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RANCHO CUCAMONGA, CA (LOS ANGELES MSA)
TWO-TENANT NET LEASED PROPERTY WITH LONG-TERM LEASES AND HIGH SALES VOLUMES
34,093VPD
E FOOTHILL BOULEVARD
SPRUCE AVENUE
BLACK BEAR DINER & SCHOOLSFIRST CREDIT
34,093VPD
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Retail Aerial
2
E FOOTHILL BOULEVARD
SPRUCE AVEN
UE
UNITED CHRISTIAN ACADEMY
RANCHO SPECIALTY HOSPITAL
KINDRED HOSPITAL RANCHO
MOUNTAIN VIEW
URGENT CARE
MERCURY INSURANCE
GROUP
BLACK BEAR DINER & SCHOOLSFIRST FEDERAL CREDIT UNION
5.50%CAP
$7,260,000PRICE
10910 E FOOTHILL BLVD, RANCHO CUCAMONGA, CA 91730
New 15 and 10-year leases to e-commerce resistant tenants
Black Bear Diner is top 5 performing store by weekly sales
Credit Union is the 5th largest in U.S. with $13.6 billion in assets
Excellent visibility on a signalized, hard corner pad of a major shopping center
High incomes and density –$97,000 average household income and 300,000 residents within a 5-mile radius
Cola, Frito-Lay, & Big Lots corporate are major employersThis information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
LEASABLE SF10,239 SF
LEASE TERMS10-15 Years
AVERAGE RENT/SF $39
LEASE TYPELandlord Responsible for Roof & Structure
YEAR RENOVATED2018
3
Overview
THE OFFERING is a two-tenant retail center in the affluent Southern California city of Rancho Cucamonga, CA. This The Property is leased to high quality e-commerce resistant tenants in the restaurant and credit union categories. Black Bear Diner is on a 15-year lease and SchoolsFirst Credit Union is on a 10-year lease, at replaceable rents of $39.00/SF (rent comps now in the $50/SF range.) SchoolsFirst Credit Union is the 5th largest credit union in the U.S. by asset size, which is $13.06 billion and was ranked the #1 credit union in the U.S. by Consumer Reports. The operator of the Black Bear Diner has over 25 restaurants in California and Idaho, including 10 Black Bear Diners, 14 Popeye’s, and a Sonic.
The subject property sits on a premier signalized, hard corner intersection which features over 38,000 vehicles per day on what is the primary retail corridor in the marketplace. In the trade area, there is over 1,500,000 square feet of class A retail serving a significant amount of daytime office, medical, academic, and residential customers. Incomes are in the $88,000-97,000 range and there is excellent population density of 20,000-279,000 people in a 1-5 mile radii.
Contact the team
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
JOHN [email protected]: 415.274.2715ID BRE# AB42816CA DRE# 01440360
THE RETAIL MARKET - Target, PetSmart, Ross, Home Depot, Hobby Lobby, Seafood City, Party City, ALDI, REI, Lowe’s and a number of other major retailers draw a significant customer base to the trade area.
JUSTIN [email protected]: 415.274.7392CA DRE#01895013
BLACK BEAR DINER HAS 106 LOCATIONS ACROSS THE U.S.ACTUAL STORE PHOTO – HIGH SALES VOLUMES 4
Investment Highlights
E FOOTHILL BOULEVARD E FOOTHILL BOULEVARD
MILLIKEN
AVEN
UE
MILLIKEN
AVEN
UE
HAV
EN AV
ENU
EH
AVEN
AVEN
UE
15
15
KINDRED HOSPITAL RANCHO
SAN ANTONIO REGIONAL HOSPITAL
WEST HERITAGE
ELEMENTARYPERDEW
ELEMENTARY
GRAPELAND ELEMENTARY
WATER OF LIFE
CHRISTIAN SCHOOL
ETIWANDA INTERMEDIATE
ETIWANDA HIGH
SCHOOL WINDROWS ELEMENTARY RANCHO
CUCAMONGA HIGH
SCHOOL
CARLTON P. LIGHTFOOT
ELEMENTARY
TERRA VISTA ELEMENTARY
DONA MERCED
ELEMENTARY
VICTORIA GROVES
ELEMENTARY
CITY OF RANCHO
CUCAMONGA
34,093VPD
187,000VPD
28,300 VPD
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Zoomed-Out Aerial
5
LOS ANGELES
(43 MILES)
RED
OA
K ST
REET
SPRUC
E AVEN
UE
E FOOTHILL BOULEVARD
ELM AVENUE
HAVE
N AV
ENUE
E FOOTHILL BOULEVARD
WHITE O
AK AV
ENU
E
UPLAND CHRISTIAN ACADEMY
RANCHO SPECIALTY HOSPITAL
KINDRED HOSPITAL RANCHO
MOUNTAIN VIEW
URGENT CARECITY OF
RANCHO CUCAMONGA
CITY OF RANCHO
CUCAMONGA
RUTH MUSSER MIDDLE SCHOOL
COYOTE CANYON
ELEMENTARY
DONA MERCED
ELEMENTARY
34,093 VPD
1,277 VPD
4,300 VPD
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Zoomed-In Aerial
6
LOS ANGELES
(43 MILES)
CHURCH STREET
SPRU
CE
AVEN
UE
ELM
AV
ENU
E
E FOOTHILL BOULEVARD
34,093VPD
10,649VPD
1,277VPD
4,300 VPD
Surrounding Retail Site Plan
7This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
8
Subject Property
9
Interior Photos
10
Surrounding Retail
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
CURRENTPrice: $7,260,000
Capitalization Rate: 5.50%
Total Leased (SF): 100.00% 10,239
Total Vacant (SF): 0.00% 0
Total Rentable Area (SF): 100.00% 10,239
INCOME PER SQ.FTScheduled Rent $39.00 $399,321
EFFECTIVE GROSS INCOME $399,321
EXPENSESCAM NNN $0
Insurance NNN $0
Property Taxes NNN $0
TOTAL OPERATING EXPENSES $0
NET OPERATING INCOME $399,321
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Income & Expense
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
TENANT INFO LEASE TERMS RENT SUMMARY
TENANT SQ. FT. PERCENT OF GLA TERM MONTHLY
RENTANNUAL
RENT RENT/FT
Black Bear Diner 5,676 55.44% 01/10/19 01/31/24 $18,447 $221,364 $39.00
02/01/24 01/31/29 $20,292 $243,500 $42.90
02/01/29 01/31/34 $22,321 $267,850 $47.19
Option 1 02/01/34 01/31/39 $24,553 $294,641 $51.91
Option 2 02/01/39 01/31/44 $27,008 $324,100 $57.10
Option 3 02/01/44 01/31/49 $29,709 $356,510 $62.81
SchoolsFirst Federal Credit 4,563 44.56% 01/10/19 01/31/24 $14,830 $177,957 $39.00
02/01/24 01/31/29 $16,313 $195,754 $42.90
Option 1 02/01/29 01/31/34 $17,537 $210,446 $46.12
Option 2 02/01/34 01/31/39 $19,290 $231,481 $50.73
Option 3 02/01/39 01/31/44 $21,218 $254,615 $55.80
OCCUPIED 10,239 100.00% $33,277 $399,321 $39.00
VACANT 0 0.00%
CURRENT TOTALS 10,239 100.00%
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Rent Roll
BASE RENT
DATE RANGE MONTHLY RENT ANNUAL RENT
01/10/19 - 01/31/24 $18,447 $221,36402/01/24 - 01/31/29 $20,292 $243,50002/01/29 - 01/31/34 $22,321 $267,850
OPTIONS
DATE RANGE MONTHLY RENT ANNUAL RENT
#1. 02/01/34 - 01/31/39 $24,553 $294,641#2. 02/01/39 - 01/31/44 $27,008 $324,100#3. 02/01/44 - 01/31/49 $29,709 $356,510
RENT
TENANT Black Bear DinerLEASE SIGNED BY Elite Diners, LLCBUILDING SF 5,676 SFLEASE TYPE NNTERM 15 YearsRENT COMMENCEMENT 01/10/2019 (estimated)EXPIRATION 01/31/2029
PREMISES& TERM
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
EXPENSES TENANT’S OBLIGATIONSTenant is responsible for all maintenance and repair of the nonstructural portions of the premises, including the HVAC unit. Tenant shall also pay Landlord for its pro-rata share of Common Area expenses. LANDLORD’S OBLIGATIONSLandlord is responsible for the maintenance and repair of the roof and structure of the Tenant’s building, as well as the underground utility lines up to the main point of entry into the Premises. Landlord shall also maintain and repair the common areas of the Property. TENANT’S INSURANCETenant shall carry the following insurance policies: (i) Liability Insurance with a limit no less than $2 million per occurrence; (ii) Property Insurance providing coverage on a replacement cost basis for Tenant’s property; (iii) Automobile Liability Insurance with a limit no less than $1 million per accident; and (iiii) Workers’ Compensation and Employers’ Liability Insurance. Tenant shall also reimburse Landlord for its pro-rata share of Landlord’s insurance expenses. LANDLORD’S INSURANCELandlord shall carry the following insurance policies: (i) Liability Insurance with a limit no less than $2 million per occurrence; and (ii) Property Insurance that insures the Building and the Property for full replacement value. TAXESTenant shall reimburse Landlord for its pro-rata share of the Real Property Taxes each Lease Year. Tenant shall also pay all personal property taxes directly to the taxing authority.UTILITIESTenant is responsible for the payment of all utility charges, and shall pay directly to the utility provider.
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Lease Abstract
BASE RENT
DATE RANGE MONTHLY RENT ANNUAL RENT
01/10/19 - 01/31/24 $14,830 $177,95702/01/24 - 01/31/29 $16,313 $195,754
OPTIONS
DATE RANGE MONTHLY RENT ANNUAL RENT
#1. 02/01/29 - 01/31/34 $17,537 $210,446 #2. 02/01/34 - 01/31/39 $19,290 $231,481#3. 02/01/39 - 01/31/44 $21,218 $254,615
RENT
TENANT SchoolsFirst Federal Credit UnionLEASE SIGNED BY SchoolsFirst Federal Credit Union, a Federally Chartered Credit UnionBUILDING SF 4,563 SFLEASE TYPE NNTERM 10 YearsRENT COMMENCEMENT 01/10/2019 (estimated)
PREMISES& TERM
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
EXPENSES TENANT’S OBLIGATIONSTenant is responsible for all maintenance and repair of the nonstructural portions of the premises, including the HVAC unit. Tenant shall also pay Landlord for its pro-rata share of Common Area expenses. LANDLORD’S OBLIGATIONSLandlord is responsible for the maintenance and repair of the roof and structure of the Tenant’s building, as well as the underground utility lines up to the main point of entry into the Premises. Landlord shall also maintain and repair the common areas of the Property. TENANT’S INSURANCETenant shall carry the following insurance policies: (i) Liability Insurance with a limit no less than $2 million per occurrence; (ii) Property Insurance providing coverage on a replacement cost basis for Tenant’s property; (iii) Automobile Liability Insurance with a limit no less than $1 million per accident; and (iiii) Workers’ Compensation and Employers’ Liability Insurance. Tenant shall also reimburse Landlord for its pro-rata share of Landlord’s insurance expenses. LANDLORD’S INSURANCELandlord shall carry the following insurance policies: (i) Liability Insurance with a limit no less than $2 million per occurrence; and (ii) Property Insurance that insures the Building and the Property for full replacement value. TAXESTenant shall reimburse Landlord for its pro-rata share of the Real Property Taxes each Lease Year. Tenant shall also pay all personal property taxes directly to the taxing authority.UTILITIESTenant is responsible for the payment of all utility charges, and shall pay directly to the utility provider.
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Lease AbstractLease Abstract
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Black Bear Diner is a restaurant chain in the western United States which serves homestyle and “old-fashioned” comfort foods. The first restaurant was opened in Mount Shasta, California, in 1995. The company is based in Redding, California. It now claims 106 locations in eight states. Black Bear decor has a rustic motif with “over-the-top bear paraphernalia”. Every restaurant is decorated with a 12-foot-tall black bear carving. It offers family meals such as breakfast, burgers, salads, and shakes. Baked goods prepared on site, and some locations offer alcohol sales.
BLACK BEAR DINER
ABOUT GUARANTOR/OPERATOR
The tenant operates over 25 restaurants including10 Black Bear Diners, 14 Popeyes, a Sonic, and a Twin Peaks restaurant. They will execute a personal guaranty at closing, which will be cross-collateralized with the above-mentioned operating assets. This diversification of the sponsor guaranty across national brands provides an investor with a more stable and reliable income stream.
SchoolsFirst Federal Credit Union is a federally charteredCredit Union with an 84 year operating history that serves the educational community in Southern California. They are the 5th largest credit union in the U.S. by asset size, which is $13.06 billion and was ranked the #1 credit union in the U.S. by Consumer Reports. They have almost $800M in cash and cash equivalents according to their most recent 2016 Annual Report, which is up by $100M from 2015.
For more information on their financials, click HERE.
SCHOOLSFIRST FEDERAL CREDIT UNION
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Tenant Mix
POPULATION
1-MILE 3-MILES 5-MILES
2010 18,606 131,152 262,655
2017 20,325 139,747 279,324
2022 21,430 145,711 290,402
2017 HH INCOME
1-MILE 3-MILES 5-MILES
Average $88,287 $93,067 $97,174
TOP EMPLOYERS
EMPLOYER
Amphastar Pharmaceutical 880
Southern California Edison 800
Mercury Casualty 606
Big Lots 565
Frito-Lay 561
RANCHO CUCAMONGA
THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS
IS OVER $97K
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Demographics
LOS ANGELES (51 MINS, 43 MILES)
RANCHO CUCAMONGA, CALIFORNIA
RANCHO CUCAMONGA is a suburban city situated at the foothills of the San Gabriel Mountains in San Bernardino County, California. It is located 43 miles east of Downtown Los Angeles. The city has an average of 287 sunny days per year offering residents and visitors excellent conditions for exploring the city’s 20+ parks and community facilities.
The city has earned distinctions for being one of the top places to live in the U.S. due to it’s great schools, neighborhoods, location, and business draw - attracting business from the nation’s largest corporations including Coca-Cola, Nong Shim, Frito-Lay, and Amphastar Pharmaceuticals. Rancho Cucamonga has a strong, growing economy that provides employment opportunities for local residents, attracts investments, supports local businesses, and generates public revenue.
SAN BERNARDINO COUNTY is offers incredible business advantages including a skilled workforce of nearly 900,000, well-funded transportation infrastructure, a strategic gateway to global market, access to a 2.1 million strong regional consumer population, and affordable Southern California quality of life. In the county alone there are nearly 1,800 manufacturers and 4 engineering schools providing the area with a well-educated workforce.
2.1 MILLION
SAN BERNARDINO COUNTY POPULATION (ESTIMATED)
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
DOWNTOWN LOS ANGELES
17
Location Overview
We’d love to hear from you.
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
JOHN [email protected]: 415.274.2715ID BRE# AB42816CA DRE# 01440360
JUSTIN [email protected]: 415.274.7392CA DRE#01895013
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