WILDOMAR RETAIL CENTER - A NET LEASED OFFERING 22812 PALOMAR STREET | WILDOMAR, CA 92595 - LoopNet
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OVERVIEW 100% LEASED RETAIL CENTER 22812 PALOMAR RD | WILDOMAR, CA $2,799,000 6.12% PRICE CAP LEASE ANGEL VIEW SNS NAILS TRIBE SALON EXPIRATIONS: 10/31/2023 3/31/2022 7/31/2022 LEASABLE SF LAND AREA LEASE TYPE 9,617 SF 1.51 AC ABSOLUTE NNN BUILT SHOPPING CENTER PARKING 2008 65 (6.78/1,000 SF) ALL NEWER LEASES WITH OPTIONS ANNUAL INCREASES FOR ALL THREE TENANTS STRONG DAYTIME TRAFFIC THE PROPERTY IS IN A FAST GROWING TRADE AREA WITH STRONG DEMOS $95,0000 + HOUSEHOLD INCOME 3
INVESTMENT HIGHLIGHTS CONTACT THE TEAM THE OFFERING is a 3-Tenant retail building in Wildomar, CA with new absolute NNN leases in place featuring zero Landlord management or maintenance expenses. It is located on a NICK CORBELL signalized corner featuring excellent visibility along Clinton Keith Blvd., with over 18,000+ VPD. The subject property is ncorbell@leetemecula.com located in a Rite Aide anchored center and is the only drugstore P: 951.445.4522 anchored center in the immediate vicinity. DRE # 01932821 THE SUBJECT PROPERTY is located in Wildomar, California, NICK EARLE which is an incorporated City within Riverside County, California boasting a median income of over $77,000 and a population of nearle@leetemecula.com over 36,000 in 2016. Wildomar is the home of the Inland Valley P: 951.445.4528 Medical Center and several residential housing projects that DRE # 1916982 are in various stages of City approval and development with the median home price at ±$406,600. BRIAN BIELATOWICZ bbielatowicz@leetemecula.com P: 951.445.4515 DRE # 01269887 No warranty or representation has been made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. Lee & Associates Commercial Real Estate Services, Inc. - Riverside. 25240 Hancock Avenue, Suite 100 - Murrieta, CA 92562 | Corporate ID# 01048055 4
HANCOCK AVE AERIAL 16,000 CPD SHIEVELA M.S. RD TH JACKSON AVE EI K N TO CA N SANTA ROSA E. HALE I CL APARTMENTS CURRAN LO OAK SPRINGS RANCH APARTMENTS E.S. MURRIETA AK MESA H.S. 131,000 SR CPD D INLAND VALLEY MEDICAL 15 CENTER OLIVE WOOD JEFFERSON AVE GRAND ISLE SENIOR HOMES KALMIA 7,000 PLAZA WILDOMAR CPD TOWN RETAIL SQ. KALMIA ST CENTER S T THE PALOMAR 10,000 CPD BARN MURRIETA E.S. BEAR WASHINGTON AVE VALLEY PLAZA ST EG MURRIETA VALLEY TM H.S. NU THOMPSON M.S. COLE CANYON BEAR CREEK 5
“THE CITY OF WILDOMAR WILL BE A SAFE AND ACTIVE COMMUNITY, RESPONSIBLY GROWN, WITH QUALITY INFRASTRUCTURE WHILE KEEPING A HOMETOWN FEEL” RIVERSIDE is a city in Riverside County, California, United States, located in WILDOMAR Wildomar is the Inland Empire metropolitan area. a city in Riverside County, Riverside is the county seat of the California, United States. It eponymous county and named for its was incorporated on July 1, location beside the Santa Ana River. It 2008.[1] The city is located is the most populous city in the Inland in a fast-growing area. As Empire and in Riverside County, and is of the 2010 census, the located about 55 miles (89 km) east of population of Wildomar was downtown Los Angeles 32,176, an increase from WILDOMAR RETAIL 14,064 at the 2000 census, CENTER when the community was still an unincorporated THE INLAND EMPIRE is a metro area census-designated place. east of Los Angeles and composed of Riverside County and San Bernardino County. The Inland Empire is one of the fastest growing regions in California with over 4.5 million residents and a job market projecting positive growth between 2016-2026. 6
SUBMARKET OVERVIEW RETAILERS IN CLOSE PROXIMITY INCLUDE: 7-ELEVEN DENNY’S MCDONALD’S ARCO DUNKIN DONUTS PANDA EXPRESS BARONS MARKET EL POLLO LOCO SHELL BEAN COFFEE FARMERS INSURANCE SPRINT ROASTERS FITNESS 19 TACO BELL CHASE BANK GREAT CLIPS THE HABIT DEL TACO JACK IN THE BOX YELLOW BASKET 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. BUSINESS SUMMARY TOTAL 1-MILE 3-MILES 5-MILES BUSINESSES 336 1,138 3,226 EMPLOYEES 2,343 7,689 25,714 RESIDENTIAL 6,888 60,535 123,796 POPULATION 7
INCOME & EXPENSE PRICE $2,799,000 Price Per Square Foot: $291.05 Capitalization Rate: 6.12% Total Rentable Area (SF): 9,617 STABILIZED INCOME PER SQUARE FOOT Scheduled Rent See full offering Effective Gross Income memorandum for details LESS PER SQUARE FOOT Taxes Tenant Paid Insurance Tenant Paid Total Operating Expenses Tenant Paid TOTAL LANDLORD EXPENSES $0.00 $0 See full offering EQUALS NET OPERATING INCOME memorandum for details 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. 8
RENT ROLL This Angel View location has the highest ANGEL VIEW: ±6,345 SF average donations of all locations in the 11/01/2018 – 10/31/2019 region. 11/01/2019 – 10/31/2020 See full offering 11/01/2020 – 10/31/2021 memorandum for details 11/01/2021 – 10/31/2022 11/01/2022 – 10/31/2023 One (1) Sixty (60) month option FMV but ONLY SNS NAILS: ±1,580 SF not to be less than 103% of the immediately 04/01/2019 – 03/31/2020 preceding month’s base annual Rental Rate with 3% annual increases thereafter. 04/01/2020 – 03/31/2021 04/01/2021 – 03/31/2022 04/01/2022 – 03/31/2023 4% annual increases throughout TRIBE SALON: ±1,692 SF initial term and 3% annual increases 08/01/2018 – 07/31/2019 throughout the option term. 08/01/2019 – 07/31/2020 See full offering memorandum for 08/01/2020 – 07/31/2021 details 08/01/2021 – 07/31/2022 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. 9
LEASE ABSTRACT LEASE PROVISIONS THE LEASE IS ABSOLUTE NNN WITH ZERO LANDLORD MANAGEMENT / MAINTENANCE EXPENSES PREMISE & TERM TENANT’S OBLIGATIONS - All TENANTS Angel View LANDLORD’S OBLIGATIONS - None Only SNS Nails Tribe Salon ASSIGNMENT - Only with written Landlord BUILDING SF ±9,617 SF approval (see lease) LEASE TYPE Absolute Net RIGHT OF FIRST OFFER - None RENT BASE RENT BASE RENT BASE RENT ANGEL VIEW: ONLY SNS NAILS: TRIBE SALON: MONTHLY ANNUAL MONTHLY ANNUAL MONTHLY ANNUAL DATE RANGE DATE RANGE DATE RANGE RENT RENT RENT RENT RENT RENT 11/01/2018 – 10/31/2019 04/01/2019 – 03/31/2020 08/01/2018 – 07/31/2019 11/01/2019 – 10/31/2020 04/01/2020 – 03/31/2021 See full offering memorandum 08/01/2019 – 07/31/2020 See full offering memorandum See full offering memorandum for details for details 11/01/2020 – 10/31/2021 04/01/2021 – 03/31/2022 08/01/2020 – 07/31/2021 for details 11/01/2021 – 10/31/2022 04/01/2022 – 03/31/2023 08/01/2021 – 07/31/2022 11/01/2022 – 10/31/2013 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. 10
SITE PLAN A P Only N SNS Tribe Nails Salon 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. 11
DEMOGRAPHICS POPULATION 1-MILE 3-MILES 5-MILES 2010 4,781 53,589 109,882 2018 6,888 60,535 123,796 2023 7,301 64,273 131,934 WILDOMAR 2018 HH INCOME 1-MILE 3-MILES 5-MILES AVERAGE $89,080 $95,096 $92,765 MEDIAN $86,448 $84,738 $80,772 TOP EMPLOYERS IN RIVERSIDE COUNTY EMPLOYER # OF EMPLOYEES County of Riverside 22,538 University of California, Riverside 8,686 March Air Reserve Base 8,500 THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS Amazon 7,500 Kaiser Permanente Riverside 5,739 IS OVER $93K Medical Center 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. 12
LOCATION OVERVIEW WILDOMAR CALIFORNIA WILDOMAR is a community of old and new, more mature homes and acreages Currently leased by the Wildomar Chamber of Commerce, the building has served with horses and other animals mixed with more modern housing tracts. Nestled the community in one capacity or another for over 100 years. Originally on Lemon between the cities of Murrieta and Lake Elsinore, Wildomar officially became a city Street, the building was moved to its present location in 1895 — selected because on July 1, 2008, at that time home to about 28,000 residents. the railroad tracks ran behind the building. The building was to be a stop for the railroad. Once the railroad no longer ran through Wildomar, the building found The name Wildomar was coined from the names of its three founders -- the WIL from other uses. In 1993, the Animal Friends of the Valleys and the chamber brought William Collier, the DO from Donald Graham and the MAR from Margaret Collier the building back into a serviceable condition. These two agencies have shared the Graham. building ever since. Wildomar had been an outpost for the pony express for the Butterfield Stage, and in the early part of this century, a stop for the Southern California Railroad. INLAND The Inland Empire is located east of Los Angeles with a population exceeding 4.5 million residents. The Inland Empire is now one of the After the tracks washed out, growth in the area slowed and Wildomar remained EMPIRE nation’s fastest growing economies, and Riverside-San Bernardino- a farming and ranching area, including a large number of horse ranches. Ontario is now America’s 13th largest MSA, ahead of Seattle, San Diego, and Denver. The Inland Empire has been California’s fastest Construction of the I-15 freeway brought urban-type growth to Wildomar, which led growing region for decades – largely due to various housing booms to the mixture of urban and rural. Wildomar Incorporation Now, commonly known and the exploding logistics/ warehousing industry. Due to the high as WIN, led the effort to incorporate. Its office was in a small, unassuming historic costs of Los Angeles, many residents move east and commute into building near the corner of Mission Trail and Corydon. It is one of the oldest public Los Angeles County. buildings in the area. 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. 13
CONTACT THE TEAM NICK CORBELL ncorbell@leetemecula.com P: 951.445.4522 DRE # 01932821 NICK EARLE nearle@leetemecula.com P: 951.445.4528 DRE # 1916982 BRIAN BIELATOWICZ bbielatowicz@leetemecula.com P: 951.445.4515 DRE # 01269887 No warranty or representation has been made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. Lee & Associates Commercial Real Estate Services, Inc. - Riverside. 25240 Hancock Avenue, Suite 100 - Murrieta, CA 92562 | Corporate ID# 01048055
No warranty or representation has been made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. Lee & Associates Commercial Real Estate Services, Inc. - Riverside. 25240 Hancock Avenue, Suite 100 - Murrieta, CA 92562 Corporate ID# 01048055 25240 Hancock Avenue, Suite 100 | Murrieta, CA 92562 | 951.445.4500 | lee-associates.com
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