LEMONSHARK POKÉ€¦ · This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level

KIDDER.COM

LEMONSHARK POKÉOFFERING MEMORANDUM | 360 ORANGE ST | REDLANDS, CA

http://www.kidder.com/


The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.

This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews 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 Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.

01EXECUTIVE SUMMARY

02PROPERTY OVERVIEW

03FINANCIAL ANALYSIS

04LOCATION OVERVIEW

05TENANT OVERVIEW

KIDDER.COM

KYLE GULOCK

Executive Vice President [email protected] N° 01861385

EXCLUSIVELY PRESENTED BY

TABLE OF CONTENTS


http://www.kidder.com

3360 ORANGE ST OFFERING MEMORANDUM KIDDER MATHEWS

01EXECUTIVE

SUMMARYTHE OFFERING


MARKET OVERVIEW

$98,7082019 AVG HOUSEHOLD INCOME

$2,175,000OFFERING PRICE

148,5132019 ESTIMATED POPULATION

$120,000NET OPERATING INCOME

21.19%2010 - 2019 1-MILE POP GROWTH

5.50%CAPITALIZATION RATE

Kidder Mathews is pleased to present an Exclusive Investment Offering for a single-tenant restaurant building located at 360 Orange Street, Redlands, CA 92374 (“Property”). The Property is currently leased to LemonShark Poké (“Tenant”).

This opportunity consists of a LemonShark Poké restaurant with a 15 year lease term, located in an ideal lunch destination street, within walking distance to over 300,000 SF of office space. The city of Redlands is nestled at the foot of the San Bernardino Mountains and part of the Greater Los Angeles area. 360 Orange Street provides an investor the opportunity to acquire a 4,180 square foot building on 4,406 square feet of land in an area with strong demographics.

THE OFFERING


02PROPERTY OVERVEIW

INVESTMENT HIGHLIGHTS

AREA OVERVIEW

THE ARROW LINE

AMENITIES MAP

PROPERTY DETAILS

Building Size 4,180 SF

Land Size 4,406 SF

APN 0169-301-29

Location Newly remodeled retail corridor

Property Ownership Rights Fee simple interest (land & building) Subject to a lease agreement

Access Ingress/egress on Orange Street

Tenancy Leased & occupied by LemonShark Poké

PROPERTY OVERVEIWLOCATED in a densely populous area with over 148,513 people in a 5-mile radius and an Average Household Income of $98,708

THE PROPERTY was completely rebuilt in 2015

LOCATED less than 1 mile from the University of Redlands, with a total enrollment of 4,500 students and over 300 faculty members

SURROUNDED by national and regional retailers including, Trader Joe’s, Vons, CVS, Chipotle, Corner Bakery, Starbucks, Pieology Pizzeria, Chase, Wells Fargo, Bank of America, and Citibank

IDEAL lunch destination, within walking distance to over 300,000 SF of office space

NEAR the weekly Redlands Farmers market, which attracts large amounts of foot traffic from residents and visitors

DIRECTLY across the street from the Santa Fe Depot, servicing the Arrow Rail service which will run diesel multiple units trains every 30 minutes during peak morning and evening hours and every hour during off peak hours (see page 9 for further information)

INVESTMENT HIGHLIGHTS

360 ORANGE ST OFFERING MEMORANDUM KIDDER MATHEWS 6

AREA OVERVIEW

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SUBJECT PROPERTY

DOWNTOWNREDLANDS

Sylvan Park

UNIVERSITY OF REDLANDS

NORTH REDLANDS

RedlandsHigh School

Redlands Mall

E COLTON AVE

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RESTAURANTS/CAFE

1 Okiyama Sushi2 Mu Restaurant3 Denny's4 Sizzler5 Jersey Pizza of Redlands6 Citrone7 Romano's8 Corner Bakery Cafe9 Sachi Japanese Cuisine10 Sushi Zutto11 Pieology Pizzaeria12 Rubio's Coastal Grill13 Chipotle Mexican Grill14 Klüddes Gastropub & Deli

RETAIL

1 CVS2 FedEx Office3 Trader Joe's4 Vons5 Office Depot6 Smith Jewelers7 Rubie Tuesday's Boutique8 Starter Bros. Markets9 Goodwill10 AutoZone11 Arco12 Shell13 O'Reilly Auto Parts14 Banned Skate Shop15 T-Mobile

CULTURE/ENTERTAINMENT

1 Krikorian Redlands Cinema 142 State Street Winery3 The Boller Room4 Time in a Bottle Wine5 Flamingo6 Fox Event Center7 Vault Martini Bar8 Redlands Civic Center

BANKS

1 U.S. Bank2 Chase Bank3 Union Bank4 Wells Fargo5 Citibank6 Bank of America

15 The State16 Dough's Lectibles17 Muffin Top Bakery18 Taco Shack19 Cuca's20 Del Taco21 McDonald's22 Starbucks23 Jack in the Box24 KFC25 Baker's Drive-Thru26 Albaros Mexican Food27 Tokyo Restaurant28 Strongman Pizza29 Isabellas30 Huicho's Tacos

TRANSPORTATION

1 Santa Fe Railway Depot

FITNESS

1 Anytime Fitness2 Santa Fe Railway Depot

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AREA OVERVIEW

The Property is located immediately off of the I-10 and Orange Street exit, which has a traffic count of over 146,000 car daily.

Further, the Property's close distance to the freeway allows for easy accessibility to retail and tourist attractions. The Property's surrounding economy is based in the service and trade sectors, such as health care, retail trade, government, and education, and light manufacturing.

WOODCREST

BLOOMINGTON

MEAD VALLEY

March Air

Reserve Base

LAKEVIEW

RIVERSIDE

REDLANDS

SAN BERNARDINORANCHOCUCAMONGA

FONTANA

RIALTO

CORONA

Loma Linda

MISSION VIEJO

LAKE FORESTCOSTA MESA

NEWPORT BEACH

IRVINE

MORENO VALLEY

HEMET

Lake Elsinore

Canyon Lake

Lakeland

Village

ORANGE

SANTA ANA

ANAHEIM

FULLERTON

CHINO

POMONAONTARIO

NUEVO

SAN JACINTO

VALLE VISTA

MENIFEEWINCHESTER

BEAUMONTBANNING

CHERRY VALLEY

CALIMESA

YUCAIPA

OAK GLEN

MENTONE

Running

Springs

Lake

ArrowheadCrestline

PERRISARCILLA

Silverado

NORTH TUSTIN

RANCHO SANTAMARGARITA

EL CERRITO

COVINA

BREA

GLENDORAAZUSA

Mt Baldy

CITY OF INDUSTRY

San Bernardino

National Forest

San Gorgonio

Mountain

Big Bear Lake

Chino Hills

State Park

Lake Mathews

Estelle Mountain

Reserve

RIVERSIDE | 17 MILES

SAN DIEGO | 110 MILES

ANAHEIM | 51 MILES

LAS VEGAS | 236 MILES

LOS ANGELES | 70 MILES

PHOENIX | 309 MILES

TOP TOURIST ATTRACTIONS

Redlands Bowl

The Lincoln Memorial Shine

Hanger 24 Craft Brewery

Kimberly Crest House & Gardens

San Bernardino County Museum

Mitten Building

Splash Kingdom

Historical Glass Museum

TOP RETAIL ATTRACTIONS

Mountain Grove Shopping Center

Redlands Crossing

Redland Promenade

SAN BERNARDINO

INTERNATIONAL AIRPORT

SUBJECT PROPERTY

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3 Mile

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THE ARROW LINEThe Santa Fe Railway Depot is between Orange and Eureka streets for the new rail service, known as Arrow, which will run smaller diesel trains, known as diesel multiple units, every 30 minutes during peak morning and evening hours and every hour during off-peak hours.

A separate station will be built to the west to accommodate the Metrolink train twice per day. The depot is at the heart of the Santa Fe Depot District, which is listed as a historic district on the National Register of Historic Places. The idea now is to open up the East Valley from the University of Redlands, downtown Redlands, the Esri campus, to all of Southern California via transit. The improved rail line will also feature new technologically advanced rail cars, which have the ability to be the first zero-emission train in the country. The new trains are lighter and more fuel efficient, which translates to cost savings in operations, as well as in maintenance. The Arrow Line is expected to be up and running by 2021.


ANIMAL MEDICAL CENTER OF REDLANDS

SANTA FE DEPOT DIRECTLY ACROSS FROM THE PROPERTY

REDLANDS HIGHSCHOOL

SUBJECT PROPERTY

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AMENITIES MAP

UNIVERSITY OF REDLANDS

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I-10 FWY EXIT

146,361 CAR PER DAY



03FINANCIAL

ANALYSISINVESTMENT SYMMARY

INVESTMENT SYMMARY

RENT DURING BASE TERM

Year Annual Total % Increase Cap Rate Return

1 $120,000 2% 5.50%

2 $122,400 2% 5.60%

3 $124,848 2% 5.74%

4 $127,345 2% 5.85%

5 $129,892 2% 5.97%

6 $132,490 2% 6.09%

7 $135,139 2% 6.21%

8 $137,842 2% 6.34%

9 $140,599 2% 6.46%

10 $143,411 2% 6.59%

11 $146,279 2% 6.73%

12 $149,205 2% 6.86%

13 $152,189 2% 7.00%

14 $155,233 2% 7.14%

15 $158,337 2% 7.28%

FINANCIAL OVERVIEW

Offering Price $2,175,000

Cap Rate 5.50%

Tenant Leased & occupied by LemonShark Poké

Lease Term Remaining 15 Years

Net Operating Income $120,000

Rent Increase 2% annually

Square Footage Occupied 4,180 SF

FINANCIAL ANALYSIS



04LOCATION

OVERVIEWREDLANDS, CA OVERVIEW

POINTS OF INTEREST

DEMOGRAPHICS HIGHLIGHTS


Located at the base of the San Bernardino mountains, 60 miles northeast of Los Angeles and 45 miles west of Palm Springs, Redlands offers easy access to hiking and biking trails, an eclectic array of quaint shops, historic architecture, and a variety of local restaurants.

Founded in 1881 and incorporated in 1888, Redlands is a quintessential “big town” with a “small town” feel. For much of its history Redlands was the “Washington Navel Orange Growing Capital of the World” with the citrus industry as the main focus of its economy.

Through the years the economy may have changed, but that special feeling

of community in a small town hasn’t. This is clear as you take a look around Redlands. Tree-lined State Street is still comprised primarily of beautiful historic buildings and locally-owned shops and boutiques. Some of its most famous buildings, like A.K. Smiley Public Library, a Moorish-style library built in 1898, and the Redlands Bowl, built in 1930 and home of the oldest continuously free outdoor concert series in California, are merely steps from historic downtown.

Just to the west, one can stroll through the Smiley Park neighborhood, filled with turn-of-the-century bungalows as well as landmark homes. With a short drive, one can cruise by some famous homes, like “America’s Favorite Victorian” the Morey House, on Terracina Boulevard, see the stately homes of Olive Avenue, and Highland Avenue, the “Butler Belt” so known because at one time that was the most dense population of homes employing butlers in the City! You can visit Kimberly Crest House and Gardens, a home museum featured on the PBS series “America’s Castles” and don’t miss a walk through Prospect Park, just next door.

MARKET OVERVIEW

$98,7082019 AVG HOUSEHOLD INCOME

148,5132019 ESTIMATED POPULATION

21.19%2010 - 2019 1-MILE POP GROWTH


POINTS OF INTERESTTHE REDLANDS BOWL

The Redlands Bowl in Smiley Park can actually trace its heritage back to the King of Spain in 1769. Ownership of the land passed through Mexico to the U.S. Territory of California in 1848 and was then awarded to Jose Del Carmen Lugo and eventually to Albert Smiley, one of Redlands “Patron Saints”. The city of Redlands came into ownership in 1898.

The Redlands Bowl Summer Music Festival was begun in 1924 by Grace Stewart Mullen, founder of the Redands Community Music Association. She believed the music should be enjoyed by all and dreamed of Redlands having a performing arts venue comparable to the Hollywood Bowl, with the only exception: there would be no admission charge. It has remained an admission free venue hosting world class concerts for almost 100 years.

KIMBERLY CREST HOUSE AND GARDENS

Built in 1897, the “castle” is a picturesque French chateau-style

historical house museum. In 1963 Kimberly Crest was donated to the people of the City of Redlands by Mary Kimberly-Shirk, daughter of J. Alfred Kimberly (co-founder of the Kimberly-Clark Corporation).

Hours of Operation: Thursday, Friday, and Sunday 1:00 to 4:00 pm

Tours start at 1 p.m. with the last one at 3:30 p.m. and last approximately 45 minutes.

MOREY MANSION

This beautiful Victorian home has been dubbed “America’s Favorite Victorian House” and has appeared in countless commercials, television shows, and movies. David Morey arrived in Redlands in 1882 to retire from carpentry and shipbuilding. His wife Sarah fronted the money for the house, and his building expertise is apparent throughout the Queen Anne-style Victorian. Actress Carole Lombard, a relative of Mrs. Helen Kimberly, is reported to have spent time at the Morey house, and one of the rooms is called “The Lombard Room.”

THE ASISTENCIA MISSION DE SAN GABRIEL

The Asistencia Mission de San Gabriel (or Estancia) is operated by the Redlands Conservancy and is well worth a visit. It was built between 1830 and 1834 by the Franciscan Fathers of Mission San Gabriel, whose enormous land

holdings stretched from Pasadena to Redlands. The County of San Bernardino and several other groups have been instrumental in restoring the Asistencia. The restored structures house a wedding chapel, cactus garden, bell tower, wishing well, and a museum with exhibits that depict Native American and early pioneer life.

A.K. SMILEY PUBLIC LIBRARY

Unique in its architecture, A. K. Smiley Public Library is an official point of historical interest designated by the California Historical Landmarks Advisory Committee, and is listed on the National Register of Historic Places. Still housed in its original building, the facility is noted for its research archives. Constructed in 1898, the library is the culmination of the philanthropy of hotelier Albert K. Smiley, who raised $60,000, much of it borrowed, to purchase the land and fund construction. One of the great philanthropic gifts to the City of Redlands, the Smiley Library is among California’s oldest and most important public libraries.

$814,784 2019 3-MILE TOTAL CONSUMER SPENDING

$357,833 2019 3-MILE MEDIAN HOME VALUE

1978 2019 3-MILE MEDIAN YEAR BUILT

37.30 2019 3-MILE AVERAGE AGE

17,012 TRAFFIC COUNT (CPD)REDLANDS BLVD & 5TH


05TENANT

OVERVIEWABOUT LEMONSHARK POKÉ

ABOUT LEMONSHARK POKÉLemonShark Poké is the healthy, friendly poké concept that pioneered the “fine casual” restaurant movement. Focused on refined, high-quality and sustainable products and an inviting, upscale and modern atmosphere. LemonShark Poké offers a hybrid table service and counterpoint dining experience with the comfort of a sit-down restaurant and the convenience of fast casual dining. Each location offers a craft sake menu and self-serve beer wall featuring a selection of craft beers chosen to highlight local flavors and a menu that offers Hawaii Katsu plates and hot fingers foods.

LemonShark Poké began as a collaboration between two lifelong friends Tobi Miller and Richard Gottlieb. The duo has been immersed in Hawaiian culture for nearly four decades, having gone on annual family trips together to the islands while growing up. It was during these vacations that they first encountered Hawaiian cuisine at age 11, and immediately developed a passion for the food and the people of Hawaii.

After running their own separate restaurant ventures for several years, they decided to bring their original love – Hawaiian cuisine - to the mainland. In doing so, they consulted with Hawaiian native chef, Brunson Achiu (who has brought Regional Hawaiian Cuisine to the mainland) to develop LemonShark Poke’s unique and innovative menu.

20+ YEARS OF EXPERIENCE

851+ JOBS CREATED

129+ PRESS MENTIONS

20+ AWARDS

TENANT OVERVIEW

LESSEELEMONSHARK POKÉ

WEBSITELEMONSHARKPOKE.COM

NET WORTH$1,200,000 (FRANCHISING.COM)

NO. LOCATIONS14 LOCATIONS ACROSS 8 STATES IN UNITED STATES


KIDDER.COM

EXCLUSIVELY PRESENTED BY

KYLE GULOCK

Executive Vice President [email protected] N° 01861385



Documents

LEMONSHARK POKÉ€¦ · This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level