coeur d`alene, ID - US 95

Verizon Wireless
coeur d’alene, ID - US 95
coeur d’
a
len
e, id
Highly visible retail store
on busy signalized intersection
430 W Hanley Ave, Coeur d’Alene, ID 83815
[ www.CapitalPacific.com ]
VERIZON WIRELESS ON HANLEY STREET IN COEUR D’ALENE IS
A 3,620 SF SINGLE TENANT BUILIDNG LOCATED AT THE
SIGNALIZED INTERSECTION AT US HIGHWAY 95.
Investment Highlights
Moorehead Communications, doing business as The Cellular Connection,
recently signed a brand new ten year NNN lease at this location after
buying the operations from previous operator Phones Plus Inc. Moorehead
Communications is the largest Verizon Wireless Master Agent in the
nation, operating 395 of their own “Premium Retailer” Verizon Wireless
stores. Along with other partners and affiliates, Moorehead supports
over 550 locations under The Cellular Connection (TCC) banner. TCC was
recently recognized by Inc. magazine as one of America’s fastest-growing private
companies for the fifth consecutive year.
Built in 2010, the building enjoys prime visibility along US Route 95 and convenient access off
Hanley Avenue. Located kitty corner to Silver Lake Mall, the Property was the top sales location
for Phones Plus Inc. before its acquisition by TCC. Apart from the 30+ retailers at the mall,
other nearby retailers include Target, Best Buy, and numerous fast food restaurants.
PRICE: $2,182,000
CAP: 5.50%
LEASABLE SF. . . . . . . . . . . ±3,620 SF
LAND AREA . . . . . . . . . . . . ±14,122 SF
LEASE TYPE. . . . . . . . . . . . NNN
YEAR BUILT . . . . . . . . . . . . 2010
PARKING. . . . . . . . . . . . . . . ±19 Spaces
NEW 10 YEAR NNN LEASE
Tenant responsible for taxes, insurance, and maintenance, including roof repairs. Landlord
responsible for roof replacement and structure.
LEASE SIGNED BY NATIONAL VERIZON WIRELESS PREMIUM RETAILER
Moorehead Communications (dba The Cellular Connection) is the largest Verizon
Wireless Master Agent in the nation.
EXCELLENT VISIBILITY IN PRIME RETAIL AREA
Located off busy highway adjacent to regional mall.
ADDRESS:
430 W Hanley Ave, Coeur d’Alene, ID 83815
VERIZON WIRELESS - COEUR D’ALENE - US 95 | 2
In The News
CELLULAR CONNECTION ACQUIRES PHONES PLUS RETAILERS
May 29, 2015 - CDAPress.com
The Cellular Connection, the largest Verizon
Premium Wireless Retailer in the U.S., announced
it has acquired the Phones Plus chain of Verizon
Wireless Premium Retailers with 18 stores located
across Idaho, Washington, Oregon and Alaska.
“
WITH THE ACQUISITION, PHONES PLUS WILL REBRAND AS TCC, AND ALL
90 OF THE VERIZON RETAILER’S EMPLOYEES WILL CONTINUE SERVING
THE NEWLY-ACQUIRED TCC STORES, INCLUDING THOSE IN IDAHO IN COEUR
D’ALENE, HAYDEN, POST FALLS, LEWISTON, SANDPOINT AND PONDERAY.
With the acquisition, Phones Plus will rebrand as
TCC, and all 90 of the Verizon retailer’s employees
will continue serving the newly-acquired TCC
stores, including those in Idaho in Coeur d’Alene, Hayden, Post Falls, Lewiston, Sandpoint
and Ponderay.
“We warmly welcome these new employees and stores into the TCC family,” said Scott
Moorehead, president and CEO of TCC, in the company’s press release. “These stores
are well run and their dedicated teams share our values for serving the community and
delivering superior customer service. We want to retain these teams and build on their
past successes as we introduce many more
customers to the TCC experience.”
TCC was recently recognized by Inc. magazine
as one of America’s fastest-growing private
companies for the fifth consecutive year. Its
long-standing relationship with Verizon Wireless
coupled with its buying power allows the
company to make its services more accessible to
customers while offering unparalleled customer service and competitive pricing.
“We have known and respected TCC for years and believe this combination is the next
logical step for our business,” said Chris Cheeley, former president of Phones Plus. “Joining
TCC presents excellent opportunities for our employees and ensures that our customers
continue to receive excellent service and high quality products.”
Link to article
VERIZON WIRELESS - COEUR D’ALENE - US 95 | 3
Aerial
95
SURROUNDING RETAIL
Applebee’s
Del Taco
Discount Tire Store
Dutch Bros. Coffee
Kohl’s
MacKenzie River Pizza
Michaels
OfficeMax
Olive Garden
Panda Express
Papa Murphy’s
Petco
Pier 1 Imports
Rite Aid
Ross
Starbucks
Target
T.J. Maxx
ULTA
Valentino’s Pizza
Wendy’s
W PRAIRIE AVE
38,000 DAILY
SILVER LAKE MALL
95
W HANLEY AVE
VERIZON
WIRELESS
10,000 DAILY
Financial Analysis
PRICE
$2,182,000
Capitalization Rate:
5.50%
NET OPERATING INCOME SUMMARY
SCHEDULED INCOME
Scheduled Rent:
8/1/2015
Rent Increases Through:
8/1/2016
Equals: Effective Gross Income
Per SF
$33.15
$0.00
$33.15
Per SF
Less: OPERATING EXPENSES
CAMS
Property Taxes
Insurance
Total Operating Expenses
NNN
Equals: NET OPERATING INCOME
8/3/2015
$120,000
$0
$120,000
NNN
NNN
NNN
$120,000
[ www.CapitalPacific.com ]
<
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.
>
VERIZON WIRELESS - COEUR D’ALENE - US 95 | 5
Rent Roll
CDA (10) RR
RENT SUMMARY
TENANT INFO
TERM
Tenant Name
Size
Date
Monthly Rent
Verizon - The Cellular Connection
(Moorehead Communications, Inc.)
3,620
5/1/2015
$10,000
5/1/2020
$10,500
5/1/2015
5/1/2021
$10,605
4/30/2025
5/1/2022
$10,711
5/1/2023
$10,818
5/1/2024
$10,926
5/1/2025
$11,036
Occupancy Date :
Lease Expiration :
Option 1
Percent
Increase
Annual Rent
PSF
Cap Rate
$120,000
$33.15
5.50%
5.0%
$126,000
$34.81
5.77%
1.0%
$127,260
$35.15
5.83%
1.0%
$128,533
$35.51
5.89%
1.0%
$129,818
$35.86
5.95%
1.0%
$131,116
$36.22
6.01%
1.0%
$132,427
$36.58
6.07%
$38.45
6.38%
$40.41
6.70%
$42.47
7.05%
$33.15
5.50%
1% annual increases
Option 2
$11,599
5/1/2030
$139,182
1% annual increases
Option 3
5/1/2035
$12,190
Option 4
5/1/2040
$12,812
$146,282
1% annual increases
$153,744
1% annual increases
Lease Notes
Comments: Landlord reponsible for roof replacement and maintenance and repair of foundation and structure.
Current Totals:
3,620
$10,000
$120,000
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the
information. Buyer must verify the information and bears all risk for any inaccuracies.
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed
or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
7/27/2015
VERIZON WIRELESS - COEUR D’ALENE - US 95 | 6
[ www.CapitalPacific.com ]
<
>
Site Plan
SITE PLAN KEY
PARCEL OUTLINE:
LAND AREA:
±14,122 SF
BUILDING AREA:
±3,620 SF
INGRESS/EGRESS:
38,000 DAILY
Site Plan Not To Scale
Highway 95
W Hanley St.
VERIZON WIRELESS - COEUR D’ALENE - US 95 | 7
Area Intel & Demos
VERIZON
WIRELESS
COEUR D’ALENE AREA OVERVIEW
Coeur d’Alene is the largest city and county seat
of Kootenai County, Idaho. It is the principal city
of the Coeur d’Alene Metropolitan Statistical
Area and has the second largest metropolitan
area in the state of Idaho.
1-Mile
radius
The city of Coeur d’Alene has grown significantly in recent years, in part
because of a substantial increase in tourism, encouraged by several resorts
in the area.
3-Mile
radius
Coeur d’Alene is a resort town, with the Coeur d’Alene Resort taking up
a prominent portion of the city’s downtown. It is also located near two
major ski resorts, with Silver Mountain Resort to the east in Kellogg, and
Schweitzer Mountain Ski Resort to the north in Sandpoint.
POPULATION
2010
2015 2020
5-Mile
radius
1-Mile3-Mile5-Mile
6,009 49,859 73,684
6,071 53,634 79,000
6,325 57,498 84,519
COEUR D’ALENE, ID
SPOKANE, WA
2015 HOUSEHOLD INCOMES
Median Average
1-Mile3-Mile5-Mile
$44,703 $42,340 $44,049
$54,920 $54,837 $57,513
33.5 Miles
36 Min
A unique HUMAN
RESULTS-DRIVEN
client experience
THE CAPITAL PACIFIC EXPERIENCE - OUR DAILY COMMITMENT TO OUR CLIENTS
[ www.CapitalPacific.com ]
SEAN MACK
MICHAEL HORWITZ
SEAN TUFTS
PETER DUNN
smack@capitalpacific.com | (503) 675-8378
stufts@capitalpacific.com | (206) 743-8468
mhorwitz@capitalpacific.com | (503) 675-8381
pdunn@capitalpacific.com | (503) 607-0197
[ Copyright © 2015 Capital Pacific LLC ]
KEVIN ADATTO
kadatto@capitalpacific.com | (503) 675-7726