Lumber liquidators & Hustler Hollywood - l/Apparel Store - Corporate leases low rent / 7% Cap
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/ A p p a r e l S tore
Retai l
lumber liquidators
& Hustler Hollywood
Corporate leases
low rent / 7% Cap [ www.CapitalPacific.com ]
3601 Ming Avenue, Bakersfield, CA 93309
PROperty Summary Listing Team
Contact Info
John Andreini
jandreini@capitalpacific.com | (415) 274-2715
PRICE: $3,171,071 CA BRE# 01440360
CAP: 7.00%
Dave Lucas
dlucas@capitalpacific.com | (415) 274-7390
Rentable SF. . . . . . . . . . . . . . . 15,000 SF CA BRE# 01389761
Price per SF. . . . . . . . . . . . . . . $211
land area . . . . . . . . . . . . . . . . 0.97 Acres
YEAR renovated. . . . . . . . . . . 2015
Capital Pacific collaborates. Click here to
Average Rent. . . . . . . . . . . . . $15.18/SF meet the rest of our San Francisco team.
Area asking rents. . . . . . . . $20-24.00/SF
low rent strip center | 2
[ Surrounding area retail]
property highlights
core characteristics Over 1.5 million square feet of retail immediate area- This includes The Home
Depot, Macy’s, Target, Apple Store, Ross, T.J. Maxx, a movie theatre, and
countless others within a 3 block radius
Huge traffic counts and highway visibility; over 140,000 vehicles per day on I-99
and 41,000 vehicles per day on Ming Avenue
Fungible box building
New roof with 20 year warranty, electrical, HVAC, and parking lot
Lumber liquidators - Corporate lease
Record 2014 revenues of over $1 billion
8-year initial term with two five-year options that have 10% rental increases
Landlord responsible for roof and structural components
Tenant responsible for common area maintenance, repairs, maintenance, and
replacement of all interior non-structural components, and HVAC
Below market rent - great intrinsic value
Store is open
hustler hollywood - corporate lease
10-year initial term with two five-year options; 10% increases every five years throughout
the initial term and options
Landlord responsible for roof and structural components
Tenant responsible for common area maintenance, repairs, maintenance, and replacement
of all interior non-structural components, and HVAC
long term upside - lumber liquidators is paying 45% less rent
than the most recent lease signed with hustler HOllywood
low rent strip center | 3
aerial huge traffic counts: over 140,000 vpd on i-99 and over 41,000 vpd on ming ave.
Quailwood
Elementary
58
Stockdale Highway
58
Stockdale
Elementary
New Stine Road
SUNDALE
STOCKDALE
COUNTRY CLUB
HUSTLER
COUNTRY CLUB
140,000DAILY
West
High School
THE MARKETPLACE
MING AROUND
THE CORNER
Min 41,118 DAILY
gA
ven
ue
VALLEY PLAZA
OJ Actis Jr.
High School
Christa
McAuliffe Laurelglen
Elementary Elementary
Gosford Road
Hart Stine
Elementary Charles H. Castle Elementary
Elementary
Fred L. Thompson
Jr. High School
99
Stine Road
Tevis
Jr. High School Louise Sandrini
Elementary
Old River
Elementary White Lane
Sing Lum
Elementary
99
BAKERSFIELD CITY CENTER
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Area Retailers
Area Retailers INclude
Target, Apple store, Macy’s,
the Home Depot, Ross, T.J.
MAXX and many others
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income & expense
PRICE $3,171,071
Price Per Square Foot: $211.40
Building Size (SF): 15,000
Capitalization Rate: 7.00%
Lot Size (Acres) 0.97
STABILIZED INCOME Per Square Foot
Rent $14.80 $221,975
LESS Per Square Foot
Taxes NNN $0.00
Insurance NNN $0.00
Total Operating Expenses $0.00
EQUALS NET OPERATING $221,975
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.
low rent strip center | 6
rent roll
TENANT INFO LEASE TERMS RENT SUMMARY
Lease Lease Expira- Monthly Monthly Yearly
Tenant Name Sq. Ft. Current Rent
Start tion Rent Rent/FT Rent/FT
Lumber Liquidators
8,500 1 8 $104,975 $8,747.91 $1.03 $12.35
(Corporate)
Option 1 9 13 $9,621.06 $1.13 $13.58
Option 2 14 17 $10,583.16 $1.25 $14.94
Hustler Hollywood
6,500 1 5 $117,000 $9,750.00 $1.50 $18.00
(Corporate)
6 10 $10,725.00 $1.65 $19.80
Option 1 11 15 $11,797.50 $1.82 $21.78
Option 2 16 20 $12,977.25 $2.00 $23.96
Current Totals: 15,000 $221,975 $18,498 $1.26 $15.18
*Lumber Liquidators is open & Rent Commencement was 5/26/2015. Hustler store opening projected to be 1/15/2016 & Rent Commencement will be 3/1/2016.
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.
low rent strip center | 7
site plan Site Plan Key
Parcel outline:
Land Area: 0.97 acres
Building Area: 15,000 sf
Ingress/Egress:
41,118 DAILY Ming Avenue
PYLON SIGN
HUSTLER
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, low rent strip center | 8
expressed or implied, as to the accuracy of the rendering. Buyer must verify the information and bears all risk for any inaccuracies.
tenants
With more than 350 locations, Lumber Hustler Hollywood is an upscale, modern
Liquidators is North America’s largest specialty boutique dedicated to providing a sophisticated
retailer of hardwood flooring. The company shopping experience for its customers. Hustler’s
features more than 400 top quality flooring mission is to provide a bright and spacious
varieties, including solid and engineered retail store filled with premium apparel and
hardwood, bamboo, cork, laminate, and vinyl accessories in a stylish, comfortable setting. The
plank. Additionally, Lumber Liquidators first Hustler Hollywood opened in 1998 on the
provides a wide selection of flooring famed Sunset Strip in West Hollywood. There
enhancements and accessories to complement, are stores across the country and expansion
install, and maintain your new floor. Every continues.
location is staffed with flooring experts.
*Call Agent for Financial Details
2014 REVENUE NET income *Very Strong Corporate Guaranty
$1.05 Billion $63.3 Million
[ Surrounding area retail]
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demographics & regional map
lumber
liquidators
Population & hustler
1-Mile 3-Mile 5-Mile
2010 19,690 143,150 301,576
2015 20,093 146,698 316,135
2020 20,669 151,858 332,463
2015 Household incomes
1-Mile 3-Mile 5-Mile
Average $46,267 $56,243 $62,281
san francisco
Top Employers in bakersfield
Employer # of Employees*
County of Kern 7,475 4 hr
283 miles
The Giumarra Companies 4,200
Grimmway Farms 3,500
Bolthouse Farms 2,000
1 hr 42 min
*Approximate bakersfield
110 miles
los angeles
low rent strip center | 10location
About bakersfield
Bakersfield is located in Southern California at the end of the San Joaquin Valley in Kern County. The city is 110 miles north of Los Angeles
and about the same distance south of Fresno. The Bakersfield population is around 350,000, making it the 9th largest city in California
and the 52nd largest in the country.
Bakersfield is the focal point of the Bakersfield-Delano MSA, which is coextensive with Kern County. In 2010, it had a population of
839,631, making it the 62nd largest metropolitan area in the U.S.
Bakersfield has a very diverse economy. Kern County produces the most oil and is the
fourth most productive agricultural county in the country. Other industries include
natural gas and other energy extraction, aerospace, mining, petroleum refining,
9th largest city in california
manufacturing, distribution, food processing, and corporate/regional headquarters.
Several companies have moved to Bakersfield because of its inexpensive land and
access to the rest of America, as well as its international ports in both Los Angeles and Oakland. Other companies have opened regional
offices and non-oil/agricultural businesses because of Bakersfield’s and Kern County’s business friendly policies, such as having no local
utility or inventory taxes. Products manufactured in the city include: ice cream (world’s largest ice cream plant), central vacuums, highway
paint, and stock racing cars.
low rent strip center | 11A unique HUMAN
RESULTS-DRIVEN The capital pacific experience - our daily commitment to our clients
client experience [ www.CapitalPacific.com ]
[ Surrounding area retail]
Capital Pacific collaborates. Click here to
meet the rest of our San Francisco team.
chris peters zeb ripple
dave lucas joe caccamo
John Andreini Chris Kostanecki
jandreini@capitalpacific.com | (415) 274-2715 ck@capitalpacific.com | (415) 274-2701 zandy smith gregg steele
CA BRE# 01440360 CA BRE# 01002010 jack navarra
karla zens
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