Village Fair Shopping Center - Neighborhood Grocery Anchored Retail Center in Seattle MSA - Bloch Properties
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Village Fair
Shopping
Center
PuyALL
U
Neighborhood Grocery Anchored
P, W
Retail Center in Seattle MSA
A
611 South Meridian Street, Puyallup, WA 98371
[ www.CapitalPacific.com ]
PRICE: $8,790,000 Investment Highlights
CAP: 5.4%
LEASABLE SF. . . . . . . . . . . . . . . . . . ±50,101 SF
LAND AREA. . . . . . . . . . . . . . . . . . . . ±148,540 SF
LEASE TYPE. . . . . . . . . . . . . . . . . . . . NNN
ORIGINAL CONSTRUCTION. . . . . . 1966
PARKING. . . . . . . . . . . . . . . . . . . . . . ±188 Spaces or 3.8/1,000 SF
CORE CHARACTERISTICS
SAFEWAY ANCHOR WITH 50-YEAR TENURE AND CONSISTENT
STORE SALES TRENDING UPWARD
NEW 10-YEAR TERM WITH JUNIOR ANCHOR, ACE HARDWARE
SUCCESSFUL ACE HARDWARE FRANCHISEE OPERATES EIGHT
LOCATIONS IN WASHINGTON
CLOSE PROXIMITY TO PUYALLUP FAIRGROUNDS AND 1.1M
ANNUAL VISITORS
LIMITED GROCERY COMPETITION IN IMMEDIATE TRADE AREA
LOW BASE RENTS ACROSS THE ENTIRE CENTER AND
MINIMAL NEAR TERM ROLLOVER.
ADDRESS:
611 South Meridian Street, Puyallup, WA 98371
VILLAGE FAIR SHOPPING CENTER | 2
Site Plan
S Meridian 10,450 Daily
CLASSY CHASSIS
CAR WASH
BOURBON
STREET BAR & GRILL
4th Ave SE
7th Ave SE
WEIGHT WATCHERS
KYOTO TERIYAKI
GUARANTEED
APARTMENT
AVAILABLE -
RENT
APARTMENT
AMOCAT
SPEED
IMPORIUM
2nd St SE
SITE PLAN KEY
PARCEL OUTLINE:
LAND AREA: ±148,540 SF
BUILDING AREA: ±50,101 SF
NOT A PART:
INGRESS/EGRESS:
*Site Plan Not To Scale
VILLAGE FAIR SHOPPING CENTER | 3
Retail 98,000 DAILY
167
SOUTH HILL MALL
Applebee’s Sears
BJ’s Restaurant Target
Macy’s Toys “R” Us
Olive Garden
CLICK HERE FOR FULL 10,450 DAILY
Red Robin
LIST OF RETAILERS
Regal Cinemas
Village Fair
ADDITIONAL RETAIL Shopping Center 512
Armstrong Fitness Michaels
Bed Bath & Beyond Office Depot
Best Buy Papa John’s Pizza 88,000 DAILY
Big Lots Papa Murphy’s
Burger King Petco
MULTICARE GOOD
Chipotle Mexican Grill Ram Restaurant & Brewery SAMARITAN HOSPITAL
Denny’s Ross Dress for Less
Dollar Tree Safeway 161
Domino’s Pizza Shari’s Restaurant & Pies
FedEx Office Print & Ship Sleep Train Mattress Centers SOUTH HILL MALL
Center Sports Authority
S MERIDIAN
Five Guys Burger & Fries Sportsman’s Warehouse
Fred Meyer Starbucks
Goodwill Taco Bell
Haggen Market Taco Del Mar
Home Depot Taco Time
Jack in the Box Total Wine & More
Les Schwab Tire Center Tractor Supply Co
Little Caesars Pizza UPS Store
82,000 DAILY
Lowe’s Walgreens
McDonald’s Walmart 512
Men’s Wearhouse Wendy’s
Aerial THE WASHINGTON STATE FAIR IS ONE OF THE TEN
LARGEST FAIRS IN THE UNITED STATES AND ATTRACTS
MORE THEN 1.1 MILLION VISITORS TO THE IMMEDIATE
AREA EVERY YEAR.
PUYALLUP
HIGH SCHOOL
161
10,450 DAILY
512
Village Fair
KALLES JUNIOR
Shopping Center HIGH SCHOOL
S MERIDIAN
VILLAGE FAIR SHOPPING CENTER | 5
Featured Photos
VILLAGE FAIR SHOPPING CENTER | 6
Demographics
VILLAGE FAIR
SHOPPING CENTER
139,733
POPULATION RESIDENTS
1-Mile 3-Miles 5-Miles
2010 10,607 59,183 135,430 1 MILE
2015 10,711 60,857 139,733
2020 10,981 63,001 145,321
3 MILES
2015 HH INCOMES
1-Mile 3-Miles 5-Miles
AVERAGE $61,334 $76,074 $78,512 5 MILES
MEDIAN $49,516 $61,244 $64,063
VILLAGE FAIR SHOPPING CENTER | 7
Financial Summary
Target Price Range
PRICE $8,790,000
Capitalization Rate 5.40%
Price Per Foot $175
NET OPERATING INCOME SUMMARY
SCHEDULED INCOME Per SF
Scheduled Rent: 12/1/2016 $7.16 $358,842
Plus: Expense Reimbursement $3.80 $190,454
Plus: Percentage Rent¹ $2.79 $140,000
Plus: Other Income² $0.03 $1,550
Equals: Scheduled Gross Income $13.79 $690,846
Vacancy Factor* 5% ($0.32) ($16,121)
Equals: Effective Gross Income (EGI) $13.47 $674,725
Less: OPERATING EXPENSES Per SF
CAMS $1.79 $89,585
Property Taxes $1.47 $73,748
Insurance $0.26 $13,000
Management Fee 3.5% of EGI $0.47 $23,615
Total Operating Expenses $3.99 ($199,948)
Equals: NET OPERATING INCOME $9.48 $474,777
*Vacancy factor excludes Safeway
1) Based on Safeway's annual sales.
2) Based on seasonal parking income related to the Puyallup Fair.
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.
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. VILLAGE FAIR SHOPPING CENTER | 8
Rent Roll
Rent Roll
LEASE
TENANT INFO LEASE TERMS CURRENT RENT RENT INCREASES OPTIONS
TYPE
Occupancy Lease Monthly Base Date of Monthly Base Additional
Tenant Name Size % of SF Rent/SF/YR
Date Expiration Rent Increase Rent Annual
Safeway 26,719 53.33% 9/1/66 8/31/21 $5,549 $2.49 3 - 5 Yr NNN
comments: Tenants option periods renew automatically unless 180 days notice is See Comment
given. 1st option period is flat, final two options at $6,104.08/month. Percentage 180 Days Notice
rent for Safeway will equal 2% of gross sales less base rent.
Weight Watchers 1,600 3.19% 9/1/12 8/31/17 $2,400 $18.00 1-5 YR NNN
comments: Exclusive for a weight management center. $2/SF Increase
180 Days Notice
RAC 4,589 9.16% 11/8/04 12/31/19 $5,163 $13.50 NNN
comments: Exclusive for a rent-to-own store. Co-tenancy clause with Safeway,
tenant has the right to terminate if anchor space is vacant for six months.
Guaranteed by RAC corporate. Tenant has one-time termination right on
12/31/2017 given 180 days notice and termination fee of $30,976.
Kyoto Teriyaki 1,650 3.29% 11/25/92 11/30/19 $2,414 $17.56 12/1/17 $2,487 1-5 YR NNN
12/1/18 $2,561 FMR > Prior
180 Days Notice
Classique Hair & Nails 750 1.50% 4/11/02 12/31/17 $700 $11.20 NNN
180 Days Notice
Yoga Soleil 1,277 2.55% 11/2/15 12/31/18 $950 $8.93 1/1/18 $1,000 1-3 YR NNN
comments: Tenant still in free rent period, with full rent to commence in January FMR
2017. Lease is personally guaranteed. Landlord has relocation right with 90 days 180 Days Notice
notice and payment of reasonable relocation expenses.
Ace Hardware 8,495 16.96% 2/14/08 4/30/25 $7,079 $10.00 5/1/20 $7,787 2-5 YR NNN
comments: New owner took over Ace store in May 2015. Operator has long 95% of FMR
history of hardware store operations and currently runs eight stores statewide. 180 Days Notice
Exclusive for a hardware store.
Available - Rent Guarantee 5,021 10.02% $5,649 $13.50 NNN
comments: Seller will guarantee rent for one year period if not leased by close of
escrow.
Totals: 50,101 100% $29,903 $7.16 $0
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.
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or VILLAGE FAIR SHOPPING CENTER | 9
implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Operating Expenses
Operating Expenses
PROJECTED OPERATING EXPENSES REIMBURSEMENTS
Total /SF Notes
CAMS $89,585 $1.79 1 $89,585
Property Taxes $73,748 $1.47 2 $73,748
Insurance $13,000 $0.26 1 $13,000
Management $23,615 $0.47 3 $14,121
Total Expenses $199,948 $3.99 $190,454
Notes:
1) Based on 2016 Operating Budget
2) Based on 216 Pierce County Tax Assessment
3) Based on 3.5% of EGI. Reimbursements include Admin Fees.
5/23/2016 This information has been secured from sources we believe to be reliable but we make[no representations or warranties, expressed or
www.CapitalPacific.com ] VILLAGE FAIR SHOPPING CENTER | 10
implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
< >Reimbursements
Reimbursements
Property Admin
Tenant Name Pro Rata % CAMS Taxes Insurance Management Admin Fee Collected Notes Tenant Totals
Expense Total $89,585 $73,748 $13,000 $23,615
Safeway 53.33% $47,776 $39,330 $6,933 7% $1,575 1, 2 $95,614
Weight Watchers 3.19% $2,861 $2,355 $415 $754 $6,385
RAC 9.16% $8,206 $6,755 $1,191 15% $1,407 3, 4 $17,558
Kyoto Teriyaki 3.29% $2,950 $2,429 $428 $778 15% $1,891 4 $8,476
Classique Hair & Nails 1.50% $1,341 $1,104 $195 $354 15% $390 4 $3,383
Yoga Soleil 2.55% $2,283 $1,880 $331 $602 $5,096
Ace Hardware 16.96% $15,190 $12,505 $2,204 $4,004 $33,903
Available - Rent Guarantee 10.02% $8,978 $7,391 $1,303 $2,367 $20,038
TOTAL 100.00% $89,585 $73,748 $13,000 $8,858 $5,263 $190,454
Notes:
1) Admin Fee is collected in lieu of management fee.
2) Admin Fee based on controllable CAM charges, excluding taxes, insurance, and utilities.
3) Management and Admin Fees cannot exceed 15% of CAMs.
4) Admin Fee based on percentage of CAMs only.
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or VILLAGE FAIR SHOPPING CENTER | 11
implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.A unique HUMAN
RESULTS-DRIVEN THE CAPITAL PACIFIC EXPERIENCE - OUR DAILY COMMITMENT TO OUR CLIENTS
client experience [ www.CapitalPacific.com ]
SEAN TUFTS DAVID GELLNER SCOTT FRANK
stufts@capitalpacific.com | (206) 743-8468 dgellner@capitalpacific.com | (206) 913-2842 sfrank@capitalpacific.com | (503) 675-8383
KEVIN ADATTO MICHAEL HORWITZ PETER DUNN
kadatto@capitalpacific.com | (503) 675-7726 mhorwitz@capitalpacific.com | (503) 675-8381 pdunn@capitalpacific.com | (503) 607-0197
SEAN MACK
smack@capitalpacific.com | (503) 675-8378
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