Gold's Gym ABSOLUTE NNN Freestanding GYM - SHADOW ANCHORED BY THE HOME DEPOT 2909 Duportail Street, Richland, WA 99352 - Capital Pacific
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Gold’s Gym ABSOLUTE NNN Freestanding GYM SHADOW ANCHORED BY THE HOME DEPOT [ www.CapitalPacific.com ] 2909 Duportail Street, Richland, WA 99352
PROperty Summary Listing Team
Contact Info
FREESTANDING SINGLE TENANT ABSOLUTE NNN LEASED
PROPERTY LOCATED IN RICHLAND, WA (an INCOME TAX FREE John Andreini
jandreini@capitalpacific.com | (415) 274-2715
STATE) CA BRE# 01440360
This offering presents an opportunity to acquire an absolute NNN lease with 11+ years remaining
on the primary term. The lease features annual rent increases throughout the primary term and chris kostanecki
in each of the four 5-year options. ck@capitalpacific.com | (415) 274-2701
CA BRE# 01002010
Gold’s Gym offers a full-service fitness experience, with several amenities including fitness
classes, personal training, child care, and a juice bar. The guarantor currently operates a total of
two locations, one in Richland, and one in Kennewick, WA. The lease is guaranteed by a high-net
jack navarra
jnavarra@capitalpacific.com | (415) 274-2705
-worth family trust, with an estimated net worth in the high ten figure range (speak with agent CA BRE# 01909630
for details).
The subject property benefits from excellent demographics, with household incomes of nearly SEAN TUFTS
$99,000 within a 1-mile radius and a population of approximately 82,000 residents within a stufts@capitalpacific.com | (206) 743-8468
5-mile radius. The property is located in a dense retail corridor with the following national WA BRE# 74057
tenants in the immediate area: The Home Depot, Walmart Supercenter, Target, McDonald’s,
Chase Bank, Panda Express, and many others. david gellner
dgellner@capitalpacific.com | (206) 913-2842
WA BRE# 112893
PRICE: $11,025,000 Rentable SF. . . . . . . . . . . . . . . 56,700 SF
Price per SF. . . . . . . . . . . . . . . $194.44
CAP: 7.50%
land area . . . . . . . . . . . . . . . . 6.65 AC Capital Pacific collaborates. Click here to
meet the rest of our San Francisco team.
YEAR BUILT . . . . . . . . . . . . . . . . 2011
Current Rent. . . . . . . . . . . . . $14.58/SF
gold’s gym | 2
core characteristics investment highlights
Incredible real estate with huge traffic counts
Located adjacent to The Home Depot with Target, Marshalls, Petco, Walmart
Supercenter, and a variety of other national tenants in the immediate area
Average household incomes are above $90,000 in 1, 3, and 5-mile radii
Very stable/educated economy and employment base
Kadlec Regional Medical Center, which supports the entire county, is located in
Richland and is one of only ten US Department of Energy national laboratories
(8,000 employees). Another major employer is Bechtel, which is the 4th largest
privately owned company in the world. These two corporations are drivers of the
high incomes in the area
tenant highlights
(see page 9 for more details on Guarantor/operator):
Gold’s Gym has over 77 locations in 38 states across 22 countries around the world
Operator/Guarantor has a very strong net worth and operates two Gold’s Gym locations
LEase highlights
11+ year absolute net lease with four 5-year options
Annual bumps equal to lesser of 1.35% or 1.25X CPI
The lease is guaranteed by a high net worth family trust, currently estimated at more than
$75 million
Average Household Incomes of nearly
$100,000 within a 1-mile radius
gold’s gym | 3
zoomed-in aerial located in the most dominant retail node in richland
Liberty
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Richland
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Whitman Middle School
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High School Elementary
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COLUMBIA POINT
GOLF COURSE
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18,594 DAILY 12
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White Bluffs
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182
gold’s gym | 4
photos
Subject property is adjacent to
The home depot, target, petco,
marshalls and many others
gold’s gym | 5
income & expense
PRICE $11,025,000
Price Per Square Foot: $194.44
Capitalization Rate: 7.50%
Total Rentable Area (SF): 56,700
Lot Size (AC): 6.65
STABILIZED INCOME Per Square Foot
Scheduled Rent $14.58 $826,749
Effective Gross Income $14.58 $826,749
LESS Per Square Foot
Taxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses NNN $0.00
EQUALS NET OPERATING INCOME $826,749
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied,
as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
gold’s gym | 6
rent roll
TENANT INFO LEASE TERMS RENT SUMMARY
Current Monthly Yearly Monthly Yearly
Tenant Name Sq. Ft. Term
Rent Rent Rent Rent/FT Rent/FT
Gold’s Gym 56,700 06/12/12 6/31/2016 $67,978 $815,737 $1.20 $14.39
07/01/16 6/31/2017 $826,749 $68,896 $826,749 $1.22 $14.58
07/01/17 6/31/2018 $69,826 $837,911 $1.23 $14.78
07/01/18 6/31/2019 $70,769 $849,222 $1.25 $14.98
07/01/19 6/31/2020 $71,724 $860,687 $1.26 $15.18
07/01/20 6/31/2021 $72,692 $872,306 $1.28 $15.38
07/01/21 6/31/2022 $73,674 $884,082 $1.30 $15.59
07/01/22 6/31/2023 $74,668 $896,017 $1.32 $15.80
07/01/23 6/31/2024 $75,676 $908,114 $1.33 $16.02
07/01/24 6/31/2025 $76,698 $920,373 $1.35 $16.23
07/01/25 6/31/2026 $77,733 $932,798 $1.37 $16.45
07/01/26 6/31/2027 $78,783 $945,391 $1.39 $16.67
Totals: 56,700 $826,749 $68,896 $826,749 $1.22 $14.58
Annual rent increases of the lesser of 1.25x CPI or 1.35%
Seller to credit the difference in current rent and rent as of 7/1/16 at close of escrow.
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
gold’s gym | 7
Site Plan Key
site plan Parcel outline:
Land Area: 6.65 AC
Building Area: 56,700 sf
Ingress/Egress:
AILY
12,206 D
Kennedy Road
il Street
Duporta
Queensgate Drive
SUBJECT PROPERTY 12
NOT A PART ON-RAMPS
AND OFF-RAMPS
This site plan is a rendering that has been created based on sources we believe to be reliable, however we make no representations or warranties,
expressed or implied, as to the accuracy of the rendering. Buyer must verify the information and bears all risk for any inaccuracies.
gold’s gym | 8
tenant overview
About gold’s gym
Founded in 1965, Gold’s Gym is the most recognized name in fitness serving more TYPE
than 3 million members in 38 states and 22 countries around the world. Always PRIVATE
at the forefront of the fitness revolution, Gold’s Gym has continually evolved its LOCATIONS
profile by equipping gyms with the best amenities and the latest in cardio and 700+
strength training equipment as well as the most dynamic group exercise programs
including Zumba, yoga, group cycling, mixed martial arts, muscle endurance HEADQUARTED
training, and Pilates. DALLAS, TX
About guarantor
www.goldsgym.com The guarantor operates two Gold’s Gym locations in the Tri-Cities area. These
include the subject property and another in Kennewick. Both facilities are
full-service, state-of-the art fitness facilities with swimming pools, raquetball,
basketball, kids clubs, group x classes, juice bars, cardio cinema, hot tubs, steam
rooms, dry saunas, locker rooms with showers, and personal trainers. Backing the
lease is a very strong family trust with a net worth in the high 10 figures range
(speak to Agent for more details).
gold’s gym | 9
demographics & regional map
12,206 DAILY
Population
1-Mile 3-Mile 5-Mile
2010 3,209 34,754 74,509
2015 3,734 38,562 82,038
2020 4,316 41,897 89,118
18,594 DAILY
2015 Household incomes
1-Mile 3-Mile 5-Mile
Average $98,789 $90,453 $91,085
Median $83,183 $72,921 $75,148
seattle
Top Employers in richland, wa
Employer # of Employees*
Pacific Northwest National Laboratory 7,693
Kadlec Regional Medical Center 2,754
Bechtel 2,006
Washington River Protection Solutions 1,518
*Approximate
richland
gold’s gym | 10location
About richland, wa
Richland is located in Benton County in the southeastern part of Washington. With an estimated 2013 population of over 51,000, Richland
is a member of the Tri-Cities, along with Pasco and Kennewick, and is known for its technology and agriculture industries.
As home to the Hanford nuclear site, Richland remained a center of production and research into nuclear energy and related technology
after the end of WWII. The Pacific Northwest National Laboratory has been in Richland since 1965 and one of two Laser Interferometer
Gravitational-Wave Observatory sites is located immediately north of the city.
Agriculture is also important in the Richland area; the Tri-Cities area of the Columbia
Basin grows excellent produce. Richland hosts an important food processor, ConAgra
Lamb-Weston, which processes potatoes and other foods.
center of technology and agriculture
In addition, the production of wine in the lower Columbia Basin has become one of
the main industries in Richland. Richland lies at the center of a flourishing viticulture
area, which produces internationally recognized wines in four major Washington appellations and serves as an ideal center for wine
tours.
Richland is also home to Washington State University, Tri-Cities, which has about 1,500 students, and a branch of Columbia Basin College.
gold’s gym | 11A unique HUMAN
RESULTS-DRIVEN The capital pacific experience - our daily commitment to our clients
client experience [ www.CapitalPacific.com ]
John Andreini chris kostanecki Capital Pacific collaborates. Click here to
jandreini@capitalpacific.com | (415) 274-2715 ck@capitalpacific.com | (415) 274-2711 meet the rest of our San Francisco team.
CA BRE# 01440360 CA BRE# 01002010
zeb ripple chris peters
Jack Navarra SEAN TUFTS rick sanner john andreini
jnavarra@capitalpacific.com | (415) 274-2705 stufts@capitalpacific.com | (206) 743-8468 bob sanner joe caccamo
CA BRE# 01909630 WA BRE# 74057 dave lucas gregg steele
zandy smith karla zens
david gellner
dgellner@capitalpacific.com | (206) 913-2842
WA BRE# 112893 [ Copyright © 2016 Capital Pacific ]You can also read
