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BASHFORD COURTS

Downtown Prescott, AZ Across from Historic Courthouse Square

FOR SALE

OFFERING MEMORANDUM

CONFIDENTIALITY AGREEMENT

Cushman & Wakefield (“Advisor”) serves as the exclusive advisor in connection with the solicitation of offers for the purchase of a portion of Bashford Courts (“Asset”). The solicitation and potential sale is to be governed by this Confidential Offering Memorandum, as it may be modified or supplemented (“Offering Memorandum”) and the Purchase Agreement governing the sale of the Asset. Prospective purchasers are advised that as part of the solicitation process, Seller will be evaluating a number of factors including the current financial qualifications of the prospective purchaser. Prospective purchasers are further advised that the Seller expressly reserves the right, in its sole and absolute discretion, to evaluate the terms and conditions of any offer and to reject any offer without providing a reason. Further, Seller reserves the right to terminate the solicitation process at any time prior to final execution of the Purchase Agreement.

The information contained in this Offering Memorandum is confidential, furnished solely for the purpose of a review by a prospective purchaser of the Asset, and is not to be used for any other purpose or made available to any other person without the express written consent of the Seller or Advisor. Prospective purchasers should conduct their own due diligence, including, but not limited to, engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the Asset or used in the construction or maintenance of the building(s) at the Asset.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Asset, or information provided herein or in connection with the sale of the Asset shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Advisor or any of their affiliates or any of their respective officers, directors, shareholders, owners, employees or agents, for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Asset. A Prospective purchaser is not to construe the contents of the Offering Memorandum or any prior or subsequent communications from the Seller or Advisor or their affiliates or any of their respective officers, directors, shareholders, owners, employees or agents as legal, tax or other advice. Prior to submitting an offer, prospective purchasers should consult with their own business advisors, legal counsel and tax professionals to determine the consequences of an investment in the Asset and arrive at an independent evaluation of such investment.

CHRIS HOLLENBECKSenior Director +1 602 224 4475 [email protected]

BASHFORD COURTS 3

OFFERING MEMORANDUM

OFFERING MEMORANDUM

EXECUTIVE SUMMARY 4The Offering

Property Features

Location Highlights

PROPERTY OVERVIEW 7Tenant List

Aerials

Demographics & Traffic Counts

TABLE OF CONTENTS

4 CUSHMAN & WAKEFIELD | OFFERING MEMORANDUM

OFFERING MEMORANDUMEXECUTIVE SUMMARYE

THE OFFERINGCushman & Wakefield has been retained as exclusive advisor for the disposition of Bashford Courts Atrium Mall, a restaurant and specialty boutique shopping center located in the Downtown Historic Courthouse Square of Prescott, Arizona.

Bashford Courts Atrium Mall is a 33,000 square foot prime retail center on a 18,750 square foot lot and is located across from the historic, Courthouse Square, which hosts numerous year-round events that draw thousands of tourists throughout the year. Bashford Courts houses the famous Prescott Brewing Company and 13 specialty boutique shops on three levels surrounded by an atrium. The center is 97% leased, with mostly long-term agreements. Some tenants have been with Bashford Courts for more than 10 years.

Bashford Courts is a recession proof asset because of the year-round tourism Courthouse Square receives from visitors around the country. The limited retail vacancy in downtown Prescott also keeps the demand high for retail space. Prescott is continually rated as a top place for retirement in the United States.

www.bashfordcourts.com

BASHFORD COURTS 5

OFFERING MEMORANDUM

OFFERING MEMORANDUM EXECUTIVE SUMMARYE

PRICE: $5,400,000

CAP: 8.2%

CURRENT NOI: $443,045.56

OFFERING TERMS

PROPERTY FEATURESPROPERTY NAME: Bashford Courts

ADDRESS: 103 W Gurley Street, Prescott, AZ 86301

PARCEL NUMBER: 113-15-116

PROPERTY TYPE: Retail Center

LOCATION: NEC Gurley St & Montezuma St

ZONING: C-2 | City of Prescott

RBA: ±33,000 SF

LAND SIZE: ±18,750 SF

YEAR BUILT: Heavily Renovated in 1990

OCCUPANCY: 97%

PARKING: Public parking lot in both north and south side of the building


OFFERING MEMORANDUMEXECUTIVE SUMMARYE

THE OFFERING• Located in the historic Courthouse Square with year around

Tourism

• Downtown Prescott has almost no retail vacancy and there are limited retail alternatives

• Many large events are hosted in downtown Prescott, such as Antique Auto Club & Car Show, World’s Oldest Rodeo, and famous holiday parades

• Prescott Brewing Company has been extremely successful with tremendously high sales

• Low price per square foot purchase price

INCOMESCHEDULED BASE RENT: $511,584.12

PLUS EXPENSE REIMBURSEMENT $63,634.44

GROSS INCOME: $575,218.56

ESTIMATED OPERATING EXPENSESCAM EXPENSE $67,465

INSURANCE $4,600

PROPERTY TAXES $16,286

RESERVE $9,900 - $0.30 PSF

UTILITIES $34,553

TOTAL OPERATING EXPENSES $132,173

NET OPERATING INCOME $443,045.56

OFFERING PRICE $5,400,000

CAPITALIZATION RATE 8.2%

PRICE PER SQUARE FOOT $141.53

• Major Capital Improvements were made in 2016 and 2017

• Extremely stable at 97% occupancy with little tenant turnover

• High Yield 8.2% CAP with over 10% Cash on Cash Return

• Irreplaceable real estate in the center of a historic square

BASHFORD COURTS 7

OFFERING MEMORANDUM

OFFERING MEMORANDUM PROPERTY OVERVIEWE

WEBSITE: https://www.facebook.com/home-bodyprescott/

OWNERSHIP Private

# OF LOCATIONS: 1

GUARANTEE: Personal

WEBSITE: https://www.facebook.com/pg/Foot-Fe-tish-174550272615293/

OWNERSHIP Private

# OF LOCATIONS: 1

GUARANTEE: Personal

WEBSITE: http://lostinsocks.com/

OWNERSHIP Private

# OF LOCATIONS: 2

GUARANTEE: Personal

Homebody sells goods to experience a spa setting in the comfort of your own home. Homebody specializes in lotions, soaps, oils, and more.

Foot Fetish is a retailer of affordable women’s clothing that has called Bashford Courts home for 8 years.

Lost In Socks has incredibly diverse inventory of socks for any occasion. They also have another location in Ventura, CA.

Current Tenant List

WEBSITE: https://www.prescottbrewingcompany.com/

OWNERSHIP Corporate

# OF LOCATIONS: 1

GUARANTEE: Corporate

Prescott Brewing Company is an award winning microbrewery restaurant that has been in business since 1994. Rated #1 by “Ranking Arizona” in 2010 and 2011.


OFFERING MEMORANDUMPROPERTY OVERVIEWE

WEBSITE: http://www.manatleisure.com/

OWNERSHIP Private

# OF LOCATIONS: 1

GUARANTEE: Personal

WEBSITE: https://oliveunaturally.com/

OWNERSHIP Private

# OF LOCATIONS: 1

GUARANTEE: Personal

WEBSITE: https://www.mullystouchofireland.com/

OWNERSHIP Private

# OF LOCATIONS: 2

GUARANTEE: Personal

WEBSITE: http://www.pralinesofprescott.com/

OWNERSHIP Private

# OF LOCATIONS: 1

GUARANTEE: Personal

Man at Leisure has a unique upscale selection of men’s clothing and accessories. Their featured brands contain, but are not limited to, Pendleton, Woolrich, True Grit, George Roth, Luchiano Visconti, Reyn Spooner, and Tori Richard.

Olive U is a producer and retailer of assorted olive oils.

Mully’s is a store that specializes in Irish wares. After having success in Old Town Scottsdale they have since brought their business to Prescott.

Pralines is Prescott’s premier handmade candy shoppe. They specialize in the creation of pralines, fudge, truffles, brittle, and toffee all without the use of preservatives.

Current Tenant List

BASHFORD COURTS 9

OFFERING MEMORANDUM

OFFERING MEMORANDUM

OWNERSHIP Private

# OF LOCATIONS: 1

GUARANTEE: Personal

OWNERSHIP Private

# OF LOCATIONS: 1

GUARANTEE: Personal

WEBSITE: http://www.timberwoofpetboutique.com/

OWNERSHIP Private

# OF LOCATIONS: 1

GUARANTEE: Personal

Rendezvous has a variety of women’s items that they sell such as home décor, purses, jewelry, scarfs, etc

Prescott Country Store provides one of a kind handmade items created by local artists. These items include painted decorative southwest tiles, ornaments, dicroic glass jewelry, and Prescott “branded” merchandise.

Timberwoof provides pets and their owners an assortment of gifts and collectibles.

PROPERTY OVERVIEWECurrent Tenant List

WEBSITE: www.allieollie.com

OWNERSHIP Private

# OF LOCATIONS: 3

GUARANTEE: Personal

Allie Ollie is a sophisticated boutique with wares for women of various styles.


OFFERING MEMORANDUM

WEBSITE: https://www.facebook.com/The-Wild-Daisy-Clothing-Co-148412031873864/

OWNERSHIP Private

# OF LOCATIONS: 1

GUARANTEE: Personal

WEBSITE: www.zemado.com

OWNERSHIP Private

# OF LOCATIONS: 1

GUARANTEE: Personal

Wild Daisy specializes in high quality upscale women’s clothing. In addition, they provide footwear, accessories, and leather goods.

Recently relocated from Old Town Scottsdale, Zemado specializes in handmade, leather goods. In addition, they sell home accessories, boots, and clothing.

PROPERTY OVERVIEWECurrent Tenant List

BASHFORD COURTS 11

OFFERING MEMORANDUM

OFFERING MEMORANDUM PROPERTY OVERVIEWESite Location

BASHFORD COURTS

MURPHY’S

PRESCOTTCENTER FOR

THE ARTS

LONE SPUR CAFE

CHI’S CUISINELYZZARD’S LOUNGE

OFFICE OF SEN.JOHN MCCAIN

THE OFFICERESTAURANT & BAR

THE RAVEN CAFE

MOUNTAIN SPIRITCO-OP

CORTEZ STREETEMPORIUM

THE MARKETPLACE

COUNTRY BANK

US SOCIALSECURITY

ADMINISTRATION

BIN 239

CANTONDRAGON

DOWNTOWNGREEK PITA

TAJ MAHALRESTAURANT

& LOUNGE

THE POINT BAR& LOUNGE

HIKE SHACK

SHANNON’S GOURMET

CHEESECAKES

GURLEY ST

CORTEZ ST

WILLIS STMONT

EZUM

A ST

AC WILLIAMSGRANITE CREEK

PARK

YAVAPAI REGIONALMEDICAL CENTER PRESCOTT HIGH

SCHOOL

APS

OLD CAPITALMARKET

DEJA VU

MID-CENTURYMADNESS ANTIQUES

BLACK ARROW

DRAWN WEST

GRANITE MOUNTAINBREWING

PAPA’S ITALIAN

EL CHARRO


OFFERING MEMORANDUMPROPERTY OVERVIEWESite Location

GURLEY STMOUNTAIN SPIRITCO-OP


THE MARKETPLACECOUNTRY BANK BILL’S PIZZA

MARINO’S MOB BURGERS& ICE CREAM TARA FINE

THAI CUISINE

UNION ST

HASSAYAMPA INN

US SOCIALSECURITY

ADMINISTRATION WILLIS STPRESCOTT STATION

BASHFORD COURTS

LONE SPUR CAFECHI’S CUISINE

LYZZARD’S LOUNGEOFFICE OF SEN.JOHN MCCAIN


COURTHOUSESQUARE

OLD CAPITAL MARKET

DEJA VU


YAVAPAI COLLEGE

BLACK ARROW

PRESCOTT RESORT &CONFERENCE CENTER

YAVAPAI CASINO

DRAWN WEST

PAPA’S ITALIAN


ELKS THEATER& PERFORMING ARTS

CETNTER

BASHFORD COURTS 13

OFFERING MEMORANDUM

OFFERING MEMORANDUM

GURLEY STMOUNTAIN SPIRITCO-OP


THE MARKETPLACECOUNTRY BANK BILL’S PIZZA

MARINO’S MOB BURGERS& ICE CREAM TARA FINE

THAI CUISINE

UNION ST

HASSAYAMPA INN

US SOCIALSECURITY

ADMINISTRATION WILLIS STPRESCOTT STATION

BASHFORD COURTS

LONE SPUR CAFECHI’S CUISINE

LYZZARD’S LOUNGEOFFICE OF SEN.JOHN MCCAIN


COURTHOUSESQUARE

OLD CAPITAL MARKET

DEJA VU


YAVAPAI COLLEGE

BLACK ARROW


YAVAPAI CASINO

DRAWN WEST

PAPA’S ITALIAN



CETNTER

PROPERTY OVERVIEWESite Location

GURLEY ST

MOUNTAIN SPIRITCO-OPCORTEZ STREET

EMPORIUMTHE MARKETPLACE

COUNTRY BANK

HASSAYAMPA INN

US SOCIALSECURITY

ADMINISTRATION

WILLIS ST

BASHFORD COURTS

LONE SPUR CAFE

CHI’S CUISINE

LYZZARD’S LOUNGE



OLD CAPITAL MARKET

DEJA VU


MONTEZUMA ST

BLACK ARROW

MURPHY’S

THE RAVEN

YAVAPAI COLLEGENORTHERN ARIZONAVA HEALTHCARE

SYSTEM


YAVAPAI CASINO

DRAWN WEST

PAPA’S ITALIAN GRANITE MOUNTAIN

BREWING

COURTHOUSESQUARE


OFFERING MEMORANDUMPROPERTY OVERVIEWESite Location

GURLEY ST

MOUNTAIN SPIRITCO-OPCORTEZ STREET

EMPORIUMTHE MARKETPLACE

HASSAYAMPA INN

CORTEZ ST

BASHFORD COURTS

LONE SPUR CAFE

CHI’S CUISINELYZZARD’S LOUNGE



COURTHOUSESQUARE

OLD CAPITAL MARKET

DEJA VUMID-CENTURY

MADNESS ANTIQUES

MONTEZUMA ST

BLACK ARROW

THE RAVEN

W H I S K E Y R O WBILL’S PIZZA

MARINO’S MOB BURGERS& ICE CREAM

TARA FINETHAI CUISINE

UNION ST

COURTHOUSESQUARE

YAVAPAI COUNTYCOURTHOUSE

PRESCOTT CHAMBEROF COMMERCE

PRESCOTT POSTOFFICE

PRESCOTT PUBLICLIBRARY

PRESCOTT POLICEDEPARTMENT

CUPPERS

TAJ MAHALRESTAURANT

& LOUNGE

THE POINT BAR& LOUNGE

HIKE SHACK

HIKE SHACK

SHANNON’S GOURMET

CHEESECAKE

PRESCOTTPUBLICHOUSE GINZA SUSHI &

ASIAN CUISINE

GENOVESES

WHISKERS BARKERY

HOTEL ST. MICHAELOLD SAGE

BOOKSHOP

PALACE RESTAURANT& SALOON DEVIL’S PANTRY

BIRD CAGE SALOONMOCTEZUMI’S BAR

DRAWN WEST

EL CHARRO

COPPERTOPALEHOUSE

FAR FROMFOLSOM

THE BARLEYHOUND

PAPA’S ITALIAN



CETNTER

MATT’S SALOON

BASHFORD COURTS 15

OFFERING MEMORANDUM

OFFERING MEMORANDUM

DEMOGRAPHICS (ESRI 2017)

1 MILE 3 MILES 5 MILES

TOTAL POPULATION 9,074 31,947 46,348

DAYTIME POPULATION 17,174 42,548 59,102

TOTAL HOUSEHOLD 4,402 15,084 22,030

MEDIAN HOME VALUE $239,600 $319,003 $307,448

AVERAGE HOUSEHOLD INCOME: $49,762 $67,120 $68,610

TRAFFIC COUNTS

GURLEY STREET: 21,917 VPD

STATE ROUTE 69: 43,240 VPD

DEMOGRAPHICS

Downtown Prescott receives over 30,000 tourists per year.


OFFERING MEMORANDUM

OFFERING MEMORANDUM

BASHFORD COURTS

Downtown Prescott, AZ Across from Historic Courthouse Square

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