana 1311 900 2017 03/21/17 03/21/27 $27.82 $2.32 $2,087 NNN None
(April 2023)
3% Annually
Mendo Cuts 1309 1,200 2013 07/01/13 06/30/26 $25.75 $2.15 $2,575 NNN None
(July 2023)
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 6
RENT ROLL
MOST
RECENT LEASE LEASE ANNUAL CURRENT CURRENT RENTAL LEASE RENEWAL
TENANT SUITE SF LEASE START END RENT/SF RENT/SF RENT/MO. INCREASES TYPE OPTIONS
3% Annually
Subway 1307 1,200 2018 12/01/98 12/31/23 $32.51 $2.71 $3,251 NNN None
(January 2023)
$2,637 One 5-Year @
Little Caesars 180 1,068 2018 08/01/00 07/31/25 $28.22 $2.35 $2,511 NNN
(July 2023) 3% Annually
Woody's Wash & Dry 184 1,816 2018 04/01/96 03/31/23 $23.37 $1.95 $3,537 None NNN None
3% Annually
Discount Cigarettes 188 1,161 2020 08/12/12 11/30/25 $23.03 $1.92 $2,228 NNN None
(December 2022)
Available 190 2,146 - - - - - - - NNN -
Armed Forces
194-200 2,114 2020 02/22/10 02/21/25 $35.98 $3.00 $6,339 None Gross None
Recruitment
10% Every 5 Years Three 5-Year @
Marin Ventures, LLC SIGN 0 2018 02/01/18 01/31/33 - - $1,000 Gross
(February 2023) 10% Each Option
Total Square Footage: 109,956
Total Available: 4,146 4% Vacancy
Total Occupied: 105,810 96% Occupancy
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 7
INCOME & EXPENSE
ANNUALIZED OPERATING DATA
Current
Scheduled Base Rent: $1,242,168
Expense Recoveries: $453,224
Raley's Percentage Rent: $5,044
Total Potential Gross Revenue: $1,700,436
Vacancy & Credit Loss: Actual 4%
Effective Gross Revenue (EGR): $1,700,436
Total Operating Expenses: ($535,794)
Net Operating Income (NOI): $1,164,642
OPERATING EXPENSES
Amount $/SF
Taxes (1.21% + Special Assessments): $236,684 $2.15
Insurance: $15,179 $0.14
Common Area Maintenance: $209,518 $1.91
Management (3.0% of EGR): $51,013 $0.46
Non-Reimbursable (Armed Forces): $23,400 $0.21
Total Expenses: $535,794 $4.87 Annually Per SF
$0.41 Monthly Per SF
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 8
10-YEAR CASH FLOW
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10
FOR THE YEARS ENDING JUN-2023 JUN-2024 JUN-2025 JUN-2026 JUN-2027 JUN-2028 JUN-2029 JUN-2030 JUN-2031 JUN-2032
Potential Gross Revenue
Scheduled Base Rent $1,242,168 $1,376,902 $1,403,367 $1,423,742 $1,450,095 $1,454,373 $1,454,373 $1,461,726 $1,568,893 $1,596,693
Expense Recoveries $453,224 $494,883 $511,487 $523,848 $541,134 $558,589 $558,589 $553,583 $606,168 $627,009
Raley's Percentage Rent (1) $5,044 $19,056 $33,487 $48,352 $63,663 $79,432 $79,432 $95,675 $129,638 $147,387
Total Potential Gross Revenue $1,700,436 $1,890,840 $1,948,341 $1,995,942 $2,054,891 $2,092,394 $2,092,394 $2,110,984 $2,304,698 $2,371,088
Vacancy & Credit Loss $0 ($33,289) ($34,016) ($32,505) ($39,454) ($45,371) ($45,371) ($11,807) ($34,828) ($46,214)
Effective Gross Revenue $1,700,436 $1,857,551 $1,914,325 $1,963,437 $2,015,438 $2,047,023 $2,047,023 $2,099,177 $2,269,871 $2,324,875
Operating Expenses
Taxes $236,684 $243,785 $251,098 $258,630 $266,389 $274,381 $274,381 $282,612 $299,824 $308,819
Insurance $15,179 $15,633 $16,103 $16,586 $17,083 $17,596 $17,596 $18,124 $19,227 $19,804
Common Area Maintenance $209,518 $215,804 $222,279 $228,949 $235,816 $242,891 $242,891 $250,177 $265,412 $273,377
Management $51,013 $55,727 $57,430 $58,903 $60,463 $61,411 $61,411 $62,975 $68,096 $69,746
Non-Reimbursable $23,400 $24,102 $24,825 $25,569 $26,337 $27,127 $27,127 $27,941 $29,642 $30,532
Total Operating Expenses $535,794 $555,051 $571,734 $588,636 $606,088 $623,405 $623,405 $641,829 $682,202 $702,276
Net Operating Income $1,164,642 $1,302,500 $1,342,591 $1,374,801 $1,409,349 $1,423,618 $1,423,618 $1,457,348 $1,587,668 $1,622,599
(1) 2021 Sales were $31,136,000. Assumes sales increase 3% annually.
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 9
10-YEAR CASH FLOW ASSUMPTIONS
ASSUMPTIONS TO CASH FLOW
Analysis Period – Start Date: (1) 7/1/2022
Year 1 - Actual (4%)
General Vacancy:
Years 2-10 - 5% (2)
Occupancy Level (Year 1): 96%
Operating Expense Source: 2022 Budget
1.16% + Special
Effective Tax Rate:
Assessments
CPI Growth Rate (Projected): 3.00%
Management Fee: 3.00%
Market Rents: $7.50 NNN - $36.00 NNN
Down Time: 3-12 Months
Term: 5 - 10 Years
Tenant Improvements New/Renewal: $5 / $0
Leasing Commissions New/Renewal: 5% / 0%
Renewal Probability: 75% (3)
(1) Assumes that all tenants whose lease expires before the end of the first year of the analysis
(June 30, 2023) will continue to pay rent at the same terms and conditions until that date.
(2) Excludes Raley’s, O’Reilly Auto Parts, and Dollar Tree.
(3) Assumes that all tenants with fixed options will exercise them per the language in their leases.
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 10SITE PLAN
SUITE TENANTS SF
1315 Raley's 61,046
ON RAMP 1399 O'Reilly Auto Parts 8,317
1395 Dollar Tree 10,196
1393 U.S. Cellular 2,364
1389 Available 2,000
SIGN
VISIBL E SIGN
FREEWAY AY
1387 Ukiah Nails & Spa 1,200
FREEW
VISIBLE
1383 Rent-A-Center 4,332
1375 Boot Barn 8,896
1311 La Buena Michoacana 900
1309 Mendo Cuts 1,200
1307 Subway 1,200
1399 1395 HI 180 Little Caesars 1,068
GH
93
184 Woody's Wash & Dry 1,816
13
89
WA
13
87
Y1 188 Discount Cigarettes 1,161
13
83
01 190 Available 2,146
13
194-200 Armed Forces Recruitment 2,114
1375 TOTAL SQUARE FOOTAGE 109,956
STATE STREE
1315 Ukiah Crossroads
1307-1399 North State St;
180-200 Ford Rd
DRIVE THRU
Ukiah, CA 95482
T
SUBJECT PROPERTY
Land AVAILABLE
1311
180
184
190
188
1309 194-
1307 200
NOT A PART
SIG
N
PROPERTY PARCEL
FORD ROAD APN: 170-190-25-00 (Center)
N
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 11HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 12
SURROUNDING TENANTS HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 13
AERIAL OVERVIEW
N
RALEY’S ANCHORED CENTER
• IN 2022, RALEY’S EXTENDED BY LEASE BY AN ADDITIONAL 10 YEARS
• IN 2012, RALEY’S REMODELED THE INTERIOR OF THEIR STORE
• STRONG GROSS SALES OF $31,136,000; RALEY’S PAYS PERCENTAGE RENT
• FAVORABLE 2.15% RENT TO SALES RATIO
• BELOW MARKET RENT OF $0.63 PSF
FOR
DR
OA
D
Y
G H WA
HI
O OD SUBJECT PROPERTY
REDW
STATE STREET
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 14AERIAL OVERVIEW
N
PEER TREE CENTER
UKIAH MUNICIPAL
AIRPORT
POMOLITA MIDDLE UKIAH VALLEY
SCHOOL GOLF COURSE
- 788 Students -
SUBJECT PROPERTY
RED
DEMOGRAPHICS
WOO
D HI
GHW Population:
AY
FORD ROAD 10-Minute Drive 25,837
30-Minute Drive 45,968
60-Minute Drive 154,880
Household Income:
10-Minute Drive $70,583
30-Minute Drive $74,861
60-Minute Drive $92,892
MENDOCINO COUNTY GROCERY ANCHORED CENTER
ST
AT
y Regional Trade Area Shopping Demand: Due to lack of shopping options in the surrounding cities in Mendocino and Lake Counties, which have a population of 160,000 people, Ukiah draws customers
ES
from a larger trade area than a traditional grocery anchored center
TR
EE
y Limited Shop Space Competition in Nearby Grocery Anchored Centers: Ukiah Crossroads benefits from the fact that Grocery Outlet, Safeway and Walmart Supercenter are stand-alone stores.
T
The FoodMaxx anchored center’s co-tenants are Staples, Michael’s and Friedman’s Home Improvement with no shop tenants. The only traditional grocery anchored center with shop tenants is Pear
Tree Center, anchored by Lucky’s, which is 95% occupied
y Freeway Visible Location: Ukiah Crossroads is located immediately off of the on/off ramp of the 101 Freeway along State Street, the main thoroughfare in Ukiah
y Largest City in Mendocino County: Ukiah is surrounded by over 30 wine tasting rooms, organic wineries and acres of vineyards as well as a number of award-winning microbreweries. Ukiah Valley
Medical Center is the largest healthcare facility in the county. Mendocino College, which is located just north of Ukiah Crossroads, currently enrolls 4,000 students
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 15REGIONAL MAP
SUBJECT PROPERTY
97 M
ILES
105
MIL
ES
N
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 16TENANT PROFILES
Founded by Thomas Raley in 1935, Raley’s is a privately-owned and family-operated customer
experience grocery company headquartered in West Sacramento, California and is the dominant
grocery in Sacramento MSA and surrounding regions. Raley’s stores are the destination for the
best fresh products, affordable offerings, and personalized service. The company’s commitment to
infusing life with health and happiness by changing the way the world eats, one plate at a time, has
made it a trusted source for food, nutrition, and wellness. Raley’s strives to enhance transparency
and education in the food system to help customers make more informed, healthy food choices.
In 2015, Raley’s was recognized as the “freshest supermarket” in the western United States and
was rated in the top five in “best store brands”. This is a reflection of the supermarket’s recently
increased focus on natural and organic items. Raley’s currently owns and operates 235 locations
across seven states and four Tribal Nations under nine well-known banners: Raley’s, Bel Air, Nob Hill
Foods, Raley’s O-N-E Market, Bashas’, Bashas’ Diné, Food City, AJ’s Fine Foods, and Eddie’s Country
Store. Raley’s is the 17th largest private company in California, according to Forbes and Consumer
Reports ranks Raley’s among the top supermarket chains in the United States, in particular for
its customer service. With approximately 21,000 employees, Raley’s is the largest family-owned
company in the greater Sacramento region. The company reported the most recent annual revenue
of $4.02 billion for Fiscal Year 2020-2021 up from $3.63 billion the previous year.
Company Type: Private
Locations: 235 TENANT SINCE: 1986
RENEWAL: 2022
Website: www.raleys.com
#135 #310 #44
America’s Largest Best Employers Top 50 Food and
Private Companies For Diversity Grocery Retailers
Forbes (2021) Forbes (2020) Supermarket News (2021)
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 17TENANT PROFILES
Founded in 1986, Dollar Tree, Inc. is a leading operator of discount variety stores O’Reilly Automotive, Inc. is a specialty retailer of automotive aftermarket parts,
that has served North America for more than thirty years. The Company operates tools, supplies, equipment, and accessories. The company offers a range of
over 15,600 stores across the 48 contiguous states and five Canadian provinces, alternators, starters, fuel pumps, water pumps, and brake system components.
supported by a coast-to-coast logistics network and more than 200,000 Its services include used oil, oil filter and battery recycling, battery, wiper, and
associates. Dollar Tree is known for its “thrill-of-the-hunt” shopping experience bulb replacement, battery diagnostic testing, electrical & module testing, and
where customers discover new treasures every week, priced at $1. In 2020, the drum & rotor resurfacing. O’Reilly prides itself on its dual market strategy, proving
Company exceeded $25 billion in annual sales for the first time in the Company’s high-quality goods and services to both professional service providers and do-it-
history. Driving an enterprise same-store sales increase of 6.1%, on top of the prior yourself customers. The company operates 4,166 stores in 42 states along with
year’s 1.8% increase, and growing gross profit by more than $740 million. For third 24 distribution centers. These distribution centers have the capacity to serve an
quarter of 2021, consolidated net sales increased 3.9% to $6.42 billion from $6.18 additional 400 locations. O’Reilly Automotive Inc. announced record revenue and
billion in the prior year’s third quarter. The Company ranked #112 on the Fortune earnings for full-year and fourth-quarter 2021. Full-year 2021 sales increased 15%
500 list as of May 2020 and was awarded Mass Market Retailer’s Retailer of the Year to $13.3 billion, while same-store sales for the year jumped 13.3%. The results
award in January 2020. Dollar Tree plans to open 1,500 new stores in fiscal 2022. represent 29 consecutive years of comparable-stores sales growth and record
revenue and operating income for O’Reilly since becoming a public company in
April of 1993.
Company Type: Public (NASDAQ: DTLR; S&P: BBB-) TENANT SINCE: 2009 Company Type: Public (NASDAQ: ORLY; S&P: BBB+) TENANT SINCE: 1989
Locations: 15,600 RENEWAL: 2019 Locations: 4,100 RENEWAL: 2014
Website: www.dollartree.com Website: www.oreillyauto.com
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 18TENANT PROFILES
Rent-A-Center, Inc. is an industry-leading omnichannel lease-to-own provider for Founded in 1978, Boot Barn Holdings, Inc., a lifestyle retail company, operates
the credit-constrained customer. At Rent-A-Center the customer is offered lease- specialty retail stores offering western and work-related footwear, apparel, and
to-own options on products such as furniture, appliances, consumer electronics, accessories for men, ladies, and kids. Merchandise includes boots, denim, western
and computers. The Company currently has 1,970 Rent-A-Center stores in the United shirts, cowboy hats, belts and belt buckles, western-style jewelry, rugged footwear,
States, Mexico, and Puerto Rico and on its e-commerce platform, Rentacenter. outerwear, overalls, safety-toe boots, and flame-resistant and high-visibility
com. The Company focuses on improving the quality of life for its customers by clothing. Boot Barn Holdings, Inc. currently owns and operates approximately
providing access and the opportunity to obtain ownership of high-quality, durable 289 stores in 37 states. The company also sells its products through e-commerce
products via small payments over time under a flexible lease-purchase agreement Websites, including bootbarn.com and sheplers.com. The company was formerly
and no long-term debt obligation. The Franchising segment is a national franchiser known as WW Top Investment Corporation and changed its name to Boot Barn
of approximately 460 franchise locations. Total revenues for 3rd quarter of 2021 Holdings, Inc. in June 2014. For the fiscal year ending March 27, 2021, net sales
were $1.2 billion, up 13% Pro Forma. Rent-A-Center Business Segment same-store- increased 5.7% from the previous year to $893.5 million. The current fiscal year’s
sales were up 12%. Rent-A-Center is headquartered in Plano, Texas. net sales for the 3rd quarter ending December 25, 2021, were $485.9 million up
from $302.3 million (60.7%) in the prior-year period. Boot Barn Holdings, Inc. is
headquartered in Irvine, California.
Company Type: Public (NASDAQ: RCII, S&P: BB) TENANT SINCE: 2000 Company Type: Public (NYSE: BOOT) NEW LEASE: 2018
Locations: 1,970 RENEWAL: 2020 Locations: 289
Website: www.rentacenter.com Website: www.bootbarn.com
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 19TENANT PROFILES
Subway is one of the world’s largest quick-service restaurant brands serving made-to-order sandwiches, wraps, salads, and bowls in more than
37,000 restaurants. Subway restaurants are owned and operated by Subway franchisees, a network that includes 20,000+ entrepreneurs and small
business owners. 2021 was a record-setting year for the brand, driven by the launch of Eat Fresh® Refresh, the largest menu update in the brand’s
history. Subway ended the year with U.S. sales exceeding projections by nearly $1.4 billion.
TENANT SINCE: 1998
RENEWAL: 2018
www.subway.com | Company Type: Private | Locations: 37,000
Little Caesars is the third-largest pizza chain in the United States. It has more than 4,300 locations in 18 international markets. Named “Best Value
in America” for the eighth year in a row, Little Caesars is known for its “Hot-N-Ready” deals, most commonly a large pepperoni pizza sold for $5. All
products are made with quality ingredients, such as fresh, never frozen mozzarella and muenster cheese, and sauce made from farm fresh crushed
TENANT SINCE: 2000 tomatoes. Little Caesar ranked #18 on Restaurant Business 2021 “Top 250 Chains” with a reported $3.9 billion in sales in 2020.
RENEWAL: 2018
www.littlecaesars.com | Company Type: Private | Locations: 4,300
Armed Forces Recruitment works for the U.S. Army Recruiting Command (USAREC) to identify qualified applicants for the U.S. Army and the Army
Reserves. Army Recruiters enlist soldiers and reservists to ensure the security and readiness of the U.S. This includes recruiting men and women
who will contribute to the nation’s defense. There are approximately 10,900 soldier and civilian recruiters working out of more than 1,400 recruiting
stations across America and overseas.
TENANT SINCE: 2010 www.goarmy.com | Company Type: Government | Locations: 1,400
RENEWAL: 2020
UScellular is the fifth-largest full-service wireless carrier in the United States. The company provides wireless services to approximately 5 million
customers in 21 states. UScellular operates four regional customer care centers and supports a multi-faceted distribution program, including retail
sales, direct sales, third-party national retailers, and independent agents, plus a website and telesales. UScellular reported total operating revenues
TENANT SINCE: 2014 of $4.1 million for 2021.
RENEWAL: 2019
www.uscellular.com | Company Type: Public (NYSE: USM); S&P: BB+ | Locations: 727
La Buena Michoacana is an ice cream parlor that specializes in Mexican desserts. La Buena Michoacana ice cream is known for its homemade,
natural, high-quality ingredients, and unique taste. Aside from dessert-type menu items, the parlor offers snacks like smoothies, fruit salads, and
other popular Mexican dishes.
NEW LEASE: 2017
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 20TENANT PROFILES
Ukiah Nails & Spa s a professional nail salon that primarily offers nail care services such as manicures, pedicures, and nail enhancements. Ukiah Nails
& Spa offers a variety of options for nail care including acrylics and gel-designed nails. The store employs a team of licensed nail technicians who
specialize in nail polish application, nail repair, and hand and foot treatments for both men and women. All the nail care tools such as nail clippers
TENANT SINCE: 2010 and nail files are constantly sterilized. Clients enjoy the clean and modern interior and affordable prices and the nail beautification services that
RENEWAL: 2020 Ukiah Nails & Spa has to offer.
Mendo Cuts specializes in men’s, women’s, and kid’s haircuts. The company has an experienced staff with knowledge of the latest hair trends, and
styles, helping their clients achieve the look that they desire. Mendo Cuts team is dedicated to excellent customer service and producing great
NEW LEASE: 2013
results. Mendo Cuts services include hair washing, haircuts, fade, highlights, color, waxing, perms, and more. The salon also carries professional hair
care products.
Woody’s Wash & Dry is a laundromat offering coin-operated washing machines and dryers for public use. Woody’s also offers complimentary Wi-Fi
and is wheelchair accessible. Woody’s offers a clean environment along with updated furnishings and equipment and a welcoming and user-friendly
TENANT SINCE: 1996 layout for its customers.
RENEWAL: 2018
Discount Cigarettes is a one-stop-shop offering smoking products, vaping products, smokeless tobacco, gifts, and snacks. Discount Cigarettes
strives to provide the lowest prices possible for our customers.
TENANT SINCE: 2012
RENEWAL: 2020
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 21TENANT PROFILES
Raley’s Completes Purchase of
The Bashas’ Company
CLICK FOR ARTICLE
By Michael Browne | December 15, 2021
Raley’s announced Wednesday the completion of its acquisition of The Bashas’ City and Eddie’s Country Store,” said Keith Knopf (left), president and CEO
Company, a deal first announced in October. The Bashas’ Company, which of The Raley’s Companies. “Now part of a larger organization, the increased
operates more than 100 grocery stores in Arizona (and two in New Mexico), will resources will ensure that reinvestment in stores, new store growth,
now join a newly formed enterprise, The Raley’s Companies. expansion into new markets, enhanced technology and charitable giving is
“We are humbled by the opportunity to assume stewardship of the Bashas’ amplified.”
legacy,” said Michael Teel, owner & chairman of West Sacramento, Calif.-based Knopf added that all hourly Bashas’ team members in eligible roles working in
The Raley’s Companies, which operates operates 124 supermarkets in northern the distribution center and retail locations in Arizona, New Mexico and Tribal
California and Nevada under the Raley’s, Bel Air, Nob Hill Foods and Raley’s Nations will receive a wage increase in early 2022. Bashas’ corporate office will
O-N-E Market banners. remain in Chandler, Ariz., with continued service from their leadership team.
“As the owner of a multigenerational family business, I, along with my wife Trey Basha will serve as the president of the Bashas’ Operating Company.
Julie, understand the importance of this responsibility,” Teel added. “We will be In addition, Michael Basha will oversee distribution and Johnny Basha will
worthy of the Basha family's trust, the communities' support and dedication support the Native American Tribal Communities, Real Estate, as well as other
of the nearly 9,000 team members across Arizona, New Mexico and the four administrative responsibilities.
Tribal Nations.” The Raley’s Companies now has more than 235 grocery locations . In addition,
The deal combines Bashas’ with a larger portfolio of retail and technology The Raley’s Companies bridges the divide between the physical and digital
holdings controlled and managed by The Raley’s Companies. retail experience through the operation of its Apium Logistics, Fieldera and
“As promised, we are committed to preserving and enhancing the existing FieldTRUE divisions. A new website for The Raley’s Companies is also now live.
Bashas’ brands, including AJ’s Fine Foods, Bashas’ Diné Market, Bashas’, Food
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 22AREA OVERVIEW
MENDOCINO COUNTY WINE MAP
Mendocino is a rural county of
striking natural beauty, friendly
To Eureka
Piercy NORTHERN
small towns and people who Mendocino
County CALIFORNIA
Ukiah Wine
love and protect the land.
Since the 1850s, Mendocino 20
County has developed a Mendocino Lake Co.
personality influenced by the Leggett Ukiah
values of independent family 20
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farmers, their respect for the land and their 128
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dedication to quality. At present many farms are Cummings Cloverdale
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owned and cultivated by multiple generations of
the county’s historic farming families. Today
Healdsburg Napa
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tastings to patrons
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Mendocino’s grapegrowers stand out as leaders Co.
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LAYTO S RD. lR Ocean
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Branscomb Alder Springs Vineyard DOS R r
Co.
Winemakers highly regard the quality of fruit BRANSCOMB RD.
162
produced naturally on unspoiled land by
Mendocino’s passionate grapegrowers. Vintners Westport San Francisco become the first GMO-free county in the United States in
create balanced, pure wines from grapes that
express the individuality of Mendocino’s 10, an initiative that was supported by many of the county’s
diverse appellations.
largest wineries:
MENDOCINO COUNTY AVAs Cleone
Wine. Waves. Wilderness « The county’s widespread focus on organic viticulture
Dos Rios Covelo has inspired journalists to describe it as “California’s
Visit Mendocino County
Fort Bragg er Willits organic wine Mecca
Noyo Riv
« The area is home to the nation’s first organic winery,
To Lake
JACKSON STATE FOREST Pillsbury
Caspar SUBJECT PROPERTY
Eagle Peak McDowell Valley
20
Frey Vineyards Oster Wine Cellars
Manoir Girard Cellars
as well as the first carbon-neutral winery
Kimmel Vineyards
Potter
Mendocino
COM RD
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Redwood
Valley
Valley y Around Ukiah, the climate can get very warm during the
PTCHE - UKIAH Masut Winery
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peak ripening months:
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PRING Girasole Vineyards
River ORR S Calpella « The warm weather allows this part of the county
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Potter Valley Redwood Valley Albion MONTGOMERY WOODS Testa Vineyards LAKE
FLYNN
MENDOCINO
Parducci Wine Cellars
20
To
Sacramento
develop full bodied and very ripe red wines from
128
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Mendocino WineGrowers Inc.
Dunnewood Vineyards/Constellation Cabernet Sauvignon, Merlot, Petite Sirah and Zinfandel
R ive Handley Cellars
r Lazy Creek Vineyards
PH Ukiah
Husch Vineyards Talmage
y Mendocino County has a long history of winemaking and
ILO Phillips Hill Winery
Elk -G R
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. WOODS
Cole Ranch Anderson Valley Greenwood Ridge Vineyards RIVINO Seebass Family Wines
contains 570 of the region’s vineyards
STATE PARK
OLD
Black Kite Cellars Navarro Vineyards
Rus
Anderson Valley Winegrowers Assoc. Nelson Family Moniker Wine Estates
RIV
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Philo Witching Stick Wines Vineyards
ER
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Brutocao Cellars
Baxter Winery
y America’s Greenest Wine Region
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Balo Vineyards Fetzer Vineyards
.
253 Bonterra Vineyards
1 Bink Wines
Drew Family Cellars Goldeneye Seebass Family Wines
Knez Winery & Vineyards
Signal Ridge Vineyard
.
Winery Philo Ridge Vineyards
« Mendocino County is the greenest California wine
RD Boonville
Pine Mountain–
Cloverdale Peak
Yorkville Highlands
Manchester MT
NV
I E W Jeriko Estate
Hopland 175 region and home to the most organic, biodynamic, and
128 Maple Creek
Winery
Milano Winery
sustainable vineyards in the entire United States
HOUS
MTNE. RD.
Point Arena Meyer Family Judson Hale Winery
Cellars Rosati Family
Wines
Murder Ridge Yorkville Theopolis Vineyards
Mendocino
Ridge
LEGEND Winery
Located in Hopland
www.visitukiah.com and www.mendowine.com
Tasting Room Albertina Wine Cellars To Santa Rosa
Tasting by Appointment Brutocao Cellars
Anchor Bay McFadden Vineyard
Closed to Public
SIP Wine Shop
Resource/Association Gualala
To Jenner
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 23AREA OVERVIEW
Ukiah
y Unique town of 16,000+ residents located along the busy Highway 101 corridor, just two hours north of
the Golden Gate Bridge
y As the Mendocino County seat and the business, education, shopping center hub for much of Mendocino,
Lake, and even Sonoma Counties, weekday population swells to roughly 35,000
y Hub between the Bay Area and the Oregon border, and is also situated near the east/west intersection
of Highway 20, providing access to the Central Valley and Coast
y Surrounded by more than 20 organic wineries and acres of vineyards and home to several award-
winning pioneers of the microbrew world VINEYARD IN UKIAH, CALIFORNIA
y With over 300 days of sunshine each year, the city is a year-round paradise for outdoor adventure and a
favorite destination for hiking, mountain biking, boating, river rafting, golf, and exploration
y Ukiah Valley Medical Center (UVMC) - Serves 122,000 people and includes two acute care facilities, two
critical access hospitals, and a center for behavioral health
y Costco - Recently opened in the commercial business park off of Talmage Road near Highway 101 and is
expected to generate over 11,000 trips per day
y Mendocino College - Community college located on a 127-acre campus north of downtown; home to
about 4,000 students and 250 faculty members
y Ukiah Courthouse - State of California is building a new $100+ million courthouse downtown; in planning
Mendocino County
UKIAH CITY CENTER
y Located on the northern coastal portion of California about 90 miles north of San Francisco
y Total population is roughly 100,000 within a total area of 3,878 square miles
y County is known for its distinctive, picturesque Pacific Ocean coastline, Redwood forests, wine
production, and microbrews
y State Route 1 and U.S. Route 101 are the major highways that run through the county; The Russian River,
the second largest river in the greater San Francisco Bay Area, flows through Mendocino County
y Fort Bragg - California Historical Landmark city in Mendocino County
#2 Most Diverse Places to Live in Mendocino County
REDWOOD FOREST
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 24DEMOGRAPHICS
POPULATION 10-Min Drive 30-Min Drive 60-Min Drive
2025 Projection 25,830 45,933 158,224
2020 Census 25,837 45,968 154,880
2010 Census 25,663 45,714 154,463
UKIAH SNAPSHOT
2000 Census 24,937 45,025 146,326
Growth 2000-2010 2.91% 1.53% 5.56%
Growth 2010-2020 0.68% 0.56% 0.27% 154,880
POPULATION (60-Minute Drive)
HOUSEHOLDS
2025 Projection 9,596 17,183 60,018
2020 Census 9,537 17,066 58,263
2010 Census
2000 Census
9,487
9,209
16,953
16,367
57,985
53,507
73,696
DAYTIME POPULATION (60-Minute Drive)
Growth 2000-2010 3.02% 3.58% 8.37%
Growth 2010-2020 0.53% 0.67% 0.48%
Growth 2020-2025 0.62% 0.69% 3.01%
2020 POPULATION BY SINGLE-CLASSIFICATION RACE
5.56%
POPULATION GROWTH (60-Minute Drive, 2000-2010)
White Alone 16,737 31,759 112,149
Black or African American Alone 302 428 1,580
American Indian and Alaska Native Alone 1,041 2,101 5,359
Asian Alone 956 1,333 3,903 $92,892
Native Hawaiian and Other Pacific Islander Alone 57 92 325 AVERAGE HOUSEHOLD INCOME (60-Minute Drive)
Some Other Race Alone 5,242 7,824 23,882
Two or More Races 1,491 2,418 7,661
2020 POPULATION BY ETHNICITY (HISPANIC OR LATINO) $419,441
Hispanic or Latino 9,662 14,686 46,835 AVERAGE HOME VALUE (60-Minute Drive)
Not Hispanic or Latino 16,175 31,282 108,045
2020 AVERAGE HOUSEHOLD INCOME $70,583 $74,861 $92,892
HANLEYINVESTMENT.COM UKIAH CROSSROADS | 1307-1399 NORTH STATE ST; 180-200 FORD RD, UKIAH, CA 95482 | 25The information contained herein does not purport to provide a complete or fully accurate summary of the Property or any of the
documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyers may
need or desire. All financial projections are based on assumptions relating to the general economy, competition, and other factors
beyond the control of the Owner and Broker and, therefore, are subject to material variation. This Marketing Package does not
constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of
preparation of the information herein. Additional information and an opportunity to inspect the Property will be made available to
interested and qualified prospective buyers.
Neither Owner nor Broker nor any of their respective officers, Agents or principals has made or will make any representations
or warranties, express or implied, as to the accuracy or completeness of this Marketing Package or any of its contents, and no
legal commitment or obligation shall arise by reason of the Marketing Package or its contents. Analysis and verification of the
information contained in the Marketing Package is solely the responsibility of the prospective buyer, with the Property to be sold on
an as is, where-is basis without any representations as to the physical, financial or environmental condition of the Property.
Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase
the Property and/or terminate discussions with any entity at any time with or without notice. Owner has no legal commitment or
obligations to any entity reviewing this Marketing Package or making an offer to purchase the Property unless and until such sale of
the Property is approved by Owner in its sole discretion, a written agreement for purchase of the Property has been fully delivered,
EXCLUSIVELY LISTED BY: and approved by Owner, its legal counsel and any conditions to the Owner’s obligations thereunder have been satisfied or waived.
This Marketing Package and its contents, except such information which is a matter of public record or is provided in sources
Kevin Fryman available to the public (such contents as so limited herein called the Contents), are of a confidential nature. By accepting this
Executive Vice President Marketing Package, you unconditionally agree that you will hold and treat the Marketing Package and the Contents in the strictest
kfryman@hanleyinvestment.com confidence, that you will not photocopy or duplicate the Marketing Package or any part thereof, that you will not disclose the
Marketing Package or any of the Contents to any other entity (except in the case of a principal, who shall be permitted to disclose
949.585.7674 | CA Lic. #01321833 to your employees, contractors, investors and outside advisors retained by you, or to third-party institutional lenders for financing
sought by you, if necessary, in your opinion, to assist in your determination of whether or not to make a proposal) without the prior
Ed Hanley authorization of the Owner or Broker, and that you will not use the Marketing Package or any of the Contents in any fashion or
President manner detrimental to the interest of the Owner or Broker.
ehanley@hanleyinvestment.com Copyright © 2022 Hanley Investment. Information herein has been obtained from sources deemed reliable, however its accuracy
949.585.7677 | CA Lic. #01118569 cannot be guaranteed. The user is required to conduct their own due diligence and verification.
$8.8B $3.1B
500+
$8.8 BILLION SHARED DATABASE GLOBEST. INFLUENCERS NATIONWIDE REACH $3.1 BILLION IN RETAIL SOLD
retail sales nationwide collaborative proprietary database in retail & net lease sales retail & investors across the U.S. over 500 transactions in last 36 mos.You can also read
