Post on 02-Nov-2020
transcript
LAND FOR
SALE
Joe StanceCommercial Real Estate Broker
909.772.1212Joe@StanceRealEstate.com
BRE # 01788741www.StanceRealEstate/SquawMT
SQUAW MOUNTAIN ROADCORONA, CA 92883
DISCLAIMERStance Real Estate obtained the following information above from sources we believe to be reliable. However, Stance Real Estate have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. Stance Real Estate include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and
02
03 05 13 The Site The Area The Numbers
TABLE OF CONTENTS
03
PROPERTY TYPE: COMMERCIAL DEVELOPMENT OPPORTUNITY
SIZE: 28.06 ACRES
PARCEL NUMBER: 290-050-030
TOPOGRAPHY: FLAT/SLIGHT SLOPE
COUNTY: RIVERSIDE COUNTY
SUB MARKET: SOUTH CORONA TEMESCAL VALLEYZONING: SCENIC HIGHWAY COMMERCIAL (C-P-S)
Property Type: Commercial Development
OpportunityParcel Number:290-050-030
Topography:Flat/Slight Slope
Sub Market:South Corona
Temescal Valley
>> 01 THE SITE
Size: 28.06 Acres
Zoning:Scenic Highway
Commercial (C-P-S)
Nine Miles South of the91/15 Freeway Interchange
Household incomeOver $100K
Traffic CountI-15 +/- 160k per day
Numerous Uses Are Permitted
+/- 1,600 linear footage along Interstate 15 Freeway Eight and a Half Miles South of the 91/15 Freeway Interchange Household income Over $100KTraffic Count - I-15 +/- 160k per dayNumerous Uses Are Permitted Immediate Freeway Access Via Temescal Canyon Road on/off ramp
PROPERTY SUMMARY
+/- 1,600 linear footagealong Interstate 15 Freeway
Immediate Freeway Access Via TemescalCanyon Road on/off ramp
04
05
>> 02 THE AREA
AERIAL MAP
06
RETAIL
12 Mo Deliveries in SF
121 K12 Mo Net Absorption in SF
28.9 KVacancy Rate
6.1 %12 Mo Rent Growth
3.7 %
Current Quarter
Malls
Neighborhood Center
Strip Center
General Retail
Submarket
Annual Trends
Vacancy Change (YOY)
Net Absorption SF
Deliveries SF
Rent Growth
Sales Volume
RBA
493,702
4,005,290
449,045
1,609,959
6,557,996
12 Monts
1.3%
28.9 K
121 K
3.7 %
$ 144 M
AvailabilityRate
3.8%
7.1%
10.1%
8.2%
7.3%
Peak
7.6%
116,188
120,817
6.0%
$143,7 M
DeliveriesSF
0
0
0
0
0
Trough
1.9%
(168,804)
0
-11.2%
$2.0M
Net AbsorptionSF
0
(16,355)
(1,828)
(1,600)
(19,783)
When
2014 Q2
2017 Q1
2018 Q1
2017 Q4
2018 Q1
UnderConstruction
0
14,561
2,790
0
17,351
When
2006 Q1
2009 Q2
2015 Q4
2009 Q4
2010 Q4
VacancyRate
2.1%
5.7%
8.7%
7.5%
6.1%
HistoricalAverage
5.7%
(5,587)
15,030
-0.9%
$29.5M
Asking Rent
$2.08
$1.83
$1.77
$1.78
$1.83
ForecastAverage
6.8%
38,743
68,438
1.3%
N/A
CORONA RETAIL AT A GLANCE
The City of Corona is located approximately 45 miles southeast of Los Angeles in western Riverside County. The City limits encompass 39.2 square miles and the population is over 160,000. A city whose heritage spans more than a century, Corona has emerged as an ethnically diverse community, where a significant percentage of the population is made up of young, well educated families.
The Corona community boasts many amenities that provide a first-rate quality of life for residents. The City has more than 394 acres of parks, with sports fields, basketball courts, playgrounds, tennis courts, two skateparks and an outdoor pool. Corona's industrial base has played an important role in the growth of the City and its employee base. Corona's economy is strong and getting stronger! There are more than 42,000 jobs within the city of Corona and there is a workforce of more than 84,000. Our retail and commercial areas are expanding and office development is booming. Corona has more than 34 million square feet of industrial space and more than 3 million square feet of office space existing, under construction, or planned. Economic Development is the business advocate always looking for ways to help the business community with incentives, communication, and team building.
07
RETAIL
SITE
4 MILES 5 MILES
SITESITE
1 MILE
1 Mile1 Mile
08
SOUTH RIVERSIDE RETAILThe South Riverside Submarket is located in the southern Inland empire and bordered by San Diego county to the South and Orange Country to the west. Inventory is clustered around the 1-15 and 1-215 freeways, primarily in Temecula and Murrieta, and near Highway 74 in San Jacinto. Vacancies have compressed to 6.5% since peaking at nearly 10% during the recession. With arround 250,000 SF of retail under construction, most of which is speculative, a supply- driven rise in vacancies is possible. Rent growth has been solid since 2014, but asking rents have not yet recovered to their prerecession peak.
Net absorption has been strong since the start of 2016. One major factor driving submarket demand in 2016 was elevated activity at Hemet Towne Center, where over 160,000 SF was leased. The 124,000 SF vacant former Walmart building was taken by Burlington Coat Factory and Sprouts Farmers Market. Ulta Beauty also leased 40,000 SF in a newly constructed building in the center. Leasing activity in 2017 was more subdued, and two of the year’s larger leases were for recently completed projects. Stater Bros. Leased 45,000 SF in the Shoppes At The Lakes center in Menifee, and Tractor Supply Co. Leased 22,000 SF in Temecula. Other notable leases include sublets by DSW (19,000 SF) and Total Wine (22,000 SF) in July to fill the former Sport Chalet vacancy.
The largest transaction in the submarket in 2017 was the sale of the Murrieta Town Center in Murrieta by JADE Enterprises for approximately $56.6 million ($169/SF) in September. The 350,000 SF shopping venter is anchored by Burlington Coat Factory, Ross, Marshalls, and Rite Aid. The 11-property shopping center, was purchased U.S. Realty Partners Inc. and has frontage along the Interstate 215 freeway and close
SOUTH RIVERSIDE RETAIL AT A GLANCECurrent Quarter
Malls
Power Center
Neighborhood Center
Strip Center
General Retail
Other
Submarket
RBA
1,715,687
1,881,512
16,139,255
2,462,428
7,948,446
618,811
30,765,139
Annual Trends
Vacancy Change (YOY)
Net Absorption SF
Deliveries SF
Rent Growth
Sales Volume
12 Monts
-0.1%
255 K
228 K
4.2%
$ 316 M
AvailabilityRate
6.9%
7.1%
8.3%
10.2%
6.6%
31.0%
8.3%
Peak
9.4%
1,962,118
2,036,657
5.2%
$309.7 M
Deliveries SF
0
0
0
0
0
0
0
Trough
15.2%
(136,575)
30,195
-10.6%
$62.8M
Net AbsorptionSF
(18,121)
0
28,373
(617)
(34,069)
0
(24,434)
When
2009 Q3
2007 Q1
2007 Q1
2017 Q4
2018 Q1
UnderConstruction
0
0
147,819
9,300
121,220
0
278,339
When
2007 Q1
2011 Q2
2010 Q4
2009 Q3
2009 Q3
VacancyRate
3.7%
4.4%
7.2%
9.3%
3.8%
24.5%
6.1%
HistoricalAverage
7.5%
441,137
499,247
-0.9%
$185.6M
Asking Rent
$3.12
$2.34
$1.90
$1.59
$1.54
$1.47
$1.87
ForecastAverage
7.2%
215,072
317,498
1.5%
N/A
12 Mo Deliveries in SF
228 K12 Mo Net Absorption in SF
255 KVacancy Rate
6.5 %12 Mo Rent Growth
4.2 %
SQUAW MT. SITE
09
12 Mo Rent Growth
4.2 %
1,700 ROOFS 1,317 ROOFS
1,561 ROOFS 12,000 ROOFS 400 ROOFS
12 Mo Deliveries in SF
228 K
12 Mo Net Absorption in SF
255 K
Vacancy Rate
6.5 %
10
GLEN IVYHOT SPRINGS
EAGLE GLENGOLF COURSE
1 MILE.5 MILE 6 MILESTOM FARMS
SITESITE
AMENITIES MAP
11
DEMOGRAPHICS
2017 Summary
Population
Households
Families
Average Household Size
Owner Occupied Housing Units
Renter Occupied Housing Units
Median Age
Median Household Income
Average Household Income
2022 Summary
Population
Households
Families
Average Household Size
Owner Occupied Housing Units
Renter Occupied Housing Units
Median Age
Median Household Income
Average Household Income
5 Miles
35,733
10,973
9,127
3.26
9,329
1,643
36.9
$102,958
$126,275
38,539
11,764
9,768
3.28
9,953
1,811
37.1
$113,837
$146,027
1 Mile
3,551
1,400
1,071
2.54
1,220
180
47.9
$76,095
$91,416
3,694
1,455
1,112
2.54
1,264
191
48.0
$79,588
$102,454
3 Miles
17,827
5,709
4,560
3.12
4,848
861
38.3
$101,753
$123,912
19,630
6,222
4,968
3.15
5,258
964
38.3
$112,850
$143,296
1 Mile
3 Miles
5 Miles
12
SAN DIEGOSAN DIEGO
SAN FRANCISCOSAN FRANCISCOLEGENDLA COUNTY 30 MILES
DOWN TOWN LA 56 MILES
SAN DIEGO COUNTY 25 MILES
DOWN TOWN SAN DIEGO 87 MILES
ORANGE COUNTY 25 MILES
HUNTINGTON BEACH 44 MILES
SAN FRANCISCO 462 MILES
HUNTINGTONBEACH
HUNTINGTONBEACH
LOS ANGELESLOS ANGELES
SITESITE
13
>> 03 THE NUMBERS
"The Squaw Mountain site is ideal for many development visions. Our assumptions are based on an Underserved Growing Senior Living Population." Vons and Traders Joes are located approximately 3 miles north and south of the subject, leaving an under-served market 7.5 miles to closest dialysis clinic, 6 miles to closest pharmacy, 7 miles to closest US Post office, C-P-S Scenic Highway Commercial Specific wholesale and retail commercial.
No setbacks required for permitted commercial uses under 35 feet in height.Any portion of a building which exceeds 35 feet in height shall be set back from the front, rear, and side lot lines not less than 2 feet, for each foot by which the height exceeds 35 feet. Max structural height is between 50 - 75 feet.
Recommended Retail Strategic Positioning— Neighborhood Shopping Center. A grocery anchored center with a tenant that offers both grocery and drugs is recommended. Acreage should allow for standalone parcels that cater to NNN banking, nutrition center, and tenants that will pay a premium of the scenic views.
In-line tenancy will focus on experiential retail include:Optometrist Dentist Office, Pharmacy VA Clinic, Medicare/Medicaid office, Financial advisory institutions, Dry cleanings, Hardware, Mail and Locksmith.
Purchase PriceImprovementsInterest ReserveClosing CostsTotal Costs
Development Retail (SF)Hard and Soft Costs ($/SF)Total Improvements
Gross Potential RentVacancyEffective Gross rentOperating ExpensesNet Operating Income
Stabilized Cap RateStabilized ValuationNet Unievered ProfitUnlevered Return on Capital
$ 3,800,000 (190,000)$ 3,610,000 $ (361,000)$ 3,249,000
6% $54,150,000 $12,950,00031%
$ 14,000,000 $ 26,000,000 $ 600,000 $ 600,000 $ 41,200,000
200,000 $ 130 $ 26,000,000
19-118-216
271
Anchor SFInline SFAnchor Rent/SF (NNN)Inline Rent/SF (NNN)Total Rent
80,000 120,000
$ 10 $ 25
$ 3,800,000
ESTIMATED COSTS ESTIMATED RENTS
ESTIMATED CASH FLOWS $/SF
ESTIMATED RETURNS $/SF
For over thirty years Joe has made his home in the city of Riverside. During his ten-year career in the commercial real estate industry, he has leased and sold millions of square feet of property in the Inland Empire. He has guided hundreds of companies and real estate owners through the leasing, selling and buying process. Throughout his career, he has maintained a reputation for stellar ethical standards. He also achieved the position of Vice President of one of the world’s largest brokerages. During his time in mainstream brokerage, he observed that many companies in the industry are driven to make a commission, instead of being motivated to do what is best for the customer. He determined that by becoming a broker he would be in a position to implement his ideas and set out to change the industry. Now, as the founder and owner
Joe StanceCommercial Real Estate Broker
909.772.1212Joe@StanceRealEstate.com
BRE # 01788741
“I have faith that serving others the wayI want to be served will bring success,and it has proven to be true.”