C O L L I E R S I N T E R N AT I O N A L | 3 PA R K P L A Z A , S U I T E 1 2 0 0 | I R V I N E , C A 9 2 8 1 4 | S N Y D E R / C A R LT O N T E A M
~ Within Heart of Cottonwood Mall Retail Trade Area | Surrounded by National Retailers ~
SINGLE TENANT INVESTMENT OPPPORTUNIT Y
3600 Highway 528 NW, Albuquerque, NM 87114
COT T ON WOOD COMMONS OUTPARCEL
Table of Contents
Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including,
but not limited to, warranties of content, accuracy and reliability. This publication is the copyrighted property of Colliers International and /or its
licensor(s) 2015. All rights reserved
Property Summary
Lease Abstract
Investment Highlights
Aerial Overview
Parcel Details
Site Plan
Tenant Overview
Albuquerque, NM
Regional Map
Demographics
Daytime Population Map
Household Income Map
Confidentiality Agreement
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PROPERTY SUMMARY
We are pleased to offer to qualified investors an opportunity to purchase a brand new build-to-suit, single tenant Net Lease investment that is fully leased to Sleep Number (NASDAQ: SCSS) on a hard corner in Albuerque, NM. Comprised of approximately 3,630 SF on approximately 0.82 acres of land, this lease includes a 10 year primary term with 2 - 5 year options. There are 10% rental escalations every 5 years, including the option periods. The property is located within a irreplaceable outparcel location at the Cottonwood Mall retail trade area - a dense infill site surrounded by a host of national retailers including Lowe’s, Home Depot, Walmart, Sam’s Club, Dick’s Sporting Goods, Bank of America, Panera Bread and Chipotle, among many others.
Select Comfort Corporation is a US based manufacturer and retailer of the Sleep Number and Comfortaire beds as well as foundations and bedding accesories. The company is based in Plymouth, MN and is publically traded. The company operates over 530 stores through the US and has been operational for over 30 years. This is an excellent opportunity to acquire a brand new net lease investment within an irreplaceable retail infill location surrounded by exceptional demographics and retail traffic in the growing trade area of Albuquerque, NM.
Property Summary
List Price $2,474,000
NOI $136,088
CAP Rate 5.50%
Annual Rent $136,088
Operating Expense
Taxes NNN
Insurance NNN
CAM NNN
Net Operating Income $136,088
Pricing Summary
Operating Expense Data
SLEEP NUMBER | P. 3
*LL Responsible for Roof & Structure Repair (subject to TT Reimbursement)
Lease Abstract
Tenant Trade Name Sleep Number
Lease Commencement June 1, 2017
Rent Commencement June 1, 2017
Lease Expiration May 31, 2027
Lease Term 10 Years
Term Remaining On Lease 10 Years
Base Rent $136,088
Rental Adjustments 06/01/2022 - $149,696
Options 2 - 5 YR Options with 10% Increases Each Option
Lease Type NN Lease
Roof And Structure* Landlord Responsible
*LL Responsible for Roof & Structure Repair (subject to TT Reimbursement)
SLEEP NUMBER | P. 4
LEASE SUMMARY
INVESTMENT HIGHLIGHTS
SLEEP NUMBER | P. 5
BRAND NEW CONSTRUCTION
Outparcel to Cottonwood Mall Retail Trade Area
Brand New 10 Year Corporate Guaranteed Lease
10% Rental Increases Every 5 Years Including Options
A+ Location – High Traffic Retail Destination
Dense Upscale Demographics – AHI over $81,000
Minimal LL Responsibilities – New 15 Year Roof Warranty
Large Land Parcel – Approx .82 Acres of Land
NATIONAL BRAND
Select Comfort Corporation (NASDAQ: SCSS) - National US Manufacturer and Retailer of Beds
Over 500 Stores Through the US - Operational Over 30 Years
Over $1.21 Billion in Revenue (2015) - Over 3,485 employees
Highest in Customer Satisfaction with Mattresses - JD Power & Associates
SLEEP NUMBER | P. 6
ALAMEDA BLVD. 32,900 CPD
SITE
OLD AIRPORT RD.
ELLISON DR. 3
0,000 CPD
SLEEP NUMBER | P. 7
AERIAL OVERVIEW
IRREPLACEABLE LOCATION
Corner Location - Outparcel to Gordman’s, Dick’s Sporting Goods, Bed Bath and Beyond and Petco
Within Heart of Cottonwood Mall Retail Trade Area - Surrounded by National Retailers such as
Gordman’s, Dick’s Sporting Goods, Bed Bath & Beyond, Lowe’s, Home Depot, Walmart,
Cottonwood Mall - 1,041,680 of GLA Owned by Simon Properties - Conects to HWY 423 and Rte 523
CIBOLA HIGH SCHOOL2,197 STUDENTS
COTTONWOODMALL
COOR
S BL
VD. N
W
20,30
0 CP
D
ALAMEDA BLVD. 32,900 CPD
COOR
S BY
PASS
25
5,40
0 CP
D
ELLISON DR. 30,000 CPD
SLEEP NUMBER | P. 8
AERIAL OVERVIEW
SURROUNDING RETAIL
SLEEP NUMBER | P. 9
SURROUNDING RETAIL
SLEEP NUMBER | P. 10
Price: $2,474,000
Cap Rate: 5.50%
Current NOI: $136,088
Building Area: 3,630 SF
Land Area: 35,719 SF (.82 Acres)
Parcel: 1-014-066-159091-3-01-29
Year Built: 2017
SLEEP NUMBER | P. 11
PARCEL DETAILS
SLEEP NUMBER | P. 12
SITE PLAN
TENANT OVERVIEW
Corporate Profile (NASDAQ: SCSS)Select Comfort is a U.S. based manufacturer that manufactures the Sleep Number and Comfortaire beds as well as foundations and bedding accessories. The company is based in Plymouth, Minnesota, a suburb of Minneapolis. In addition to its Minnesota headquarters, Select Comfort has manufacturing and distribution facilities in South Carolina and Utah. As of 2015, the company employed 3,098 people across the United States.
Nearly 30 years ago, Sleep Number transformed the mattress industry with the idea that ‘one size does not fit all’ when it comes to sleep. Today, the company is the leader in sleep innovation and ranked “Highest in Customer Satisfaction with Mattresses” by J.D. Power in 2015 and 2016. As the pioneer in biometric sleep tracking and adjustability, Sleep Number is proving the connection between quality sleep and health and wellbeing. Dedicated to individualizing sleep experiences, the company’s 3,600 employees are improving lives with innovative sleep solutions. There are approximately 530 Sleep Number® stores in the U.S.
SLEEP NUMBER | P. 13
SLEEP NUMBER | P. 14
AREA OVERVIEW
City of Albuquerque New MexicoAlbuquerque is located in the expanding Sunbelt part of the United States and Interstate 40 and Interstate 25. Albuquerque and has a population of approximately 680,000, or roughly 75 percent of all residents in the Albuquerque metro area.
More than half of the population of the metro lives within the Albuquerque city limits. The city, which was founded more than 300 years ago, is rich in history and culture but also has the dynamism of a modern, growing city. Several large public and private employers provide the engines for growth in the area.
EconomyAlbuquerque lies at the center of the New Mexico Technology
Corridor, a concentration of high-tech private companies and
government institutions along the Rio Grande. Larger institutions
whose employees contribute to the population are numerous and
include Sandia National Laboratories, Kirtland Air Force Base, and
the attendant contracting companies which bring highly educated
workers to the region.
EmploymentThe local labor force consists of nearly 400,000 workers. The largest
employment sector is government, which is supported by the largest
employer in the metro area, Kirtland Air Force Base. The base employs
over 23,000 workers, including 3,400 civil service workers and 12,500
contractors. The base, along with mission partners, the Department
of Energy and Sandia National Laboratories, have annual economic
impact on the Albuquerque area of more than $4 billion.
Government employment in the Albuquerque MSA accounts for nearly
one in every four jobs. Other large government employers include the
Albuquerque Public Schools (14,800 workers), City of Albuquerque
(5,500), State of New Mexico (4,950) and Bernalillo County (2,600).
SLEEP NUMBER | P. 15
REGIONAL MAP
Population 1-MILE 3-MILE 5-MILE
Estimated Population (2016) 8,236 68,752 166,160
Projected Population (2021) 8,428 70,493 170,126
Households 1-MILE 3-MILE 5-MILE
Estimated Households (2016) 3,760 27,438 64,680
Projected Households (2021) 3,849 28,133 66,201
Business Facts 1-MILE 3-MILE 5-MILE
Total Businesses 670 3,367 8,216
# Employees 9,432 30,138 89,711
Income 1-MILE 3-MILE 5-MILE
Avg. Household Income (2016) $63,421 $81,266 $78,482
Median Household Income (2016) $47,446 $63,144 $61,074
Estimated Population Growth of 5.86 % within a 3-Mile Radius (2010-2016)
$$
DEMOGRAPHICS
SLEEP NUMBER | P. 16
POPULATION DENSITY MAP Approximately 70,493 Residents
Within a 3-Mile Radius
SLEEP NUMBER | P. 17
HOUSEHOLD INCOME MAP
SLEEP NUMBER | P. 18
Average Household Income $81,266
Within a 3-Mile Radius
This Offering Memorandum contains select information pertaining to the business and affairs of Sleep Number, Albuquerque, NM. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum from Colliers, you agree:
1. The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of Sleep Number, Albuquerque, NM. or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
Colliers International | 3 Park Plaza, Suite 1200 | Irvine, CA 92814 | Snyder/Carlton Team
Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. This publication is the copyrighted property of Colliers International and /or its licensor(s) 2015. All rights reserved
CONFIDENTIALITY AGREEMENT
SLEEP NUMBER | P. 19
T H E S N Y D E R C A R L T O N T E A M | W W W. T H E N N N E T W O R K . C O M
For More Information Contact:
Jereme SnyderExecutive Vice PresidentLicense No. [email protected]
Eric CarltonSenior Vice PresidentLicense No. [email protected]
John SharpeSenior AssociateLicense No. [email protected]
Ed Anlian CCIMSenior AssociateLicense No. [email protected]
REPRESENTATIVE PHOTO
