Walgreens S ESTRELLA PKWY - LoopNet · 5 Golf Club of Estrella††† 6 Estrella Yacht Club 7 CantaMia Village Center 8 480.768.4997 Star Tower 9 Bougainvillea Park 10 Proposed

Freddy’s Frozen CustardLakewood, CO

REPRESENTATICE

SAFEWAYMOUNTAIN RANCH MARKETPLACE9890 S ESTRELLA PARKWAYGOODYEAR, AZ 85338

Offering Memorandum

VIEW AERIAL TOUR

https://www.youtube.com/watch?v=XvPmmJwnhgM&feature=youtu.be

AERIAL PHOTO SAFEWAY

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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070474


2

STARPOINTERESIDENTS CLUB

S ESTRELLA PKWY 1 5 , 1 3 5 C P D

W ELLIOT RD 8,915 CPD

McDonald’s

Walgreens

AERIAL PHOTO

3

SAFEWAY



COMMUNITY MAP

Map not to scale. This artist rendering is for illustration purposes only based upon current development concepts which are subject to change without notice. Actual development may vary from developer’s vision. No guarantee can be made that development will proceed as described.

2/17

AMENITIES1 Information Center

2 North Lake

3 South Lake

4 Starpointe Residents Club

5 Golf Club of Estrella†††

6 Estrella Yacht Club

7 CantaMia Village Center

8 Star Tower

9 Bougainvillea Park

10 D-Votion Field

11 Foothills Community Park

12 Mountain Ranch Marketplace

13 Elliot Market

14 Estrella Mountain Ranch Public Safety Facility

15 Presidio

16 Estrella Mountain Elementary School

Paths & Trails

Proposed Commercial

Planned Commercial

Proposed Park

Water/Waste Water Campus

Industrial

17 Westar Elementary School

18 Estrella Foothills High School

19 Phoenix Children’s Academy

20 Estrella Mountain Preschool & Community Church

21 Banner Health Center at Mountain Ranch Medical Commons

22 Elementary School (proposed)

23 Future Fire Station (proposed)

K

J G

AB

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MOUNTAIN RANCHThe original community with North and South lakes, Starpointe Residents Club and the Golf Club of Estrella.TM

A Golf Canyon David Weekley Homes The Enclave • 480.768.4995 The Reserve • 480.768.4997

B Golf Ridge William Ryan Homes • 623.386.8871

C Inspire Shea Homes • 480.367.3655

D Overlook Beazer Homes • 623.399.4760

Custom Home Sites

E Sonoran Vistas • 623.386.1000

F Hidden Hills • 623.386.1000

CANTAMIA®†

Our active adult community features its own Village Center†† and culture that blends seamlessly with the Estrella community.

K CantaMia AV Homes (55–Plus) • 623.474.6960

23

H

C

MONTECITOShowcases the natural beauty of the Sonoran Desert with miles of natural trails connecting Presidio, neighborhoods and open space.

G Tranquility William Ryan Homes • 623.386.8871

H Palazzo Gehan Homes • 602.441.5885

I Mirador Terrata Homes • 877.968.3688

J Stone Canyon KB Home • 623.217.2372

I

12


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2 North Lake

3 South Lake





8 Star Tower


10 D-Votion Field



13 Elliot Market


15 Presidio


Paths & Trails

Proposed Commercial

Planned Commercial

Proposed Park


Industrial








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Custom Home Sites



CANTAMIA®†



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2 North Lake

3 South Lake





8 Star Tower


10 D-Votion Field



13 Elliot Market


15 Presidio


Paths & Trails

Proposed Commercial

Planned Commercial

Proposed Park


Industrial








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AB

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Custom Home Sites



CANTAMIA®†



23

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C






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2 North Lake

3 South Lake





8 Star Tower


10 D-Votion Field



13 Elliot Market


15 Presidio


Paths & Trails

Proposed Commercial

Planned Commercial

Proposed Park


Industrial








K

J G

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16

17

18

2

3

4

5

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Custom Home Sites



CANTAMIA®†



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2 North Lake

3 South Lake





8 Star Tower


10 D-Votion Field



13 Elliot Market


15 Presidio


Paths & Trails

Proposed Commercial

Planned Commercial

Proposed Park


Industrial








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J G

AB

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3

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Custom Home Sites



CANTAMIA®†



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2/17

AMEN

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9 B

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10 D

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12 M

ount

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13 E

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Mar

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14 E

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ount

ain

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15 P

resid

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16 E

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ount

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23 F

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MOU

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The

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I

EXECUTIVE SUMMARY


4

SAFEWAY

SAFEWAY9890 S Estrella ParkwayGoodyear, AZ 85338

FINANCIAL SUMMARY

Price $10,362,000

Down Payment 100% $10,362,000

Cap Rate 5.0%

Building SF 49,343 SF

Net Cash Flow 5.0% $518,102

Year Built 2009

Lot Size 4.486 Acres

LEASE SUMMARY

Lease Type Triple-Net (NNN) Lease (1)

Tenant Safeway

Guarantor Albertsons Co.

Lease Commencement Date December 1, 2010

Lease Expiration Date January 31, 2035

Lease Term Remaining 17 Years

Rental Increases9.5% in Years 6-10

8.7% in Years 11-20, 21-255% in Each Option Period

Renewal Options 6, 5 Year Options

BASE RENT $518,102

Net Operating Income $518,102

Total Return 5.0% $518,102

EXECUTIVE SUMMARY

ANNUALIZED OPERATING DATA

LEASE YEARS ANNUAL RENT CAP RATE

6 - 10 $518,102.00 5.00%

11 - 20 $567,444.50 5.48%

21 - 25 $616,787.50 5.95%

OPTIONS ANNUAL RENT CAP RATE

Option 1 $647,626.88 6.25%

Option 2 $680,008.22 6.56%

Option 3 $714,008.63 6.89%

Option 4 $749,709.06 7.24%

Option 5 $787,194.51 7.60%

Option 6 $826,554.24 7.98%

(1) Landlord responsible for structure only.

AERIAL PHOTO

5

SAFEWAY



TENANT OVERVIEW

Founded in 1915, Safeway is an American supermarket chain and a subsidiary of Albertsons Companies. Safeway stores typically have a deli counter, meat department, produce section, flower de-partment, bakery, pharmacy, liquor section, and/or many aisles of nonperishable items. The stores offer many in-house private label brands as well as name brands across all product categories.

Albertsons Companies is one of the largest food and drug retailers in the United States, with both a strong local presence and nation-al scale. Albertsons Companies operates across 35 states and the District of Columbia under 20 well-known banners including Alb-ertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen and Carrs, as well as meal kit company Plated based in New York City. Albertsons Companies is committed to helping people across the country live better lives by making a meaningful difference, neighborhood by neighborhood. In 2016 alone, along with the Al-bertsons Companies Foundation, the company gave nearly $300 million in food and financial support. These efforts helped millions of people in the areas of hunger relief, education, cancer research and treatment, programs for people with disabilities and veterans outreach.

Company Type SubsidiaryFounded 1915Locations 2,200+Employees +/- 137,000 Website www.safeway.com




6

Company Highlights

Company HighlightsAlbertsons Companies, LLC

Founded in 1939 and based in Boise, Idaho, Albertsons Companies, LLC (“Albertsons”, or the “Company”) is the 2nd largest traditional grocer in the United States serving over 34 million customers per week and generating $60 billion in sales annually. In January 2015, Albertsons merged with Safeway, creating a best-in-class organization dedicated to bringing a better shopping experience to customers across the country. The Company’s powerful combination of strong local presence and national scale, vast range of brands and products, and service-oriented staff enable them to meet evolving shopping preferences.As of June 2017, the Company operated 2,329 stores across 35 states under 20 well-known banners with long operating histories. Albertsons has grown through a series of strategic acquisitions in recent years into a $2.8 billion adjusted EBITDA company as of fiscal year 2016 ended February 25, 2017, and as of Q1 2017 the Company had already generated $771.7 million in adjusted EBITDA.

COMPANY BANNERS

2,300+retail stores

Operates in35 states

including Washington, DC$59.7 billion

annual sales

34 millioncustomers

per week

One of the largest retail employers

273,000 jobs

Home delivery in8 of top 10US marketsby end of FY 2017

1,700+ in-storepharmacies

380+ fuelstations

28 distributioncenters

18 food andbeverage plants

Nation’s largest brandof USDA-certified

organic products

By market sharein 66% of the

122 MSAsin which it operates

#1 / #2

4th largeste-commerce

platformin the US

2nd largesttraditional

grocer in the US

$2.8 billionadj. EBITDA

in FY 2016

$Experienced management

with 32 years in retail on average

Currently executing$800 million

synergy realization plan

2

500 new itemslaunched every year

GUARANTOR OVERVIEW

AERIAL PHOTO

7

SAFEWAY



Competitive Landscape

Competitive LandscapeAlbertsons Companies, LLC

Albertsons Companies, LLC is one of the largest food retailers and the second largest traditional grocer in the United States.

4,672

2,800 2,324 2,076 1,802

1,146 756 508 370 229

0

1,000

2,000

3,000

4,000

5,000

TOP 10 US FOOD RETAILERS: STORE COUNT

$169

$98

$56 $49 $48 $32 $31 $23 $16 $12

$0

$50

$100

$150

$200

TOP 10 USE FOOD RETAILERS: GROCERY SALES ($ BILLIONS)

Note:- Store counts based on publically available information- Walmart, Costco, and Target grocery sales based on a percentage of total sales as of the latest fiscal year.- Kroger and Albertsons sales exclude fuel sales of ~$14 billion and ~$3 billion, respectively

GUARANTOR OVERVIEW




8

LOCATION OVERVIEWINVESTMENT HIGHLIGHTSThe subject property is situated in Mountain Ranch Marketplace, ideally located at the northeast corner of Estrella Parkway and Elliot Road in Goodyear, Arizona. Mountain Ranch Marketplace offers excellent visibility and access and is situated amongst some of the most affluent demographics in the Phoenix market.

Mountain Ranch Marketplace is nestled within the Estrella Master-Planned Community, named one of the Top-Selling Master-Planned Communities of 2016. It is also the largest master-planned community in Arizona. Opened in 2013, Banner Health - Estella Medical Commons (EMC) is a 13,000 SF Class A medical office building complete with primary care physicians, a pediatrician, and laboratory/x-ray services. Banner Health is the largest healthcare operator and is the #2 employer in the state of Arizona.

Lucero is a new development at the entrance to Estrella. The first phase has 1,050 lots, 535 of which are under development. All 535 lots are either under contract or LOI with six different homebuilders. The first Lucero models are expected to open in late April 2019 with initial home deliveries in July 2019.

Estrella offers distinctive homes and neighborhoods with vibrant parks, action-packed trails and a championship golf course. The Estrella community currently has approximately 5,000 homes built with approximately 52,000 homes expected at full build-out, covering over 20,000 acres. There are 8 active home builders in the community and 331 new homes have been sold through October 2017. Estrella consists of traditional single family homes, custom homes, and Canta Mia - a 55+ active adult community.

Goodyear is the 6th fastest growing city in the United States, as recently named by the United States Census Bureau. As a leader in the Phoenix metro area’s West Valley, Goodyear provides opportunities for businesses and families. Nestled near the Estrella Mountains and a mere 20 minutes west of downtown Phoenix, the city offers all the advantages of a growing community, with all the cultural and entertainment resources that the Phoenix metro area has to offer.

• Triple-Net (NNN) Lease with Safeway

• 17 Years Remaining on Lease Term

• Cap Rate Increases to 5.48% in November 2020

• Anchors Mountain Ranch Marketplace, a 105,287 Sq. Ft. LEED Gold Certified Neighborhood Center

• Sales Have Increased Over the Life of the Lease (6% Increase from 2016-2017)

• Situated at the Double Entry to the Estrella Master-Planned Community

• Close Proximity to Lucero – a New Housing Development Expected to Open Late April 2019

• Across from Starpointe Residents Club – Includes Water Park, Fitness Center, Amphitheater, and Library

• Adjacent to Banner Health - Estrella Medical Commons (EMC) - 13,000 SF Class A Medical Office Building

• Surrounding Area Population & Households Expecting a 30% Increase by 2022

• Average Household Income Exceeds $127K in 3-Mile Radius

• 30 Miles from Downtown Phoenix & Phoenix Sky Harbor International Airport

PROPERTY DESCRIPTION

Income 3-Miles 5-Miles 10-Miles2017 Est. Average Household Income $127,132 $102,221 $77,964

2017 Est. Median Household Income $100,953 $82,047 $62,956

2017 Est. Per Capita Income $43,163 $32,733 $24,159

Population 3-Miles 5-Miles 10-Miles2022 Projection 14,427 30,167 243,507

2017 Estimate 11,228 23,899 195,897

Growth 2017 - 2022 28.49% 26.23% 24.30%

Households 3-Miles 5-Miles 10-Miles2022 Projections 4,965 9,892 76,529

2017 Estimate 3,812 7,629 59,832

Growth 2017 - 2022 30.25% 29.67% 27.91%

DEMOGRAPHICS

AERIAL PHOTO

9

SAFEWAY



Set in the spectacular High Sonoran Desert, Estrella is a new kind of small town. Everywhere you turn, you’ll find distinctive homes, and vibrant neighborhoods with lush parks and action-packed trails. Located in Goodyear, AZ, Estrella offers a rare balance: a serene community with spectacular mountain views close to creature comforts and big-city excitement. Dining, shopping, work, outdoor recreation, you name it—in Estrella, you’re surrounded by your favorite things, places, and people.

GOLF CLUB OF ESTRELLA

The Golf Club of Estrella is a par-72, 18-hole championship golf course designed by award-winning Nicklaus Design. After every round, you can recap each play at the Player’s Grill & Patio.

LOCATION OVERVIEW

AMENITIESTHE YACHT CLUB

North Lake is where the community meets for adventure on the water. And Estrella’s Yacht Club that fuels these adventures, providing lessons and supplies for kayaking, canoeing, paddle boating, and sailing alongside family and friends.

STARPOINTE

Located on the shore of North Lake, the Starpointe Residents Club is 24,400 square feet of fun for all ages—featuring the StarSplash Water Park, heated lap pool, and fitness center. Get social during community celebrations at the lakeside amphitheater, or enjoy some quiet time at the library. Starpointe offers a variety of ways to explore your hobbies with like-minded neighbors—from jogging and sailing meet-ups to book, cooking, and art events.

MILES OF NATURAL DESERT TRAILS

More than 20 miles of paths and trails invite you to lead an active life. (Whether you’re into hiking, mountain biking, or taking relaxing strolls.) The Park Avenue trail provides steep pathways with spectacular views, connecting to the 19,000- acre Estrella Mountain Regional Park. Even more trails—up mountains and through ravines, creeks, and open space—are planned for the community!

PRESIDIO

Presidio, is an approximately 18,500 sq. ft. residents club is a stylish gathering place and center of activity for Estrella residents of all ages. Noteworthy features include stunning mountain views, a café and beer/wine bar overlooking the pool, teaching/demonstration kitchen, a great room with fireplace, a sports lounge with televisions and pool table, and a state-of-the-art fitness facility. Outdoor living features include a large patio, quaint sitting areas, a covered barbecue area, an event lawn, pool, and splash pad. Be sure to check out the featured art in the gallery by the veranda

SCHOOLSEducation is a priority in Estrella, home to two K-8 schools, one high school, and onsite preschool programs. Estrella Mountain (with a cutting edge International Baccalaureate program) and Westar (with an innovative STEM program) elementary schools are both part of the Liberty Elementary School District. With its distinguished Performing Arts Center, Estrella Foothills High School is a member of the Buckeye Union High School District.

Curricula combine rigorous academics with exceptional teaching and a wide range of clubs and sports. After graduation, students can look forward to applying to respected higher education institutions convenient to Estrella, like Arizona State University, Estrella Mountain Community College, Rio Salado Community College, or Thunderbird School of Global Management.

E S T R E L L AMASTER-PLANNEDC O M M U N I T Y




10

AERIAL PHOTO

11

SAFEWAY



26 |

Phase IIFuture Major C

12,000 SF

Phase II

Future Shops C

11,483 SF

Phase IIShops F7,367 SF

Phas

e II

Shop

s G

6,87

1 SF

FUTURE

Estre

lla P

arkw

ay

Elliot Road

49,343 SF

N

Availab

le

Availab

leA

vailable

Availab

le

Availab

le

Available

Anim

al

Hospital

Nail SalonE

strella

Family + C

osm

etic

Dentistry

Available

Site PlanSITE PLAN




12

ENTERTAINMENTHEALTH CARE/SHOPPING/SERVICESHIGHER EDUCATIONTRANSPORTATION

Map not to scale. This community map and illustrations are for illustration purposes only, based upon current development concepts, which are subject to change without notice. No guarantee is made that the features depicted will be built, or, if built, will be as depicted.

Located approximately 17 miles west of Phoenix, the Estrella™ community offers a unique balance: tucked away but with most modern conveniences right here. And everything else is just down the hill.

CLOS

E TO

EVER

YTHIN

G.

Phoenix Goodyear Airport

Glendale Community College

Grand Canyon University

Estrella Mountain Community College

Arizona State University

Thunderbird School of Global Management

Arizona State University West

Desert Botanical Garden

Chase Field

Camelback Mountain

Gila River Casino

ASU Gammage Auditorium

Arizona Science Center

Gila River Arena

University of Phoenix Stadium

Tempe Town Lake

Tempe Diablo Stadium

Talking Stick Resort Arena

Symphony Hall

Orpheum Theater

Surprise Stadium

Sea Life Arizona

Wildlife World Zoo & Aquarium

Piestewa Peak

Salt River Fields at Talking Stick

Phoenix Zoo

Phoenix International Raceway

Peoria Sports Complex

Phoenix Art Museum

Goodyear Ballpark

Luke Air Force Base

Estrella Falls Mall

Phoenix Children’s Hospital

Mayo Clinic

Scottsdale Municipal Airport

Cancer Treatment Centers of America

Chandler Fashion Center

Canyon Trails Town Center

Wild Horse Pass Casino

Abrazo West Campus

Banner Estrella Medical Center

Phoenix Sky Harbor International Airport

Maryvale Stadium

Heard Museum

Challenger Space Center

Tanger Outlet

Westgate Entertainment District

Butterfly Wonderland

Phoenix Premium Outlets

Rawhide

Main Event Entertainment

OdySea Aquarium

REGIONAL MAP

AERIAL PHOTO

13

SAFEWAY



14 |

INFORMATION CENTER

STARPOINTE RESIDENTS CLUB

ESTRELLA YACHT CLUB

GOLF CLUB OF ESTRELLA

CANTAMIA VILLAGE CENTER

BOUGAINVILLEA PARK

FOOTHILLS COMMUNITY PARK

ELLIOT MARKET

PRESIDIO (OPENING FALL 2016)

GOODYEAR FIRE DEPARTMENT STATION #182

WESTAR ELEMENTARY SCHOOLESTRELLA FOOTHILLS HIGH SCHOOL

ESTRELLA MOUNTAIN PRESCHOOL & COMMUNITY CHURCH

BANNER HEALTH CENTERAT MOUNTAIN RANCH MEDICAL

COMMONS

ESTRELLA PKWY

ELLIOT ROAD

ESTRELLA MOUNTAIN RANCH

PHASE II

PHASE II

14 |

LOCAL MAP

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap.

This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Confidentiality Agreement

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

By accepting this Marketing Brochure, you agree to treat the information contained herein regarding the lease terms as confidential and proprietary and to only use such information to evaluate a potential purchase of this net leased property.

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this in-formation, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other loca-tions is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services as well as the Property Owner and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

Net Leased Disclaimer

exclusively listedExclusively listed by:

OFFICES NATIONWIDEwww.marcusmillichap.com

JAMIE MEDRESSExecutive Managing DirectorPHOENIX OFFICETel: (602) 687-6778Fax: (602) [email protected]

MARK RUBLESenior Managing DirectorPHOENIX OFFICETel: (602) 687-6766Fax: (602) [email protected]

CHRIS LINDVice PresidentPHOENIX OFFICETel: (602) 687-6780Fax: (602) [email protected]

Documents

Walgreens S ESTRELLA PKWY - LoopNet · 5 Golf Club of Estrella††† 6 Estrella Yacht Club 7 CantaMia Village Center 8 480.768.4997 Star Tower 9 Bougainvillea Park 10 Proposed