OFFERING MEMORANDUM - LoopNet · PROPERTY SUMMARY PROPERTY SUMMARY Property Name The Shops at Town Center Property Address 6401, 6441-6461 N. Durango Dr., Las Vegas, NV 89149 Occupancy

1

THE SHOPS AT TOWN CENTER | MULTI-TENANT NNN INVESTMENT6401, 6441-6461 N. DURANGO DRIVE, LAS VEGAS, NV 89149

FOR INFORMATION PLEASE CONTACT: ANDREA CATALANO | 702-378-1375

[email protected] DAPPER | 702-755-1790

OFFERING MEMORANDUMTHE SHOPS AT TOWN CENTER | MULTI-TENANT NNN INVESTMENT6401, 6441-6461 N. DURANGO DRIVE, LAS VEGAS, NV 89149

2




TABLE OF CONTENTSInvestment highlights 3

Property summary 4

Property information 5

Photos 6

Financial analysis 7

Property aerials 8-10

Site plan 11

Tenant Overviews 12-14

Location overview 15

Market & area overview 16

OFFERING MEMORANDUM

3




INVESTMENT HIGHLIGHTS

PROPERTY OVERVIEW:

This offering includes a 14,374 square foot class “A” Multi – Tenant Net Leased

Retail Investment (The Shops at Town Center) with 100% occupancy located in

Northwest Las Vegas. This property is perfectly positioned on the Northwest

corner of West Centennial Parkway and North Durango Drive right off the

I-215 Freeway. Majority of the Tenants have been in place since this center

was constructed in 2008. Tenants include: Domino’s Pizza, Align Chiropractic,

Quizno’s, Dollar Loan Center, Farmers Insurance, Dee’s Donuts and Angel’s

Cleaners. This net leased investment is perfect for an investor looking for a

stable income property with minimal management responsibilities.

STABLE INCOME — EASE OF MANAGEMENT: • Minimal Management Responsibilities

• Attractive Rental Increases

• Monument Signage on N. Durango Dr.

• Long term tenants in place

EXCELLENT RETAIL LOCATION — STRONG DEMOGRAPHICS: • Irreplaceable Street Visibility on N. Durango Dr.

• Main Retail Corridor for Northwest Las Vegas

• Highly Desired Retail Location

• Adjacent to National Credit Tenants

• Positioned just South of the I-215/Durango Interchange

PERFECT 1031 EXCHANGE PROPERTY: • Pride of Ownership

• Strong Northwest Las Vegas Retail Location

• Rare Opportunity to Own a Class “A” Multi-Tenant Retail Center

• Newer 2008 Construction

4




PROPERTY SUMMARY

PROPERTY SUMMARY

Property Name The Shops at Town Center

Property Address 6401, 6441-6461 N. Durango Dr., Las Vegas, NV 89149

Occupancy 100%

Number of Tenants 8

Building Size 14,374 SF

Land Area 1.97 Acres

Parcel Number 125-20-402-008

Construction Year 2008

Lease Type NNN

Market Northwest Las Vegas

5




PROPERTY INFORMATION

ADDRESS:

6401, 6441-6461 N. Durango Dr., Las Vegas, NV 89149

MARKET/SUBMARKET

Northwest Las Vegas

PRICE

$6,619,188.40

CURRENT NOI

$413,699.28

CAP RATE

6.25%

PARCEL

APN# 125-20-402-008

BUILDING AREA

14,374 SF

LAND AREA

1.97 Acres

VISIBILITY AND FRONTAGE

Excellent visibility along N. Durango, Centennial and I-215 Freeway

YEAR BUILT/RENOVATED

Built in 2008

>>

402401

410 410

402

DARLING RD

GRAND SUNBURST CT

BRILLIANT PRAIRIE CT

BEAUTIFUL FLOWER CT

AMANDA CREEK CT

ALEX CREEK AVE

KEV

IN W

AY

CANDICE CREEK CT

ALB

INA

CR

EEK

ST

RUDICA CREEK AVE

DEL

ICAT

EPE

TAL

CT

VICTOR CREEK AVE

SOSA CREEK AVE

RYAN CREEK AVE

CO

DY

CR

EE

K ST

SEA

N C

RE

EK

ST

CAM

PB

ELL

RD

013

007

200125

VAC 20060324:2942

FOR

T AP

AC

HE

RD

FOR

T AP

AC

HE

RD

ROME BLVD

CENTENNIAL PKWYCENTENNIAL PKWY

PB 124-37PB 124-37

1

22

PT

1PT

PT 1

PT 1

1

3

56

78

1122

27

30 32 33 35

60

29 36

1

2

9

4

58

596162636465

52 53 54 55 56 57

72

37394041

24

23 51

10

44

45

46

47

48

43 42

716867

49

34

38

7066

737475767778

80 81 82 83 84

8586878889

90 91 92 93 94

95969799

100 102103104105106107108109110 113111

114115116117118119120121

122123124125126 135136137138

112

141142143144145146

147148149150151152153154

155156157158 159160161162 163164 165166 167

168169170171172173174175176177178179180

181182183184185186 187188189190 191192 193

194195196197198199200201202203204205206

207 209210211 214215 217 218208

219

222 223

225

227

228

A

D

B C

4314

50

332.27

659.

34

30

661.

28

30

30

50

R=15

R=15

3030

935.

67

209.

76

307.24

194.

76

158.

3224

8.84

337.07

332.85

231.

27

3231

.37

50

83

R=970

R=50

R=50

50

303040

0

400

8 1.33

205.27

129.

22

82.4

9

256.0791.59

285.19

287.90

40

40

300

30

R=15

R=15

R=15

30

333.06

332.84

R=54

R=20

3056

.69

120.

88

35

50

R=54

10

33.4

6.52

1.73

L=210.76

378.

64

L=72.99

204.01

200.

9950

40.5

2

77.45

59.9

9

82.04

25

62

60

50.7

242.71

75.61

2540 40 40 40 40

45.21

79.3 79.9

79.4

2

42.5

79.5

4

70.49

41 41 25

70.2

6

45.95

50.9

4

75.4 78.22

30.14

68.92 74.97 6.48 67.68 72.61 71.16 54.72

65.4

9

83.6

85.2

7

302.71

255.

08117.38

289.

97

R=25

999.42

332.27

332.26

50

74.5

925

140.

11

R=15

151.25 125.21

140.

18

R=25

140.

24

151.26127.24

116.

29

50

R=25

329.

86

332.44

30 30

50

R=54

664.66

1

3

1

45

6

7

7

PM 109-83

LD 48-91

31.65

124.22

CENTENNIAL PARKWAAND EL CAPITAN WAY

307.51

020

LD 163-81

1221 20 1945 4145 41 36

29.0

941

4040

.01

4141

4040

4043

.35

87.74

88.37

71.35

51.02

88.06

88.69

89

89.3

89.61

85.29

74.5

4545

4545

4545

25

60

80

80

50

40 25.21404040

42.5 40 40 25.9240 40 40

75 75 63.9775 7575 75

35.4

550

35.2

34.7

950

30.2

8

58.87

80.41

80.07

68.7

8

41 41 41414114161718 15 13

4040 4040

69

30.7

2

312 80.0

2

79.7

8

79.6

6

87.5

3

50.6171.39

26

25

59.49

2881.84

81.5

40 44 41 41 41 41 29.86254140

84.3384.4484.5584.6784.83

254141 4141

25.87

73.53

29.8641

41 41 41 41 4141 41 4141 41 41

48.3941.53

101

42.298

13914045 41

41 41 41 41128129130131132133

41 41

45

13430.14

72.6

3

80.4

9

80.3

5

80.0

8

80.7

6

80.2

2

86.8

4

79 5

45.93

25.37

41 45

254141

47.29

46.15 41 45

99.6

1

45.3145 41 45

414141

4040

4040

42.3

127

7212213 216

71.1472.5974.86 54.7574.1474.86

74.5

8

80.0

97 80.1

9

80.2

9

81.8

9

83.3

4

CENTENNIAL PARKWAY AND FORT APACHE EAST

224

226

229

230

220221

LD 99-90

DAP

PLE

GR

AY R

DVA

C 2

0101

116:

4746

201

0111

6:47

46VA

C410

13.61

PB 124-37

272.

09

95-003

95-002

95-00795-005

95-001

95-004

95-006

023 008017

012

002 024

004

007

026

025

015

006

009010 014

001

005

002

022

021

027

233232

078 077 076 075 074 073 030 031 032 033 034 035154

080

180

231

052 053 054 055 056 057 058206 099

207011021 012

001

002

003

004

005

006

007

008

009

010

045

046

047

048

049

050

051

044043 042 041 040 039 038 037

066 067 068 069 070 071 072

020 019 018 017 016 015 014 013022

023

024

025 063 062 061065 060064 059

036029

026

027

113102 103 104 105 106 107 108 109 110 111 112

139 138 137 136 135

120 119 116 115 114118 117098 097 096 095

100

140

128 129 130 131 132 133 134

079

081 082 083 084

088 087 086 085089

090 091 092 093 094

121

141 142 143 144 145 146

126

125

124

123

122

127

101

028

204 203 202 201 200 199 198 197 196 195 194205

213 214 215 216 217 218208 209 210 211 212

183 184 185 188 189 190 191 192 193186 187

178 177 176 175 174 173 172 171 170 169 168179

182

157 159 162 163 164 165 166 167160158156155

181

152 151 150 149 148 147

161

153

234

225

224

227

228

229

230223

226219

220

221

222

0071.98

0081.97

0051.31

0031.82

0141.14

0042.06

0120.8

00110

0035

0130.55

0151.12

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.

MA

P LE

GE

ND

USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL

ASSESSOR'S PARCELS - CLARK CO., NV.

Scale: 1" = 200' 7/29/2014

T19S R60E 20 S 2 SW 4 125-20-4

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

125,200

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

100 101099098

124126 125

136 138137 139

127

Michele W. Shafe - Assessor

N. D

UR

AN

GO

DR

.

6




PHOTOS

7




FINANCIAL ANALYSIS

BUILDING A — 6461 N. DURANGO DR.TENANT SUITE SQUARE FEET % PROJECT COMMENCEMENT

DATE END DATE LEASE TERM % INCREASE ANNUAL RENT

MONTHLY RENT

ANNUAL RENT PSF

MONTHLY RENT PSF

CAMS (0.54 SF)

Elements 3972 27.63% 05/30/08 11/30/20 60 Month 3% $117,825.36 $9,818.78 $28.80 $2.40 $2,144.88

BUILDING B — 6441 N. DURANGO DR.TENANT SUITE SQUARE FEET % PROJECT COMMENCEMENT

DATE END DATE LEASE TERM % INCREASE ANNUAL RENT

MONTHLY RENT

ANNUAL RENT PSF

MONTHLY RENT PSF

CAMS (0.54 SF)

Domino’s Pizza 110 1067 7.42% 02/14/08 02/28/18 60 Months 2% $42,214.80 $3,517.90 $38.79 $3.23 $576.18

Align Chiropractic 120/130 2279 15.86% 04/01/16 03/30/21 60 Months 3% $64,267.80 $5,355.65 $28.20 $2.35 $1,230.66

Quizno’s Subs 140 1099 7.65% 11/01/13 10/31/21 60 Months 3% $37,717.68 $3,143.14 $34.32 $2.68 $593.46

BUILDING C — 6401 N. DURANGO DR.

TENANT SUITE SQUARE FEET % PROJECT COMMENCEMENT DATE END DATE LEASE TERM % INCREASE ANNUAL

RENTMONTHLY

RENTANNUAL RENT PSF

MONTHLY RENT PSF

CAMS (0.54 SF)

Dollar Loan Center 110/120 1851 12.88% 05/04/14 04/30/19 60 Months 3% $41,238.24 $3,436.52 $22.32 $1.86 $999.54

Farmer’s Insurance 130 943 6.56% 10/02/16 10/31/22 72 Months 3% $25,461.00 $2,121.75 $27.00 $2.25 $509.22

Dee’s Donuts 140/150 1563 10.87% 09/01/13 09/30/20 84 Months 3% $37,512.00 $3,126.00 $21.00 $1.75 $844.02

Angel’s Cleaner 160 1600 11.13% 02/01/16 01/31/21 60 Months 3% $47,462.40 $3,955.20 $28.80 $2.40 $864.00

Total 14,374 100.00% $413,699.28 $34,474.94 $7,761.96

RETURN WITH LOAN ASSUMPTION

BUYER’S CASH INVESTMENT

GROSS NOI (GROSS RENTS)*

DEBT SERVICENET CASH FLOW

INCOME NOI (INCL. PRINCIPLE

REDUCTION)**INCOME RETURN ON INVESTMENTPRINCIPLE REDUCTION INTEREST (5.20%)

Year 1 (2017) $3,713,612.00 $415,488.84 $47,230.00 $150,779.38 $217,479.45 $264,709.45 7.13%

Year 2 (2018) $3,713,612.00 $425,418.81 $49,745.35 $148,264.04 $227,409.42 $277,154.77 7.46%

Year 3 (2019) $3,713,612.00 $437,596.72 $52,394.66 $145,614.73 $239,587.34 $291,981.99 7.86%

Year 4 (2020) $3,713,612.00 $435,233.00 $55,185.06 $142,824.32 $237,223.62 $292,408.68 7.87%

Year 5 (2021) $3,713,612.00 $450,316.55 $58,124.07 $139,885.31 $252,307.17 $310,431.24 8.36%

PROPERTY FINANCIALS

NOI Purchase Price Cap Rate $413,699.28 $6,619,188.40 6.25%

CMBS LOAN

Annual Pmnt Balance (1/3/17) Interest Rate $198,012 $2,905,576 5.20%

LTV: 43.90%

* Includes annual rental increases as prescribed in leases** Calculated: Gross NOI - Debt Service Interest = Income NOI

8




PROPERTY AERIAL

I-215

US-95

W. CENTENNIAL PKWY

SITE

N. DURANGO DR

NORTH END PIZZAAUTHENTIC EAST COAST PIZZERIA

9




PROPERTY AERIAL

US-95

W. CENTENNIAL PKWY

N. DURANGO DR

W. CENTENNIAL PKWYSITE


I-215

10




PROPERTY AERIAL

I-215

US-95

W. C

ENTE

NN

IAL

PKW

Y N. DURANGO DR


SITE

11




SITE PLAN

12




TENANT OVERVIEW

Founded in 1960, Domino’s is the recognized

world leader in pizza delivery operating a

network of company – owned and franchise

– owned stores in the United States and

International markets. As of Quarter 1 of

2016, Domino’s employs more than 260,000

people and operates 12,600 stores in more

than 80 countries around the world. Domino’s

is consistently one of the top five companies

in terms of online transactions and approx.

50% of their sales in the U.S. come from digital

ordering channels.

Align Chiropractic was founded by Dr. Kissling

and Dr. Quisberg. Both doctors strived to have

one of the most advanced chiropractic offices in

all of Las Vegas. Their first office opened in 2009

at The Shoppes at Town Center and quickly

became a success. Within the last five years

Dr. Kissling and Dr. Quisberg expanded with an

additional four locations. Their dream of owning

and operating two offices for each doctor has

now turned into multiple offices with a team

of highly educated, professional and caring

staff. All five of their practices offer the most

advanced chiropractic care in Las Vegas.

Quiznos is a franchised fast-food restaurant that

was founded 35 years ago in Denver Colorado

and the first to specialize in toasted submarine

sandwiches. The restaurant chain was founded

in 1981 by Jimmy Lambatos and sold to Richard

Schaden in 1991. At the end of 2013 the chain

had approximately 1,500 domestic locations

and 600 international locations. Quiznos is the

second largest submarine sandwich shop chain

in North America, after Subway.

13




TENANT OVERVIEW

Farmers Insurance Group is a U.S. insurer group

of automobiles, homes and small businesses

and also provides other insurance and financial

services products. Farmers Insurance has more

than 50,000 exclusive and independent agents

and approximately 22,000 employees. Farmers

serves more than 10 million households with

more than 19 million individual policies across

all 50 states.

Dee’s Donuts is a family owned and operated

donut shop specializing in traditional style

donuts. Made fresh daily, their secret recipe

delivers donuts with a texture that satisfies any

sweet tooth. Dee’s Donuts has been serving

the Northwest Vegas Valley since 2008.

Dollar Loan Center has over 80 locations

throughout California, Nevada, South Dakota

and Utah. Their signature & title loan locations

are like none other in the industry and are set

up to make your experience fast, easy and

comfortable. Their product has superior terms

over payday loan companies, giving customers

several benefits and finance options. Dollar

Loan Center offers a unique alternative to

payday loans getting you up to $2,500 fast

to solve any immediate financial problem.

Established in 1998, Dollar Loan Center is the

leading provider of signature loans and car title

loans in the industry.

14




TENANT OVERVIEW

Angel Cleaners was founded in 2008 and is family

owned and operated. They are your one stop shop for

dry cleaning, laundry services, alterations and hand

bag & shoe cleaning services. Angel Cleaners has

been servicing Northwest Las Vegas for over 8 years

and is the number one dry cleaner in the area.

Elements Salon and Wellness Spa is family owned and

operated and was founded in 2008. The salon first

opened with two employees and over the years they

have grown to over twenty-two employees and now

offer every spa and salon service imaginable. Their

excellence has earned them the Talk of the Town

Award in 2013 and they continue to strive to be the

best in the industry. Elements innovative approach

has set the standard for the salon and spa business

in all of Las Vegas.

15




LOCATION OVERVIEW

POPULATION 1-MILE 3-MILE 5-MILE

Estimated Population (2016) 10,879 96,782 221,458

Projected Population (2021) 12,341 106,454 242,907

Historical Annual Growth 2010-2015 1,695 3.1% 15,332 3.1% 19,554 1.6%

Projected Annual Growth 2015-2020 1,462 2.7% 9,675 2.0% 21,449 1.5%

HOUSEHOLDS 1-MILE 3-MILE 5-MILE

Estimated Households (2016) 4,145 36,349 84,697

Projected Households (2021) 4,539 38,610 89,817

Historical Annual Change 2000-2016 3,341 25.9% 25,024 13.8% 46,229 7.5%

Projected Annual Growth 2016-2021 394 1.9% 2,261 1.2% 5,121 1.2%

INCOME 1-MILE 3-MILE 5-MILE

Avg. Household Income 2016 $80,161 $86,804 $82,691

Median Household Income 2016 $71,851 $76,799 $71,912

DAYTIME DEMOS 1-MILE 3-MILE 5-MILE

Total # of Businesses 2016 327 1,826 4,244

Total # of Employees 2016 3,116 15,214 34,512

Employee Pop per Business 9.5 to 1 8.3 to 1 8.1 to 1

Residential Pop per Business 33.3 to 1 53.0 to 1 52.2 to 1

LOCATION OVERVIEW:

This Multi-Tenant Retail Building is located in Northwest Las Vegas and is perfectly positioned on the signalized hard corner of West Centennial Parkway and North Durango Drive right off the I-215 Freeway. This retail center also enjoys easy access to the US-95 Freeway, Downtown Las Vegas and “The Strip”. The Northwest sub market has the Las Vegas Valley’s second lowest retail vacancy rate currently at 7.4 percent. Notable retail Tenants in the immediate area include: Kohl’s, Home Goods, PetSmart, Smith’s, TJ Maxx, Dollar Tree, Wells Fargo Bank, Office Depot, Bank of America and many more. This Northwest area of town has quickly become a vibrant commercial destination with a strong retail demand generator.

16




AREA PROFILE

Las Vegas is the most populous city in the U.S. state of Nevada and the county seat of Clark County. Las Vegas is an internationally renowned major resort city known primarily for gambling, shopping, and fine dining and is the leading financial and cultural center for Southern Nevada. The city bills itself as The Entertainment Capital of the World, and is famous for its consolidated casino–hotels and associated entertainment. A growing retirement and family city, Las Vegas is the 31st-most populous city in the United States, with a population at the 2014 census of 583,756. The 2014 population of the Las Vegas metropolitan area was 2,027,868. Today, Las Vegas is one of the top tourist destinations in the world.

Established in 1905, Las Vegas was incorporated as a city in 1911. Las Vegas often refers to the city plus some areas beyond the city limits, especially the resort areas on and near the Las Vegas Strip, and sometimes the entire Las Vegas Valley. The 4.2 mi (6.8 km) stretch of South Las Vegas Boulevard known as the Strip is mainly in the unincorporated communities of Paradise, Winchester, and Enterprise. Las Vegas is situated within Clark County in an arid basin on the desert floor, surrounded by dry mountains. The Spring Mountains lie to the west. Within the city there are many lawns, trees, and other greenery. The city enjoys abundant sunshine year-round: it has an average of about 300 sunny days per year.

The primary drivers of the Las Vegas economy are tourism, gaming and conventions, which in turn feed the retail and restaurant Industries. In the second quarter of 2012, something new was on the horizon for Downtown Las Vegas. Tony Hsieh, CEO of Zappos, purchased the former City Hall building, thus turning that property into Zappos corporate headquarters in Downtown Las Vegas. Since then Mr. Hsieh has put in a lot of money and effort revitalizing Downtown Las Vegas which is known as the Downtown Project. This recent project has transformed Downtown, bringing new restaurants, retail, tech buildings, annual, monthly and weekly events and a large park made out of shipping containers (Container Park) which has an outdoor hangout space that offers shopping, restaurants and a small outdoor concert venue. The Downtown project has changed Downtown Las Vegas and has increased the number of local and out of town visitors to the many events, restaurants and retail shops this area has to offer.

IN 2014, MORE THAN 41 MILLION PEOPLE VISITED LAS VEGAS.

Documents

OFFERING MEMORANDUM - LoopNet · PROPERTY SUMMARY PROPERTY SUMMARY Property Name The Shops at Town Center Property Address 6401, 6441-6461 N. Durango Dr., Las Vegas, NV 89149 Occupancy