Super Star Car Wash Ground Lease - Escondido, CA | San Diego-Carlsbad MSA OFFERING MEMORANDUM
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SIT E RE ND E RI NG
OFFERING MEMORANDUM
Super Star Car Wash Ground Lease
Escondido, CA | San Diego-Carlsbad MSA
www.preservewestcapital.com
TABLE OF CONTENTS
PROPERT Y HIGHLIGHTS 1 AERIALS 5
PROPERT Y INFORMATION 2 ABOUT THE AREA 7
TENANT INFORMATION 3 DEMOGRAPHICS 9
SITE PL AN 4
Disclaimer Michael Maffia (“Broker”) has been retained on an exclusive basis to market the property described herein (“Property”). Broker
has been authorized by the Seller of the Property (“Seller”) to prepare and distribute the enclosed information (“Material”) for
Michael Maffia
Managing Partner
the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information
may be made available upon request following the mutual execution of a letter of intent or contract to purchase between 415.373.4060
the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon mike@preservewc.com
your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial
CA RE License #01340853
references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction
and such other matters as the Seller deems appropriate.
The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition Putnam Daily
of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person
Partner - Brokerage Division
without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the
information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller 415.445.5107
and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation putnam@preservewc.com
and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, CA RE License #01750064
members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such
pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must
independently confirm the accuracy of the projections contained in the pro forma.
Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied,
to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers
a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a
purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with
respect thereto.
Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information.
www.preservewestcapital.com
PROPERT Y HIGHLIGHTS
Property Highlights
• Brand New 20-Year Absolute NNN Ground Lease to
Super Star Car Wash
-- Scheduled 10% Rental Escalations Every 5 Years
-- Experienced Operator with Strong Financials
Cen
• Excellent Access and Visibility In Primary Retail
Corridor
tre
-- Combined AADT of 120,500
City
DOWNTOWN
ESCONDIDO -- Adjacent to Downtown Escondido
Pkw (35,400 AADT)
• Brand New 2018 Construction
y
• Neighbors Numerous Major Retail Centers
-- Nearby Anchor Tenants Include Costco, Target,
Walmart, Smart & Final Extra, and more
• Robust Demographics in Surrounding Area
-- Average Household Income of $82,470 Within 5
Miles of Site
-- Median Home Value of $446,337
W Missio
n Ave (28,100
AADT) • Approximately 2 Miles from Palomar Medical Center
-- Escondido’s Largest Employer – 2,700 Employees
-- Only Designated Trauma Center in Northern San
Diego County
Ronal • Part of San Diego-Carlsbad MSA
d Packa
rd Pkw -- Population of 3.3 Million
y (57,0
00 AA
DT) -- 2nd Largest MSA by Population in California
-- 2016 GDP of $215 Billion
• Approximately 30 Miles from Downtown San Diego
PRESERVE WEST CAPITAL | 1
PROPERT Y INFORMATION
Location PRICE
The property is located at 680 North Centre City Parkway in Escondido,
$4,000,000
California.
Lot Size 5.00% Return
Approximately 0.704 acres, or 30,659 square feet. Only the land is for sale.
Improvements
Construction is expected to be completed in August 2018 of a 4,308 square
foot car wash facility for Super Star Car Wash. Net Annual Income
The improvements are being built and will be owned by tenant. Upon expiration
or termination of the lease, title to all such improvements shall become vested in Years Rent Return
landlord. The improvements are not for sale.
1-5 $200,000 5.00%
Ground Lease 6-10 $220,000 5.50%
Leased to SSCW, Inc. for 20 years at an initial annual rent of $200,000. Rent is 11-15 $242,000 6.05%
to commence the earlier of the date tenant opens for business, July 28, 2018,
or the date landlord has substantially completed landlord’s remaining work. 16-20 $266,200 6.66%
There are three (3) options to renew, two (2) at five years and one (1) at four
years and eleven months. Rent is to increase by 10% in years 6, 11, and 16 and 21-25 (Option 1) $292,820 7.32%
at the start of each option period. The lease is net with tenant responsible for
all taxes, insurance, and maintenance, as well as construction of improvements. 26-30 (Option 2) $322,102 8.05%
Tenant reimburses for proportionate share of common area operating
expenses, including management fee, reasonable reserves for building painting, 31-34 + 11 months (Option 3) $354,312 8.86%
parking lot repair and maintenance, and landscaping, and capital expenditures
amortized over the useful life of the item.
The lease is guaranteed by The Reza Amirrezvani Trust for the first seven (7) Financing
years of the primary lease term.
This property will be delivered free and clear of permanent financing.
PRESERVE WEST CAPITAL | 2
ABOUT THE TENANT
SSCW, Inc. dba Super Star Car Wash operates car wash
facilities offering a variety of services at more than 17
locations in Arizona and California. The company began
in Arizona, where they offer exterior and full service
car washes as well as auto detailing, oil changes, and
convenience store markets, and has recently expanded
into California, where they continue to grow. Express
wash locations such as the subject property offer free
SI T E RE N DE RI N G self-service vacuums and towels and a variety of specialty
wash features including rain-x surface protectant for auto
body and tires, tire scrub, spot-free rinse, wheel cleaner,
Super Star Car Wash has more bug removal, hot wax and shine treatments, and more. The
company offers both per-wash and monthly pricing plans,
which allow customers to get an unlimited number of car
than 17 locations in Arizona and washes for a single monthly fee.
In recent years, the car wash industry has seen substantial
California and continues to grow. growth, particularly in the express exterior wash segment.
Since 2013, the industry has experienced an annual growth
rate of 3.1%, with demand expected to continue to increase
over the next five years. Total revenue for the car wash
industry is now approximately $11.2 billion annually.
PRESERVE WEST CAPITAL | 3
SITE PLAN
WEST MISSION AVENUE
4,308 SF
CENTRE CITY PARKWAYAERIAL NORTHWEST VIEW
Ronald P
ackard P
kwy (57
,0 00 AAD
T)
W Miss
ion Ave
(28,10
)
DT
0 AAD
T)
A
A
0
40
5,
(3
y
w
Pk
ty
Ci
re
nt
CeABOUT THE AREA
General Overview
Escondido (population 151,613) is a city in the northern portion of San Diego
county, approximately 30 miles from downtown San Diego. The city was
incorporated in 1888 and is one of the oldest in the region. Interstate 15 links
the city to San Diego in the South and Temecula in the north, while State
Highway 78 provides access to Carlsbad, Oceanside, and Interstate 5. San
Diego county is the second-most populous county in California and fifth-most
populous county in the U.S., with a population of approximately 3,337,685.
The city is part of the San Diego-Carlsbad Metropolitan Statistical Area and the
San Diego-Tijuana international metropolitan conurbation, the largest shared
between the U.S. and Mexico by population and the fifth-largest international
metropolitan area in the world. The region benefits from vibrant trade between
the region, and the San Diego area has grown to become a vibrant international
economic hub. The region had a gross domestic product of $215.3 billion in
2016, ranking 16th in the U.S.. In addition to its close proximity to Mexico, the
region is also home to the Port of San Diego, one of the highest volume ports
in the U.S. with more than 3 million tons of cargo annually and total export
value of $18.1 million for the region. The region also benefits from the second-
largest quantity of cruise ship traffic in California, generating $2 million in
revenue annually. The region is home to numerous colleges and universities,
including University of California San Diego, San Diego State University, and the
University of San Diego.
Other major components of the San Diego regional economy include
military/defense, technology, biomedical research, life sciences, aerospace,
cybersecurity, manufacturing, shipbuilding, unmanned systems, and more. The
SITE region is home to the largest concentration of military assets in the world and
the largest military workforce in the country, representing one out of every five
jobs in the region and contributing an estimated $25.2 billion to the regional
economy. The area also benefits from a robust tourism industry, with more
than 35 million visitors to the region annually. The city is home to numerous
major research institutes and scientific startups, with scientific research and
development contributing more than $14.4 billion to the local economy. High-
tech startups are also a prominent component of the local economy, with more
than $1.3 billion in annual venture capital investments in the region. Major
companies operating in the region include Boeing, Lockheed Martin, Honeywell,
Northrop Grumman, Planck Aerosystems, Broadcom, Samsung, Peregrine
Semiconductor, General Atomics, ESET North America, Sentek Global, Booz
Allen Hamilton, FICO, Raytheon, General Dynamics, Eli Lilly, Genentech,
Thermo Fisher Scientific, Johnson & Johnson, Pfizer, GlaxoSmithCline, Hunter
Industries, WD-40, Qualcomm, Intuit, and more.ABOUT THE AREA
SITE
Site Information
The subject property is prominently situated with excellent visibility and
access near the signalized intersection of West Mission Avenue (28,100 AADT)
and Centre City Parkway (35,400 AADT) just one block from its junction
with Ronald Packard Parkway (57,000 AADT). The site benefits from robust
demographics with a population of 218,875 within a five mile radius. Average
household income within five miles of the site is $82,470, and median home
value within that radius is $446,337.
The property benefits from a strong retail location within a growing
development along Escondido’s primary retail corridor adjacent to downtown
Escondido. The site neighbors numerous retail centers, including Civic Center
Plaza, with tenants including Smart & Final Extra!, PetSmart, dd’s Discounts,
and Regal Cinemas, and Escondido Square Shopping Center, with Stater
Bros, Dollar Tree, and more. Other major retail tenants neighboring the site
include Walgreens, Target, CVS, Rite Aid, Costco, Walmart, Lowe’s Home
Improvement, Vons, Albertsons, The Home Depot, Petco, ROSS, Dick’s Sporting
Goods, Michaels, Staples, BevMo!, Pier 1 Imports, Harbor Freight Tools, Dollar
Tree, and more.
In addition, the site is located in close proximity to numerous major employers,
all of which drive additional traffic to the site. Palomar Medical Center,
Escondido’s largest employer with nearly 2,700 employees and the only
designated trauma center in northern San Diego County, is located just 2.2
miles from the site. The property is also located approximately half a mile from
the California Center for the Arts, another major employer within the city. The
site additionally neighbors the Kaiser Permanente Escondido Medical Center
and numerous government buildings and local attractions. The property also
neighbors Classical Academy High School and Lincoln Elementary School,
drawing additional traffic from students, parents, and teachers to the site.DEMOGRAPHICS
680 N Centre City Pkwy | Escondido, CA 92025
Top Employers in Escondido
Palomar Medical Center 2,659
Escondido Union School District 1,960
2017 POPULATION MEDIAN HOME VALUE AVG. HOUSEHOLD INCOME
218,875 $446,337 $82,470
City of Escondido 1,027
Escondido Union High School District 842
Bergelectric 802
Population Summary 1 Mile 3 Miles 5 Miles Home Depot 350
2010 Total Population 26,276 142,205 204,978
Nordstrom, Inc. 320
2017 Total Population 28,056 151,268 218,875
2022 Total Population 29,379 157,700 228,753
Toyota of Escondido 312
2017-2022 Annual Rate 0.93% 0.84% 0.89% Vons Grocery Stores 249
Average Household Income
California Center for the Arts 220
2017 $49,458 $71,194 $82,470
2022 $55,168 $80,368 $92,708
Median Home Value
2017 $314,176 $396,133 $446,337
2022 $380,791 $465,706 $526,424
PRESERVE WEST CAPITAL | 8BUILDING CAPITAL
WITH CONFIDENCE
SITE RENDERING
Michael Maffia Putnam Daily
Managing Partner Partner - Brokerage Divison 411 Borel Avenue, Suite 650
415.373.4060 415.445.5107 San Mateo, CA 94402
mike@preservewc.com putnam@preservewc.com D 415.373.4063 F 415.737.6018
CA RE License #01340853 CA RE License #01750064 www.preservewestcapital.comYou can also read
