Upload
others
View
4
Download
0
Embed Size (px)
Citation preview
1
CAPITAL MARKETS | INVESTMENT PROPERTIES
LAS VEGAS, NV 89148
6415-6485 SOUTH FORT APACHE ROAD±44,088 SQUARE FEET
SU
BU
RB
AN
RE
TAIL B
UILD
ING
S – SOU
TH
WE
ST
SU
BM
AR
KE
T
2
OF
FE
RIN
G M
EM
OR
AN
DU
M
LAS VEGAS, NV 89148
6415-6485 SOUTH FORT APACHE ROAD
3
TABLE OF CONTENTSLONGFORD SHOPPES
Capital Markets | Investment Properties
01 EXECUTIVE SUMMARY Investment Highlights Location Southern Hills Hospital Aerials
02 PROPERTY DESCRIPTION Site Plan Parcel Map Amenities Map Tenant Profiles
03 MARKET OVERVIEW Demographics Office Market Overview West Submarket Overview
04 FINANCIAL SUMMARY Financial Overview Cash Flow Projection Sources, Uses, and Returns Rent Roll Lease Expiration Schedule & Market Rent Comps Cash Flow Assumptions Revenue Line Item Assumptions Operating Cost Breakdown
6725 Via Austi Parkway, Ste 275 Las Vegas, NV 89119cushmanwakefield.com
HUNTER BRADSHAWAssociate +1 702 688 6874 [email protected]. #S.187196
MARLENE M. FUJITA, CCIM Executive Director +1 702 688 6884 [email protected]. #S.54013
INVESTMENT CONTACTS
CHARLES M. MOORE, CSM Executive Director+1 702 688 6953 [email protected]. #BS.36559
MARKET LEASING CONTACTS DAN HUBBARDSenior Director +1 702 688 6934 [email protected]. #S.13713.LLC
4
01
EX
EC
UT
IVE
SU
MM
AR
Y
EXECUTIVE SUMMARY
5
01 E
XE
CU
TIV
E S
UM
MA
RY
EXECUTIVE SUMMARY
Cushman & Wakefield, Inc., is pleased to present for acquisition the Longford Shoppes at Southern Hills (the “Property”, “Building”). This ±44,088 square foot L-shaped retail center is anchored by a ±14,820 square foot freestanding Walgreens pharmacy (NASDAQ:WBA) with the balance of the property being leased to local, regional and national businesses which cater to the consistently growing trade area.
The center is AAA located on the northwest corner of Sunset Road and Fort Apache Road, quite literally across the parking lot from the Southern Hills Hospital and Medical Center, which currently boasts 246 beds and ±196,298 SF of medical offices. In addition, the campus is now home to the Pavillion, which provides post-acute care rehabilitation and assisted living services, and adjacent to the campus are ±128,290 multiple office condominium buildings which are well occupied by medical practitioners.
94% Leased retail center in the flourishing Southwest submarket
6
215
SUNSET ROAD
FORT APACHE ROAD
HOSPITAL OWNED
ZONED C1
IN ESCROW - ZONED C2
HOSPITAL OWNED
LONGFORDSHOPPESZONED RE - 2 UNITS/ACRE
ZONED RE - 2 UNITS/ACRE
TESORIA IIAPARTMENTS -
UNDER CONSTRUCTION
ZONED C2
TESORIAAPARTMENTS
WALGREENS ANCHORED - The center is well positioned for continued success with Walgreens representing 34% of the square footage and 56% of the net operating income.
INTERNET RESISTANT businesses occupy the balance of the center including Dogtopia – a pet paradise, Lifecare Infusion – health and wellness, and Dr. Licata, DDS – bright smiles.
STABLE CAPITAL MARKETS - Recent debt quotes indicate that the marketplace will view Longford Shoppes very favorably. The opportunity provides investors the ability to purchase all-cash or obtain new financing at current low rates, enhancing leveraged cash on cash returns.
IMPROVING MARKET CONDITIONS - As of 1Q 2020, the Las Vegas retail market had an average vacancy rate of 7.8% while the Southwest submarket was nearly 150bps lower at 6.3%.
DEMOGRAPHICS - With 4,750 multi-family residential units under construction and 2700 units planned in the area, we believe the stream of new inventory will not keep up with demand as our economy rebounds post-Covid-19.
INVESTMENT HIGHLIGHTS
01
EX
EC
UT
IVE
SU
MM
AR
Y
ADDRESS Longford Shoppes at Southern Hills6415 & 6485 South Fort Apache RoadLas Vegas, NV 89148
PURCHASE PRICE $19,500,000
IN-PLACE NOI (10/2020) $1,186,320
IN-PLACE CAP RATE 6.08%
YEAR 1 NOI $1,156,831
YEAR 1 CAP RATE 5.93%
OCCUPANCY 94%
TOTAL SIZE ±44,088 SF
YEAR BUILT 2009
PARKING 4.7/1,000 SF
7
215
SUNSET ROAD
FORT APACHE ROAD
HOSPITAL OWNED
ZONED C1
IN ESCROW - ZONED C2
HOSPITAL OWNED
LONGFORDSHOPPESZONED RE - 2 UNITS/ACRE
ZONED RE - 2 UNITS/ACRE
TESORIA IIAPARTMENTS -
UNDER CONSTRUCTION
ZONED C2
TESORIAAPARTMENTS
Intersection traffic counts in excess of 44,000vpd
Two blocks west of the I-215 beltway and Fort Apache Road at the intersection of Sunset Road
01 E
XE
CU
TIV
E S
UM
MA
RY
8
The center is located in the southwest quadrant of the city, in an area whose development was enabled by the construction of the I-215 Beltway over the past decade. Known for major drivers including two hospitals (Southern Hills and St. Rose), the area is home to Boyd Gaming, Golden Entertainment, Shufflemaster, and Credit One among others.
The trade area continues to blossom with multiple commercial projects currently under construction or soon to be including The Bend – more than 100,000square feet of retail in addition to a five-story Class A office building, the UNLV Harry Reid Technology Park - 122 acres with 93 acres of dedicated tech space including 1.5million square feet of office and retail space and Uncommons 500,000sf of modern office space, 830+ apartment units on 40-acres. Ultimately, the area will include another world-class hotel and casino property by Station Casinos, the land for which is located at the southwest corner of Durango Drive and the I-215 beltway – roughly one mile from the Shoppes at Southern Hills. This bodes extremely well for The Shoppes, which is well positioned for long term success.
LOCATION HIGHLIGHTSTENANT NAME RSF % OF
PROPERTY EXP
Walgreens 14,820 33.6% 9/30/2082
Dogtopia 6,241 14.2% 7/31/2029
Bob Allen Golf 3,803 8.6% 2/28/2021
Care N Home 2,692 6.1% 6/30/2021
Top Shelf Wines & Spirits 2,435 5.5% 11/30/2021
Bruno's Taco Bar 2,266 5.1% 8/31/2022
Pizza Hut 1,440 3.3% 2/28/2022
MAJOR TENANT SUMMARY
01
EX
EC
UT
IVE
SU
MM
AR
Y
9Copyright nearmap 2015
15
15
215
215
215
LAS VEGAS
LAS
VE
GA
S ST
RIP
TROPICANA AVE
HACIENDA AVE
RUSSELL RD
SUNSET RD
WARM SPRINGS RD
DU
RA
NG
O D
R
FOR
T A
PAC
HE
RD
FOR
T A
PAC
HE
RD
GR
AN
D C
AN
YON
DR
HU
ALA
PAI W
AY
LONGFORD SHOPPES
2 blocks from the I-215 Beltway
With highly visible pylon signage along the heavily
traveled Fort Apache corridor, the property
enjoys intersection traffic counts in excess of
44,000 vpd.
TRADE AREA
01 E
XE
CU
TIV
E S
UM
MA
RY
10
The Southern Hills Hospital serves as the premiere emergency and pediatric emergency hospital in southwest Las Vegas. With two ER locations, a continuously growing behavioral health program, an accredited Chest Pain Center, a Certified Primary Stroke Center, a dedicated orthopedic and spine unit, OB-GYN, Level II NICU, diagnostic imaging, oncology and surgical services, the highly accomplished medical staff excels at offering a multitude of services to the community with year over year superior ratings. The hospital staff’s operation of cutting-edge digital technology helps facilitate the advanced care and superior service for their patients.
Opened in 2004, Southern Hills Hospital continually provides acute care services while addressing the growing healthcare needs of the community. In 2016, the hospital opened a second emergency room called ER at The Lakes, a full-service emergency room that is four miles north of the main hospital campus. This hospital-based ER is the first of its kind in Nevada. In 2017, Southern Hills Hospital added a newly created graduate medical education (GME) program with its inaugural class in family medicine. The GME program has now expanded to include transitional year and psy-chiatry residents, as well as a gastroenterology fellowship. In 2018, Southern Hills continued expanding care to patients with the opening of the Pavilion, an 80 bed behavioral health unit which serves ages 11 and older. Currently, Southern Hills Hospital is applying for future programs, including addiction medicine and neurology.
PHYSICIANS1,400
BED COUNT265
EMPLOYEES911
THE SOUTHERN HILLSHOSPITAL
01
EX
EC
UT
IVE
SU
MM
AR
Y
11
The hospital will be opening a third emergency room called ER at S. Las Vegas Blvd. in early 2020. The hospital is a member of the respected Sunrise Health System, consisting of Sunrise Hospital, Sunrise Children’s Hospital, Mountain View Hospital and several surgery and diagnostic imaging centers that offer a complete range of specialized and techno-logically advanced services.
AWARDS AND ACCREDITATIONS
• Voted Best Hospital in Las Vegas in 2019
• Voted Best Hospital in Las Vegas in 2017
• The Joint Commission Accreditation
• Advanced Primary Stroke Center
• Earned The Joint Commission Accreditation for Hip Fracture
• Earned The Joint Commission Accreditation for Joint Replacement – Hip
• Earned The Joint Commission Accreditation for Joint Replacement – Knee
• Get with The Guidelines Stroke GOLD PLUS with Hon-or Roll Elite Plus (Given by The American Heart Asso-ciation)
• Voted Best Hospital Gold Award/1st Place 2017
• Voted Best Cancer Treatment Center Silver Award/2nd Place 2017
• Voted Best Place to Have a Baby Bronze Award/3rd Place 2017
TESORIAAPARTMENTS
TESORIAAPARTMENTS
SUNSET ROAD
SUNSET ROAD
FORT APACHE ROAD
FORT APACHE ROAD
01 E
XE
CU
TIV
E S
UM
MA
RY
215
TESORIA II APARTMENTS
UNDER CONSTRUCTIONLONGFORD SHOPPES
12
02
PR
OP
ER
TY
DE
SC
RIP
TIO
N
PROPERTYDESCRIPTION
13
02 P
RO
PE
RT
Y D
ES
CR
IPT
ION
PROPERTYDESCRIPTIONADDRESS 6415 & 6485 South Fort Apache Road,
Las Vegas, NV 89148
PARCEL NUMBER 163-31-814-001
SITE AREA ±4.01 Acres
NET RENTABLE SF ±44,088 Square Feet
YEAR BUILT 2009
NUMBER OF BUILDINGS & STORIES
Two Single-Story Buildings
PARKING207 surface parking stalls including 9 ADA-designated and 4.7/1,000 SF parking ratio
ZONING C-2, General Commercial
JURISDICTION Clark County
WATER Las Vegas Valley Water District
ELECTRIC NV Energy
GAS Southwest Gas Corporation
SANITARY SEWER City of Las Vegas
FOUNDATION Slab-on-Grade
LONGFORD SHOPPES AT SOUTHERN HILLS
STRUCTURAL FRAME
Wood frame and masonry demising walls
EXTERIOR WALLS
Extended, aluminum curtain wall system with full height, single (ground floor) and double (second and third floors) pane, low-e, mirrored glazing connected to the frame and structure.
WINDOWSDouble-pane insulated with low-e mirrored. Window framing is brushed aluminum finish.
ROOF TYPE/COVERThe roof is low slope covered with BUR membrane and pitched covered with standing seem sheet metal
ELECTRICAL Three- 800 Amps, 120/208 Volts, Three Phase, Four-Wire Configuration
CEILINGS & CEILING HEIGHT
Tenant spaces have typical 12-foot ceiling heights.
SPRINKLER100% wet system including two electric pumps rated at 2-hp, 3,450 rpm manufactured by Bluffton.
HVAC Rooftop package units
HOT WATER Individual, gas-fired water heaters
14
317'
130'
115'
249'
S FORT APACHE RD
W SU
NSET RD
190
Dr. Licata, D
DS
185M
ailbox U
SA
180D
T N
ails
170 - 175Care N Home
Medical Supplies, Inc.
150D
ental Sup
po
rtS
ervices, LLC
130Dogtopia
125AAvailable
120In Da Cut
Barber Shop
115D’s Smoke
Shop & Gifts
110Pizza Hut
105Bruno’s Taco
Bar
100Top Shelf
Wine & SpiritsStore
Walgreens
155 - 165Bob Allen Golf
02
PR
OP
ER
TY
DE
SC
RIP
TIO
N
15
317'
130'
115'
249'
S FORT APACHE RD
W SU
NSET RD
190
Dr. Licata, D
DS
185M
ailbox U
SA
180D
T N
ails
170 - 175Care N Home
Medical Supplies, Inc.
150D
ental Sup
po
rtS
ervices, LLC
130Dogtopia
125AAvailable
120In Da Cut
Barber Shop
115D’s Smoke
Shop & Gifts
110Pizza Hut
105Bruno’s Taco
Bar
100Top Shelf
Wine & SpiritsStore
Walgreens
155 - 165Bob Allen Golf
02 P
RO
PE
RT
Y D
ES
CR
IPT
ION
16
02
PR
OP
ER
TY
DE
SC
RIP
TIO
N
Anchored by Walgreen’s, a long-term lease with a term
of 75-years and 62 years remaining.
17
>>>
>
811
814
501
SPINNAKERCREEK AVE
WH
ISPE
RIN
G C
REE
K ST
PIN
ION
JAY
ST
FEN
CE
PO
ST S
T
DO
LLAR
CT
YELL
OW
WAR
BLER
ST
SCRUB JAY CT
ROLLING THUNDER AVE
OVERLOOK RIDGE AVE
019
97-012 97-01197-015
97-
FOR
T AP
ACH
E R
D
GR
AND
CAN
YON
DR
POST RD
PB 106-52
PB 113-24
PB 137-73
ROW GRANT 20030911:1309
192122232486 87 88 89
157169170
2
6
7
89
10
11
12
13
14
151718
41
4748495051525354555657
32 33 34
353637
3839 40
58596061626364666768697071
73
74
75
76
77
78
80
81 82 83
30 3195969798
104
105
106
107
108
109
110
111112
120
B
A
6 7
8 9
10
11
121316
26 27
28 29
30
31
323336
46 47
48 49
50
1
23
45
67
89
10
12 13
15
16 17
18 19
20
21
2223
2425
2627
2829
30
31
32 33 36 37
38 39
40
41
4243
4445
4647
4849
50
A
B
C
D
E
41
42 43
44 45
46 47
48 49
50A171
168 89909192939495969798BB CC
OO104
1
B ACDL K202A W
50
50
R=25
R=25
90.8
914
4.45
62.4
3
120.20R=54
41.2
362
3.63
40
55.3 8
55
53
6054.6557.05
105
56.8
4
60
60
677.94
30
50
R=25
170.05
244.
44
144.41
60.0
1
105
50 38.5 50
88.08
55.0
255
58.6
105
131.5
93.5
105
46.1
255
5555
93.99
110
131.5
98.5
110
53.8
38.550
38.9750.0250.02
50.25
50 50
50
39.0
6
105
110105
38.9736.45
5055
110.36
60.0
6
59.9
54.09 50 50 55.43 50.250.09
25.37
88.99
105
88.08
105
105
24
30 30
270.
09
55
55 339.08
678.
04
35.08 74.45 47.62
271.
8122
2.3
71.6
9288.95
60
R=54
60
51 4825.1
6
4035 35 35 26.3235.88
230.62 R=54
60
339.07
"A"
PT 1
4 5 2
42
3
21
1
1
SPINNAKER AT SOUTHWEST RANCH - UNIT 3
PM 105-23
SOUTHERN HILLSLONGFORD AT
48.6
1 5751.4147.3
SUNSET RD
25.5
9
25.4
2
100.02
88.24
40.6
8 88.75961
100.
47
102.
17
101.
93
101.
68
101.
44
100.
23
101.
2
100.
96
100.
72
33.9733.29CB
SUNSET TRAILS
11 14
34 35
UNIT 2
HANOVER GROVE AVEPB 117-55
1
OVERLOOK RIDGE AVE812
79
41.0
650
5550
5550
5550
46.0
5
3
5050
5050
5050
5040
.65 37.9
5050
5050
5050
50
57.5
255
5555
55 5555
5555
55 5555
5055
55
55.4850.44
50.44 50.4450.44
50.44105
5055
105110.33
110.34
110.34
110.35
110.35
67.5
954
.03
113
114
115
116
117
118
119
99.1
8
111.
25
71.3
99
100
101
102
103 90
91
92
93
94
5
105.03
55 55
110
110.03
52.6
5
105
5055
25
26
27
28
29
108.
76
110.
1450.0238.06
94.7
107.
5
88.5
5
106.
12
55
129.
12
88.510
5
105
140.
88
79.8
3
103.
62
110.
2550 50 50
50.03 50.0346.74
106.
15
104.
48
107.
53
101.
43
6591 91.2
9
95.3
5
9172139.
05
105
99.6
110.
49
105.
1211
2.53
110.
75
93.1
8
105
105
50 53.37
105
88.1
3
88.9
2
97.6
9
8455 55.33
103.
8485 88
.38
810
91.6
2
108.
72
105.
74
103.
9
101.
23
99.0
8
20
116.
51
112.
75
53.16
50.1650.86
112.
75
113.
3
105
153
60.2
16
93.150.02 88.96
43.9
755
5555
62.7
8
1
2
3
442
43
44
45
46
45.0
154
.755
.354
.754
.7
58.5
5550
58.1
659
.06
40.9
7
50 50 50 5050505050 50505050 5050
99.2
5
95.0
6
79.2
95.0
5
104.
23
105.
01
5
114.
6
110
SUNSET TRAILS
SPINNAKER CREEK AVE
105
PB 117-56
14
34UNIT 3 414HANOVER GROVE AVE
4057
.58
32.42
4050
44.582
1 A
813
SOUTHWEST RANCH CONDOMINIUMSAMD
101.
54
39.44
98.27
123.
74
134.05
90.0
2
146.15
378.
02
29.65
PB 142-68
1
118.
41
109.
07
111.
7
50.1 850.89
105.
15
105
50 50162163164165166167
50 5050 50 50161
158159160
105
106.
51
112.
73
102.
68 156105121
6715 80
.91 ON POST
ROADUNIT 2
SUNSET PINES ATSOUTHWEST RANCH UNIT 3
97-021
PB113-24
97-002
62.07
618.
53
55.76
FOG
ARTY
WY
45
47 47 47
47474747474747
47 47 47 47 47 47 47
47
47 47 47 47 47801
801
95.7
7
50.81
82.2
3
82.0
5
51.6
47.1647.53 47.09 32.4
52.4
75 75
32.442.86
78.2
4
90.1
5
90.2
4
55.9
32
47.97 49 52
106.
64 76.0
2
81.6
1
81.5
2
81.4
2
81.3
2
37
37
37
10 11 12 13 14 15 16 17 18 19 20
21222324252627282930
3233 34 35 37 38 39 40 4136
G
LOFTY VISTA AVE FAC
OR
N O
AKS
ST
PB 146-6847
4747
47
47
47
47 47
4747
47
4747
52.3
962
85.6
79.96
81.64
82.91
84.18
325252.34
56.87 52.8 52 52
3247.11
58.3
961
.17
80
3252.13
40 52 52
76.2
1
52.4
39.6 32.4
55.4
554
.83
30 42
56.17 40
88.8
7
60.6
5
123
4 5 6
78951
52
53
5455565758596061
62 63 64 65 66 67 68
69707172737475
A B
D ABBEY POND AVE
37
CO
RAL
SU
N S
T
75.3
3
75.3
3
88.3
7
74.8
3
74.8
374
.83
74.8
3
50.69
88.3
7
78.4
490
.17
81.9
9
75.0
477
.64
75.0
3 55
75.9
75.9
78.5
78.5
31108.
78
87.8
881
.88
81.8
5
81.7
7
81.6
9
61.1
81.2
1
42
84.9
7
64.9
9
84.9
6
84.9
4
81.6
6
84.960
.65
81.5
2
83.0
2
80.0
8 80 6061
.66
81.6
6
81.6
6
81.4
3
85.3
9
81537E
H SUNSET AND FORT APACHEABERDEEN RIDGE CT
AMD C-143-1
44-1
45-1
47
PB 147-59 816
5247
4747
4747
50-1
49-1
48-1
47-1
46-1
55
35
4040
4040
4040
4040
90
35
77.07
34
35
43
79.03
41.8
5
5556575859
60616263646566
B
C
77.07
90
90
90
DO
LLIS
HIL
L S
T
41943
F
801
51.8
51.95
4752.1
47
47
47
47
47 47
4747.01
50.62
47
49.9946.68 47
4747
4747
52.72
48.85
47
47 47
47
49.29 47 40
47
57.0137
3737
37201202203204
205 206 207208
210211212
213 214215 216
218219220
221222 223 224225
226
227
228
229
230
231
232
233
234
235
236A
D
C
E
HOLLYDALE CT
SUN
NYH
ILL
ST
55SUNSET AND FORT APACHE IIPB 149-21
817RIDGEGLEN CT
B
209
21750.31
NORTHVALE CT
014 013
007
018
001
003
006
004
012
007
009
009008007 018
010
005
002008
012011010004
003001002005011
0105
0261.05
0229.67005
3.95
See Condo List Page
040
039
037
038
036
035
034
033
032
031
030
029
028
027
026
025024023022021
020 019 018 017
016015014013
012 011 010 009
008007006005
004 003 002 001
072
068
066065064
063
062061
060
059058057
056
055
009
008
007
006
005
004
003
002
001
077076
070
064
060 059 058054
053
052
051
037036035032
027 022
016015014012
009
003 001
075 074 073 072 071 069
068067066065063062
061 057 056 055
042041040039038034033
031030 029 028 026 025 024 023 021
020019018017013011010
008 007
006005004
002
001090092094096
001 014043
044
042
045041 049048001
074
010007
008 009
013 012
014 011
027 030
028 029
033 032
034 031
047 050
048 049
014
013
012
010
017
005
035
041042043044045046
008
007
006
001
002
003
004036
037
038
039
040
018012011008007
033
083085087089084086088 016090001
014
002001 006005004003
084 083086 085
061062056057
058 047048049050051052053054055066 059060063064065
032
030 029031
024 025 026 027 028
019
020
021
022
023
091
079
080
081
082
090
089
088
087
076077
100
10 7
106
105
104
103
102
101
099
092
093
094
095
096
097
098
075
073
072
071
070
069
068
067
042043046047050
041044045048049
022023026027030
021024025028029
040037036033032
039038035034031
001004005008009
002003006007010
020017016013012
019018015014011
014 012013001003 036116115
099
089091093095100
097
009 010 016
015078
034
011
0092311.71
0014.01
005
95-006
95-009
95-005
95-004
95-003
95-00295-001
97-021
96-00497-011
97-00197-004
97-00297-005
97-002
96-002
96-00197-003
97-01197-01497-01597-02297-00197-023
NO
TES
This map is for assessment use only and does NOT represent a survey.
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.
This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.
MAP
LEG
END
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
ASSESSOR'S PARCELS - CLARK COUNTY, NV.
Scale: 1" = 200' 1/8/2019
T21S R60E 31 S 2 SE 4 163-31-8
31
30
19
1
1314
121110987
6 5 4 3 2
3635343332
29 28 27 26
24
25
23222120
18 17 16 15
BO
OK
SEC
.
MA
P
2
3
4
5
6
7
8
1
2
3
4
51
8
7
5
6
4 8
417
PARCEL BOUNDARYSUB BOUNDARY
ROAD EASEMENTPM/LD BOUNDARY
HISTORIC LOT LINEMATCH / LEADER LINE
ROAD PARCEL NUMBERPARCEL NUMERACREAGE
PARCEL SUB/SEQ NUMBER
PLAT RECORDING NUMBERBLOCK NUMBERLOT NUMBERGOV. LOT NUMBER
10010011.00
202PB 24-45
55
GL5
HISTORIC SUB BOUNDARYHISTORIC PM/LD BOUNDARY
15
8 4
Rev:
TAX DIST
0 200 400 600 800100 SECTION LINE
CONDOMINIUM UNITAIR SPACE PCLRIGHT OF WAY PCLSUB-SURFACE PCL
164 163
176175
162
177
137 138
192193 191
139
174
165
194
136Briana Johnson - Assessor
q
02 P
RO
PE
RT
Y D
ES
CR
IPT
ION
Longford Shoppes
18
IN ESCROW -ZONED C2
TESORIA IIAPARTMENTS
UNDER CONSTRUCTION
HOSPITALOWNED
HOSPITALOWNED
ZONED RE - 2 UNITS/ACRE
215
TESORIAAPARTMENTS
SUNSET ROAD
FORT APACHE ROAD
ZONED RE - 2 UNITS/ACRE
ZONED C2
ZONED C1
ZONED R2
ZONED REZONED RE
FUTURE
LONGFORDSHOPPES
02
PR
OP
ER
TY
DE
SC
RIP
TIO
N
19
TENANT PROFILES
Walgreens
Tenant Walgreen Co., an Illinois corporation
Suite 6485 South Fort Apache Rd.
Square Footage 14.820
% of RSF 33.6%
Current Contract Rent $3.37
LED 9/30/2082
Headquarters Deerfield, IL
Rating NASDAQ: WBA
WALGREEN CO., AN ILLINOIS CORPORATIONwww.walgreens.com
Established in 1901 as a neighborhood drugstore, today’s Walgreens span across the United States, District of Columbia, Puerto Rico and US Virgin Islands with more than 9,270 company operated locations. Walgreens is the second-largest pharmacy store chain in the United States and specializes in filling prescriptions to selling health and wellness products, health information and photo services. The location directly west of Southern Hills Hospital makes this Walgreens a key store in the chain.
02 P
RO
PE
RT
Y D
ES
CR
IPT
ION
Bidi Quality, LLC
Tenant Top Shelf Wine & Spirits
Suite 6415 Ste 100
Square Footage 2,435
% of RSF 5.5%
Current Contract Rent $1.65
LED 11/30/2021
Headquarters Las Vegas, NV
Personal Guaranty Kalid Butres Bidi, Sal Butres Bidi, Raid Butres Bidi
BIDI QUALITY, LLCwww.topshelfwineandspirits.com
Top Shelf Wine & Spirits is a local liquor store focusing on top shelf spirits and offering a knowledgeable sales experience. Open seven days a week, Top Shelf Wine & Spirits caters to the local resident desiring an informative, educational experience when purchasing spirits.
Bruno’s Taco Bar, LLC
TenantMelissa Sanchez, Leticia Sanchez and Octavio Sanchez
Suite 6415 Ste 105
Square Footage 2,266
% of RSF 5.1%
Current Contract Rent $1.91
LED 8/31/2022
Headquarters Las Vegas, NV
BRUNO’S TACO BAR, LLCwww.Brunostacobar.com
Locally owned and operated, Bruno’s Taco Bar’s theme is All You Need Is Tacos. With an online ordering system, delivery to your door and seating in their restaurant, Bruno’s caters to a wide customer base. Ingredients are made fresh daily and the menu ranges from pork belly tacos to Fruity Pebble churros. This is their only location and they have a strong and loyal social media following.
20
02
PR
OP
ER
TY
DE
SC
RIP
TIO
N
In Da Cut Barber Shop
Tenant In Da Cut Barber Shop Dwayne C. Melvin
Suite 6415 Ste 120
Square Footage 1,315
% of RSF 3%
Current Contract Rent $1.80
LED 3/30/2020
Headquarters Las Vegas, NV
Personal Guaranty Dwayne C. Melvin
IN DA CUT BARBER SHOPwww.indacutbarbershop.com
Local barber shop with three locations across the Las Vegas valley.
Las Vegas Pizza, LLC
Tenant Pizza Hut
Suite 6415 Ste 110
Square Footage 1,440
% of RSF 3.3%
Current Contract Rent $1.85
LED 02/28/2022
Headquarters Las Vegas, NV
LAS VEGAS PIZZA, LLCwww.pizzahut.com
Pizza Hut is a 60-year old company serving a wide range of menu items most notably pizza, breadsticks and chicken wings. Today, Pizza Hut has over 16,000 restaurants in more than 100 countries. This is a franchisee location.
Smoke Shop
Tenant D’s Smoke Shop & Gifts
Suite 6415 Ste 115
Square Footage 1,303
% of RSF 3.01%
Current Contract Rent $1.95
LED 8/1/2024
Headquarters Las Vegas, NV
Personal Guaranty Dilip Shukla and Diptiben Shukla
D’S SMOKE SHOP & GIFTS www.vegasglasshq.com
D’s Smoke Shop has multiple locations throughout the Vegas valley and offers customers a variety of products ranging from tobacco, cigarettes Juul, Roor and others. They also carry a wide selection of glass and accessories.
IN DA CUT BARBER SHOPD’S SMOKE SHOP
21
Dogtopia
Tenant Toro Holdings, LLC
Suite 6415 Ste 125B
Square Footage 6,241
% of RSF 14.2%
Current Contract Rent $1.40
LED 7/31/2029
Headquarters Las Vegas, NV
Personal Guaranty Hiram Toro and Glenda Alemanny-Toro
TORO HOLDINGS, LLC DOING BUSINESS AS DOGTOPIAwww.dogtopia.com
A leading destination for dog boarding, spa service and daycare, Dogtopia provides an atmosphere for our furry friends to enjoy safe play in a modern facility. Open seven days a week, Dogtopia hosts a wide range of events ranging from drop-in play to overnight stays. Our furry friends can be observed real-time using the Dogtopia webcam on a computer or smartphone providing 24/7access to view your animal.
02 P
RO
PE
RT
Y D
ES
CR
IPT
ION
Children’s Dentistry
Tenant Children’s Dental Support Services, DDS
Suite 6415 Ste 150
Square Footage 1,189
% of RSF 2.7%
Current Contract Rent $1.70
LED 02/28/2021
Headquarters Deerfield, IL
Bob Allen Golf, LLC
Tenant Bob Allen Golf
Suite 6415 Ste 155-165
Square Footage 3,803
% of RSF 8.6%
Current Contract Rent $1.55
LED 10/31/2020
Headquarters Las Vegas, NV
Personal Guaranty Robert A. Kerlagon and Ethel Marie Kerlagon
CHILDREN’S DENTAL SUPPORT SERVICES, DDSwww.childrensedationdentist.com
Known as Children’s Dentistry, Dr. Steven Delisle, DDS, has ten locations throughout the Las Vegas valley providing dental services to patients 21 years of age or younger. Dr. Delisle and the other dentists on staff provide specialty services and focuses to their patients ranging from anesthesiology to orthodontics.
BOB ALLEN GOLF, LLCwww.boballengolf.com
Bob Allen Golf a one-stop-shop for golfers. The store offers a wide range of golf-related items from shoes to clubs, clothing to balls and bags.
22
Tenant Care N Home
Suite 6415 Ste 170 & 175
Square Footage 2,692
% of RSF 6.1%
Current Contract Rent $1.63
LED 06/30/2021
Headquarters Las Vegas, NV
Personal Guaranty Cletus Amadi
CARE N HOME MEDICAL SUPPLIES INC.
Care N Home Medical Supplies Inc is doing business as a local retailer of Lifecare Medical Supplies Inc, providing medical supplies and equipment which are considered as Medicare chargeable items.
Care N Home Medical Supplies Inc.
02
PR
OP
ER
TY
DE
SC
RIP
TIO
N
DT Nails
Tenant Timothy Nguyen and Daniel Nguyen
Suite 6415 Ste 180
Square Footage 1,364
% of RSF 3.1%
Current Contract Rent $1.75
LED 12/31/2023
Headquarters Las Vegas, NV
Personal Guaranty Timothy Nguyen and Daniel Nguyen
Mailbox USA
Tenant Mailbox USA
Suite 6415 Ste 185
Square Footage 1,243
% of RSF 2.8%
Current Contract Rent $1.70
LED 4/30/2024
Headquarters Las Vegas, NV
Personal Guaranty Katherina Fontanilla and Victor Fontanilla
TIMOTHY NGUYEN AND DANIEL NGUYENwww.yelp.com/biz/dt-nails-las-vegas-4
DT Nails is a nail salon open seven days a week offering a wide range of nail services including manicures, pedicures, acrylic nails, dipping and more as well as false eyelash services.
KATHERINA FONTANILLA AND VICTOR FONTANILLAwww.yelp.com/biz/mailbox-usa-las-vegas
Mailbox USA is a neighborhood pack, ship, mail, copy business providing a wide range of services to businesses and residences alike. Customers can rent po boxes as well as utilize the UPS, FedEx and USPS services offered. Mailbox USA also offers full-service packing and shipping.
CARE N HOME/ LIFECARE INFUSION DT NAILS MAILBOX USA
23
Dogtopia
Tenant Salvatore J. Licata, Jr., DDS, LLC
Suite 6415 Ste 190
Square Footage 1,477
% of RSF 3.4%
Current Contract Rent $1.75
LED 7/31/2024
Headquarters Las Vegas, NV
Personal Guaranty Salvatore J. Licata, Jr.
SALVATORE J. LICATA, JR., DDS, LLCwww.local.demandforce.com/b/dr-sam-licata-jr/schedule
Dr. Sam Licata, Jr. provides dental services Monday through Thursday. Dr. Licata has a happy patient base with 749 reviews and five stars, all leading to signs of happy customers. This is Dr. Licata’s only location.
Salvatore J. Licata, Jr., DDS, LLC
SALVATORE J. LICATA, JR., DDS
02 P
RO
PE
RT
Y D
ES
CR
IPT
ION
24
02
PR
OP
ER
TY
DE
SC
RIP
TIO
N
25
03 M
AR
KE
T O
VE
RV
IEW
MARKETOVERVIEW
26
03
MA
RK
ET
OV
ER
VIE
W
MARKETOVERVIEW
Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by Cushman & Wakefield clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of Cushman & Wakefield.
At the close of 2019, Las Vegas retail leasing activity posted strong results that drove vacancy rates down to levels not seen since 2007. The Las Vegas retail market overall vacancy rate stands at 7.5%, a 10 basis points (bps) increase quarter-over-quarter and year-over-year from 7.4%. Net absorption was positive at more than 523,000 square feet (sf), down significantly since 2018. Since 2012, retail tenants have absorbed nearly 6.4 million sf (msf) in the Las Vegas market. The average asking lease rate increased to $1.47 per sq. ft. NNN, a 4.3% year-over-over increase. Construction deliveries more than doubled since 2018 – the retail market delivered over 595,000 sf in 2019 vs. 266,000 sf in 2018. A shift in consumer spending forced retailers to adjust retail strategies throughout recent years that included downsizing and/or closures that will allow them to focus on core markets. While the Las Vegas retail market experienced several closures from national big-box tenants, demand from food and experiential retail remains consistent.
YEAR # OF BLDGS TOTAL RBA SF VACANT VACANCY
RATE U/C BLDGS AVG. ASKING LEASE RATE
NET ABSORPTION
YTD
LEASING ACTIVITY
YTD
2005 2,490 51,252,046 1,919,741 3.7% 2,682,911 $2.03 300,176 565,864
2006 2,707 54,662,561 3,073,542 5.6% 4,069,361 $2.15 2,147,952 2,465,710
2007 2,951 58,858,553 3,614,293 6.1% 2,864,130 $2.15 3,623,932 2,021,465
2008 3,170 62,906,101 6,580,593 10.5% 1,097,243 $2.00 1,249,290 1,924,414
2009 3,234 64,136,924 8,039,876 12.5% 265,515 $1.91 (303,665) 2,105,689
2010 3,251 64,374,760 8,541,758 13.3% 94,030 $1.59 (102,360) 2,614,261
2011 3,263 64,432,850 8,665,167 13.4% 433,335 $1.48 (214,119) 3,002,411
2012 3,272 64,749,447 8,080,209 12.5% 430,566 $1.33 962,969 2,757,140
2013 3,281 65,077,081 7,419,095 11.4% 399,080 $1.28 947,806 3,366,176
2014 3,287 65,466,117 7,030,370 10.7% 303,824 $1.28 785,651 3,289,963
2015 3,297 65,642,324 6,873,248 10.5% 334,407 $1.30 265,024 3,700,539
2016 3,318 65,991,993 6,187,442 9.4% 247,124 $1.41 1,113,210 3,142,841
2017 3,335 66,227,176 5,550,446 8.4% 124,665 $1.38 938,585 3,923,170
2018 3,363 66,493,621 4,919,838 7.4% 526,526 $1.41 862,591 2,918,711
2019 3,408 67,197,162 5,046,227 7.5% 0 $1.47 523,256 1,593,721
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Average Asking Lease Rates
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2013 2014 2015 2016 2017 2018 2019
Net Absorption
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Vacancy Rate
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Gross Leasing Activity
27
03 M
AR
KE
T O
VE
RV
IEW
Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by Cushman & Wakefield clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of Cushman & Wakefield.
YEAR # OF BLDGS TOTAL RBA SF VACANT VACANCY
RATE U/C BLDGS AVG. ASKING LEASE RATE
NET ABSORPTION
YTD
LEASING ACTIVITY
YTD
2005 150 2,587,682 88,023 3.4% 637,656 $2.38 193,044 37,286
2006 199 3,361,637 319,418 9.5% 1,495,315 $2.58 516,835 788,937
2007 246 4,073,908 427,353 10.5% 1,432,060 $2.66 583,762 311,578
2008 331 5,941,496 891,369 15.0% 151,099 $2.55 1,453,675 245,579
2009 351 6,105,636 926,448 15.2% 30,997 $2.09 110,680 216,494
2010 358 6,141,072 973,260 15.8% 15,507 $1.86 6,968 194,422
2011 360 6,146,579 934,213 15.2% 10,000 $1.71 31,249 259,862
2012 361 6,150,179 783,281 12.7% 19,894 $1.60 154,701 258,154
2013 363 6,163,673 630,043 10.2% 22,400 $1.56 171,058 296,674
2014 365 6,186,073 535,726 8.7% 4,200 $1.60 116,395 317,499
2015 366 6,190,273 432,398 7.0% 18,070 $1.64 112,801 297,256
2016 371 6,212,983 409,108 6.6% 104,481 $1.63 42,865 255,260
2017 377 6,326,396 355,454 5.6% 17,106 $1.64 164,026 444,142
2018 385 6,408,192 345,027 5.4% 115,441 $1.83 94,626 282,685
2019 412 6,569,643 385,204 5.9% 0 $1.98 106,278 170,168
The Southwest submarket is comprised of 412 buildings totaling 6,569,643 square feet (sf). There is 2.7 million sf of neighborhood and community centers, 2.5 million sf of power centers and 1.3 million sf of strip center space. At the end of 2019, vacancy in the Southwest finished at 5.9% - 1,020 bps below the high of 16.1% in Q2 2011. Tenants absorbed 106,278 sf in 2019 in this submarket, with leasing activity marking 170,168 sf. The average asking lease rate stands at of $1.98 psf/month/NNN. The Southwest submarket is home to approximately 3,777 businesses and 46,257 employees. In 2019, the residential population of the Southwest was estimated to be 214,989. During the next five years, projections indicate the population will grow 15.4%. Furthermore, the 58,473 households in this area have a median household income of $101,080. By 2024, the number of households in the Southwest is expected to increase by 14.8%.
SOUTHWEST SUBMARKET OVERVIEW
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Average Asking Lease Rates
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Net Absorption
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Vacancy Rate
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Gross Leasing Activity
28
03
MA
RK
ET
OV
ER
VIE
W
©2020 Cushman & Wakefield. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri
POPULATION 1 Mile 3 Miles 5 Miles
2019 Population - Current Year Estimate 24,482 112,984 296,265
2024 Population - Five Year Projection 28,178 131,723 331,813
2010 Population - Census 15,667 76,464 233,675
2000 Population - Census 40 15,975 105,038
2019-2024 Annual Population Growth Rate 2.85% 3.12% 2.29%
HOUSEHOLDS 1 Mile 3 Miles 5 Miles
2019 Households - Current Year Estimate 8,881 43,053 112,924
2024 Households - Five Year Projection 10,136 49,926 125,632
2010 Households - Census 5,810 29,864 90,794
2000 Households - Census 16 6,431 41,784
2019-2024 Annual Household Growth Rate 2.56% 2.92% 2.12%
2019 Average Household Size 3.31 3.21 3.19
HOUSEHOLD INCOME 1 Mile 3 Miles 5 Miles
2019 Average Household Income $76,628 $88,581 7.397
2024 Average Household Income $87,131 $101,200 $91,189
2019 Median Household Income $61,398 $67,305 $103,958
2024 Median Household Income $67,710 $76,908 $65,502
2019 Per Capita Income $27,890 $34,010 $75,561
2024 Per Capita Income $31,442 $38,658 $35,190
2019 Median Value of Owner Occ. Housing Units $307,292 $324,398 $39,914
2019 Average Value of Owner Occ. Housing Units $326,667 $346,438 $303,439
POPULATION BY RACE AND ETHNICITY 1 Mile 3 Miles 5 Miles
White 12,094 56,492 152,280
Black or African American 2,791 12,089 30,515
Asian 5,264 27,003 66,363
American Indian or Alaska Native 147 565 1,481
Pacific Islander 245 1,017 2,666
Other Race 1,959 8,135 23,997
Two or More Races 1,959 7,457 18,961
Hispanic 5,215 21,693 61,327
DEMOGRAPHICS
29
HOSPITAL OWNED
SUNSET ROAD
FORT APACHE ROAD
LONGFORDSHOPPES
ZONED RE - 2 UNITS/ACRE
TESORIA IIAPARTMENTS
UNDER CONSTRUCTION
03 M
AR
KE
T O
VE
RV
IEW
30
ASKING LEASECOMPARABLES
Map Property Photo Address Total SF Available SF Asking Rate Minimum - Maximum
Available SF Occupancy %
Longford Shoppes 6415 - 6485 S. Fort Apache Rd Las Vegas, NV 89148
43,742 2,500 $2.00 NNN 2,500 95%
Russell Crossings 5651 Grand Canyon Dr Las Vegas, NV 89148
20,674 2,880 $1.75 NNN 2,880 86%
Gramercy Commons 5752 S. Fort Apache Rd. Las Vegas, NV 89148
25,892 2,600 $1.65 NNN 1,300 - 2,600 90%
Pine Plaza 6085 S. Fort Apache Rd. Las Vegas, NV 89148
13,570 4,200 $1.85 NNN 4,200 69%
Longford Shoppes B 6525 - 6545 S. Fort Apache Rd Las Vegas, NV 89148
14,524 1,400 $2.50 NNN 1,440 90%
Longford Shoppes A 6565-6575 S. Fort Apache Rd. Las Vegas, NV 89148
22,386 2,628 $2.50 NNN 2628 88%
Orange Groves at Rhodes Ranch 8680 W. Warm Springs Rd Las Vegas, NV 89148
24,856 1,169 $2.50 NNN 1,169 95%
Rhodes Ranch Town Center 7345 - 7375 S. Durango Dr. Las Vegas, NV 89113
35,393 3,000 $2.25 NNN 1,200 - 1,800 92%
2
3
4
5
6
1
7
31
BRUCE WOODBURY BLTWY
W SUNSET RD
SDUR
A NGO
DR
W RAP HAEL RIVERA WAYROY
HORN WAY
W WARM SPRINGS RD
SFOR
TAP A
CHE R
D
W RUSSELL RD
3
45
1
6
7
2
Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID,IGN, and the GIS User Community
* Longford Shoppes: 6415 - 6485 S. Fort Apache Rd., Las Vegas
1
Pine Plaza: 6085 S. Fort Apache Rd., Las Vegas
2
Longford Shppes B: 6525 - 6545 S. Fort Apache Rd., Las Vegas
3
Longford Shoppes A: 6565-6575 S. Fort Apache Rd., Las Vegas
4
Russell Crossings: 5651 Grand Canyon Dr., Las Vegas
5
Orange Groves at Rhodes Ranch: 8680 W. Warm Springs Rd., Las Vegas6
Rhodes Ranch Town Center: 7345 - 7375 S. Durango Dr., Las Vegas7
Gramercy Commons: 5752 S. Fort Apache Rd., Las Vegas
LONGFORD SHOPPES
# ADDRESS
03 M
AR
KE
T O
VE
RV
IEW
32
ACTUAL LEASECOMPARABLES
Map Property Photo Address Tenant Name Total
Bldg. SF Leased SF Lease Rate Term (months) New/Renewal
Gramercy Commons 5752 S. Fort Apache Rd. Las Vegas, NV 89148
Tony's Mexican Food 25,892 2,640 $2.58 NNN 120 New
Pine Plaza 6085 S. Fort Apache Rd. Las Vegas, NV 89148
GlassBox Eye Care 13,570 2,714 $1.95 NNN 60 New
Longford Shoppes 6525-6545 S. Fort Apache Rd. Las Vegas, NV 89148
Sin City Cutz 14,524 1,440 $2.00 NNN N/A Renewal
Centra Point Retail 8349 - 8350 W. Sunset Rd. Las Vegas, NV 89113
Renee Moffett Allstate Insurance Agency 15,324 1,170 $1.50 NNN 36 New
Orange Groves at Rhodes Ranch 8680 W. Warm Springs Rd Las Vegas, NV 89148
Roberto's Taco Shop, LLC 24,856 1,691 $4.10 NNN 120 Renewal
Blue Diamond Ranch Plaza 8595 S. Decatur Blvd Las Vegas, NV 89139
HealthCare Partners Management Services Nevada, LLC
28,839 6,551 $1.85 NNN 84 New
2
3
4
5
1
6
03
MA
RK
ET
OV
ER
VIE
W
33ST160
ST595
ST160
BRUCE WOODBURY BLTWY
SRAI
N BO W
B LVD
BLUE DIAMOND RD
W SUNSET RD
S BUF
FALO
DR
S DUR
ANGO
DR
S GRA
ND C
ANYO
N DR
ROY HORN WAY
W WIGWAM AVE
W ROBINDALE RD
W WINDMILL LN
W HACIENDA AVE
S JON
ES B
LVD
S DEC
ATUR
BLV
D
SFO
RTAP
ACHE
RD
W WARM SPRINGS RD
W RUSSELL RD1
2
5
4
6
Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID,IGN, and the GIS User Community
3LONGFORD SHOPPES
1
2
3
4
5
# ADDRESS
6
Centra Point Retail: 8349 - 8350 W. Sunset Rd., Las Vegas
Gramercy Commons: 5752 S. Fort Apache Rd., Las Vegas
Pine Plaza: 6085 S. Fort Apache Rd., Las Vegas
Blue Diamond Ranch Plaza: 8595 S. Decatur Blvd., Las Vegas
Orange Groves at Rhodes Ranch: 8680 W. Warm Springs Rd., Las Vegas
Longford Shoppes: 6415 - 6485 S. Fort Apache Rd., Las Vegas
03 M
AR
KE
T O
VE
RV
IEW
34
SUNSET ROADFORT APACHE ROAD
HOSPITAL OWNED
ZONED RE - 2 UNITS/ACRE
SUMMERLIN
LONGFORDSHOPPES
TESORIA IIAPARTMENTS
UNDERCONSTRUCTION
ZONED RE - 2 UNITS/ACRE
03
MA
RK
ET
OV
ER
VIE
W
35
SUNSET ROADFORT APACHE ROAD
HOSPITAL OWNED
ZONED RE - 2 UNITS/ACRE
SUMMERLIN
LONGFORDSHOPPES
TESORIA IIAPARTMENTS
UNDERCONSTRUCTION
ZONED RE - 2 UNITS/ACRE
03 M
AR
KE
T O
VE
RV
IEW
36
SEVENHIL LSDR
N DE
CATU
R BL
VD
CENT
ER ST
E TROPICANA AVE
SRAN
CHO
DR
W SUMMERLIN PKWY
E HORIZON DR
E HARMON AVE
E FLAMINGO RD
S DURANGO DR
S MAG
IC W
AY
E LAKE MEAD PKWY
N BU
FFAL
O DR
W RUSSELL RD
W SAHARA AVE
N LOS
EE RD
A LIANTE PKWY
SPEEDWAY BLVD
DURA
NGO
DR
W CRAIG RD
MCLE
OD ST
E CAREY AVE
ELKHORN RD
N 4T
H ST
N NE
LLIS
BLV
D
W SUNSET RDE AT HENS AVE
W LAKE ME AD BLVD
SBUF
F ALO
DR
PA SE O V ERDEP
KW Y
S RAC
ETRA
CK R
D
W ANN RD
FARM RD
SKY POINT E DR
S STE
PHAN
IE ST
W TROPICAL PKWY
E GALLERIA DR
GOMER RD
S LAM
B BL
VD
W TROPICANA AVE
SMAR
YLAN
DPK
WY
NAR
ROYO
GRAN
DEBLV
D
N WATER ST
AIRP
ORT C
ONN
AU TO SHOW DR
S EL C
APITA
N WA
Y
N MA
JOR A
VE
N HUALAPAI WAY
NBR
UCES
T
E PARADISE HILLS DR
E EVANS AVE
NMA
RTIN
LKIN
GBL
VD
HILL
S CEN
TER
DR
NEVADA
STAT
E DR
HILLPOINTE RD
BELM
ONT S
T
CIVIC
CENT
ERDR
CLIFFSHADO WS DR
W SUNSET RD
W WIGWAM AVE
FOOT
HILL
S DR
MOUN
TAIN
VIS
TA ST
W ROBINDALE RD
N DE
CATU
R BL
VD
E SUNSET RD
W FLAMINGO RD
M ON
TEL AGO
BLVD
E VAN WAGENEN ST
SHOL
LYWOO
DBL
VD
LOSE
E RD
LAS V
EGAS
BLV
D S
N 5T
H ST
S WATER ST
W PA
CIFI
C AV
E
NLA
S VEG
ASB L
VD
SHINNECOCK HILL S AVE
PABCOR D
W OWENS AVE
N PE
COS R
D
E WASHBURN RD
W LAKE MEAD BLVD
W CHEYENNE AVE
E OWENS AVE
E CACTUS AVE
PEBB LERD
VEGAS DR
E HORIZONRIDGE PKWY
DEL WEBB BLVD
W CENTENNIAL PKWY CAMINOELDORADO
SEASTERNAVE
AME RICAN PACIFIC DR
NDU
RANG
ODR
FAR H ILLS AVE
AZURE RD
N HO
LLYW
OOD
BLVD
THE S
TRIP
PARA
DISE
RD
CA
MINO ALNO
RTE
WESTCLIFF DR
NJO
NES B
LVD
EAST G ATE RD
BROADBENTBLVD
GRAND TETON DR
STEWART AVE
SLAM
B BLV
D
E CHARLESTON BLVD
N RA
CETR
ACK
RD
E SAHARA AVE
EQUESTRIAN DR
S BUFFALO DR
W SILVERADO RANCH BLVD
SMOKE RANCH RD
W ALTA D R
N HO
LLYW
OOD
BLVD
LAKELASVE GAS PKWY
GREEN WAY RD
WIND MILL PKWY
MISSION DR
DESE R T FOOTHILLS DR
DEANMARTIN
DR
N TE
NAYA
WAY
W WINDMILL LN
E SILVERADO RANCH BLVD
NVALLEVERDE
DR
N HU
ALAP
AI W
AY
N FO
RT A
PACH
E RD
E SUMMERLIN PKWYNRA
MPAR
TBLV
D
LAKESH O RERD
W CAREY AVE
COLL
EGE D
R
S DEC
ATU R
BLVD
NGREEN VALLEY
PK WY
P AR A
DISE
RD
E CENTENNIAL PKWY
E BU RKHOLDER BLVDWIGWAM PKWY
W ELKHORN RD
NORTHSHORE RD
NST
EPHA
NIE S
T
S PEC
OS R
D
W CRAIG RD
W GALLERIA DR
SUN CITY BLVD
S LAS
VEG
AS B
LVD
N GR
AND
CANY
ON D
R
NCIV IC CENTER
DR
SVAL
LEY
VIEW
BLVD
W CACTUS AVE
S JON
ES B
LVD
ANAS
AZI D
R
N PE
COS R
D
N RA
INBO
W BL
VD
SUNR IDGE HEIG HT S PKWY
N LA
MB B
LVD
S SAN
D HI L
L RD
BERM
UDA
RD
S HUALAPAI WAY
S TOW
NCE
N TER
DR
N PE
COS R
D
W ALEXANDER RD
W WARM SPRINGS RD
SIMM
ONSS
T
E BONANZA RD
W WASHINGTON AVE E WASHINGTON AVE
W DESERT INN RD
W WARM SPRINGS RD
E RUSSELL RD
W HORIZON RIDGE PKWY
ALTA DR
S DEC
ATUR
BLV
D
W LONE MOUNTAIN RD
SFOR
T APA
CHE
RD
McCarran International
Airport
L A S V E G A S
H E N D E R S O N
N O R T HL A S V E G A S
9595
95
15
15
15
515
515215
215
215
215
BUS
03
MA
RK
ET
OV
ER
VIE
W
LONGFORD SHOPPES
37
04
FIN
AN
CIA
L SU
MM
AR
Y
FINANCIALSUMMARY
38
04
F
INA
NC
IAL
SU
MM
AR
Y
FINANCIAL OVERVIEW
The Longford Shoppes is being offered for sale at $19,500,000. The property is offered on an “As is, and where is” basis.
Summarized below are the financial projections for The Longford Shoppes.
$19,500,000 Price
$442Price Per Square Foot
$1,186,320 In-Place Net Operating Income*In-Place NOI assumes the vacant suite is leased as of the analysis start date.
6.08%In-Place Cap Rate
$1,156,831Year 1 Projected Net Operating Income
5.93%Year 1 Projected Cap Rate
The following information is provided in the Financial Analysis and Tenant Information Sections to assist inves-tors in initial underwriting.
• Cash Flow Projection
• Sources, Uses, and Returns
• Rent Roll
• Lease Expiration Schedule & Market Rent Comparison
• Cash Flow Assumptions
• Revenue Line Item Assumptions
• Operating Cost Breakdown
39
04
FIN
AN
CIA
L SU
MM
AR
Y
FY Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10FY 2021 Oct-2020 Oct-2021 Oct-2022 Oct-2023 Oct-2024 Oct-2025 Oct-2026 Oct-2027 Oct-2028 Oct-2029
Revenue $ PSF / Yr Sep-2021 Sep-2022 Sep-2023 Sep-2024 Sep-2025 Sep-2026 Sep-2027 Sep-2028 Sep-2029 Sep-2030 Total
Scheduled Base Rent
Base Rental Revenue $27.19 $1,198,611 $1,223,534 $1,238,235 $1,257,082 $1,277,968 $1,293,716 $1,313,874 $1,333,450 $1,355,117 $1,376,144 $14,266,371
Absorption & Turnover Vacancy $ 0.00 $ 0 $ 0 $ 0 $ 0 -$ 11,369 -$ 41,471 -$ 5,924 -$ 5,514 -$ 5,937 -$ 13,179 -$ 95,427
Base Rent Abatements $ 0.00 $ 0 $ 0 $ 0 $ 0 -$ 12,790 -$ 30,444 -$ 14,065 -$ 12,579
-$ 6,679 -$ 7,549 -$ 105,140
Total $27.19 $1,198,611 $1,223,534 $1,238,235 $1,257,082 $1,253,809 $1,221,801 $1,293,885 $1,315,357 $1,342,501 $1,355,416 $14,065,804Total Expense Recoveries $ 4.34 $ 191,257 $ 196,599 $ 201,975 $ 207,539 $ 210,734 $ 208,507 $ 223,279 $ 230,129 $ 236,546 $ 241,591 $ 2,395,815
Total Other Tenant Revenue $ 4.34 $ 191,257 $ 196,599 $ 201,975 $ 207,539 $ 210,734 $ 208,507 $ 223,279 $ 230,129 $ 236,546 $ 241,591 $ 2,395,815
Total Gross Revenue $31.52 $1,389,868 $1,420,133 $1,440,209 $1,464,621 $1,464,543 $1,430,307 $1,517,165 $1,545,487 $1,579,047 $1,597,007 $16,461,618General Vacancy -$ 0.82 -$ 36,233 -$ 37,656 -$ 38,569 -$ 39,696 -$ 28,802 -$ 19,726 -$ 38,180 -$ 38,105 -$ 39,271 -$ 33,181 -$ 388,528
Effective Gross Revenue $30.70 $1,353,635 $1,382,477 $1,401,640 $1,424,925 $1,435,741 $1,410,581 $1,478,985 $1,507,382 $1,539,776 $1,563,826 $16,073,090
ExpensesReal Estate Taxes $ 1.09 $ 48,020 $ 49,460 $ 50,944 $ 52,472 $ 54,047 $ 55,668 $ 57,338 $ 59,058 $ 60,830 $ 62,655 $ 615,026
Property Insurance $ 0.55 $ 24,312 $ 25,041 $ 25,793 $ 26,566 $ 27,363 $ 28,184 $ 29,030 $ 29,901 $ 30,798 $ 31,722 $ 311,383
Utilities $ 1.15 $ 50,659 $ 52,179 $ 53,744 $ 55,356 $ 57,017 $ 58,727 $ 60,489 $ 62,304 $ 64,173 $ 66,098 $ 648,827
Waste Removal $ 0.19 $ 8,589 $ 8,847 $ 9,112 $ 9,385 $ 9,667 $ 9,957 $ 10,256 $ 10,563 $ 10,880 $ 11,207 $ 110,006
Repairs and Maintenance $ 0.06 $ 2,863 $ 2,949 $ 3,037 $ 3,128 $ 3,222 $ 3,319 $ 3,419 $ 3,521 $ 3,627 $ 3,736 $ 36,669
Contract Services $ 0.49 $ 21,753 $ 22,405 $ 23,077 $ 23,770 $ 24,483 $ 25,217 $ 25,974 $ 26,753 $ 27,556 $ 28,382 $ 278,604
Management Fees $ 0.92 $ 40,609 $ 41,474 $ 42,049 $ 42,748 $ 43,072 $ 42,317 $ 44,370 $ 45,221 $ 46,193 $ 46,915 $ 482,193
Total Operating Expenses $ 4.46 $ 196,805 $ 202,355 $ 207,756 $ 213,425 $ 218,871 $ 223,389 $ 230,876 $ 237,321 $ 244,057 $ 250,715 $ 2,225,574Net Operating Income $26.24 $1,156,830 $1,180,122 $1,193,884 $1,211,500 $1,216,870 $1,187,192 $1,248,109 $1,270,061 $1,295,719 $1,313,111 $13,847,516
Capital Costs
Tenant Improvements $ 0.61 $ 26,920 $ 39,913 $ 12,614 $ 43,960 $ 33,921 $ 135,425 $ 76,709 $ 16,451 $ 131,990 $ 20,022 $ 616,603
Leasing Commissions $ 0.00 $ 0 $ 0 $ 0 $ 0 $ 13,595 $ 41,890 $ 12,200 $ 6,593 $ 7,100 $ 8,024 $ 111,761
Total Capital Costs $ 0.61 $ 26,920 $ 39,913 $ 12,614 $ 43,960 $ 47,516 $ 177,315 $ 88,909 $ 23,044 $ 139,090 $ 28,046 $ 728,364
Cash Flow Before Debt Service $25.63 $1,129,910 $1,140,209 $1,181,270 $1,167,540 $1,169,354 $1,009,877 $1,159,200 $1,247,017 $1,156,629 $1,285,065 $13,119,152
Debt Service
Total Interest $12.70 $ 559,819 $ 550,532 $540,817 $ 530,656 $ 520,028 $ 508,912 $ 497,286 $ 485,126 $ 472,405 $ 459,103 $ 5,124,684
Total Principal $ 4.59 $ 202,175 $ 211,463 $221,177 $ 231,338 $ 241,967 $ 253,082 $ 264,709 $ 276,868 $ 289,589 $ 302,892 $ 2,495,260
Total Financing $17.28 $ 761,994 $ 761,995 $761,994 $ 761,994 $ 761,995 $ 761,994 $ 761,995 $ 761,994 $ 761,994 $ 761,995 $ 7,619,944Operating Cash Flow $ 8.35 $ 367,917 $ 378,214 $419,275 $ 405,544 $ 407,359 $ 247,882 $ 397,207 $ 485,021 $ 394,636 -$9,514,011 -$ 4,795,006
CASH FLOW PROJECTION
40
04
F
INA
NC
IAL
SU
MM
AR
Y
SOURCES, USES, AND RETURNS
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10For the Years Ending Aug-2021 Aug-2022 Aug-2023 Aug-2024 Aug-2025 Aug-2026 Aug-2027 Aug-2028 Aug-2029 Aug-2030 Total
Sources Of Capital
Net Operating Gains $ 1,156,831 $1,180,122 $1,193,884 $1,211,498 $1,216,870 $1,187,191 $1,248,110 $1,270,060 $1,295,719 $ 1,313,111 $12,273,397
Debt Funding Proceeds $12,532,341 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $12,532,341
Initial Equity Contribution $ 6,967,659 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 6,967,659
Net Proceeds From Sale $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $20,261,319 $20,261,319
Defined Sources Of Capital $20,656,831 $1,180,122 $1,193,884 $1,211,498 $1,216,870 $1,187,191 $1,248,110 $1,270,060 $1,295,719 $21,574,431 $52,034,716
Required Equity Contributions $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Total Sources Of Capital $20,656,831 $1,180,122 $1,193,884 $1,211,498 $1,216,870 $1,187,191 $1,248,110 $1,270,060 $1,295,719 $21,574,431 $52,034,716
Uses Of Capital
Total Property Purchase Price $19,500,000 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $19,500,000
Total Debt Service $ 761,994 $ 761,995 $ 761,994 $ 761,994 $ 761,995 $ 761,994 $ 761,995 $ 761,994 $761,994 $ 761,995 $ 7,619,944
Tenant Improvements $ 26,920 $ 39,913 $ 12,614 $ 43,960 $ 33,921 $ 135,425 $ 76,709 $ 16,451 $131,990 $ 20,022 $ 537,925
Leasing Commissions $ 0 $ 0 $ 0 $ 0 $ 13,595 $ 41,890 $ 12,200 $ 6,593 $7,100 $ 8,024 $ 89,402
Debt Retirement $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $10,037,081 $10,037,081
Defined Uses Of Capital $20,288,914 $ 801,908 $ 774,608 $ 805,954 $ 809,511 $ 939,309 $ 850,903 $ 785,038 $901,083 $10,827,122 $37,784,351
Cash Flow Distributions $ 367,917 $ 378,214 $ 419,275 $ 405,544 $ 407,359 $ 247,882 $ 397,207 $ 485,021 $394,636 $10,747,309 $14,250,365
Total Uses Of Capital $20,656,831 $1,180,122 $1,193,884 $1,211,498 $1,216,870 $1,187,191 $1,248,110 $1,270,060 $1,295,719 $21,574,431 $52,034,716
Unleveraged Cash on Cash Return
Cash to Purchase Price 5.92% 6.03% 6.10% 6.17% 6.19% 5.98% 6.26% 6.36% 6.45% 6.52% 60.98%
NOI to Book Value 5.79% 5.85% 6.06% 5.99% 6.00% 5.18% 5.94% 6.39% 5.93% 6.59% 59.72%
Leveraged Cash on Cash Return
Cash to Initial Equity 5.28% 5.43% 6.02% 5.82% 5.85% 3.56% 5.70% 6.96% 5.66% 7.51% 57.78%
Unleveraged Annual IRR 6.24%
Leveraged Annual IRR 8.79%
Calculated Yields
Income Yield 6.97% 7.01% 7.00% 7.00% 6.93% 6.62% 6.81% 6.82% 6.83%
Capital Yield 1.30% 1.26% 1.28% 1.27% 1.34% 1.60% 1.44% 1.45% 1.41%
Total Yield 8.27% 8.27% 8.28% 8.27% 8.27% 8.23% 8.25% 8.27% 8.24%
IRR-5 Year Hold 7.84% 8.29% 8.27% 8.36% 8.23% 8.00% 7.18% 7.90% 7.87% 7.86%
IRR-10 Year Hold 8.00% 7.65% 7.96% 7.94% 7.94% 7.88% 7.34% 7.79% 7.65% 7.54%
IRR Business Plan Hold 8.00% 7.65% 7.96% 7.94% 7.94% 7.88% 7.34% 7.79% 7.65% 7.54%
41
04
FIN
AN
CIA
L SU
MM
AR
Y
RENT ROLL
Tenant Name Rate Per Year RenewalSuite Number Lease Period Amount Per Year Recovery AssumptionLease Dates Initial Area Lease Status Rate Per Month Rent Rent Rent Structure Name Market - %Lease Term Building Market Leasing Amount Per Month Changes On Changes To Changes To Type ReabsorbTenure Share % Lease Type Rental Value Per Year Date $/SF-Annual $/SF-Monthly Input Amount Option
1. Wine and Spirits Store 2,435 Base $ 19.80 Dec-2020 $20.40 $1.70 Net OptionSuite: 100 5.52% Contract $48,213.0012/1/2011 - 11/30/2021 General Vacancy - $ 1.6510 Years Retail $ 4,018.00
$58,440.00 * Wine and Spirits Store (Option 2) - Tenant has Two (2) 5 year Options at 100.0% of Fair Market Value.
4. Bruno's Taco Bar, LLC 2,266 Base $ 23.40 Mar-2021 $24.60 $2.05 Net OptionSuite: 105 5.14% Contract $53,024.00 Mar-2022 $25.80 $2.152/27/2017 - 7/26/2022 General Vacancy + $ 1.955 Years 5 Months Retail $ 4,419.00
$54,384.00 * Bruno’s Taco Bar, LLC (Option 1) - Tenant has One (1) 5 year Option at 100.0% of Fair Market Value.
6. Pizza Hut 1,440 Base $ 22.20 Net OptionSuite: 110 3.27% Contract $31,968.0010/24/2016 - 10/23/2021 General Vacancy - $ 1.855 Years Retail $ 2,664.00
$34,560.00 * Pizza Hut (Option 3) - Tenant has Three (3) 5 year Options in which, they continue prior escalations.
10. D's Smoke Shop & Gifts 1,303 Base $ 23.40 Jul-2020 $24.00 $2.00 Net OptionSuite: 115 2.96% Contract $30,490.00 Jul-2021 $24.60 $2.057/29/2019 - 7/28/2024 General Vacancy + $ 1.95 Jul-2022 $25.20 $2.105 Years Retail $ 2,541.00 Jul-2023 $25.80 $2.15
$31,272.00 * D’s Smoke Shop & Gifts (Option 2) - Tenant has Two (2) 5 year Options in which, they continue prior escalations.
13. In Da Cut 1,315 Base $ 21.63 Apr-2021 $22.28 $1.86 Net Market - 75.00%Suite: 120 2.98% Contract $28,443.00 Apr-2022 $22.95 $1.9110/1/2014 - 3/31/2025 General Vacancy - $ 1.80 Apr-2023 $23.64 $1.9710 Years 6 Months Retail $ 2,370.00 Apr-2024 $24.34 $2.03
$31,560.00
14. Vacancy 2,500 Base $ 22.80 Oct-2021 $23.48 $1.96 Net Market - 75.00%Suite: 125A 5.67% Speculative $57,000.00 Oct-2022 $24.19 $2.0210/1/2020 - 11/30/2025 Vacancy (Grey Shell Aggregate Flooring) $ 1.90 Oct-2023 $24.91 $2.085 Years 2 Months Retail $ 4,750.00 Oct-2024 $25.66 $2.14
$57,000.00 Oct-2025 $26.43 $2.20 * Vacant suite has grey shell build out and aggregate floor. The Vacant space is assumed leased as of the analysis start date at 100% FMR.
42
04
F
INA
NC
IAL
SU
MM
AR
Y
RENT ROLL - CONT’DTenant Name Rate Per Year RenewalSuite Number Lease Period Amount Per Year Recovery AssumptionLease Dates Initial Area Lease Status Rate Per Month Rent Rent Rent Structure Name Market - %Lease Term Building Market Leasing Amount Per Month Changes On Changes To Changes To Type ReabsorbTenure Share % Lease Type Rental Value Per Year Date $/SF-Annual $/SF-Monthly Input Amount Option
15. Dogtopia 6,241 Base $ 16.80 Aug-2020 $17.28 $1.44 Dogtopia OptionSuite: 130 14.16% Contract $104,849.00 Aug-2021 $17.76 $1.488/1/2019 - 7/31/2029 Vacancy 3k SF - $ 1.40 Aug-2022 $18.24 $1.5210 Years Retail $ 8,737.00 Aug-2023 $18.84 $1.57
$116,083.00 Aug-2024 $19.44 $1.62 * Dogtopia (Option 2) - Tenant has Two (2) 5 year Options in which, they continue prior escalations. Tenant’s lease excludes management or administrative fees exceeding five percent (5%) of the total CAM.
Aug-2025 $20.04 $1.67Aug-2026 $20.64 $1.72Aug-2027 $21.24 $1.77Aug-2028 $21.84 $1.82
18. Dental Support Services, LLC 1,189 Base $ 19.20 Jan-2019 $19.80 $1.65 Net Option
Suite: 150 2.70% Contract $ 22,829.00 Jan-2020 $20.40 $1.701/1/2018 - 3/31/2023 General Vacancy - $ 1.60 Jan-2021 $21.00 $1.755 Years 3 Months Retail $ 1,902.00 Jan-2022 $21.60 $1.80
$ 28,536.00 * Dental Support Services, LLC (Option 1) - Tenant has One (1) 5 year Option in which, they continue prior escalations.
20. Bob Allen Golf 3,803 Base $ 18.60 Net OptionSuite: 155-165 8.63% Contract $ 70,736.003/1/2018 - 2/28/2021 Vacancy 3k SF - $ 1.553 Years Retail $ 5,895.00
$ 70,736.00
22. Care N Home Medical Supplies, Inc. 2,692 Base $ 20.16 Net Option
Suite: 170-175 6.11% Contract $ 54,271.004/1/2014 - 6/30/2021 General Vacancy - $ 1.687 Years 3 Months Retail $ 4,523.00
$ 64,608.00
24. DT Nails 1,364 Base $ 21.00 Jan-2020 $21.63 $1.80 Net Market - 75.00%Suite: 180 3.09% Contract $ 28,644.00 Jan-2021 $22.28 $1.867/1/2013 - 12/31/2024 General Vacancy - $ 1.75 Jan-2022 $22.95 $1.9111 Years 6 Months Retail $ 2,387.00 Jan-2023 $23.64 $1.97
$ 32,736.00 Jan-2024 $24.34 $2.03
25. Mailbox USA 1,243 Base $ 20.40 May-2021 $21.00 $1.75 Net OptionSuite: 185 2.82% Contract $ 25,357.00 May-2022 $21.60 $1.804/16/2019 - 4/30/2024 General Vacancy - $ 1.70 May-2023 $22.20 $1.855 Years 15 Days Retail $ 2,113.00
$ 29,832.00
27. Dr. Licata DDS 1,477 Base $ 20.40 Nov-2020 $21.00 $1.75 Net OptionSuite: 190 3.35% Contract $ 30,131.00 Nov-2021 $21.60 $1.8011/1/2013 - 2/29/2024 General Vacancy - $ 1.70 Nov-2022 $22.20 $1.8510 Years 4 Months Retail $ 2,511.00
$ 35,448.00
43
04
FIN
AN
CIA
L SU
MM
AR
Y
RENT ROLL - CONT’DTenant Name Rate Per Year RenewalSuite Number Lease Period Amount Per Year Recovery AssumptionLease Dates Initial Area Lease Status Rate Per Month Rent Rent Rent Structure Name Market - %Lease Term Building Market Leasing Amount Per Month Changes On Changes To Changes To Type ReabsorbTenure Share % Lease Type Rental Value Per Year Date $/SF-Annual $/SF-Monthly Input Amount Option
30. Walgreen Co. 14,820 Base $ 40.49 Net of R&M - Walgreen's Market - 100.00%Suite: PAD 33.61% Contract $600,000.009/19/2007 - 9/18/2082 General Vacancy + $ 3.37
* Tenant shall have the right and option, at Tenant’s election, to terminate this Lease effective as of the last day of the 300th full calendar month of the Term - 9/18/2032
44
04
F
INA
NC
IAL
SU
MM
AR
Y
Tenants SuiteLease Period
ExpirationDate
RemainingTerm
ExpiringArea
BuildingShare %
BaseRent
BaseRent/SF
MarketRent/SF
Rent vs.Market Rent
FY 2021 Expirations 20. Bob Allen Golf 155-165 Base 2/28/2021 0 years 4 months 29 days 3,803 8.63% $ 70,736 $18.60 $18.60 100.00% 22. Care N Home Medical Supplies, Inc. 170-175 Base 6/30/2021 0 years 8 months 28 days 2,692 6.11% $ 54,271 $20.16 $24.00 84.00% Total FY 2021 Expirations 6,495 14.73% $125,007 $19.25 $20.84 92.36%
FY 2022 Expirations 1. Wine and Spirits Store 100 Base 11/30/2021 1 years 1 months 28 days 2,435 5.52% $ 49,674 $20.40 $24.00 85.00% 4. Bruno's Taco Bar, LLC 105 Base 7/26/2022 1 years 9 months 24 days 2,266 5.14% $ 56,840 $25.08 $24.00 104.52% 6. Pizza Hut 110 Base 10/23/2021 1 years 0 months 21 days 1,440 3.27% $ 31,968 $22.20 $24.00 92.50% Total FY 2022 Expirations 6,141 13.93% $138,482 $22.55 $24.00 93.96%
FY 2023 Expirations 18. Dental Support Services, LLC 150 Base 3/31/2023 2 years 5 months 29 days 1,189 2.70% $ 25,682 $21.60 $24.00 90.00% Total FY 2023 Expirations 1,189 2.70% $ 25,682 $21.60 $24.00 90.00%
FY 2024 Expirations 10. D's Smoke Shop & Gifts 115 Base 7/28/2024 3 years 9 months 27 days 1,303 2.96% $ 33,617 $25.80 $24.72 104.37% 25. Mailbox USA 185 Base 4/30/2024 3 years 6 months 30 days 1,243 2.82% $ 27,595 $22.20 $24.72 89.81% 27. Dr. Licata DDS 190 Base 2/29/2024 3 years 4 months 30 days 1,477 3.35% $ 32,789 $22.20 $24.72 89.81% Total FY 2024 Expirations 4,023 9.12% $ 94,001 $23.37 $24.72 94.52%
FY 2025 Expirations 13. In Da Cut 120 Base 3/31/2025 4 years 5 months 29 days 1,315 2.98% $ 32,013 $24.34 $25.46 95.61% 24. DT Nails 180 Base 12/31/2024 4 years 2 months 31 days 1,364 3.09% $ 28,644 $21.00 $25.46 82.48% Total FY 2025 Expirations 2,679 6.08% $ 60,657 $22.64 $25.46 88.93%
FY 2026 Expirations 14. Vacancy 125A Base 11/30/2025 5 years 1 months 28 days 2,500 5.67% $ 57,000 $22.80 $24.91 91.51% Total FY 2026 Expirations 2,500 5.67% $ 57,000 $22.80 $24.91 91.51%
FY 2029 Expirations 15. Dogtopia 130 Base 7/31/2029 8 years 9 months 29 days 6,241 14.16% $136,303 $21.84 $22.21 98.34% Total FY 2029 Expirations 6,241 14.16% $136,303 $21.84 $22.21 98.34%
Final Totals 29,268 66.39% $637,133 $21.77 $23.23 93.72%
LEASE EXPIRATION SCHEDULE & MARKET RENT COMPARISON
45
04
FIN
AN
CIA
L SU
MM
AR
Y
Cash Flow Start Date 10/1/2020
2020 Market Rent
General Vacancy + $2.00 PSF per month, Net
Vacancy 3k SF - $1.55 PSF per month, Net
Vacancy (Grey Shell Aggregate Flooring) $1.90 PSF per month, Net
Vacancy 3k SF + $1.55 PSF per month, Net
General Vacancy - $1.55 PSF per month, Net
Market Rent Growth Rate 3.00%
Lease Term
General Vacancy + 5/2 Years / Months
Vacancy 3k SF - 5/2 Years / Months
Vacancy (Grey Shell Aggregate Flooring) 5/2 Years / Months
Vacancy 3k SF + 5/2 Years / Months
General Vacancy - 5/2 Years / Months
Rent Increases During Term 3.00% per year
Reimburseable Expenses •Expense Reimbursement Revenue
Renewal Probability
General Vacancy + 75.00%
Vacancy 3k SF - 75.00%
Vacancy (Grey Shell Aggregate Flooring) 75.00%
Vacancy 3k SF + 75.00%
General Vacancy - 75.00%
CASH FLOW ASSUMPTIONS
Downtime
General Vacancy + 6 Months
Vacancy 3k SF - 12 Months
Vacancy (Grey Shell Aggregate Flooring) 6 Months
Vacancy 3k SF + 12 Months
General Vacancy - 6 Months
Rent Abatement
General Vacancy + 3 Months New & 2 Month Renew
Vacancy 3k SF - 3 Months New & 2 Month Renew
Vacancy (Grey Shell Aggregate Flooring) 3 Months New & 2 Month Renew
Vacancy 3k SF + 3 Months New & 2 Month Renew
General Vacancy - 3 Months New & 2 Month Renew
Tenant Improvements
General Vacancy + $15.00 PSF New $10.00 PSF Renew
Vacancy 3k SF - $15.00 PSF New $10.00 PSF Renew
Vacancy (Grey Shell Aggregate Flooring) $40.00 PSF New $10.00 PSF Renew
Vacancy 3k SF + $15.00 PSF New $10.00 PSF Renew
General Vacancy - $15.00 PSF New $10.00 PSF Renew
Leasing Commissions
6.00% New
3.00% Renewal
Expense Inflation Rate 3.00% Annually
Real Estate Tax Growth Rate 3.00% Annually
General Vacancy 5.00% of Potential Gross Revenue
Expense Reimbursement Revenue All of tenants are NNN leased and pay their pro-rata share of operating expenses. There is minor leakage as Wal-green’s lease provides an exclusion on the repair and maintenance related CAM expenses and Dogtopia provides an exclusion on management fees. Dogtopia’s lease does however allow for a 5% admin fee on CAM costs. Between these two tenants, the annual leakage is roughly $5,500.
REVENUE LINE ITEM ASSUMPTIONS
46
04
F
INA
NC
IAL
SU
MM
AR
Y
OPERATING EXPENSE BREAKDOWN
Expense Projected Year 1 PSF Projected Year 1 Projected Year 2
Real Estate Taxes $1.09 $ 48,020 $ 49,460
Property Insurance $0.55 $ 24,312 $ 25,041
Utilities $1.15 $ 50,659 $ 52,179
Waste Removal $0.19 $ 8,589 $ 8,847
Repairs and Maintenance $0.06 $ 2,863 $ 2,949
Contract Services $0.49 $ 21,753 $ 22,405
Management Fees $0.92 $ 40,609 $ 41,474
Total Expenses $4.46 $196,805 $202,355
REAL ESTATE TAXESReal estate taxes are based on the 2020 budget which reflects a 5.5% increase from the prior year.
UTILITIESUtilities include electric, water, sewer and gas.
REPAIRS AND MAINTENANCETenants are responsible for the costs of landscaping, window clean-ing costs; labor costs; costs and expenses of managing the Building including management fees; air conditioning maintenance costs; elevator maintenance fees and supplies; material costs; equipment costs including the cost of maintenance, repair and service agree-ments and rental and leasing costs; advertising costs; purchase costs of equipment; current rental and leasing costs of items which would be capital items if purchased; tool costs; licenses, permits and inspection fees; wages and salaries; employee benefits and payroll taxes; accounting and legal fees; any sales, use or service taxes in-curred in connection therewith.
MANAGEMENT FEESManagement Fee is calculated at 3.0% of Effective Gross Revenue.
PROPERTY INSURANCE Insurance includes general property and liability insurance costs. Walgreen’s has their own insurance and does not contribute in the reimbursement of this fee to landlord. Buyer’s should make their own assumptions regarding the costs to insure the project. WASTE REMOVAL
Tenants are responsible for the Common Areas, including parking and landscaping, window cleaning costs; labor costs; air condition-ing maintenance costs; elevator maintenance fees and supplies; material costs; equipment costs including the cost of maintenance, repair and service agreements and rental and leasing costs; adver-tising costs; purchase costs of equipment; current rental and leasing costs of items which would be capital items if purchased; tool costs; licenses, permits and inspection fees; wages and salaries; employee benefits and payroll taxes; accounting and legal fees; any sales, use or service taxes incurred in connection therewith. CONTRACT SERVICES Contract Services includes day porter service, cleaning service, power washing, waste removal, fire/life/safety and landscape. Wal-green’s does not participate in landscape or parking related CAMs.
HUNTER BRADSHAWAssociate +1 702 688 6874 [email protected]. #S.187196
MARLENE M. FUJITA, CCIM Executive Director +1 702 688 6884 [email protected]. #S.54013
INVESTMENT CONTACTS
CHARLES M. MOORE, CSM Executive Director+1 702 688 6953 [email protected]. #BS.36559
MARKET LEASING CONTACTS
DAN HUBBARDSenior Director +1 702 688 6934 [email protected]. #S.13713.LLC
6725 Via Austi Parkway, Ste 275 Las Vegas, NV 89119cushmanwakefield.com
LAS VEGAS, NV 89148
6415-6485 SOUTH FORT APACHE ROAD
This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possible investment in 6415-6485 South Fort Apache Rd., Las Vegas, Nevada 89148 (the “Project”), and is not to be used for any other purpose or made available to any other party without the prior written consent of its exclusive broker, Cushman & Wakefield. This Memorandum was prepared by Cushman & Wakefield based primarily on information supplied by Managing Member. It contains select information about the Project and the real estate market but does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Cushman & Wakefield nor Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment in the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield nor Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any other Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the right, at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations with any party at any time with or without written notice. Managing Member shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by Managing Member and any conditions to Managing Member’s obligations thereunder have been satisfied or waived. Managing Member has retained Cushman & Wakefield as its exclusive broker and will be responsible for any commission due to Cushman & Wakefield in connection with a transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefield is not authorized to make any representation or agreement on behalf of Managing Member. Each prospective investor will be responsible for any claims for commissions by any other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement.
CAPITAL MARKETS | INVESTMENT PROPERTIES