Offering Memorandum For more information, please contact exclusive listing agents: John G. Yarborough 520.577.1000 Ext. 7117 | [email protected]David R. Carroll 520.577.1000 Ext. 7117 | [email protected]Romano Real Estate Corporation 3900 E Via Palomita | Tucson, AZ 85718 Main 520.577.1000 | Fax 520.577.2700 www.romanorealestate.com Tucson Marketplace 250 N. Pantano Road, Tucson AZ, 85710 $3,995,000 - ($135.22/SF) 100% Occupied 7.93% CAP Rate 29,523 SF Investment Opportunity Cash-on-Cash Return of 15.58% The information contained herein has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assump- tions or estimates used herein are for example purposes only and do not represent the current of future performance of the Property. You should conduct an independent investigation of all pertinent property information. We bear no liability for any errors, inaccuracies, or omissions. Contact Brokers For Financing Assumptions.
Transcript
Offering Memorandum
For more information, please contact exclusive listing agents:
Romano Real Estate Corporation3900 E Via Palomita | Tucson, AZ 85718Main 520.577.1000 | Fax 520.577.2700www.romanorealestate.com
Tucson Marketplace250 N. Pantano Road, Tucson AZ, 85710
$3,995,000 - ($135.22/SF)100% Occupied7.93% CAP Rate
29,523 SF
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The information contained herein has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assump-tions or estimates used herein are for example purposes only and do not represent the current of future performance of the Property. You should conduct an independent investigation of all pertinent property information. We bear no liability for any errors, inaccuracies, or omissions. Contact Brokers For Financing Assumptions.
Investment Overview
DESCRIPTION: Tucson Marketplace was originally developed as a Wal-Mart anchored Shopping Center with a couple of restaurant pads, a bank pad, and retail shops facing both Broadway Blvd. and Pantano Road. Wal-Mart relocated in order to accommodate their expansion to a Super Wal-Mart and their building was purchased by Sam Levitz Furniture (http://www.samlevitz.com/), who continue to occupy the building as a Sam’s Furniture Outlet along with Ashley Furniture (http://www.samlevitz.com/). The shops facing Pantano Road (150 N. Pantano Road) were built in 1988, but the parcel was only partially developed. In 2006, with the 150 N. Pantano building at 100% occupancy, the balance of the parcel was developed with a 22,370 square foot building that was designed initially as a multi-tenant initially retail building. 150 N. Pantano has remained 100% occupied since 2006 and 250 N. Pantano has been 100% leased to InJoy Thrift (https://www.injoythriftstores.com/) since April of 2014.
LOCATION: Tucson Marketplace is located at the NEC of Pantano Road and Broadway Blvd. in the east Tucson trade area. Tucson Marketplace as a whole offers over 1,200 feet of frontage on Pantano Road as well as nearly 700 feet of frontage on Broadway Blvd. Tucson, which is the second largest metropolitan area in Arizona, boasts a population of 535,677 within the City limits with over a million people in the greater Tucson metropolitan area. The property is well parked, and has multiple points of access on both Pantano and Broadway.
TRADE ADEA:
Tucson Marketplace is a located in the heart of east Tucson. Major retailers in the immediate area include Home Depot, Kohl’s, La-Z-Boy, Ashley Furniture, Sam’s Furniture Outlet, Sprout’s Farmer’s Market, and PetSmart.
TENANT MIX (PANTANO SHOPS):
The shops located at 150 N. Pantano Road have been leased for over 12 years to the existing tenants (orthodontist, laundromat, salon, and pizza restaurant). OrthoPros, who occupies over 41% of the 150 N. Pantano building and has 3 locations in Tucson, recently completed a major renovation to their space and signed a 10 year lease extension. InJoy Thrift, a thrift store whose goal is to support and fund Christian based ministries both locally and internationally, has locations in North Carolina, Florida, and Arizona. InJoy Thrift occupies the entire 250 N. Pantano building
LEASE TYPES: All tenants are on NNN leases.
ZONING: The property is zoned C-1 in the City of Tucson.
TRAFFIC COUNTS: Pantano Road: 23,300 vehicles per day Broadway Blvd: 30,259 vehicles per day (Source: Pima Association of Governments)
DEMOGRAPHIC SUMMARY:
1 mile 3 mile 5 mile Population 16,100 118,547 219,935 Median Age 39.2 yrs 40.7 yrs 40.2 yrs Total Households 8,400 53,091 95,731 Median Household Income $33,613 $44,068 $45,000 Average Household Income $42,724 $55,772 $59,137
Asking Price $3,995,000 Gross Leasable Area 29,523 Square Feet Percent Leased 100%Year Built (250 N. Pantano Rd.) 2006 (22,370 square feet)Year Built (150 N. Pantano Rd.) 1988 (7,153 square feet)Lot Size 88,438 Square Feet (~2.03 Acres) Pima County Parcel Number 133-24-37202019 CAP Rate 7.83% - based on current occupancy2020 CAP Rate 8.01% - based on current occupancy2021 CAP Rate 8.20% - based on current occupancy
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Site PlanSite P
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*The Rice Bowl Is Not Included In The Purchase*
Tenant ProfilesT
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Headlines Hair Studio:
Hungry Howies Pizza:
InJoy Thrift:
Headlines Hair Studio provides services such as haircutes, waxing, and nail servicing.
Hungry Howies Pizza is a national pizza franchise that was founded in 1973. They are loyal to their tradition of providing high-quality pizza with both traditional and flavored crusts. Their menu also features oven-baked calzones, Howie Breads, salads, and flavored wings. They now have over 550 locations in 20 states across the US.
InJoy Thrift Stores opened its first store in Rocky Mount, NC in 2011, the store in Tucson in 2014, and stores in Goldsboro, NC and Melbourne, FL in 2015. Since its opening, the store in Tucson has seen consistent annual increas-es in average gross monthly sales and average transaction amount per customer as the store continues to strengthen its position in the Tucson market. InJoy Thrift Stores is a project of CMS (Community Ministry Support) Inc., a not-for-profit ministry with a goal of supporting local and international Christian ministries. 50% of the profits from each store support D.O.O.R. (Deaf Opportunity OutReach) International (https://doorinternational.org/) with the other 50% of the profits supporting local Christian Ministries. Tucson’s store has chosen to support the Sheepfold of Arizona (https://sheepfoldaz.org/), a shelter for abused women and children. InJoy Thrift Stores are operated on Christian prin-ciples, by Christian people from area churches. Their stores provide great merchandise that has been donated locally and then sold at great prices.
S&V Dotson Laundry:
S&V Dotson Laundry is a laundry facility that offers a drop-off and pick-up dry cleaning station.
OrthoPros:
Orthopros offer a wide range of orthodontic and dental treatment options to meet the unique needs of each individual patient. They have 3 locations across Tucson and have maintained a standard of quality care.
Pro-FormaPr
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Pro-Forma:Cap Rate Analysis 2019-2022
2019 2020 2021 2022
Sale Price: $3,995,000.00 $3,995,000.00 $3,995,000.00 $3,995,000.00
Net Operating Income: $312,902.33 $319,921.51 $327,627.08 $335,459.73
