retailwest 1

2-TENANT BAY AREA NET LEASED INVESTMENT - $4,990,000
ANTIOCH, CALIFORNIA
PROPERTY HIGHLIGHTS
• 2-Tenant Bay Area Net Leased Investment
• High traffic retail location at major regional intersection
• Easy access to Route 4 (104,000 ADT)
BANK OF THE WEST & MOUNTAIN MIKE’S PIZZA
2507-2509 Somersville Road | Antioch | CA | 94509
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
• Across from regional mall, Somersville Towne Center
• Freestanding building with drive-thru, shadow anchored by Big
Lots, 99 Cents Only, CVS
• 151,000 population in 5 mile radius
dre #01784639
dre #01733584
retailwest
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OFFERING MEMORANDUM
Bank of the West & Mountain Mike’s Pizza
2507-2509 Somersville Road | Antioch | CA | 94509
TABLE OF CONTENTS
INVESTMENT OVERVIEW
4
TENANT OVERVIEW
6
SITE PLAN
9
RETAIL AERIAL, STREET, & REGIONAL MAPS
11
CITY OF ANTIOCH
15
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
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2507-2509 SOMERSVILLE ROAD | ANTIOCH | CA | 94509
OFFERING MEMORANDUM
Retail West (“Agent”) has presented this Offering Memorandum to assist the recipient in evaluating the Retail property (“the Property”), at
2507-2509 Somersville Road, Antioch, CA, and it is intended for your use only. This Memorandum is of a proprietary and confidential nature. This material
contains brief, selected information pertaining to the Property and shall not be considered all-inclusive or unchanged since the date of preparation. No
warranty as to the accuracy or completeness is expressed or implied.
The information has been received from sources believed to be reliable but is not guaranteed. Agent disclaims all liabilities in connection with any
inaccuracies or incompleteness. The Buyer should independently verify each item of information and have the same reviewed by its tax advisor and/or legal
counsel.
The Buyer agrees that (a) the materials are of a highly confidential nature and will be held in the strictest confidence or shall be returned to Agent upon
request; (b) the Buyer shall not contact any property manager, employee or tenant of the Property regarding the enclosed materials or the Property, without
prior approval of Agent.
ALL USE, DISCLOSURE AND/OR REPRODUCTION NOT SPECIFICALLY AUTHORIZED IS PROHIBITED. ALL RIGHTS RESERVED.
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
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INVESTMENT OVERVIEW
Bank of the West & Mountain Mike’s Pizza
2507-2509 Somersville Road | Antioch | CA | 94509
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
4
TRANSACTION SUMMARY
INVESTMENT OVERVIEW
Retail West is pleased to offer for sale this well located two tenant net leased Bay Area investment opportunity. The offering is occupied by long standing
Bank of the West and Mountain Mike’s Pizza. Both tenants have approximately six years of primary term remaining and a new owner will enjoy regular rental
increases in both leases.
Shadow anchored by CVS, Big Lots, and 99 Cents Only, the property is conveniently located just blocks away from Highway 4 and directly across the street
from the 349,274 square foot regional mall, Somersville Towne Center. The site includes a hard to come by drive-thru, and is directly exposed to over 16,537
cars per day on Somerville Road (2012).
PURCHASE PRICE: $4,990,000
PROPERTY HIGHLIGHTS
NOI:
•
Outstanding retail location
CAP RATE: 5.66%
•
16,537 cars per day on Somerville Road (2012)
LOCATION: 2507-2509 Somersville Road
Antioch, CA
•
Directly across the street from 349,274 sf Somersville Towne Center with
major retailers including Macy’s, Fallas, Forever 21, Sears, 24 Hour Fitness
GLA: 8,212 Square Feet
•
Blocks from busy HWY 4 with 104,298 cars per day (2012)
$282,496
SITE SIZE:
34,848 SF
Tenant Name
± Size
Share
Bank of the West
5,200
63.3%
Nov-93
Mountain Mike's Pizza
3,012
36.7%
Jan-12
Total Owned
8,212
100.0%
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
Start
Term
End
Annual
Rent
Monthly
$/SF
Jan-21
$205,248
$17,104
$3.29
Jan-21
$77,240
$6,437
$2.14
$282,488
$23,541
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
Increases
On
Feb-16
Jan-17
To
Options
$ 209,362.20
(1) 5-yr
$ 81,102.00
(1) 5-yr
$2.71 Avg. In-­‐Place retailwest
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TENANT OVERVIEW
Bank of the West & Mountain Mike’s Pizza
2507-2509 Somersville Road | Antioch | CA | 94509
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
6
TENANT OVERVIEW
Bank of the West
With over $67M in deposits and an in place drive-thru at this location,
a new owner is likely to enjoy Bank of the West’s tenancy for years to
come. Bank of the West has continuously occupied their suite since
1993 and recently exercised a 5-year option.
Lease structure
• Annual rent: $205,248
• Increases:2% annually
• Size:5,200 SF
• Occupancy date:
November 29, 1993
• Fixed term expiration date: January 31, 2021
• Options: One (1), 5-year option with 3% annual escalations
About Bank of the West
• Founded in 1874
• Over 700 locations throughout the Western and Midwestern US
• Assets in excess of $62B
• Revenue in excess of $2.62B (2008)
• Subsidiary of BNP Paribas
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
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TENANT OVERVIEW
Mountain Mike’s Pizza
Founded in 1978 in Palo Alto California, Mountain Mikes has grown into
a leading pizza brand with over 150 locations throughout California,
Oregon, Nevada and Utah. Mountain Mike’s opened this location in early
2012 and has 6 years of primary term remaining on their lease with two
(2) 5-year options.
Lease Structure
• Annual rent: $77,239.80
• Increases:
5% on January 1, 2017 and every
30 months thereafter
• Size: 3,012 SF
• Occupancy date:
• Fixed term expiration date: January 1, 2012
January 31, 2021
• Options:
Two (2) 5-year option with 5%
increases every 30 months
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
8
SITE PLAN
Bank of the West & Mountain Mike’s Pizza
2507-2509 Somersville Road | Antioch | CA | 94509
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
9
SITE PLAN
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
10
RETAIL, STREET & REGIONAL MAPS
Bank of the West & Mountain Mike’s Pizza
2507-2509 Somersville Road | Antioch | CA | 94509
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
11
RETAIL MAP
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
12
STREET MAP
Subject Property - 2507-2509 Somersville Road | Antioch
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
13
REGIONAL MAP
Subject Property - 2507-2509 Somersville Road | Antioch
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
14
CITY OF ANTIOCH
Bank of the West & Mountain Mike’s Pizza
2507-2509 Somersville Road | Antioch | CA | 94509
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
15
CITY OF ANTIOCH
Antioch is located in the East Bay region of the San Francisco
Bay Area along the San Joaquin-Sacramento River Delta, it is a
suburb of San Francisco and Oakland.
While many consider Antioch the gateway to the Delta, the
prevailing features of the area have attracted an influx of new
arrivals. Population has continued to rise throughout Contra
Costa County, while maintaining an abundance of charm and
opportunity.
Highway 4 is the major east-west highway serving an average of
112,000 vehicles a day. Contra Costa County, as well as the City
of Antioch, has responded with the explosive population growth
by taking sufficient measures to alleviate potential congestion
problems.
Antioch’s primary surface transportation link is via the freeway
State Route 4, both westward a few minutes’ drive to Interstate 80
and the road network of the Bay Area, or alternatively eastward
to connect with Interstate 5 at the Central Valley city of Stockton,
California. Antioch is served by both the Antioch-Pittsburg Amtrak
station, and access to BART is available at the Pittsburg/Bay Point
Station in Pittsburg.
MAJOR EMPLOYERS
# of Employees
1
Kaiser Permanente
2,070
2
Antioch Unified School District
1,786
3
Sutter Delta Medical Center
891
4
Contra Costa County Social Services
427
5Wal-Mart
318
6
308
City of Antioch
7Target
257
8
221
Antioch Auto Center
9Costco
207
10Macy’s
130
Dean Copans
AJ Schrader
415.292.2699
415.829.4802
2014 DEMOGRAPHICS1 MILE3 MILE5 MILE
ESTIMATED 2014 POPULATION17,49481,099151,004
2019 PROJECTED POPULATION18,39085,236158,727
2014 ESTIMATED HOUSEHOLDS5,79326,6177,074
AVERAGE HOUSEHOLD INCOME $54,322$66,455$76,079
2014 EST. TOTAL BUSINESSES6072,6273,887
Antioch’s Historic Shopping District
Gateway to the Delta
Rolling hills of Antioch
dc@retailwestinc.com
ajschrader@retailwestinc.com
dre #01784639
dre #01733584
retailwest
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