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Representative Photo
Offering Memorandum
Metropolitan PlazaVictorville, CA
Section 1 PRICING AND FINANCIAL ANALYSIS
Section 2 PROPERTY DESCRIPTION
Section 3 RECENT SALES
Section 4 ON MARKET COMPARABLES
Section 5 RENT COMPARABLES
Section 6 MARKET OVERVIEW
Section 7 DEMOGRAPHIC ANALYSIS
TABLE OF CONTENTS
Metropolitan PlazaVICTORVILLE, CA
Metropolitan PlazaVICTORVILLE, CA
PRICING AND FINANCIAL ANALYSIS
Price $2,530,000
Down Payment 40% $1,012,000
Price per Square Foot (GLA) $119.29
Gross Leasable Area (GLA) 21,208
Year Built/Renovated 1980 / 2014
Lot Size 2.13 Acres
Parking 4.9/1000 Square Feet
VITAL DATA
CAP Rate - Current 7.51%
Net Operating Income - Current $189,985
Net Cash Flow After Debt Service - Current $81,381
Total Return - Current 11.61% / $117,452
1
Major Tenants
PRICING AND FINANCIAL ANALYSIS
Tenant Name
KARE Medical Group
Launderville Coin Laundry
GridIron Pizza
Autobahn Driving School
M&H Health Care
Metropolitan PlazaVICTORVILLE, CA
Major Employers
CompanyLocal
Employees
UPS 1,710
Walmart 600
Victor Valley College 588
The Home Depot 551
City of Victorville 428
Victorville Fire Department 400
United States Department of Navy 350
Target 327
Desert Valley Medical Group 300
Goodman Manufacturing Company 292
US Department of Air Force 254
Ascon Recy 250
Demographics
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
1-Mile 3-Miles 5-Miles
2013 Total
Population9,363 61,125 141,309
2018 Total
Population9,531 67,803 157,066
2013 Total
Households2,666 19,191 42,640
2018 Total
Households2,713 21,278 47,598
Median HH Income $33,120 $42,133 $50,098
Per Capita Income
(based on Total
Population)
$12,960 $17,789 $19,484
Average (Mean) HH
Income$43,623 $56,157 $63,648
OFFERING SUMMARY
2
PRICING AND FINANCIAL ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
Existing Financing
Loan Type Free and Clear
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Proposed Financing
First Trust Deed
Loan Amount $1,518,000
Loan Type Proposed New
Interest Rate 4.5%
Amortization 25 Years
Debt Coverage Ratio 1.75
FINANCING
3
M&H Health Care: 5.29% Autobahn Driving School: 4.07%Frankies Smoke Shop: 3.75%
Excalbur Laundry: 16.70%
Grid Iron Pizza: 13.22%
Hair Care 4 U: 5.30%Desserts & More: 5.32%
Grid Iron Pizza: 6.60%
Lease Pending: 7.71%
S&H Donuts: 9.62%
Find Your P's & Q's: 10.57% Kare Medical Group: 11.85%
PRICING AND FINANCIAL ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
Current Per SF Pro Forma Per SF
Real Estate Taxes (1.2007%) $30,378 $1.43 $30,378 $1.43
Insurance $7,935 $0.37
Utilities/Sanitation $19,027 $0.90
Utilities/Electricity $4,910 $0.23
Utilities/Water Bill $4,200 $0.20
Hi Desert Alarm $2,160 $0.10
Management Fee (% of EGI) $8,336 $0.39
Reserves / Replacements $7,171 $0.34
AT&T $1,363 $0.06
Maintenance $2,400 $0.11
TOTAL EXPENSES $87,880 $4.14 $30,378 $1.43
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Tenants (% OF GLA)
EXPENSES
Gross Leasable Area (GLA)21,208Square Feet
4
PRICING AND FINANCIAL ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
Current Per SF Pro Forma Per SF
Base Rent
Occupied Space $270,106 $12.74
GROSS POTENTIAL RENT $270,106 $12.74
Expense Reimbursements 21,264 1.00
GROSS POTENTIAL INCOME $291,370 $13.74
Vacancy/Collection Allowance (% of GPR) 5% / $13,505 $0.64
EFFECTIVE GROSS INCOME $277,865 $13.10
Total Expenses $87,880 $4.14 $30,378 $1.43
NET OPERATING INCOME $189,985 $8.96
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
INCOME & EXPENSES
Gross Leasable Area (GLA) 21,208 Square Feet
5
PRICING AND FINANCIAL ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Suite Tenant GLA % of
GLA
Lease
Commence
Lease
Expire
Annual
Rent
Rent/
SF
Expense
Reimbs.
Other:
Options/ %
Rent
Lease
Type
1A-1B Grid Iron Pizza 3,000 14.15% 1/1/2014 9/1/2019 $42,000.00 $14.00 NNN
2 S&H Donuts 2,185 10.30% 4/1/2014 4/30/2019 $18,240.00 $8.35 $228.00 One 5-Yr MG
3 Excalbur Laundry 3,793 17.88% 9/16/2014 9/31/2024 $55,800.00 $14.71 $9,357.00 Two 5-Yr NNN
5A Frankies Smoke Shop 850 4.01% 12/1/2013 11/30/2014 $15,300.00 $18.00 MG
5B Hair Care 4 U 1,205 5.68% 1/1/2014 12/31/2015 $14,288.00 $11.86 $5,048.00 NNN
6 Kare Medical Group 2,691 12.69% 11/1/2006 MTM $32,400.00 $12.04 MG
7 Lease Pending 1,750 8.25% 1/1/2015 1/1/2016 $21,630.00 $12.36 $6,631.00 NNN
8 Autobahn Driving
School
924 4.36% 7/1/2012 6/30/2017 $11,394.00 $12.33 MG
9 Desserts & More 1,209 5.70% 3/1/2013 2/28/2018 $17,304.00 $14.31 MG
10 M&H Health Care 1,200 5.66% 7/1/2012 6/30/2015 $16,550.00 $13.79 MG
11 Find Your P's & Q's 2,401 11.32% 9/1/2014 8/31/2017 $25,200.00 $10.50 MG
TOTAL VACANT
TOTAL OCCUPIED 21,208 100.00% $270,106.00 $21,264.00
TOTAL 21,208 100.00% $270,106.00 $21,264.00
TENANT SUMMARY
6
PRICING AND FINANCIAL ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
For The Year Beginning Year 1
Jan 2015
Year 2
Jan 2016
Year 3
Jan 2017
Year 4
Jan 2018
Year 5
Jan 2019
Year 6
Jan 2020
Year 7
Jan 2021
Year 8
Jan 2022
Year 9
Jan 2023
Year 10
Jan 2024
Tenant(s) Name Hair Care 4
U
M&H Health
Care
Lease
Pending
Autobahn
Driving
School
Find Your
P's & Q's
Desserts &
More
Grid Iron
Pizza
S&H Donuts
Total Number of Tenants 2 1 2 1 2
Total Square Feet 2,405 1,750 3,325 1,209 5,185
Total Percentage 11.3% 8.3% 15.7% 5.7% 24.5%
Cumulative Percentage 11.3% 19.6% 35.3% 41.0% 65.4%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Percentage of SF Expiring Number of Tenants Expiring Cumulative % of SF Expiring
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
To
tal P
roje
ct S
qu
are
Fo
ota
ge
0
1
2
Nu
mb
er
of T
en
an
tsJan 2015
11%Jan 2016
8%Jan 2017
16%Jan 2018
6%Jan 2019
24%Jan 2020
0%Jan 2021
0%Jan 2022
0%Jan 2023
0%Jan 2024
0%
LEASE EXPIRATION SUMMARY
Any projections, opinions, assumptions or estimates used here within are for example purposes only and do not represent the current or future performance of the property.
15080 Seventh Street
Victorville, CA 92395
Price $2,530,000
Down Payment 40% $1,012,000
Gross Leasable Area (GLA) 21,208
Price/SF $119.29
CAP Rate - Current 7.51%
Lot Size 2.13 Acres
Year Built /Renovated 1980/2014
FIRST TRUST DEED
Loan Amount $1,518,000
Loan Type Proposed New
Interest Rate 4.5%
Amortization 25 Years
Annualized Operating Data
Income Current Pro Forma
Base Rent
Occupied Space $270,106
Gross Potential Rent $270,106
Expense Reimbursements $21,264
Gross Potential Income $291,370
Vacancy/Collection Allowance 5% / $13,505
Effective Gross Income $277,865
Total Expenses $87,880 $30,378
Net Operating Income $189,985
Debt Service $108,604
Debt Coverage Ratio 1.75
Net Cash Flow After Debt Service 8.04% / $81,381
Principal Reduction $36,071
Total Return 11.61% / $117,452
7
Location
PRICING AND FINANCIAL ANALYSIS
Financing
Metropolitan PlazaVICTORVILLE, CA
Expenses
Real Estate Taxes $30,378 $30,378
Insurance $7,935
Utilities/Sanitation $19,027
Utilities/Electricity $4,910
Utilities/Water Bill $4,200
Hi Desert Alarm $2,160
Management Fee (% of EGI) 3% / $8,336
Reserves / Replacements $7,171
AT&T $1,363
Maintenance $2,400
TOTAL EXPENSES $87,880 $30,378
EXPENSES/SF $4.14 $1.43
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Loan information is time sensitive and subject to
change. Contact your local Marcus & Millichap Capital
Corporation representative.
FINANCIAL OVERVIEW
Metropolitan PlazaVICTORVILLE, CA
PROPERTY DESCRIPTION
Marcus & Millichap is pleased to present Metropolitan Plaza, a 21,208 square foot multi-tenant retail shopping center located in the city of Victorville, California. The subject property is located along Seventh Street, which is the main arterial road in Victorville that houses several retail shops of all spectrums. Seventh Street receives traffic counts of nearly 19,000 vehicles per day. Nearby retailers include Costco, O’Reilly Auto Parts, Bank of America, H&R Block, Wendy’s, IHOP, McDonald’s, In-N-Out Burger and much more. The subject property features multiple ingress and egress points from 7th Street and is within close proximity to Interstate 15, which has an average daily traffic of over 84,000 cars per day.
Metropolitan Plaza is currently occupied by 10 service oriented businesses with a dynamic tenant mix including a pizza shop, coin-op laundromat, driving school and medical office among others. Many tenants have been in business for at least 10 years with growing demographics tenants will continue business for years to come. With one, 1,750 square-foot unit currently available, this property provides a value-add opportunity for investors to add to the synergy.
The city of Victorville is a part of the Riverside-San Bernardino County Metropolitan Statistical Area, also known asthe Inland Empire, which is expected to be one of the fastest growing markets in the nation due to the robust population growth. The area spans 28,000 square miles and houses 4.4 million residents and counting.
Investment Highlights
■ Strong Traffic Counts with Over 18,000 Vehicles Passing theSite Per Day
■ High Growth Area - Over 12 Percent Growth ProjectedOver the Next Four Years
■ E-Commerce Resistant Tenant Mix - Majority of Businessesare Service Oriented
■ Ability to Increase Cash Flow Through Leasing of the Vacant1,750 Square Foot Unit
■ Located in Major Retail Hub with Nearby RetailersIncluding Costco, Bank of America and Much More
9
PROPERTY DESCRIPTION
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
INVESTMENT OVERVIEW
The Offering
Property Metropolitan Plaza
Property Address 15080 Seventh Street
Victorville, CA 92395
Assessor's Parcel Number 0477-041-44; 0477-041-43
Zoning C-2-General Commercial
Site Description
Number of Stories Single
Year Built/Renovated 1980 / 2014
Gross Leasable Area (GLA) 21,208 Square Feet
Lot Size 2.13 Acres
Type of Ownership Fee Simple
Parking 4.9/1000 Square Feet
Parking Ratio 4.9 / 1000
Landscaping Astroturf
Topography Elevated
10
PROPERTY DESCRIPTION
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
PROPERTY SUMMARY
11
PROPERTY DESCRIPTION
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
PROPERTY PHOTOS
12
PROPERTY DESCRIPTION
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
PROPERTY PHOTOS
13
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PROPERTY DESCRIPTION
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Local Map Regional Map
AREA MAPS
15
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PROPERTY DESCRIPTION
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
AERIAL PHOTO
Metropolitan PlazaVICTORVILLE, CA
RECENT SALES
1)
2)
3)
4)
5)
6)
7)
8)
Metropolitan Plaza
Vista Bros. Plaza
Mojave Center
Victorville Pavilion II
4050 Phelan Road
Bear Valley Plaza
5379 Arlington Avenue
171-197 West 40th Street
El Cielo Center
19
RECENT SALES
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RECENT SALES MAP
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20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
200.00
Subject VistaBros.Plaza
MojaveCenter
VictorvillePavilion
II
4050PhelanRoad
BearValleyPlaza
5379ArlingtonAvenue
171-197West40th
Street
ElCielo
Center
0.00
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Subject VistaBros.Plaza
MojaveCenter
VictorvillePavilion
II
4050PhelanRoad
BearValleyPlaza
5379ArlingtonAvenue
171-197West40th
Street
ElCielo
Center
Average Price per Square Foot
20
RECENT SALES
Metropolitan PlazaVICTORVILLE, CA
Average Cap Rate
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
CAP RATE AND PRICE PER SF
1
2
Metropolitan Plaza
15080 Seventh Street
Victorville, CA 92395
Vista Bros. Plaza
10759 Magnolia Avenue
Riverside, CA 92505
Mojave Center
15770 Mojave Drive
Victorville, CA 92394
Comments
This property consists of 10 retail units, sits on a 33,977 square foot corner lot and has plenty of on-site parking. It is located
directly across from Kaiser Permanente Hospital, generating significant traffic along Magnolia Boulevard.
Comments
Mojave Center is a neighborhood strip center consisting of 14,410 square feet located off the Interstate 15 Mojave Drive exit.
The property features a diverse mix of tenants, is 85 percent occupied and features conservative rental rates with some long
term leases.
Close of Escrow: 5/30/2014 Major Tenants
Year Built/Renovated: N/A Mullen's Flowers
Gross Leasable Area (GLA): 10,981 SF Norma's Hair 'N Nails
Sale Price: $1,820,364 Lota's Kitchen
Percent Down: 100% Desert Nights Cafe
CAP Rate: 7.07% Mike's Chicken
Price/SF (GLA): $165.77
Lot Size: 0.78 AC
Subject Property
Year Built/Renovated: 1980 / 2014
Gross Leasable Area (GLA): 21,208 Square
Offering Price: $2,530,000
Percent Down 40%
CAP Rate: 7.51%
Price/SF (GLA): $119.29
Lot Size: 2.13 Acres
21
Close of Escrow: Pending Major Tenants
Year Built: 1980 Beauty Salon
Gross Leasable Area (GLA): 14,410 SF Donuts & Deli
Sale Price: $1,950,000 Liquor Mart
Percent Down: 100%
CAP Rate: 6.22%
Price/SF (GLA): $142.38
Lot Size:
RECENT SALES
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RECENT SALES
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5
4
3 Victorville Pavilion II
12133 Mall Boulevard
Victorville, CA 92392
4050 Phelan Road
Phelan, CA 92371
Bear Valley Plaza
15923 Bear Valley Road
Hesperia, CA 92345
Comments
This property is a multi-tenant retail shopping center with high visibility fronting Phelan Road. The building is a part of a major
retail hub, across from a Stater Bros. shopping center.
Comments
Bear Valley Plaza is a two-story, multi-tenant retail building in Hesperia, California. Situated on Bear Valley Road, the main
road artery for the city, the center receives excellent visibility and high traffic counts (60,000 cars per day). The property sold
all cash within two weeks of being listed.
Comments
Victorville Pavilion is a 37,000 square foot offering consisting of two separate buildings. Best Buy occupies most of the space
while smaller retail shops occupy the remaining.
Close of Escrow: 12/19/2013 Major Tenants
Year Built: 2007 Allstate Insurance
Gross Leasable Area (GLA): 21,539 SF Maxel Realty
Sale Price: $2,800,000 Liquor Mart
Percent Down: 100% Optometry
CAP Rate: 7.50% Acupuncture
Price/SF (GLA): $130.00
Lot Size: 1.32 AC
Close of Escrow: 8/15/2013 Major Tenants
Year Built: 1991 Donut Shop
Gross Leasable Area (GLA): 12,960 SF Zimbro Realty
Sale Price: $1,500,000 Mexican Food
Percent Down: 100% Low Cost Smoke Shop
CAP Rate: 7.00%
Price/SF (GLA): $115.74
Lot Size: 1.01 AC
22
Close of Escrow: 9/11/2013 Major Tenants
Year Built: 2004 The UPS Store
Gross Leasable Area (GLA): 37,331 SF Nail Spa
Sale Price: $4,750,000 Picture Framing
Percent Down: 100% Best Buy
CAP Rate: 7.00%
Price/SF (GLA): $127.24
Lot Size: 3.09 AC
RECENT SALES
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RECENT SALES
8
7
65379 Arlington Avenue
Riverside, CA 92504
171-197 West 40th Street
San Bernardino, CA 92407
El Cielo Center
440 South El Cielo Road
Palm Springs, CA 92262
Comments
This multi-tenant retail building is situated on 40th Street, boasting amazing visibility. Directly across the street is Cardenas
Market Shopping Center.
Comments
Subject property is a neighborhood retail shopping center located on 3.22 acres and consisting of approximately 21,688
square feet. The building consists a wood frame and is located on the signalized Northeast Corner of East Ramon Road and
South El Cielo Road in the City of Palm Springs, California.
Comments
Anchored by La Noria Market, the subject property is located in a retail oriented area in the city of Riverside, which houses
over 300,000 residents and is rapidly growing.
Close of Escrow: 12/6/2013 Major Tenants
Year Built: 1980 Boost Mobile
Gross Leasable Area (GLA): 8,403 SF Fast 5 Pizza
Sale Price: $1,650,000 Starlight Nails
Percent Down: 100% Mago's Beauty Salon
CAP Rate: 6.40% Mike's Market & Liquor
Price/SF (GLA): $196.36
Lot Size: 0.53 AC
Close of Escrow: 1/31/2014 Major Tenants
Year Built: 1970 Chic Hair Studio
Gross Leasable Area (GLA): 10,148 SF Lindsey Nail & Spa
Sale Price: $1,400,000 Healthy 1 Life
Percent Down: 100%
CAP Rate: 7.50%
Price/SF (GLA): $137.96
Lot Size: 0.96 AC
23
Close of Escrow: 10/9/2013 Major Tenants
Year Built: 1990 Discount Cleaners
Gross Leasable Area (GLA): 21,688 SF Shoe Repair
Sale Price: $2,800,000 Aly's Hair Salon
Percent Down: 100% Time Warner Cable
CAP Rate: 8.00%
Price/SF (GLA): $129.10
Lot Size: 3.22 AC
RECENT SALES
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RECENT SALES
Metropolitan PlazaVICTORVILLE, CA
ON MARKET COMPARABLES
1)
2)
3)
4)
Metropolitan Plaza
Indian Hills Plaza
546 Indian Hills Circle
Mount Vernon Plaza
Walnut Village Center
25
ON MARKET COMPARABLES
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
ON MARKET COMPARABLES MAP
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Subject IndianHills
Plaza
546IndianHills
Circle
MountVernonPlaza
WalnutVillageCenter
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Subject IndianHills
Plaza
546IndianHills
Circle
MountVernonPlaza
WalnutVillageCenter
Average Price per Square Foot
26
ON MARKET COMPARABLES
Metropolitan PlazaVICTORVILLE, CA
Average Cap Rate
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
CAP RATE AND PRICE PER SF
2
1
Metropolitan Plaza
15080 Seventh Street
Victorville, CA 92395
Indian Hills Plaza
540 West 4th Street
Perris, CA 92570
546 Indian Hills Circle
Perris, CA 92570
Comments
Established retail center with very stable triple-net lease, long term tenants and 100 percent occupied.
Comments
This is a newly built community center in a great location with over 20,000 square feet of retail space. The property is well
positioned off of Highway 74, with an average daily traffic count of 80,000 cars per day.
Status: On Market Major Tenants
Year Built: 2007 La Favorita Market
Gross Leasable Area (GLA): 22,000 SF Guidance Insurance
List Price: $3,850,000 Fresca Spring Water
Percent Down: 40% La Estrella Bakery
CAP Rate: 7.50% All Seasons Party
Price/SF (GLA): $175.00 Hakam Othman
Lot Size: 1.68 AC
Status: On Market Major Tenants
Year Built/Renovated: N/A Corona Tacos
Gross Leasable Area (GLA): 10,403 SF Highway 74 Donuts
List Price: $2,500,000 Green Dragon
Percent Down: 40% Health Mart Pharmacy
CAP Rate: 7.00%
Price/SF (GLA): $246.50
Lot Size: 0.97 AC
Subject Property
Year Built/Renovated: 1980 / 2014
Gross Leasable Area (GLA): 21,208 Square
Offering Price: $2,530,000
Percent Down 40%
CAP Rate: 7.51%
Price/SF (GLA): $119.29
Lot Size: 2.13 Acres
27
ON MARKET COMPARABLES
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
<Text Box>
ON MARKET COMPARABLES
4
3 Mount Vernon Plaza
1292 West Mill Street
San Bernardino, CA 92410
Walnut Village Center
17070 Walnut Village Parkway
Fontana, CA 92336
Comments
Walnut Village Center is a multi-tenant retail building located on the northwest corner of Walnut Village Parkway and Mango
Avenue. The subject property is easily accessible from Interstate 210 and is one block from the main retail corridor of Sierra
Avenue.
Comments
This shopping center is fully leased with three major tenants on five-year leases and one long-term tenant with a 10-year
lease. The subject property is strategically located on the primary intersection of Mount Vernon Avenue and Mill Street just
off Interstates 215 and 10.
Status: On Market Major Tenants
Year Built/Renovated: N/A Liquor Mart
Gross Leasable Area (GLA): 18,956 SF Smoke Shop
List Price: $2,350,000
Percent Down: 40%
CAP Rate: 7.72%
Price/SF (GLA): $123.97
Lot Size: 1.98 AC
Status: On Market Major Tenants
Year Built/Renovated: N/A Mini Mart
Gross Leasable Area (GLA): 9,608 SF
List Price: $2,388,000
Percent Down: 40%
CAP Rate: 6.00%
Price/SF (GLA): $248.54
Lot Size: 0.75 AC
28
ON MARKET COMPARABLES
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
ON MARKET COMPARABLES
Metropolitan PlazaVICTORVILLE, CA
RENT COMPARABLES
1)
2)
3)
4)
Metropolitan Plaza
Jalco Plaza
Former Johnny Rebs Restaurant
Mojave Center
Old Town Plaza
30
RENT COMPARABLES
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RENT COMPARABLES MAP
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Subject JalcoPlaza
MojaveCenter
OldTownPlaza
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Subject JalcoPlaza
FormerJohnnyRebs
Restaurant
MojaveCenter
OldTownPlaza
31
RENT COMPARABLES
Metropolitan PlazaVICTORVILLE, CA
Average Rent per Square Foot
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
OCCUPANCY AND AVERAGE RENT PER SF
Average Occupancy
2
1
Subject Property
Jalco Plaza
14725 7th Street
Victorville, CA 92395
Former Johnny Rebs Restaurant
15051 7th Street
Victorville, CA 92395
Comments
Strip retail center located on Seventh Street with available space including medical, retail and office space.
Comments
Former McDonald's restaurant prior to the current tenant.
Date Surveyed: 8/2014
Occupancy: 0%
Year Built: 1980
Gross Leasable Area (GLA): 5,081 SF
Rent/SF (GLA): $1.00
Available SF: 5,081
Lot Size: 2.07
Lease Type: Gross
Date Surveyed: 8/2014
Occupancy: 91%
Year Built: 1989
Gross Leasable Area (GLA): 20,492 SF
Rent/SF (GLA): $0.80
Available SF: 1,950
Lot Size: 0.48
Lease Type: Gross
Date Surveyed:8/2014Occupancy:100%Year Built/Renovated:1980/2014Gross Leasable Area (GLA):21,208 Square FeetRent/SF (GLA):$1.02Available SF:0Lot Size:2.13 AcresLease Type:MG
Metropolitan Plaza
15080 Seventh Street
Victorville, CA 92395
32
RENT COMPARABLES
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RENT COMPARABLES
Date Surveyed: 8/2014
Occupancy: 100%
Year Built/Renovated: 1980/2014
Gross Leasable Area (GLA): 21,208 SF
Rent/SF (GLA): $1.02
Available SF: 0
Lot Size: 2.13 Acres
Lease Type: Gross
4
3 Mojave Center
15770 Mojave Drive
Victorville, CA 92394
Old Town Plaza
15538 7th Street
Victorville, CA 92395
Comments
Space is in shell condition. Estimated triple-net lease is $0.35 per square foot.
Comments
Older center located on a less trafficked part of Seventh Street. Space has been available since March of 2010 and is three
separate units.
Date Surveyed: 8/2014
Occupancy: 78%
Year Built: 1959
Gross Leasable Area (GLA): 27,555 SF
Rent/SF (GLA): $0.55
Available SF: 6,276
Lease Type: NNN
Date Surveyed: 8/2014
Occupancy: 74%
Year Built: 1990
Gross Leasable Area (GLA): 14,100 SF
Rent/SF (GLA): $0.95
Available SF: 3,700
Lot Size: 1.20
Lease Type: NNN
33
RENT COMPARABLES
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RENT COMPARABLES
Metropolitan PlazaVICTORVILLE, CA
MARKET OVERVIEW
35
MARKET OVERVIEW
Metropolitan PlazaVICTORVILLE, CA
The city of Victorville is a 73.2 square-mile region located in the Victor Valley, San Bernardino County, California. The
city is at the southwestern edge of the Mojave Desert, approximately 100 miles from Los Angeles and 34 miles from
Barstow. The Mojave River flows sporadically throughout Victorville. Victorville is home to a large and diverse pool of
workers and has many educational opportunities to ensure a qualified supply of workers for the future. In 2013, the
residential population of Victorville was around 115,000. Estimates suggest that this figure more than doubles during
business hours to accommodate the needs of the more than 300,000 people. There are 900,000 workers within a
one-hour drive, 34 area universities, colleges and technical schools, as well as affordable and elegant housing.
Victor Valley includes the communities of Adelanto, Apple Valley, Hesperia, Lucerne Valley, Oak Hills, Phelan,
Victorville and Wrightwood. Victorville is the business hub of the area and draws consumers from well beyond its
immediate area. By being situated along Interstate 15, the primary transportation corridor and interstate commerce
route, the city of Victorville is the largest commercial center between San Bernardino and the Nevada border.
Local Attractions
California Route 66 Museum is devoted to the representation of U.S. Highway 66 in both historic and contemporary
exhibition. The museum intends to continually promote, preserve and educate the public throughout the world
bringing relative weight to the cultural influences.
San Bernardino County Fairgrounds is home to numerous annual events catering to the entire San Bernardino
County. Events includes a weekly swap meet, annual 4th of July Celebration, The San Bernardino County Fair,
various music festivals and much more.
The Mall of Victor Valley is the largest enclosed regional shopping center between San Bernardino and Las Vegas. It
is anchored by major department stores such as J.C. Penney, Kohl’s Department Store and Sears.
Mojave Narrows Regional Park Camping Grounds include 1,500 species of wildlife call this lush stretch of habitat
along the Mojave River home, making it a magnet for bird-watchers, horseback riders and campers. The park’s two
lakes not only attract migratory birds but also make it a popular fishing spot.
Top Employers
Southern California Logistics Airport 2,000
The Mall of Victor Valley 1,100
Victor Valley Union High School District 1,000
Desert Valley Hospital/Medical Group 950
Victor Elementary School District 948
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
LOCATION OVERVIEW
36
Market Highlights
Dynamic industrial market
■ The metro currently leads the nation in sales,
construction, and absorption of industrial
property.
Strong demographic trends
■ The Inland Empire is expected to add nearly
350,000 new residents through 2018.
Growing distribution market
■ Many Fortune 500 companies have recently
opened massive distribution centers in the area.
MARKET OVERVIEW
Geography
The Riverside-San Bernardino metro, also
referred to as the Inland Empire, is a 28,000-
square-mile region in Southern California
comprised of San Bernardino and Riverside
counties. Valleys in the southwestern portion
of the region, adjacent to Los Angeles, Orange
County and San Diego County, are the most
populous in the metro. These areas abut the
San Bernardino and San Jacinto mountains,
behind which lies the high desert area of
Victorville/Barstow to the north and, to the
east, the low desert Coachella Valley, home of
Palm Springs.
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
Riverside-San Bernardino counties
Metro
The Riverside-San Bernardino metro contains a
population of nearly 4.4 million. The largest city is
Riverside with 316,400 residents, followed by San
Bernardino. Although population growth has slowed
compared with the previous five years, the metro is still
expected to increase by 1.5 percent annually through
2018, well above the nation.
37
Largest Cities in Metro by Population
MARKET OVERVIEW
Airports
■ Ontario International
■ Palm Springs International
■ 33 smaller airports
Major Roadways
■ Interstates 10, 15 and 215
■ Highways 60 , 71, 91 and 210
Rail
■ Freight - BNSF and Union Pacific
■ Passenger - Amtrak
■ Commuter - MetroLink
The Riverside-San Bernardino Metro is:
■ 60 miles from Los Angeles
■ 100 miles from San Diego
■ 113 miles from Tijuana
■ 400 miles from San Francisco
Metropolitan PlazaVICTORVILLE, CA
Infrastructure
Riverside-San Bernardino features three interstate
freeways — I-10, I-215 and I-15 — that form a
triangle around one of the region’s core growth centers.
Also, completion of the 210 freeway extension makes
commuting to and from Rialto and San Bernardino
considerably easier.
The Riverside-San Bernardino metro has two major
airports: Ontario International and Palm Springs
International. The region also has a cargo dedicated
facility, the Southern California Logistics Airport,
located just north of Victorville in the High Desert.
Two rail lines serve Riverside-San Bernardino, and the
region boasts one of the largest and most modern
intermodal facilities in the nation. Amtrak provides
passenger rail service, and MetroLink connects the area
to Orange County and Los Angeles. Local transit
agencies run bus service throughout 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 tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Sources: Marcus & Millichap Research Services, Experian
RIVERSIDE-SAN BERNARDINO
Riverside 316,400
San Bernardino 215,700
Fontana 202,600
Moreno Valley 202,400
Rancho Cucamonga 170,900
Ontario 168,600
38
MARKET OVERVIEW
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Economy
The Riverside-San Bernardino metro has one of the
largest economies in the United States. While the
region’s economic expansion has been fueled by a
number of factors, robust population growth has been
the primary demand driver. Despite pull backs in
housing costs, still-high home prices throughout much
of Southern California leave residents seeking more
affordable options in the Inland Empire. The resulting
increase in population will continue to heighten the
need for housing, retail goods, personal services and
government services.
There has also been exceptional growth in wholesale
trade and warehousing as the area is an important
distribution hub for the Southwest. Riverside-San
Bernardino is the premier location in the Los Angeles
Basin for new distribution facilities. This is due to its
large pool of experienced workers, relatively inexpensive
land, and highly efficient intermodal transportation
system that reduces the cost of both aggregating and
distributing shipments. Amazon and Deckers have
recently constructed huge warehouses in the region,
and growth in the distribution industry is expected to
drive all other sectors.
During the past year, the Riverside-San Bernardino
metro recorded higher industrial absorption than most
other industrial markets in the state. The distribution
system also benefits two major cargo airports: Ontario
International and the Southern California Logistics
Airport in Victorville.
RIVERSIDE-SAN BERNARDINO
39
MARKET OVERVIEW
Metropolitan PlazaVICTORVILLE, CA
Labor
The Riverside-San Bernardino metro employment base contains nearly 1.2 million workers and new jobs are
projected to be generated at an annual average pace of 1.3 percent through the next five years, just above the
national growth rate. Traditionally, area residents who relocated from neighboring Los Angeles County or
Orange County continued to commute to these markets for work. In recent years though, a rise in commercial
development in the Inland Empire has generated more local jobs. As such, the job pool is becoming increasingly
diverse, and many of the metro’s population-serving industries are growing.
The metro’s infrastructure and proximity to the Los Angeles and Long Beach ports attract companies seeking
West Coast distribution hubs. As a result, the trade, transportation and utilities sector accounts for 24 percent of
all metro jobs. Employment in this segment is expected to remain steady during the coming five years.
Given the prevalence of military installations and numerous cities and municipalities in the region, the
government sector makes up another 19 percent of area jobs. After slightly contracting over the last five years,
the government sector is now poised to grow by 1.7 annually throughout 2018.
Additionally, freeway improvements that provide easier access to the eastern part of the metro and cities,
including Moreno Valley, Palm Springs and Palm Desert, should promote healthy employment growth as
companies move into these areas in the years ahead.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
40
Employers
Government entities account for some of the largest
employers in the region, including Fort Irwin and
March Air Reserve Base. As the base downsized,
unused land was transformed into the March Inland
Port, a 350-acre aviation-based industrial business park.
March Inland Port Airport is a public joint-use airport
and its 13,000-foot runway is one of the longest
runways on the West Coast.
Another significant employer is Ontario International
Airport. The facility provides thousands of jobs at the
airport and more than 50,000 indirect, off-site
positions. Strong growth will continue at the airport,
given the limits to expansion placed on neighboring
airports in Los Angeles and Orange counties.
Major healthcare providers such as Loma Linda
University Medical Center and Kaiser Permanente also
maintain a big portion of the region’s jobs. Demand for
medical services is projected to rise rapidly in the
coming years due to the area’s increasing population
and the baby-boomer generation’s move into its
retirement years.
While Riverside-San Bernardino has a significant share
of large employers, the majority of companies are small.
This emphasis on small firms encourages innovation
and flexibility and is positive for the area’s long-term
outlook, as most of the growth taking place in the
economy is occurring in the small business sector.
MARKET OVERVIEW
Metropolitan PlazaVICTORVILLE, CA
Major Employers
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
San Bernardino County
Riverside County
Stater Bros.
Loma Linda University Medical Center
Kaiser Permanente
Wal-Mart Stores, Inc.
University of California, Riverside
Fort Irwin
Ontario International Airport
March Air Reserve Base
41
MARKET OVERVIEW
Demographics
The Riverside-San Bernardino metro consists of more
than 1.5 million households and nearly 4.4 million
residents, making it one of the largest metropolitan
areas in the nation. While expansion will slow from
earlier in the decade, the Inland Empire is still on pace
to grow 1.5 percent per year during the next five years,
above the national rate of 0.7 percent annually. This
population growth is driving new housing construction.
The majority of recent growth in the area was due to
in-migration rather than natural increases. Factors
fueling in-migration include the strong local economy;
relatively affordable housing; large parcels of vacant,
developable land; and a lack of available land in Los
Angeles County. The median existing home price in
Riverside-San Bernardino, at $237,600, also remains
much lower than medians in adjacent counties,
affording more than 63 percent of households to own
their home.
Residents are becoming more educated, as more than
50 percent of adults in the metro have at least some
college education, and almost 20 percent of those aged
25 years and above have attained a bachelor’s degree or
higher. Increasing education levels have helped to raise
household earnings. The median household income
stands at $54,500 per year, higher than the annual
national median of $52,400. Over the next five years,
the most significant income gains will be among those
earning $150,000 or more annually.
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
42
MARKET OVERVIEW
Metropolitan PlazaVICTORVILLE, CA
Quality Of Life
Riverside-San Bernardino offers a diversity of
landscapes, including the palm tree-lined and pool-
studded Coachella Valley, the mountain communities
of Big Bear and Lake Arrowhead, the rolling hills and
wineries of Temecula Valley, and the suburban
communities of the West San Bernardino Valley and
Moreno Valley. A temperate climate offers moderate
winters, warm summers and generally low humidity.
One of the greatest draws of the metro is relatively
affordable housing. The median home price in
Riverside-San Bernardino is 40 percent lower than in
Los Angeles County and more than 60 percent lower
than in Orange County.
The Inland Empire provides a number of cultural
opportunities, including the Riverside Metropolitan
Museum, the Mission Inn Museum, and the Museum
of History and Art in Ontario. The California Theatre
of Performing Arts in San Bernardino stages a number
of performances throughout the year, as does the
refurbished Fox Center for the Performing Arts, which
reopened in 2010. The Riverside County Philharmonic
provides classical music concerts throughout the area.
Shopping opportunities are plentiful no matter where
you live in the metro, as are parks and golf courses.
The region features an impressive offering of more than
20 college campuses, including the University of
California, Riverside; two campuses of California State
University; and nine community colleges.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
The information contained in the market overview comes from sources deemed to be reliable, however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. The most timely data available at time of production, including estimates and forecasts, were used and may be subject to revision.
RIVERSIDE-SAN BERNARDINO
43
MARKET OVERVIEW
Broad-Based Job Growth, Housing Drive Retail Demand
Economic growth supported by a strengthening housing market in the Inland Empire will boost retail spendingthis year. Total employment in the metro sits just 3.5 percent below the pre-recession peak through the firstquarter, with growth being driven by the education and health services and trade, transportation and utilitiessectors. As payrolls expand, a healthier housing market is taking shape, boosting the outlook for retail sales andretailers alike. Home sales reached the 2005 level last year, and housing starts are projected to be more than 10,000annually for the first time since 2007 this year. As a result, retail space demand is increasing in the market, withmore than 1 million square feet absorbed during each of the past two years. Although the vacancy rate remainsabove 9 percent, retailers will continue filling dark space alongside positive regional economic trends,underpinning a recovering retail market.
As operations improve in the Inland Empire retail market, investors are becoming confident in the strength of therecovery, opening the way for increased sales activity. A light supply of listings in the adjacent coastal markets isboosting demand for the higher-yielding assets available in the two-county metro. In the multi-tenant segment,grocery-anchored shopping centers are particularly sought-after, with first-year returns starting in the 6 percentrange for Class A assets. On the single-tenant side, properties leased to high-credit tenants will trade in the 5percent range, while yields for assets occupied by noncredit tenants can move above 7 percent. Overall, the gap incap rates between properties in the western and eastern portions of the market will remain sizeable until theeconomic recovery gains traction in the high desert. Though buyers have enjoyed stabilizing interest rates over thepast six months, in the near-term, slowly rising interest rates will maintain slight upward pressure on cap rates.Moving forward, a lift in retail transactions will occur as owners list assets while buyer demand remains high andcap rates low.
Metropolitan PlazaVICTORVILLE, CA
Employment: After adding 44,100 jobs last year, employers are expected to create27,500 positions in 2014, easing growth to 2.2 percent. All but three sectors areforecast to expand this year, with the professional and business services sectoranticipated to generate nearly 11,000 jobs and expand by more than 8 percent.
Construction: Development will be limited once again this year as builders remaincautious amid slowly improving operations. As a result, only 680,000 square feet ofspace will come online this year. In 2013, 660,000 square feet was delivered.
Vacancy: Limited development activity and a third consecutive year of more than 1million square feet of absorption will push vacancy down 40 basis points to 9.1percent by year end, the lowest level since 2009. Last year, vacancy decreased 50 basispoints.
Rents: Average asking rents in Riverside-San Bernardino are expected to dip 2 percentto $15.40 per square foot this year as operators continue lowering rates to attract arearetailers. Last year, asking rents slipped 3.5 percent.
2014 Annual Retail Forecast
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
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MARKET OVERVIEW
Metropolitan PlazaVICTORVILLE, CA
Economy
■ Approximately 31,000 new hires were made in the Inland Empire during the 12-month period that ended inthe first quarter, a 2.6 percent increase. Despite solid additions in the prior annual period, growth is slowing, aspayrolls held flat in the first quarter of the year.
■ Retail sales have steadily advanced since the beginning of 2010, and are expected to grow 4.3 percent by theend of 2014. Robust job growth over the past two years boosted incomes in the metro, as the medianhousehold income is projected to sit less than 2 percent off the pre-recession high by year end.
■ The transportation and utilities sector led employment growth over the past 12 months, adding nearly 9,000jobs and expanding 3 percent. Supported by the region’s rapid industrial growth, the sector surpassed its pre-recession level of total employment.
■ Outlook: After adding 44,100 jobs last year, employers are expected to create 27,500 jobs in 2014, easinggrowth to 2.2 percent. All but three sectors are forecast to expand this year, with the professional and businessservices sector anticipated to generate nearly 11,000 jobs and expand by more than 8 percent.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Construction
■ During the last 12 months, developers added 535,000 square feet of retail space in the market, including200,000 square feet in the first quarter of this year. The largest project completed in the last 12 months was a170,000 square foot Wal-Mart in Yucca Valley, which came online in the second half of 2013.
■ Slightly more than 460,000 square feet is underway in the metro, representing a 0.3 percent increase to stock.Nearly half of the space under construction is in the North San Bernardino submarket. The largest projectunderway is a 186,000-square foot Wal-Mart Supercenter in Victorville.
■ A total of nearly 4.7 million square feet is in the planning pipeline, consisting mainly of small projects less than100,000 square feet.
■ Outlook: Development will be limited once again this year as builders remain cautious amid slowly improvingoperations. As a result, only 680,000 square feet of space will come online this year.
RIVERSIDE-SAN BERNARDINO
* ForecastSource: CoStar Group, Inc.
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MARKET OVERVIEW
Metropolitan PlazaVICTORVILLE, CA
Vacancy
■ Retail vacancy dipped 40 basis points over the past 12 months to 9.4 percent in the first quarter, the lowest rate
since mid-2009.
■ Multi-tenant average vacancy slipped 50 basis points to 9.3 percent year over year in the first quarter of 2014,
although the rate remains more than 300 basis points above the pre-recession level.
■ Vacancy in the Inland Empire West submarket retreated 70 basis points to 8.8 percent during the one yearending in the first quarter, while Inland Empire East recorded a 30-basis point decline to 9.6 percent.
■ Outlook: Limited development activity and a third consecutive year of more than 1 million square feet of
absorption will push vacancy down 40 basis points to 9.1 percent by year end, the lowest level since 2009.
Rents
■ Rents have yet to reverse course and record growth since the economic downturn, as persistently slow advances
in vacancy have added to a lack of leverage among owners to bump rents. Average rents declined 3.1 percent to
$15.77 per square foot on a year-over-year basis in the first quarter.
■ Multi-tenant average asking rents were $15.65 per square foot in the first quarter, a drop of 1.5 percent fromone year ago, which is a sharp slowdown from losses in prior recent years.
■ Average asking rents dropped 9 percent to $16.03 per square foot in the west portion of the metro in the 12months ending in the first quarter. On the east side of the Inland Empire, rents dipped 0.1 percent to $15.65
per square foot over the same period.
■ Outlook: Average asking rents in Riverside-San Bernardino are expected to dip 2 percent to $15.40 per squarefoot this year as operators continue attracting area retailers. Last year, asking rents slipped 3.5 percent.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
* ForecastSource: CoStar Group, Inc.
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MARKET OVERVIEW
Metropolitan PlazaVICTORVILLE, CA
Single-Tenant Sales Trends**
■ During the most recent 12-month period, single-tenant transaction velocity declined nearly 20 percent, as
activity waned throughout the Inland Empire, particularly in Riverside and East San Bernardino.
■ Although deal velocity eased slightly over the one-year period ending in the first quarter, average prices rose as
the quality of properties changing hands increased. During the period, fast-food restaurants traded at an
average of $420 per square foot, while drugstores traded at nearly $350 per square foot.
■ Average cap rates for single-tenant properties have compressed around 25 basis points to the mid-6 percent
range over the past 12 months. First-year returns can dip below 5 percent for fast-food assets with the highest
credit tenants.
■ Outlook: Buyers have welcomed stabilizing rates in the market as the 10-year Treasury has remained relatively
flat over the past six months. In the near-term, slowly rising interest rates will maintain slight upward pressure
on cap rates.
Multi-Tenant Sales Trends**
■ Sales activity in the Inland Empire’s multi-tenant sector increased by 75 percent over the past 12 months as
Coachella Valley, East San Bernardino, and Riverside saw greater activity than the prior annual period.
■ During the most recent one-year period, the average multi-tenant asset price jumped 30 percent to $176 per
square foot as larger, high-quality properties were traded.
■ Multi-tenant cap rates begin in the 6 percent range for the highest quality grocery-anchored neighborhood
centers, and can move above 8 percent for smaller strip centers.
■ Outlook: Buyer demand will rise as improving fundamentals encourage investors to own assets offering higher
returns in the multi-tenant arena. Investor interest will continue spreading to outside areas such as South
Riverside and Coachella Valley with the solidifying retail landscape.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
** Trailing 12-Month PeriodSources: CoStar Group, Inc., Real Capital Analytics
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MARKET OVERVIEW
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Capital Markets
■ The Fed continues to feel confident about the economic recovery and projects it will improve, notwithstanding
the disappointing growth in this year’s first quarter, which they believed to be impacted by the harsh winter
weather. The withdrawal of stimulus continues; at the end of April, the FOMC voted to reduce its monthly
bond purchases by an additional $10 billion. The yield on the 10-year U.S. Treasury remained in the mid- to
high-2 percent range throughout the first quarter, and is projected to stay in this range over the next few
months.
■ The national retail sector posted a solid performance in the first quarter this year. The vacancy rate ticked
down 20 basis points to 7.0 percent in the first three months of this year as total employment and retail
spending grew, generating new demand for retail space. Completions were also subdued, as only 6.9 million
square feet was brought online. This year, new demand will exceed completions and support a further drop in
the national vacancy rate.
■ Regional and local banks increased their share of lending on retail properties to 13 percent this year as they
escalated lending throughout 2013. Greater liquidity enhanced investors’ ability to obtain loans for the
purchase of small unanchored shopping centers. Across all lending institutions, the rising confidence in the
strengthening economy is generating an abundance of capital, which, in turn, is providing more leverage in
secondary and even tertiary markets.
RIVERSIDE-SAN BERNARDINO
Local Highlights
■ Though home price appreciation is projected to slow in 2014 following a nearly 30 percent surge in the
median home price last year, building activity is forecast to increase. Single-family housing permits and starts
are expected to more than double in 2014 as builders come off the sidelines to capture demand from newly
employed residents.
■ The education and health services and trade, transportation and utilities sectors have accounted for more than
half of the job gains in the Inland Empire since beginning of 2012. Future growth in these sectors appears
favorable due to the region’s position as a warehousing and transportation hub, as well as increased demand for
medical care from the Affordable Care Act.
■ Buoyed by the addition of more than 93,000 combined jobs in 2012 and 2013, the Inland Empire
unemployment rate sits at 9.3 percent, the lowest level since mid-2008. Though still above the California rate
of 8.1 percent, the two-county metro unemployment rate is nearly 500 basis points below the 2010 peak.
■ The 244-room Ritz-Carlton Rancho Mirage is slated to re-open in the second quarter of this year after
undergoing a remodelling process delayed five years due to the financial crisis.
■ Developers broke ground in the first quarter on the Mountain Grove at Citrus Plaza shopping center, with a
proposed size of 670,000 square feet of space. Several retailers are slated to anchor Mountain Grove, including
Nordstrom Rack, TJ-Maxx, and HomeGoods, upon its slated completion date of summer 2015. The center
will join its adjacent sister development, the 520,000-square-foot Citrus Plaza, located just south of the new
construction site.
Metropolitan PlazaVICTORVILLE, CA
DEMOGRAPHIC ANALYSIS
1 Mile 3 Miles 5 Miles
2000 Population 7,982 40,011 90,473
2010 Population 9,119 59,164 136,762
2013 Population 9,363 61,125 141,309
2018 Population 9,531 67,803 157,066
2000 Households 2,536 13,875 30,547
2010 Households 2,579 18,520 41,158
2013 Households 2,666 19,191 42,640
2018 Households 2,713 21,278 47,598
2013 Average Household Size 3.37 3.13 3.20
2013 Daytime Population 5,577 22,025 34,484
2000 Median Housing Value $0 $98,676 $100,694
2000 Owner Occupied Housing Units 45.40% 53.16% 60.90%
2000 Renter Occupied Housing Units 46.64% 37.31% 31.87%
2000 Vacant 12.53% 8.51% 7.44%
2013 Owner Occupied Housing Units 39.36% 50.27% 58.89%
2013 Renter Occupied Housing Units 60.64% 49.73% 41.11%
2013 Vacant 10.30% 9.04% 7.91%
2018 Owner Occupied Housing Units 38.95% 49.98% 58.69%
2018 Renter Occupied Housing Units 61.05% 50.02% 41.31%
2018 Vacant 10.14% 9.20% 8.07%
$ 0 - $14,999 22.5% 17.0% 13.4%
$ 15,000 - $24,999 17.7% 14.9% 12.2%
$ 25,000 - $34,999 12.5% 11.0% 10.5%
$ 35,000 - $49,999 13.3% 14.5% 13.9%
$ 50,000 - $74,999 17.8% 19.1% 20.5%
$ 75,000 - $99,999 10.4% 11.4% 13.2%
$100,000 - $124,999 3.2% 5.4% 7.4%
$125,000 - $149,999 1.3% 2.7% 3.7%
$150,000 - $199,999 0.7% 2.3% 3.3%
$200,000 - $249,999 0.2% 0.9% 0.9%
$250,000 + 0.3% 0.9% 1.1%
2013 Median Household Income $33,120 $42,133 $50,098
2013 Per Capita Income $12,960 $17,789 $19,484
2013 Average Household Income $43,623 $56,157 $63,648
Demographic data © 2012 by Experian.
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DEMOGRAPHIC ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
DEMOGRAPHIC REPORT
Geography: 5 miles
Population
In 2013, the population in your selected geography was 141,309. The population has changed by 56.18% since 2000. It is estimated
that the population in your area will be 157,066 five years from now, which represents a change of 11.15% from the current year.
The current population is 50.0% male and 49.9% female. The median age of the population in your area is 31.4, compare this to the
U.S. average which is 37. The population density in your area is 1,265.53 people per square mile.
Households
There are currently 42,640 households in your selected geography. The number of households has changed by 39.58% since 2000.
It is estimated that the number of households in your area will be 47,598 five years from now, which represents a change of 11.62%
from the current year. The average household size in your area is 3.20 persons.
Income
In 2013, the median household income for your selected geography is $50,098, compare this to the U.S. average which is currently
$53,535. The median household income for your area has changed by 33.61% since 2000. It is estimated that the median household
income in your area will be $57,076 five years from now, which represents a change of 13.92% from the current year.
The current year per capita income in your area is $19,484, compare this to the U.S. average, which is $28,888. The current year
average household income in your area is $63,648, compare this to the U.S. average which is $75,373.
Race & Ethnicity
The current year racial makeup of your selected area is as follows: 54.03% White, 14.05% African American, 1.45% Native American
and 4.18% Asian/Pacific Islander. Compare these to U.S. averages which are: 72.20% White, 12.65% African American, 0.96%
Native American and 5.01% Asian/Pacific Islander.
People of Hispanic origin are counted independently of race. People of Hispanic origin make up 44.46% of the current year
population in your selected area. Compare this to the U.S. average of 16.55%.
Housing
The median housing value in your area was $100,694 in 2000, compare this to the U.S. average of $110,781 for the same year. In
2000, there were 20,090 owner occupied housing units in your area and there were 10,512 renter occupied housing units in your
area. The median rent at the time was $505.
Employment
In 2013, there are 34,484 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed
that 53.7% of employees are employed in white-collar occupations in this geography, and 46.2% are employed in blue-collar
occupations. In 2013, unemployment in this area is 5.96%. In 2000, the median time traveled to work was 22.0 minutes.
Demographic data © 2012 by Experian.
50
DEMOGRAPHIC ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
SUMMARY REPORT
Number of people living in a given area per square mile.
Demographic data © 2012 by Experian.
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DEMOGRAPHIC ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
POPULATION DENSITY
The number of people employed in a given area per square mile.
Demographic data © 2012 by Experian.
52
DEMOGRAPHIC ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
EMPLOYMENT DENSITY
Average income of all the people 15 years and older occupying a
single housing unit.
Demographic data © 2012 by Experian.
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DEMOGRAPHIC ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
AVERAGE HOUSEHOLD INCOME
Two-way, average daily traffic volumes.
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DEMOGRAPHIC ANALYSIS
Metropolitan PlazaVICTORVILLE, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.
Traffic Count data © 2012 by TrafficMetrix. All rights reserved.
TRAFFIC COUNTS
* Traffic Count Estimate
Average Daily Traffic Counts:
7th Street- 18,705 Vehicles per Day (2008)
Mojave Drive- 14,353 Vehicles per Day (2005)
OFFICES NATIONWIDE
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