ew R Plaza€¦ · this analysis is based, (iii) the future income that the propery will prt oduce,...

o f f e r i n g m e m o r a n d u m

19027 NORTH 83RD AVENUEPEORIA, ARIZONA 85382

New RiveR

Plaza

The information contained herein was compiled by

Newmark Grubb Knight Frank with the understanding

that it is proprietary and any reproduction or

unauthorized use is expressly forbidden without the

prior written consent of Newmark Grubb Knight Frank.

This package is presented with the understanding that

all negotiations relating to the purchase, exchange

or lease of the described property shall be conducted

through this office.

The information contained herein has been obtained

from the owner or from other sources we deem reliable.

We do not, however, guarantee its accuracy. A prospective

buyer is expected to carefully investigate not only the

information assembled herein, but also the property

itself. All figures, statements and assumptions should be

carefully verified for accuracy. Since the purchase of this

property depends in part on your investment objectives,

we encourage each investor to have their CPA, attorney

and/or financial advisor evaluate this information prior

to entering into a transaction.

Newmark Grubb Knight Frank and their respective agents

and employees, make no warranty or representation

regarding and disclaim any duty to evaluate (i) the

validity or accuracy of this method of analysis, (ii) the

accuracy of any estimates or assumptions upon which

this analysis is based, (iii) the future income that the

property will produce, or (iv) any tax consequences

arising from the acquisition or ownership of the property.

TABLE OF CONTENTSE

XC

LU

SI

VE

A

DV

IS

OR

S

DAVID GUIDOManaging Director

Phoenix Office602.952.3875

[email protected]

TIM WESTFALLManaging Director


[email protected]

Investment Summary

I . INVESTMENT SUMMARY 44

Area Overview

I I . AREA OVER VIEW 5 5

Property Overview

Aerials

Site

Tenant Profiles

I I I . PROPERT Y OVER VIEW 6 6

9

11

12

Income Expense

Rent Roll

Demographics

IV. ASSE T VALUATION 1313

14

15

RYAN MORONEYAssociate Director


[email protected]

INVESTMENT SUMMARY

Investment Highlights

aN OPPORTUNiTY TO aCQUiRe a STaBilizeD MUlTi-TeNaNT ReTail aSSeT iN PeORia, aRizONa.

Strategically developed on the northwest corner of Loop 101 and Union Hills Drive, the New River Plaza offering is home to a balanced mix of tenants on triple net leases and is currently 100% occupied. A strong demographic foundation in conjunction with well-known national and regional users in the immediate trade area make this center an attractive opportunity now, and looking into the future.

Average household incomes exceed $80,000 with a median age of 44. This retail center is a strong mixture of tenants providing an array of offerings.

New River Plaza is uniquely positioned within a trade area with pent-up demand for retail space. Demand for space in a low supply market, along with below market rents, should contribute to dynamic income growth for the prospective investor.

OFFERING PRICE $5,695,000.00

CAP RATE (YEAR 1) 7.01%

NOI (YEAR 1) $399,262.00

CURRENT OCCUPANCY 100%

TOTAL BUILDING AREA 15,300 SF

TOTAL LAND AREA 1.39 ACRES

• Serving the dense Camino A Lago master-planned community

• Adjacent to a signalized intersection

• Just North of Walmart Supercenter

• Newly constructed building

• Heavy traffic counts along 83rd Avenue

• Low vacancy submarket with pent-up retail demand

4New River Plaza

AREA OVER VIEW

PEORIA, ARIZONAOne of the fastest growing cities over the last 30 years, Peoria is emerging as a center for innovation. By

combining outstanding recreational opportunities and great quality of life with STEM-focused higher

education and high-tech employment, Peoria is becoming an increasingly popular place to live and work.

STRATEGIC LOCATION - Peoria is accessible via the Loop 101, U.S. 60, Loop 303 which connects Interstates 10

and 17 and provides unparalleled access to northern Peoria.

P83 INNOVATION CENTER - Peoria’s Innovation Center Project at P83 is a 17-acre campus offering Class A,

mixed-use commercial space to attract innovation and tech companies.

AMPLE LAND - Peoria offers dozens of shovel-ready sites along major arterials and two mega sites ideal for

corporate and industrial projects.

PLAY OUTDOORS - Two regional parks and 33 community parks offer plenty of options to get outdoors.

CAMINO A LAGO - The majority of homes in this community are single-family homes built between 2005

and 2017. These homes offer 2 to 7 bedrooms and 2 to 5 bathrooms. Residences range in size from 1165 to

5158 square feet in living space. Prices of homes for sale in Camino a Lago currently range from $195,000 to

$740,000.

BY THE NUMBERS

39% 17% 83More than 39% of

Peoria’s highly-skilled workforce has a 2-year

degree or higher

Peoria Unified District is in the top 17% of districts nationwide

The P83 Entertainment District is home to

numerous dining and recreational venues

P83 Entertainment District Conceptual Aerial

5New River Plaza

PROPERT Y OVER VIEW

Prop

erty

Ove

rvie

w

PROPERTY ADDRESS 19027 North 83rd Avenue, Peoria

LOCATION North/South Street – 83rdAvenueEast/West Street – Union Hills Drive

PROPERTY TYPE Retail

TOTAL BUILDING SF ±15,300 SF

LAND ACRES ±1.39 Acres

TAX PARCEL NUMBER 231-11-090

PROPERTY TAXES $32,571.14

ZONING PAD

YEAR BUILT 2007

UNION HILLS DRIVE

R

6New River Plaza

PROPERT Y OVER VIEW

Prop

erty

Ove

rvie

w

7New River Plaza

PROPERT Y OVER VIEW

8New River Plaza

PROPERT Y OVER VIEW

UNION HILLS DRIVE

83RD

AVE

NUE

Phoenix

NAIL HAVEN

VPD: 3

5,02

1

10New River Plaza

Site

PROPERT Y OVER VIEW

83RD

AVE

NU

E

VPD

: 35,

021

11New River Plaza

PROPERT Y OVER VIEW

Tena

nt P

rofil

es

Firmly rooted in the United States since 1925, Dunn-Edwards Paints ® began a small, family-owned business that — through hard work and commitment to quality — has grown to become one of the country’s largest independent manufacturers and distributors of paints and painting supplies.

We are committed to providing the superior products and services that our customers have come to expect. From Staples Center Arena and the Wynn and Encore resorts, to Arizona State University and the San Francisco Federal Courthouse — landmark after landmark across the Southwest is painted with one brand: Dunn-Edwards. Why? Simply, it’s the highest-quality paint available.

BMC Mattress, one of the largest mattress liquidators in the nation selling top brand mattresses up to 60%-70% off MSRP. BMC Mattress is family-owned and operated and the mattresses are locally made.

SouthWest Bikes has been serving the north valley of Phoenix since 1995. The crew at SWB is a friendly, helpful and knowledgeable bunch that would most likely be lost without cycling in our lives. It is both our hobby and our livelihood - we probably couldn’t do anything else. And it doesn’t matter the type of bike you have or are interested in, we just want you to love cycling as much as we do.

12New River Plaza

ASSE T VALUATION

Inco

me

Expe

nse

Annualized Pro-Forma Operating Data

Scheduled Gross Income: $399,262.00

Plus Overage:

Plus CAM Reimbusements: $72,216.00

TOTAL INCOME: $471,478.00

Less Vacancy Factor: 0% $0.00

GROSS OPERATING INCOME: $471,478.00

Less Operating Expenses: $72,182 .00

NET OPERATING INCOME: $399,296.00

Annualized Pro-Forma Expenses:

Taxes $32,571.14

Operating Expenses $72,182.00

MANAGEMENT $10,800.00

REIMBURSABLE EXPENSES $72,216.00

TOTAL EXPENSES PER SQ. FT. $4.72

PARCEL NUMBER231-11-090

Summary

List Price: $5,695,000.00

CAP @ List: 7.01%

Approximate Gross Sq. Ft.: 15,300

Price Per Gross Sq. Ft.: $372.22

Annual Rent Per Sq. Ft.: $25.56

Annual Expenses Per Sq. Ft.: $4.72

Year Built: 2007

Approximate Lot Size: 1.39 acres

*

*based on 2018 budget

*

* *

13New River Plaza

Rent

Rol

l

ASSE T VALUATION

SUITE TENANT NAME RSFRENT ACTUAL

(MONTHLY)RENT ACTUAL

(ANNUAL)RENT PSF

PSF/YRPRO-RATA

SHARELEASE FROM LEASE EXP. ANNUAL INCREASE

1

Burlington

Mattress Co.,

LLC*

5,078 $8,717 $104,604 $20.59 33% April 2017 September 2027 3.0%

2Southwest

Bicycle3,573 $6,134 $73,608 $20.60 23% August 2017 June 2027 3.0%

3Dunn Edwards

Corp6,649 $18,442 $221,304 $33.28 44% June 2008 May 2023 2.5%

Total 15,300 $33,293 $399,516 $24.82 100%

* Tenant has the right to cancel lease at month 36 if there have not been 12 consecutive months with a total of $600,000 in gross revenue

14New River Plaza

Site Map19027 N 83rd Ave, Peoria, Arizona, 85382 Prepared by EsriRings: 1, 3, 5 mile radii Latitude: 33.65658

Longitude: -112.23757

October 02, 2017

©2017 Esri Page 1 of 1

DEMOGRAPHICS



October 02, 2017




October 02, 2017


New River Plaza

83rd Avenue & Union Hills Drive - PeoriaRing: 1, 3, 5 Miles

Latitude: 33.65658Longitude: -112.23757

15New River Plaza

Demographic and Income Profile19027 N 83rd Ave, Peoria, Arizona, 85382 Prepared by EsriRing: 1 mile radius Latitude: 33.65658


Summary Census 2010 2017 2022Population 12,449 13,368 14,222Households 5,383 5,773 6,140Families 3,537 3,726 3,927Average Household Size 2.30 2.31 2.31Owner Occupied Housing Units 3,428 3,447 3,611Renter Occupied Housing Units 1,955 2,326 2,529Median Age 42.8 44.0 44.5

Trends: 2017 - 2022 Annual Rate Area State NationalPopulation 1.25% 1.41% 0.83%Households 1.24% 1.35% 0.79%Families 1.06% 1.27% 0.71%Owner HHs 0.93% 1.32% 0.72%Median Household Income 1.57% 1.84% 2.12%

2017 2022 Households by Income Number Percent Number Percent

<$15,000 373 6.5% 385 6.3%$15,000 - $24,999 380 6.6% 371 6.0%$25,000 - $34,999 397 6.9% 358 5.8%$35,000 - $49,999 878 15.2% 802 13.1%$50,000 - $74,999 1,374 23.8% 1,445 23.5%$75,000 - $99,999 1,021 17.7% 1,165 19.0%$100,000 - $149,999 797 13.8% 949 15.5%$150,000 - $199,999 309 5.4% 371 6.0%$200,000+ 245 4.2% 294 4.8%

Median Household Income $63,001 $68,105Average Household Income $80,044 $88,832Per Capita Income $35,100 $38,952

Census 2010 2017 2022 Population by Age Number Percent Number Percent Number Percent

0 - 4 612 4.9% 611 4.6% 654 4.6%5 - 9 652 5.2% 653 4.9% 652 4.6%10 - 14 734 5.9% 718 5.4% 733 5.2%15 - 19 742 6.0% 714 5.3% 737 5.2%20 - 24 827 6.6% 816 6.1% 876 6.2%25 - 34 1,590 12.8% 1,816 13.6% 1,869 13.1%35 - 44 1,384 11.1% 1,496 11.2% 1,668 11.7%45 - 54 1,729 13.9% 1,629 12.2% 1,569 11.0%55 - 64 1,527 12.3% 1,685 12.6% 1,770 12.4%65 - 74 1,355 10.9% 1,644 12.3% 1,806 12.7%75 - 84 958 7.7% 1,078 8.1% 1,320 9.3%

85+ 340 2.7% 508 3.8% 569 4.0%Census 2010 2017 2022

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 10,767 86.5% 11,183 83.7% 11,566 81.3%Black Alone 344 2.8% 447 3.3% 545 3.8%American Indian Alone 104 0.8% 131 1.0% 155 1.1%Asian Alone 497 4.0% 658 4.9% 824 5.8%Pacific Islander Alone 15 0.1% 16 0.1% 19 0.1%Some Other Race Alone 383 3.1% 482 3.6% 566 4.0%Two or More Races 339 2.7% 451 3.4% 549 3.9%

Hispanic Origin (Any Race) 1,317 10.6% 1,617 12.1% 1,900 13.4%Data Note: Income is expressed in current dollars.

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022.

October 02, 2017




AreaStateUSA

Trends 2017-2022Trends 2017-2022

Ann

ual R

ate

(in

perc

ent)

21.81.61.41.2

10.80.60.40.2

0Population Households Families Owner HHs Median HH Income

20172022

Population by AgePopulation by Age

Perc

ent

12

10

8

6

4

2

00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

2017 Household Income 2017 Household Income

<$15K6.5%

$15K - $24K6.6%

$25K - $34K6.9%

$35K - $49K15.2%

$50K - $74K23.8%

$75K - $99K17.7%

$100K - $149K13.8%

$150K - $199K5.4%

$200K+4.2%

2017 Population by Race2017 Population by Race

Perc

ent

80

70

60

50

40

30

20

10

0White Black Am. Ind. Asian Pacific Other Two+

2017 Percent Hispanic Origin: 12.1%


October 02, 2017


DEMOGRAPHICS

1 MILE

16New River Plaza

DEMOGRAPHICS

3 MILES






<$15,000 3,179 7.2% 3,240 6.9%$15,000 - $24,999 3,384 7.7% 3,273 7.0%$25,000 - $34,999 3,560 8.1% 3,229 6.9%$35,000 - $49,999 6,341 14.4% 5,749 12.3%$50,000 - $74,999 9,120 20.7% 9,551 20.5%$75,000 - $99,999 6,107 13.9% 6,957 14.9%$100,000 - $149,999 7,283 16.6% 8,631 18.5%$150,000 - $199,999 2,939 6.7% 3,499 7.5%$200,000+ 2,074 4.7% 2,560 5.5%



0 - 4 4,568 4.7% 4,640 4.4% 4,943 4.4%5 - 9 5,219 5.4% 5,048 4.8% 5,090 4.6%10 - 14 6,364 6.6% 5,840 5.6% 5,765 5.2%15 - 19 6,272 6.5% 5,780 5.5% 5,646 5.1%20 - 24 5,117 5.3% 5,775 5.5% 5,379 4.8%25 - 34 9,758 10.1% 12,273 11.7% 13,880 12.4%35 - 44 11,813 12.2% 11,135 10.6% 12,525 11.2%45 - 54 13,917 14.3% 13,296 12.7% 12,301 11.0%55 - 64 12,263 12.6% 13,673 13.0% 14,120 12.6%65 - 74 10,050 10.4% 13,438 12.8% 15,405 13.8%75 - 84 7,705 7.9% 8,756 8.3% 11,043 9.9%

85+ 4,030 4.2% 5,390 5.1% 5,699 5.1%Census 2010 2017 2022

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 85,573 88.2% 90,036 85.7% 93,496 83.6%Black Alone 2,251 2.3% 2,910 2.8% 3,542 3.2%American Indian Alone 539 0.6% 681 0.6% 806 0.7%Asian Alone 3,650 3.8% 4,875 4.6% 6,120 5.5%Pacific Islander Alone 106 0.1% 133 0.1% 156 0.1%Some Other Race Alone 2,518 2.6% 3,140 3.0% 3,674 3.3%Two or More Races 2,438 2.5% 3,270 3.1% 4,001 3.6%



October 02, 2017




AreaStateUSA

Trends 2017-2022Trends 2017-2022

Ann

ual R

ate

(in

perc

ent)

21.81.61.41.2

10.80.60.40.2


20172022


Perc

ent

12

10

8

6

4

2

00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+


<$15K7.2%

$15K - $24K7.7%

$25K - $34K8.1%

$35K - $49K14.4%

$50K - $74K20.7%

$75K - $99K13.9% $100K - $149K

16.6%

$150K - $199K6.7%

$200K+4.7%


Perc

ent

80

70

60

50

40

30

20

10




October 02, 2017


17New River Plaza

DEMOGRAPHICS

5 MILES






<$15,000 7,328 7.5% 7,640 7.4%$15,000 - $24,999 8,044 8.2% 7,883 7.6%$25,000 - $34,999 8,800 9.0% 8,151 7.9%$35,000 - $49,999 13,826 14.2% 12,647 12.2%$50,000 - $74,999 20,059 20.5% 20,908 20.2%$75,000 - $99,999 13,373 13.7% 15,159 14.6%$100,000 - $149,999 15,543 15.9% 18,341 17.7%$150,000 - $199,999 6,106 6.3% 7,293 7.0%$200,000+ 4,546 4.7% 5,684 5.5%



0 - 4 10,711 4.8% 10,942 4.5% 11,715 4.6%5 - 9 12,236 5.5% 11,989 5.0% 12,199 4.7%10 - 14 14,578 6.5% 13,438 5.6% 13,589 5.3%15 - 19 14,762 6.6% 13,303 5.5% 13,192 5.1%20 - 24 11,913 5.3% 13,121 5.4% 11,887 4.6%25 - 34 22,731 10.2% 28,824 11.9% 31,930 12.4%35 - 44 26,678 12.0% 25,813 10.7% 29,599 11.5%45 - 54 32,495 14.6% 30,235 12.5% 28,038 10.9%55 - 64 28,333 12.7% 32,181 13.3% 33,012 12.8%65 - 74 22,515 10.1% 30,484 12.6% 35,344 13.7%75 - 84 16,854 7.6% 19,435 8.0% 24,453 9.5%

85+ 8,886 4.0% 11,685 4.8% 12,314 4.8%Census 2010 2017 2022

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 193,880 87.1% 204,242 84.6% 212,255 82.5%Black Alone 5,552 2.5% 7,198 3.0% 8,768 3.4%American Indian Alone 1,532 0.7% 1,944 0.8% 2,304 0.9%Asian Alone 7,622 3.4% 10,131 4.2% 12,686 4.9%Pacific Islander Alone 269 0.1% 334 0.1% 387 0.2%Some Other Race Alone 8,150 3.7% 10,008 4.1% 11,611 4.5%Two or More Races 5,688 2.6% 7,592 3.1% 9,261 3.6%



October 02, 2017




AreaStateUSA

Trends 2017-2022Trends 2017-2022

Ann

ual R

ate

(in

perc

ent)

21.81.61.41.2

10.80.60.40.2


20172022


Perc

ent

12

10

8

6

4

2

00-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+


<$15K7.5%

$15K - $24K8.2%

$25K - $34K9.0%

$35K - $49K14.2%

$50K - $74K20.5%

$75K - $99K13.7% $100K - $149K

15.9%

$150K - $199K6.3%

$200K+4.7%


Perc

ent

80

70

60

50

40

30

20

10




October 02, 2017


18New River Plaza

DEMOGRAPHICSTraffic Count Map - Close UpUnion Hills Square Prepared by Esri8110 W Union Hills Dr, Glendale, Arizona, 85308 Latitude: 33.65285Rings: 1, 3, 5 mile radii Longitude: -112.23381

Source: ©2017 Kalibrate Technologies

September 13, 2017


Traf

fic C

ount

Map

19New River Plaza

2398 E. Camelback Road, Suite 950 | Phoenix, Arizona 85016 | Main 602.952.3800 | www.ngkf.com

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