REGAL SAN BERNARDINO STADIUM 14 & RPX - 450 NOR TH E STREET, SAN BERNARDINO, CA FOR SALE - OPPORTUNITY ...
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FOR SALE Regal San Bernardino Stadium 14 & RPX
±33,000 SF Retail Development
14 Screen Movie Theatre Anchor Tenant
450 North E Street , San Bernardino, CA
Theater Square
Historic Downtown Location
252,372
Total Land SF
Eight
# of Parcels
Theater Square - San Bernardino, CA
Table of Contents
SECTION I - EXECUTIVE OVERVIEW
Executive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Property Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Development Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Inland Empire Theatre Competition Map. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
SECTION II - PROPERTY DESCRIPTION
Property Photos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Site Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Proposed Site Plan And Land Use Designations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Plat Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Aerial View. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
SECTION III - FINANCIAL ANALYSIS
Projected Income & Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Movie Theater Income & Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Lease Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Projected Rent Roll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
SECTION IV - SALE COMPARABLES
Sales Comparables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
SECTION V - AREA DESCRIPTION
Area Map. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Location Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 2
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.com
Theater Square - San Bernardino, CA
N H ST
SECTION I
Executive Overview
N G ST
Section I
W5
E x e c u t i v e O v e rv i e w
th S
T
C A R OU SEL
SQ UA R E
N F ST
C ALI F O RNIA T H EAT RE
W 4th ST
T HEATER
SQ UA R E PLA Z A
N E ST
Carousel Mall images are concepts only for visioning
purposes and have not been adopted by the Cit y
Council as either regul ations or guidelines
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 3
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.com
Theater Square - San Bernardino, CA
Executive Summary
Regal San Bernardino Stadium 14 & RPX
450 North E Street
San Bernardino, CA 92401
PRICING PROPERTY
LIST PRICE: UNPRICED MAJOR TENANT: Regal Cinemas San Bernardino 14 & RPX
PROPERTY
PARCELS: 0134-121-25, 27 & 0134-131-28, 29, 30, 35, 36 & 37
APN: 0134-121-25 ± 64,033 SF
YEAR COMPLETED: 1999 / 2012
APN: 0134-121-27 ± 111,122 SF
BUILDING SIZE: ± 33,000 net rentable square feet
APN: 0134-131-28 ± 10,454 SF
LAND AREA: ± 252,372 square feet (± 5.8 acres)
APN: 0134-131-29 ± 20,695 SF
PARKING: ± 220 onsite parking spaces
APN: 0134-131-30 TBD ± 500 spaces at Cal Trans Building
± 1,134 parking spaces at Carousel Garage
APN: 0134-131-35 ± 27,366 SF
± 1,854 Total Parking Spaces
APN: 0134-131-36 ± 10,556 SF ZONING: CG-2
APN: 0134-131-37 ± 8,146 SF TRAFFIC COUNTS: 135,435 ADT at W 5th Street (at I-215 Fwy)
15,284 ADT at W 4th Street (at N H Street)
TOTAL LAND SF ± 188,339 SF
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 4
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.com
Theater Square - San Bernardino, CA
Property Overview
450 North E Street (Theater Square) is a potential ±33,000 SF retail development property. Located on the NWC 4th & E Street in Downtown
San Bernardino, Theater Square is occupied by Regal Cinemas, a fourteen (14) screen movie theater. Regal Cinemas is ideally located in
Downtown San Bernardino, with easy access to the regional market and a major workforce population that can walk to the site. Daytime
population demographics are excellent with over 42,000 people within two-miles. Regal Cinemas and the adjoining California Theatre are the
main draws to the site. Theater Square offers great street visibility and is easily accessible. Theater Square offers immediate access to the 215
Freeway (Right off 5th Street exit) within minutes of the subject property.
Ample public parking is available directly adjacent to the property, along F
Street and 5th Street, with short term parking directly in front of the property. Along
with the ±220 on-site parking spaces, an additional three-level public parking
structure is located directly across the street, offering ±1,134 parking spaces
in the Carousel garage. An additional ±500 spaces may be added as demand
warrants at the Cal Trans Building, bringing the total number of parking spaces to
approximately ±1,854 parking spaces.
The California Theatre, a 1,700 seat historic live performance venue, is ideally
located directly next door. This synergistic mix, along with plans to expand on
the existing subject property with additional restaurant and retail tenants, are part
of the City’s plans to revitalize Downtown San Bernardino. The downtown area is
home to numerous local, state and federal government offices which draw white
collar employees into the surrounding area on a daily basis. Theater Square plays California Theatre - Theater Square
a key role in the development of downtown San Bernardino.
546,138 155,680 $69,016 84,070 $553 M
7-Mile
radius 40K+
Resident # of Average # of Households Annual Food
Population Households Household Average Income Expenditures
Income Above $40K Away From Home
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 5
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.com
Theater Square - San Bernardino, CA
Development Overview
The site has been fully approved for ±33,000 square feet of restaurant and retail space. All that is necessary is staff conformance
review with the City Council approved Theater Square Strategic Plan before plans can be submitted for building plan check. In order
to address a market void and to catalyze development in downtown San Bernardino, the City approved plans for a ±12,000 SF of in-line
theater retail space and ±21,000 SF of frontage pads for retail, restaurants and community space. The space in front of the theater will
transition into a successful first stage retail and entertainment block that will serve as a meeting place, place for events, landmark, and
a downtown San Bernardino success story. The new investor/developer will develop a comprehensive and well-executed development
project. The property adjoining theater (Carousel Mall) is planned for comprehensive redevelopment in the coming years as the City
of San Bernardino focuses on new development and infrastructure downtown.
The new development at Theater Square will benefit from an estimated 700,000 annual visitors to the site to attend movies and the
California Theatre. NEW ARTICULATED CORNER
NEW CANOPIES
MARQUEE REDEVELOPED LINE SHELL SPACE
ARTICULATED CORNER WITH SIGNAGE
E E T
OUTDOOR ROOFTOP TERRACE F S T R EXISTING COMMERCIAL (NIC)
5 t
h
S T
R E
E T
EXISTING
REGAL CINEMAS EXISTING
EXISTING HISTORICAL
COMMERCIAL
CALIFORNIA THEATRE
(NIC)
(NIC)
REDEVELOPED
INLINE SHELL
MARQUEE TYP.
SPACE
CORNER ARTICULATION TYP.
CINEMA ADS
REFINISHED WITH STEPS TROWEL STUCCO CMU
4 t
NEW STOREFRONT
h
NEW ILLUMINATED WALL SIGNAGE OR ARTICULATED CORNER
S
EXTERIOR SEATING
T R
EXISTING TRANSFORMER
E E T
R
E
WALL SIGNAGE
S T
E
NEW CAFE / RESTAURANT PAD E
T
STEPPED EXTERIOR PATIO SEATING
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 6
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.com
N ATIONAL Skyforest
Devore
FOREST Sno
Theater Square - San Bernardino, CA
Sa n G Running Valle
a br i e
l Mo
unta Inland Empire
Glen Helen
Blockbuster
215
Theatre
18
Competition Map
Springs
330
ins
Pavilion 206
15
Muscoy Highland
30 1
Rancho SUBJECT PROPERTY
San Bernardino, CA
San Bernardino
6 Fontana Rialto
Cucamonga 30
66 San Bernardino Int’l Airport
eles Upland Loma 2
9 4 Colton Linda
7 10
Montclair Redlands
Ontario Int’l 3 M O V IE TH E A TR E S
tario Airport Grand Regal San Bernardino Stadium 14 & RPX
Glen
215
Terrace 450 North E Street
San Bernardino, CA 92401
60 Avon
Sterling 6
hino Rubidoux 1 2373 Sterling Ave
San Bernardino, CA 92404 Calim
83 Harkins Theatres Mountain Grove 16
Mira Loma Riverside 2 27481 San Bernardino Ave
Redlands, CA 92374
Krikorian Redlands Cinema 14 10
Jurupa 8 5
3 340 Eureka St
Redlands, CA 92373
Fontana Regency 8
10
Moreno Valley 4 16741 Valley Blvd
60
Fontana, CA 92335
University Village 10
Norco 5 1201 University Ave A
91 Riverside, CA 92507
AMC Victoria Gardens 12
Castle 6 12600 N Main St
71 Park MARCH Rancho Cucamonga, CA 91739
Perris Blvd
AMC Dine-In Ontario Mills 30
V
n
AFB
a
7 4549 Mills Cir
B Ontario, CA 91764
ur
Home
e n B LAKE Jurupa 14 Cinemas
lv d
Woodcrest 8032 Limonite Ave
PERRIS
8
Corona Gardens Jurupa Valley, CA 92509
Edwards Ontario Palace 22 IMAX & RPX
9 4900 E 4th St
Ontario, CA 91764
El Cerrito Lake Regal Cinemas Riverside Plaza 16
3535 Riverside Plaza Dr
Lakeview
10
Matthews Ram7o
Riverside, CA 92506
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. na
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.com
Theater Square - San Bernardino, CA
SECTION II
Property Description
W 5th ST
FUTURE
RETAIL PADS
S e c t i o n II
P r o p e rt y D e s c r i pCtALTi oRnANS
& TH EATER
PA R K ING PARKING
T
NFS
N E ST
FUTURE FUTURE
RETAIL PADS RETAIL PADS
H I S TO R I C C ALT R ANS
C ALI F O R NIA FUTURE FUTURE
B UILDING
T H EATER RETAIL PADS RETAIL PADS
W 4th ST
C A R OU S EL MALL
PAR K ING
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 8
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.com
Theater Square - San Bernardino, CA
Property Photos
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 9
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.com
Theater Square - San Bernardino, CA
5th Street
Site Plan
N.A.P. N.A.P.
N
North E Street
North F Street
CINEMAS
450 N. E Street
California
Theatre
N.A.P. N.A.P. N.A.P.
Not Drawn to Scale
4th Street
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 10
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comTheater Square - San Bernardino, CA
Proposed Site Plan And Land Use Designations
Optional Drive-way
1 Relocation
W 5th Street
Center Line (CL) 1 Optional Driveway Relocation for easier access
and higher visibility of the drive thru and theater
ads. The Driveway can stay as is (to the east of
Parcel 10 the re-location spot) or moved. Having both is
Parcel 9 2,500 SF not permitted.
2,500 SF
10 Existing
Existing
9 Commercial 2 New Drive Thru window extruding from Parcel
(NIC) One. Has to have bold, inviting signage as well
Commercial as glazing to create open, inviting space. Easy
(NIC)
access from the street and site parking.
3 Existing Restrooms not required to be contained.
Existing Service Yard
4
Permitted setbacks at corners for cafe/dining
Existing Parking
only.
CL
5 Urban Park is a requirement of this development
and must be remained.
CINEMAS
(N) Drive Thru
EXISTING REGAL CINEMAS 6 The three inline shell spaces (currently separated
New Drive Thru
into individual parcels) can be developed
individually or removed and replaced to be as
North F Street
E Street
Service Window
Parcel 1, 2, 3
Parcel 4, 5, 6 one. Two story buildings are permitted on this site
6,000 SF
6,000 SF as well. All the spaces are approximate square
Existing Exit Existing Exit footages.
6 Passageway 6 Passageway
Maintain view corridor from E Street and 4th
7
2 Street to existing Regal Cinemas lobby.
1 2 3 4 5 6
4
Existing Development Parcels SF
Existing Parking
Existing
Restrooms 3 3 Restrooms
1 2 3 ±6,000 SF
Existing F.H. 4 5 6 ±6,000 SF
Existing Existing
Historic Parcel 8 Parcel 7 Transformer 7 ±6,000 SF
California 10,000 SF 3,200 SF S Service
Theatre
8 7 S Areas 8 ±10,000 SF
(NIC) 2,800 SF
Urban
Possible 9 ±2,500 SF
Existing Park
Commercial
Connection to 4
Theatre
10 ±2,500 SF
CL
Exterior
(NIC)
Existing F.H.
5 Seating
±33,000 SF TOTAL
Theatre Alley Maintain Street view of
CL
the Cinemas
N
7
4th Street 10’ 30’ 70’ 120’
EXISTING EGRESS EXISTING RESTROOMS EXISTING INLINE SHELL SPACE NEW DEVELOPMENT NEW PARCEL FOR PURCHASE/LEASE 11Theater Square - San Bernardino, CA
Plat Map
N
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 12
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comTheater Square - San Bernardino, CA
Aerial View
Subject
Property U.S. PO S T
O FFIC E
W 5th ST N
N ARROWHEAD AVE
SAN
B E R NAR D INO
N G ST
N D ST
V E TE R ANS
N F ST
N MOUNTAIN VIEW AVE
AFFAIR S
N H ST
SA N
CA L I FOR N I A
BE RN A RDINO
T HE AT E R
L AW
S AN B E
W 4th ST L I BR A RY
N E ST
R NA R DINO
SAN
B E R NAR D INO
C O UNT Y
CI T Y HA L L H E ALTH
CAROUSEL W 3rd ST
F R EE W AY
MALL
SAN
N
G
B E R NAR D INO
ST
SUPE R IO R
C O UR T S
W 2nd ST
N ARROWHEAD AVE
N G ST
N D ST
N E ST
N F ST
W RIALTO AVE
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 13
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comTheater Square - San Bernardino, CA
ST W 5t
NG h ST
SECTION III
NF
ST Financial Analysis
W4
th S
T
C A R OU S EL H IS TO RIC
SQ UA R E C ALI F O R NIA
T HEATER
T HEATER
SQ UA R E
PLA Z A
T
ES
N
W4
th S
T
T
ES Carousel Mall images are concepts only for visioning
N
purposes and have not been adopted by the Cit y
Council as either regul ations or guidelines
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 14
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comTheater Square - San Bernardino, CA
Projected Income & Expense
Projected Value upon Completion
Price $ 24,000,000
Rentable Square Feet 98,791
Price/Rentable Square Feet $243
Occupancy 100%
INCOME & EXPENSE Potential
PROJECTED INCOME
Base Rent $ 1,840,000
CAM Recovery & CAM Admin 181,500
Less: Vacancy (%) (101,075) (5%)
Effective Gross Revenue $ 1,920,425
PROJECTED EXPENSE PSF
Real Estate Taxes $338,712 3.43
Common Area Maintenance $ 414,922 4.20
Management Fees 3.0% 60,000 0.61
Reserves $0 19,758 0.20
Total Expenses $ 494,680 5.01
TOTALS
Projected Net Operating Income $ 1,425,745
Projected Cap Rate 5.9%
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 15
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comTheater Square - San Bernardino, CA
Regal Theater Income & Expense
Regal Theater Value
Price $ 12,000,000
Rentable Square Feet 65,791
Price/Rentable Square Feet $182
Occupancy 100%
Theater Sales Theater Sales Theater Sales Theater Sales
INCOME & EXPENSE at $7.5 M at $8M at $8.5M at $9M
INCOME
Base Rent $ 850,000 $ 850,000 $ 850,000 $ 850,000
Percentage Rent $ 275,000 $ 350,000 $ 425,000 $ 500,000
Effective Gross Revenue $ 1,125,000 $ 1,200,000 $ 1,275,000 $ 1,350,000
EXPENSE PSF PSF PSF PSF
Real Estate Taxes $ 154,956 2.36 $ 154,956 2.36 $ 154,956 2.36 $ 154,956 2.36
Estimated Operating Expenses $ 39,475 0.60 $ 39,475 0.60 $ 39,475 0.60 $ 39,475 0.60
Asset Management Fees 3.0% $ 24,000 0.36 $ 24,000 0.36 $ 24,000 0.36 $ 24,000 0.36
Reserves for Roof & Structure $0.20 $ 13,158 0.20 $ 13,158 0.20 $ 13,158 0.20 $ 13,158 0.20
Total Expenses $ 231,589 3.52 $ 231,589 3.52 $ 231,589 3.52 $ 231,589 3.52
TOTALS
Net Operating Income $ 893,411 $ 968,411 $ 1,043,411 $ 1,118,411
Cap Rate 7.45% 8.07% 8.70% 9.32%
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 16
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comTheater Square - San Bernardino, CA
Lease Abstract
Tenant: Regal Cinema, Inc. Lease Type: Modified Gross
a Tennessee Corporation (REG)
Landlord’s
Responsibilities:
Property Taxes, Maintenance and Repair of
Leased Premise: 450 North E Street
the exterior of the premises including HVAC,
Leased Area: ± 70,200 gross square feet Property Taxes, Property Insurance, Roof &
Structure, All components of the building.
Total Building
Rentable Area: ± 65,791 square feet Tenant’s
Responsibilities:
Janitorial, Utilities & Services, Liability Insurance,
Initial Term: 10 years, commenced July 1, 2012 Personal Property Taxes, Interior Maintenance
and Repair of the fixtures.
Lease End: June 30, 2022
Parking:
The City of San Bernardino shall provide all
Current Rental Rate: * $ 850,000 per annum for years 1-10 Parking Retention Areas throughout the
Rent Term and ensure that no less than eight
Rental Increases:
Lease Year Base Rent per annum hundred (800) parking spaces are available
7/01/22 within one thousand one hundred 1,100) feet
$920,250.00
from the front entrance for the use by Tenant.
7/01/27 $990,500.00
7/01/32 $1,060,750.00 Assignment:
Tenant shall not assign, transfer, mortgage,
7/01/37 $1,131,000.00 sublet or otherwise transfer or encumber all
7/01/42 $1,201,250.00 or any part of Tennant’s interest in the Lease
without Landlord’s written consent.
Percentage Rental: Fifteen Percent (15%) of Gross Sales per Rent
Year, payable only to the extent Fifteen Alterations: Tenant shall not without Landlord’s prior written
Percent (15%) of Gross Sales per Rent Year consent make any alterations, improvements,
exceeds the Base Rent payable for such Rent additions, or repairs in, on or about the Premises
Year. or the Office Building Project.
Renewal Options: Four (4) Options to extend for a period of five
(5) years subject to earlier termination (Sections
4.01 & 4.03) if Tenant’s gross sales are less than
$2,500,000 in any lease year.
NOTE: * Tenant is currently paying 8% of Gross Sales until such time that work is completed per Section 3.01 of the lease
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 17
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comTheater Square - San Bernardino, CA
Projected Rent Roll
Suite Tenant Name Rentable Sq. Ft. % Base Rent/Mo Total Rent/Yr Rent SF/Mo Lease Type Monthly CAMs Annual CAM % Rent Start Expire Options Notes
Tenant currently pays 8%
of their gross revenue.
Regal Four (4) x
Upon buildout of 2,500
450 Theaters 65,791 66.6% $70,833.00 $850,000 $1.08 Gross Gross Gross 15% 07/01/12 06/30/22 Five Year
sf of the theater shops
(existing) Options
space, base rent will be
$850,000
Theater Shops
1-6 12,000 12.1% $30,000.00 $360,000 $2.50 Net $5,000.00 $60,000
(proposed)
Parcel 7
7 6,000 6.1% $15,000.00 $180,000 $2.50 Net $2,500.00 $30,000
(proposed)
Parcel 8
8 10,000 10.1% $25,000.00 $300,000 $2.50 Net $4,166.67 $50,000
(proposed)
Parcel 9
9 2,500 2.5% $6,250.00 $75,000 $2.50 Net $1,041.67 $12,500
(proposed)
Parcel 10
10 2,500 2.5% $6,250.00 $75,000 $2.50 Net $1,041.67 $12,500
(proposed)
TOTAL 98,791 100% $153,333 $1,840,000 $13,750 $165,000
OCCUPIED AREA 98,791 100% $153,333 $1,840,000 $13,750 $165,000
VACANT AREA 0 0% $0 $0 $0 $0
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 18
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comTheater Square - San Bernardino, CA
SECTION IV
Sale Comparables
ST
W 4th
FUTURE NAP
RETAIL PAD
NAP
NFS
FUTURE
FUTURE RETAIL PAD T
RETAIL PAD
W 4th ST
FUTURE
RETAIL PAD
FUTURE
RETAIL PAD
FUTURE
RETAIL PAD
N
ES
T
ST
NAP
5th
W
Carousel Mall images are concepts only for visioning
purposes and have not been adopted by the Cit y
Council as either regul ations or guidelines
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 19
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comTheater Square - San Bernardino, CA
Sales Comparables - Movie Theatres
Property Name / Location Price Bldg SF PSF Year Built CAP COE
Brenden Theatres - Entertainment Center
1 531 Davis St $20,500,000 66,650 $307.58 1998 8.5% 04/28/17
Vacaville, CA 95688
12111 Valley View St
2 $7,365,000 10,293 $715.53 1974 N/A 10/14/16
Garden Grove, CA 92845
1410 Whyler Rd
3 $12,500,000 38,934 $321.06 2008 N/A 01/15/16
Yuba City, CA 95993
Average $13,455,000 38,626 $448.06
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 20
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comTheater Square - San Bernardino, CA
Illustrative Plan
SECTION V
Entertainment/Cultural
Retail Area Description
Residential-Mixed Use
Residential
Education
Hospitality
F ST
T
ES
W 4t
h ST
W
2n
d
ST
T Carousel Mall images are concepts only for visioning
E S purposes and have not been adopted by the Cit y
Council as either regul ations or guidelines
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 21
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.com173
Big Bear
Mtn 138
Discove ry
High Pa c Silverwood Theater Square - San Bernardino,
Center
CA
i fi c C Big Air Fawnskin
Silverwood Lake Lake SRA
rest T ra i l
Blue
Lake Arrowhead
Lake
Green
Valley
Green
Valley Area Map
Big Bear Lake
38
Big Bear City
Mt Baldy Jay Lake
Arrowhead 18 Snow
Crestline 189 Big
Mt Baldy ANGELES Bear Summit
N ATIONAL Skyforest Lake
Devore Bear Mtn
FOREST Snow
Sa n G
a br i e Glen Helen 215
Running
Springs
Valley N
l Mo 18
unta Blockbuster 330
ins
Pavilion 206
15
Muscoy Highland
38 San Gorgonio Mtn
30 SUBJECT PROPERTY 11,499’
Rancho San Bernardino, CA
San Bernardino
Cucamonga Fontana Rialto
66 San Bernardino Int’l Airport
eles Upland Loma 30 SAN
Colton Linda BERNARDINO
Montclair 10 Redlands Oak Glen
NATIONAL
Ontario Int’l
ntario Airport Grand Yucaipa
FOREST
Glen
Rd
Terrace
60 Avon 215
Glen
hino Rubidoux Calimesa
Riverside
Oak
83
Mira Loma
10
Jurupa Cherry Valley
Moreno Valley 60
Banning
Norco 10
91 Perris Blvd
Beaumont
Castle
71 Park MARCH
nB AFB 79
Va
ure LAKE
Home n Blvd Woodcrest
Corona Gardens PERRIS
243
El Cerrito Lake
Matthews Lakeview Ramo
na E
xpy
Glen Ivy Perris
Hot Springs San Jacinto
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 22
Homeland
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY74760.448.2459 rdalby@lee-associates.com
74Theater Square - San Bernardino, CA
Location Overview
Theater Square is located in the City of San Bernardino. San Places Near 450 North E Street, San Bernardino
Bernardino is surrounded by universities, colleges and technical Government Buildings
institutions, including California State University, San Bernardino. It is ■
San Bernardino City Hall
the fastest growing city in the East Valley and is undergoing strong ■
San Bernardino Parks & Recreation
■
County Counsel
development and revitalization with transportation implementation
■
Department of Transportation
plans for the future growth of the region. Theater Square is located ■
San Bernardino County Family Court
off the 215 freeway in the East San Bernardino submarket. The two ■
Internal Revenue Service
hospitals within the City limits, San Bernardino Community Hospital and ■
Superior Court of California County of San Bernardino
■
San Bernardino International Airport
St. Bernardine’s Medical Center are both state of the art facilities. City
■
Norman F. Feldheym Central Library
residents also have access to the nearby Arrowhead Regional Medical ■
Plenty of Public Transportation
Center and the world renowned Loma Linda University Medical Center.
Nature
■ Seccombe Lake Park
San Bernardino is located approximately 60 miles east of Los Angeles,
■ Meadowbrook Park
120 miles northeast of metropolitan San Diego, and 55 miles northwest of ■ Lytle Creek Park
Palm Springs. The Metrolink commuter rail service, available at the Santa ■ Lytle Creek Channel
Fe train station, provides long distance transportation to commuters Entertainment
from the San Bernardino area to major centers of employment, such as ■ ASU Fox Theater
downtown Los Angeles, and Orange County, within 90 minutes. Further ■ San Bernardino Symphony
■ Sturges Center for the Fine Arts
enhancing commuter connectivity, the sbX Green Line express bus
■ California Theatre of Performing Arts
line runs on a dedicated lane along E Street. It traverses a 15.7 mile ■ Sinfonia Mexicana
route from California State University San Bernardino to Loma Linda ■ San Manuel Stadium
University Medical Center. A new light rail program is in development ■ Inland Empire 66ers of San Bernardino Minor League
(Angels advanced affiliate)
extending service through San Bernardino to Redlands, California. The
■ National Orange Show Event Center
two San Bernardino stops are strategically planned in the civic center
Companies
and hospitality corridors. The City of San Bernardino has a labor force
■
Chase Bank
of 84,400. For the past five years, the City has seen a steady 2 percent ■
Bank of America
annual decrease in unemployment. ■
Wells Fargo Bank
■
San Bernardino Sun
■
USA Today
No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 23
Info: MATTHEW SULLIVAN 213.623.0800 matthew.sullivan@lee-associates.com Tom GIOIA 949.790.312 tgioia@leeirvine.com RANDALL DALBY 760.448.2459 rdalby@lee-associates.comFOR MORE INFORMATION:
MATTHEW SULLIVAN Tom GIOIA Randall Dalby
Managing Director Senior Vice President / Principal Senior Vice President / Principal
213.623.0800 949.790.3124 760.448.2459
matthew.sullivan@lee-associates.com tgioia@leeirvine.com rdalby@lee-associates.com
BRE License # 00848427 BRE License # 01219394 BRE License # 01259576
CONFIDENTIALITY AGREEMENT The information contained in the following Marketing Proposal is proprietary and strictly confidential. It is intended
to be reviewed only by the party receiving it from Lee & Associates - Investment Services Group and should not be made available to any
other person or entity without the written consent of Lee & Associates Investment Services Group. This Marketing Proposal has been prepared
to provide summary, unverified information to the aforementioned owner of the property receiving it. The information contained herein is not a
substitute for a thorough due diligence investigation. Lee & Associates Investment Services Group has not made any investigation, and makes
no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of
the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or
asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or
business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained
in this Marketing Prooposal has been obtained from sources we believe to be reliable; however, Lee & Associates Investment Services Group
has not verified, and will not verify, any of the information contained herein, nor has Lee & Associates Investment Services Group conducted
any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the
information provided. The owner must take appropriate measures to verify all of the information set forth herein.
Lee & Associates® – Los Angeles - ISG
Corp ID #: 01859073
A Member of the Lee & Associates® Group of Companies
515 S. Flower Street, Suite 3600, Los Angeles, CA 90071
Office 213.623.0800 Fax 213.623.1395You can also read
