SIERRA CENTER An Incredible Investment Offering in Southern California. A 100,253 SF Grocery-Anchored Community Center in the city of Baldwin ...
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INVESTMENT OFFERING MEMORANDUM
SIERRA CENTER An Incredible Investment Offering in Southern California.
A 100,253 SF Grocery-Anchored Community Center in the city of Baldwin Park, California.
© 2018 Sally Forster Jones Group - Confidential and Proprietary
PROPERTY OVERVIEW
INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS
Offering Price $35,000,000 • Credit Tenants in 100% occupied center
Occupancy 100 Percent • Food 4 Less, Target, Bob’s Discount Furniture and Party City, serve as
Building Leasable Area 100,253 Square Feet co-anchors
Total Land Area 18.20 Acres - Total / 7.34 Acres • Target, McDonalds, Chevron are their own parcel and pay CAM only
- Offering / 220,766 sqft gross • Jack in the Box is a separate project and only pays for Pylon sign
building • Very high traffic count with over 200,000 vehicles passing daily (Source:
CAP Rate 5.39% ESRI 2015). Excellent visibility and accessibility from Interstate 10 via
Net Operating Income $1,866,892 the Baldwin Park Boulevard off ramp which is directly adjacent to the
Parking 1,135 stalls (5.17 spaces per 1,000 property.
SF) - Total; 487 stalls (4.86 spaces • Densely populated area with strong retail submarket.
per 1,000 SF) - Offering • Highly functional site plan.
• Historically always fully occupied.
Year Built 1997
Financing Assumable loan of approximately
$19,000,000
DISCLOSURES & CONFIDENTIALITY CONTACT INFORMATION
The information contained herein has been carefully compiled from Sally Forster Jones
sources we consider reliable, and while not guaranteed as to com- Compass - SFJ Group
pleteness or accuracy, we believe it to be correct as of this date. 9454 Wilshire Blvd
The proforma revenues and expenses set froth in this brochure do 4th Floor
not constitute a representation, warranty, or guaranty of any of the Beverly Hills, CA 90212
numbers set forth herein or of any economic value attributable to
the property or income that may be derived therefrom. Independent CALL: 310-579-2200
estimates of proforma revenues and expenses should be developed EMAIL: showings@sfjgroup.com
before any decision is made on whether to invest in the property.
Compass does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of the property provided by the seller or obtained from public records and other sources. The buyer is advised to independently verify the accuracy of the information. Compass
and Agent makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the present or future performance of
the property. Sally Forster Jones CalBRE# 00558939 | Compass CalBRE# 01991628
© 2018 Sally Forster Jones Group - Confidential and Proprietary
SIERRA CENTER AERIAL VIEW
© 2018 Sally Forster Jones Group - Confidential and Proprietary
PROPERTY OVERVIEW
PROPERTY OVERVIEW
PARCELS:
Assessor’s Parcel # Appx. Acres Square Feet
8555-006-034 64,120
8555-006-035 12,934
8555-006-036 12,375
8555-006-037 3,319
8555-006-038 205,166
8555-006-039 24,954
TOTAL OFFERING 322,868
YEAR BUILT: Sierra Center was completed in 1997
LOCATION: Sierra Center is located in the central San Gabriel Valley re-
gion of Los Angeles County. Baldwin Park is easily accessible to several
major freeways servicing Southern California including Interstates 10
(San Bernardino Freeway, 605 (San Gabriel Freeway) and 210 (Foothill
Freeway).
TENANTS:
No. Tenant Area SF ACCESS: Sierra Center has 3 points of access off of Baldwin Park Blvd.
1 Bob’s Discount Furniture 23,500 and 2 points of access off of Francisquito Avenue. The property is
2 Party City 10,147 ideally located just off of the I-10 freeway which is a major Southern
3 T-Mobile (Hit Mobile) 2,300 California thoroughfare.
4 Total Care Dental 6,500
5 Supercuts 1,231 ZONING: FC (Freeway Commercial)
6 Eyebrow Image 808 PARKING: The parking is shared with Target in accordance to a Recip-
7 Payless ShoeSource 2,520 rocal Easement Agreement. There are a total of 1,135 parking spaces.
8 Food 4 Less 53,470 The Offering contains approximately 487 stalls. (Subject to change)
9 Taco Bell 2,095
(C&R Restaurant Group)
Total Square Feet: 100,476
Compass does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of the property provided by the seller or obtained from public records and other sources. The buyer is advised to independently
verify the accuracy of the information. Compass and Agent makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions
or estimates used are for example only and do not represent the present or future performance of the property. Sally Forster Jones CalBRE# 00558939 | Compass CalBRE# 01991628
© 2018 Sally Forster Jones Group - Confidential and Proprietary
TENANT PROFILES
Tenant Name Lessee No. of Locations Use Website
Bob’s Dis- Bob’s Discount Everyday low price furniture www.mybobs.com
83 showrooms in 15 states in the
count Furni- Furniture, LLC, a store.
Northeast, Mid-Atlantic and Midwest
ture Massachusetts limit-
regions.
ed liability company
Party City Party City Corpo- Operation of a retail party www.partycity.com
ration, a Delaware Approx. 900 throughout the U.S., goods and seasonal mer-
corporation Canada & Puerto Rico chandise.
Total Care Keivan Sarraf, DDS, Operation of dental service www.totalcaredentalgroup.
Dental Inc., a California 2 locations: Los Angeles & Baldwin provider com
corporation Park
Hit Mobile Hit Mobile, Inc., a Over 2,200 locations across the U.S. Operation of a cellular www.t-mobile.com
California corpora- service provider and carrier
tion outlet for mobile devices
Eyebrow Eyebrow Image, Inc., Operation of a salon www.eyebrowimage.com
Image a California corpo- 3 locations in West Covina, CA. Mont-
ration clair, CA & Baldwin Park
Super Cuts Supercuts Corpo- Operation of a ‘no-appoint- www.supercuts.com
rate Shops, Inc., a ment required’ salon for men
Over 2,400 locations across the U.S.
Delaware corpora- and women
tion
Payless Shoes Payless Shoesource, Operation of a discount shoe www.payless.com
Inc., a Missouri Over 4,400 brick and mortar stores in store
corporation more than 30 countries.
Food 4 Less Food 4 Less of Operation of a discount www.food4less.com
California, Inc., a warehouse-style grocery
Over 250 locations across the U.S.
California corpora- store
tion
C&R Restau- Taco Bell Corp., a Operation of a fast food com- www.tacobell.com
rant Group California Corpora- Collectively, nearly 10,000 locations bination restaurant serving
tion across the U.S. Mexican food and pizza
Compass does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of the property provided by the seller or obtained from public records and other sources. The buyer is advised to independently
verify the accuracy of the information. Compass and Agent makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions
or estimates used are for example only and do not represent the present or future performance of the property. Sally Forster Jones CalBRE# 00558939 | Compass CalBRE# 01991628
© 2018 Sally Forster Jones Group - Confidential and Proprietary
2018 RENT SUMMARY
Actual Rent/ Lease Current Options
Unit # Tenant SqFt Move-In Notes
Rent SqFt End Date Option Left
11 Jack In The Box Foodmaker, Inc. $750.00 0 0.00 2/1/07 NA NA A separate project only paying for Pylon sign
(5) 5-yr renewal options, each renewal increases rent
3000 Food 4 Less of California, Inc. $62,334.13 53,470 1.17 7/2/97 7/31/22 0 5
by 10%
3000 (4) 5-yr renewal options, each renewal increases rent
Royal Street Communications CA, LLC $2,736.00 0 0.00 2/28/08 2/26/33 1 3
(03) by 20%
Own parcel and only pays Common Area Mainte-
3100 Target Corporation - 115,685 0.00 7/1/97 NA NA
nance Charges
Lease extended 20-yrs from Dec 2014, (3) 5-yr
C&R Restaurant Group, LP renewal options remaining. Rental adjustments:
3120 $7,209.58 2,095 3.44 6/22/97 11/30/34 2 3
(Taco Bell) 2019-2024 +10%, 2024-2029 FMV, 2019-2034 110%
of the FMV from preceding 5-yr period
Own parcel and only pays Common Area Mainte-
3160 McDonald's #19375 - 4,800 0.00 7/1/97 NA NA
nance Charges
A new tenant as of Feb 15, 2018 with 10-yr lease
term. (3) 5-yr renewal options. 10%+ from lease
B100 Bob's Discount Furniture, LLC $35,250.00 23,500 1.50 2/1/18 1/31/28 0 3
term to 1st option, 10%+ to 2nd option, 3rd option
is FMBR
C100 Party City Corporation $19,454.16 10,147 1.92 6/23/97 12/31/19 0 1 (1) 5-yr renewal option at a 10%+
Every 30 months increase of 6% and also applies to
D100 Keivan Sarraf DDS, Inc $10,991.09 6,500 1.69 8/15/11 8/31/21 0 2
(2) 5-yr options
D101 Hit Mobile, Inc $7,006.15 2,300 3.05 8/16/11 8/31/21 1 0 Every 24 months increase of 6%, termed out in 2021
Lease expired Oct 2016. Lease extended to Oct
D105 Super Cuts $3,324.42 1,231 2.70 10/27/97 10/31/19 1 0
2019.
D106 Eyebrow Image, Inc. $2,098.27 808 2.60 12/1/09 9/30/19 1 0
A 1-yr gross lease due to bankruptcy. If they stay, will
E100 Payless ShoesSource (Store #2915) $4,166.67 2,520 1.65 7/27/97 7/31/18 0 0
ask for NNN lease like it was before.
Tamra Recycling $814.44 0 0.00 12/1/08 11/30/20 0 0
TOTAL $156,134.91 223,056
Compass does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of the property provided by the seller or obtained from public records and other sources. The buyer is advised to independently
verify the accuracy of the information. Compass and Agent makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions
or estimates used are for example only and do not represent the present or future performance of the property. Sally Forster Jones CalBRE# 00558939 | Compass CalBRE# 01991628
© 2018 Sally Forster Jones Group - Confidential and Proprietary
2018 INVESTMENT OVERVIEW
NOI 2018
GROSS POTENTIAL RENT INCOME $1,873,619
EFFECTIVE RENTAL INCOME $1,873,619
PLUS NNN $359,035
GROSS OPERATING INCOME $2,232,654
LESS OPERATING EXPENSES $365,762
NET OPERATING INCOME $1,866,892
LESS BANK LOAN* $1,201,756
Loan Interest Only $922,768
Principal Paydown $278,988
SALES PRICE $35,000,000
CAP RATE 5.39%
* Amount includes interest and principal
FINANCING DETAILS
- Buyer to assume loan. Assumable for 1 point.
- LENDER: Argentic Real Estate Finance LLC (Serviced by Wells Fargo)
- LOAN AMOUNT: Approximately $19,000,000
- INTEREST RATE: 4.84%
- MATURITY DATE: September 2027
- PAYMENT: Interest + Principal is $100,146/mo
- Principal paydown for 2018 is approximately $278,988
- Lender has impounds for taxes and insurance
Compass does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of the property provided by the seller or obtained from public records and other sources. The buyer is advised to independently
verify the accuracy of the information. Compass and Agent makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions
or estimates used are for example only and do not represent the present or future performance of the property. Sally Forster Jones CalBRE# 00558939 | Compass CalBRE# 01991628
© 2018 Sally Forster Jones Group - Confidential and Proprietary
SITE IMAGES
© 2018 Sally Forster Jones Group - Confidential and Proprietary
SITE IMAGES
© 2018 Sally Forster Jones Group - Confidential and Proprietary
LOCATION ANALYSIS & DEMOGRAPHICS
TRAFFIC COUNT
Location of The Sierra Center:
Over 200,000 vehicles passing daily
(Source: ESRI 2015)
Compass does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of the property provided by the seller or obtained from public records and other sources. The buyer is advised to independently
verify the accuracy of the information. Compass and Agent makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions
or estimates used are for example only and do not represent the present or future performance of the property. Sally Forster Jones CalBRE# 00558939 | Compass CalBRE# 01991628
© 2018 Sally Forster Jones Group - Confidential and ProprietaryLOCATION ANALYSIS & DEMOGRAPHICS Source: CRE Demographics (2018) © 2018 Sally Forster Jones Group - Confidential and Proprietary
LOCATION ANALYSIS & DEMOGRAPHICS Source: CRE Demographics (2018) © 2018 Sally Forster Jones Group - Confidential and Proprietary
LOCATION ANALYSIS & DEMOGRAPHICS Source: CRE Demographics (2018) © 2018 Sally Forster Jones Group - Confidential and Proprietary
LOCATION ANALYSIS & DEMOGRAPHICS Source: CRE Demographics (2018) © 2018 Sally Forster Jones Group - Confidential and Proprietary
LOCATION ANALYSIS & DEMOGRAPHICS Source: CRE Demographics (2018) © 2018 Sally Forster Jones Group - Confidential and Proprietary
LOCATION ANALYSIS & DEMOGRAPHICS Source: CRE Demographics (2018) © 2018 Sally Forster Jones Group - Confidential and Proprietary
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