goodwill planet fitness · 2017. 9. 22. · goodwill & planet fitness for sale fully remodeled...
TRANSCRIPT
GOODWILL & PLANET FITNESS
FOR SALEF U L LY R E M O D E L E D T WO -T E N A N T N E T L E A S E D I N V E S T M E N T O P P O R T U N I T Y
N E W 1 0 + Y E A R L E A S E S W I T H 3 % A N N U A L R E N TA L I N C R E A S E S
1617 W Northwest Boulevard · Spokane, WA 99205
BROCHURE
Paul SleethExecutive Managing Director+1 206 518 [email protected]
Billy SleethExecutive Managing Director+1 206 518 [email protected]
N ASH STREET
Industries International, Inc.
SUCCESSFUL OPENING STRONG MEMBERSHIP COUNTS
SUCCESSFUL OPENING
COMING SOON
(NAP)
COMING SOON
(NAP)
N ASH STREET
W N
ORTH
WEST BLVD
Industries International, Inc.
FUTURERETAIL PAD
(NAP)
FUTURE
(NAP)
GOODWILL · PLANET FITNESS
NEW 10+ YEAR LEASES WITH 3% ANNUAL RENTAL
INCREASES
Industries International, Inc.
W NORTHWEST BLVD
DOWNTOWNSPOKANE SPOKANE FALLS
COMMUNITY COLLEGE
GOODWILL · PLANET FITNESS
INVESTMENT SUMMARY PROPERTY DESCRIPTION | MARKET DATA
GOODWILL · PLANET FITNESS | P. 4
INVESTMENT HIGHLIGHTS
» PASSIVE TWO-TENANT NET LEASED INVESTMENT – The offering is 100% leased to two tenants with minimal Landlord responsibility.
» NATIONAL TENANTS – Goodwill and Planet Fitness are strong nationally recognized and recession proof tenants providing stability and credit to the investment.
» STRONG OPENING/SUCCESSFUL LOCATION – Both tenants enjoyed successful openings at this location and have since reported positive feedback on their operations.
» NEW 10+ YEAR LEASES – Planet Fitness signed a new 10 year NNN lease and Goodwill signed new 12 year NNN lease.
» 3% ANNUAL RENTAL INCREASES – Both leases contain 3.0% annual rental increases providing steady NOI growth.
» RENT/PRICE/SF – Both tenants pay $10.00/sf/yr providing sustainable rent levels and producing an attractive price/sf below replacement cost.
» FULLY REMODELED – The building is fully renovated and benefits from high quality construction, curb appeal, access and visibility. The remodel was completed at the end of 2016 and includes: new roof, HVAC, electrical, storefronts, interior flooring, parking lot upgrades and painting. The offering essentially provides an investor a new building.
» DENSE RESIDENTIAL TRADE AREA– The property benefits from a stable population base of over 113,000 people within a 3 mile radius.
» NO DEBT – The property is being offered free and clear of debt.
» EXCELLENT LOCATION – Located across the street from Safeway and Walgreens in the heart of Spokane directly off West Northwest Boulevard approximately half a mile from the intersection of North Monroe Street and West Indiana Avenue.
» HIGH TRAFFIC AREA – At the property intersection traffic counts are nearing 30,000 vehicles per day.
TERMS OF THE OFFERINGNOI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$423,390
Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,950,000
Cap Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7.12%
Address . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1617 W Northwest Blvd Spokane, WA 99205
Total Leasable Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,339 SF
Total Land Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.13 Acres (Spokane County)
Occupancy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100%
Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Offered Free and Clear
Cap Rates Based on Contracted Rental Increases:Year 1 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.12%
Year 2 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33%
Year 3 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55%
Year 4 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.78%
Year 5 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.01%
Year 6 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25%
Year 7 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50%
Year 8 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.75%
Year 9 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02%
Year 10 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.29%
INVESTMENT SUMMARY PROPERTY DESCRIPTION | MARKET DATA
GOODWILL · PLANET FITNESS | P. 5
FULLY REMODELED BUILDING – SCOPE OF WORKThe building is fully renovated and benefits from high quality construction. The remodel was completed at the end of 2016 with the work including:
ROOFNew TPO roof system.
PARKING LOTFresh slurry coat and stripes.
HVACNew HVAC systems with 10-year warranty.
EXTERIOR WALLSTaped, spackled, sanded smooth and freshly painted.
FLOORSNew interior flooring throughout.
ELECTRICALEach suite equipped and separately metered with new electrical throughout.
LANDSCAPINGMulch, replacement of trees/bushes as needed.
WATER AND SEWEREach space will have separately metered water and sewer.
FIRE PROTECTIONBoth suites are equipped with fire panels and ceiling mounted wet sprinkler systems.
STOREFRONTSProfessional storefront and vestibules with tempered glass and automatic doors.
RENOVATION TIMELINE
EXTERIOR CONSTRUCTION COMPLETION NOVEMBER 2016
DELIVERY OF PREMISESDECEMBER 2016
TENANT BUILD-OUT COMPLETIONMARCH 2017
TENANTS OPEN FOR BUSINESSAPRIL 2017
*For detailed description of work, see Exhibit A.
INVESTMENT SUMMARY PROPERTY DESCRIPTION MARKET DATA
GOODWILL · PLANET FITNESS | P. 6
SITE PLAN
Industries International, Inc.
SUITE TENANT SF
2 Goodwill 20,443
1 Planet Fitness 21,896
TOTAL 42,339
FUTURERETAIL PAD
(NAP)
FUTURE
(NAP)
experience the creativity
DOWNTOWNSPOKANE
Industries International, Inc.
NORTHPOINTE PLAZA
NORTHTOWNE MALL
SUPERCENTER
INVESTMENT SUMMARY | PROPERTY DESCRIPTION MARKET DATA F INANCIAL SUMMARY | EXHIBITS
GOODWILL · PLANET FITNESS | P. 7
RETAIL TRADE AREA AERIAL
INVESTMENT SUMMARY | PROPERTY DESCRIPTION MARKET DATA F INANCIAL SUMMARY | EXHIBITS
GOODWILL · PLANET FITNESS | P. 8
Spokane
Airway Heights
Millwood
Town and Country
Nor
th P
ark
RdEast Garland Ave
East Columbia Drive
Nor
th F
reya
St
East Wellesley Ave
East Liberty AveN
orth Crestline St
East Upriver Drive
Nor
th P
erry
St
West Cascade WayNorth Five Mile Rd
West Indian Trail Rd
North C
edar Rd
North O
ld Trails Rd
East Lincoln Rd
Nor
th A
ddis
on S
t
East Queen Ave
East Rowan Ave
West Wellesley Ave
West Garland Ave
West Euclid Rd
North Lyons Rd
Sout
h Fa
rr R
dNor
th V
ista
Rd
East 4th Ave
Sout
h Al
tam
ont S
t
Nor
th N
apa
St
Nor
th T
hier
man
Rd
East Mission Ave
Sout
h C
arna
han
Rd
East 29th Ave
East 18th Ave
East 17th Ave
East 37th Ave
Sout
h H
avan
a St
East Thurston Ave
Sout
h Bo
wdi
sh R
d
East Rockwood Blvd
West BRdway Ave
Northern Quest Casino Rd West Greenwood RdWest Sprague Ave
Sout
h R
usse
ll St
Gar
field
Rd
West 23rd Ave
Sout
h R
ustle
Rd
Sout
h Sp
otte
d R
d
Sout
h G
arfie
ld R
d
Sout
h H
ayfo
rd R
d
West T
horpe
Rd
West 14th Ave
West McFarlane Rd
Sout
h G
rove
Rd
West 37th Ave
West Deno Rd
Sout
h Ze
igle
r St
Nor
th B
elt S
t
Equestrian Lane
Nor
th G
arfie
ld R
d
West Euclid Rd
East Boone Ave
North
Sup
erio
r St
Ellio
tt Dr
ive
Nor
th L
ily R
d
North W
right Rd
Nor
th L
ee S
t
East Main Ave
West 5th Ave
East Olive Ave
West Spotted Circl
e
West Luke Ave
West Pilot Drive
East Morgan Rd
East Tate Rd
East Pleasant Prairie RdEast Brooklyn Ave
Nor
th H
ughe
s D
rive
East Fruit Hill Rd
Black Oak Lane
East Fraser Court
East Sunflower DriveEast Francis Ave
East Upriver LaneEast Maringo Drive
North E
spe R
d
North U
nion Rd
North D
ale Rd
North D
ora Rd
East Knox Ave
North Eastern R
d
East Main AveEast Valleyway Ave
North Palm
er Rd
East Beverly Drive
South Stanley Lane
Nor
th D
yer R
d
Sout
h W
hipp
le R
d
East 29th Ave
South Seehorn Rd
Sout
h La
ke R
d
Ely Lane
24th Lane
Jennie Lane
South Ridgeview Drive
33rd Ave
Sout
h W
oodr
uff R
d
East Dalke Ave
West Avon Ave
East Everett Ave
East Longfellow Ave
East Garland Ave
East Glass Ave
East Rich AveEast Lacrosse Ave
West Dell Drive
West Heroy Ave
Nor
th F
lorid
a St
North M
yrtle St
East Grace Ave
Nor
th M
orto
n St
East Sharp AveN
orth Mayfair St
North Stevens St
East Courtland Ave
East Ermina Ave
West Grace Ave
West Shannon Ave
West Montgomery Ave
West Maxwell Ave
West Courtland Ave
East Jean AveNorth Altam
ont St
East 7th Ave
East 12th Ave
East 8th Ave
East Congress Ave
East 35th St
East 25th Ave
East 30th Ave
East 33rd Ave
East 36th AveEast 38th Ave
West 24th Ave
West 31st Ave
East 17th Ave
Nor
th A
dam
s St
East Buckeye Ave
North Pamela StNorth Drumheller St
West Marchand Lane
West Houston Ave
Nor
th H
ayfo
rd R
d
West Newkirk Rd
Nor
th In
dian
Blu
ff R
d
North Prairie C
rest Rd
North G
ustavus St
North Park Blvd
Nor
th C
St
West Houston Rd
Nor
th S
awbu
ck L
ane
Nor
th O
ld T
rails
Rd
North H
untington Lane
West Euclid Rd
West Mission Rd
West Deno Rd
West 5th Ave
West Greenwood RdNor
th F
lint R
d
Campus Drive12th
Sout
h R
usse
ll R
d
Sout
h Le
wis
St
Sout
h Lu
cas
Driv
e
South Royal St
Peaceful CourtKaty C
ourt
West Grandview Ave
South Ball Rd
West 29th Ave
West 40th AveSouth Abbott R
d
West 18th Ave
Jake Lane
West 21st Ave
1-MILERADIUS
3-MILERADIUS
5-MILERADIUS
DEMOGRAPHICS
Population 1 mile 3 miles 5 miles
2010 Population 16,848 110,589 203,069
2016 Population 17,486 113,032 208,463
2021 Population 18,003 115,693 213,810
Income 1 mile 3 miles 5 miles
2016 Median HH Income $34,763 $36,710 $41,416
2021 Median HH Income $35,499 $36,840 $41,561
2016 Average HH Income $46,426 $49,502 $57,576
2021 Average HH Income $49,315 $52,181 $61,748
Industries International, Inc.
Paul SleethExecutive Managing Director+1 206 518 [email protected]
Billy SleethExecutive Managing Director+1 206 518 [email protected]
This property is offered on an as-is basis. Legal documents and reports summarized in this Offering Memorandum are not intended to be comprehensive statements of the terms or contents of such documents and reports. Although the Seller and NGKF believe the information to be accurate, no warranty or representation is made as to its accuracy or completeness.
Interested parties should conduct independent investigations and reach conclusions without reliance on materials contained herein. The Seller reserves the right, for any or no reason, to withdraw any property from the market. The Seller has no obligation expressed or implied, to accept any offer. Further, the Seller has no obligation to sell any property unless and until the Seller executes and delivers a signed contract of sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, the offeror will be deemed to have acknowledged the foregoing and agreed to release the Seller from any liability with respect thereto.
The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the purchase of the property described herein and is not to be copied and/or used for any other purpose, or made available to any other person without the express written consent of NGKF or the Seller.
Please deliver offers to the office of the Exclusive Listing Broker, NGKF attention Paul Sleeth and Billy Sleeth. To facilitate analysis of offers, offerors are encouraged to provide information relative to funding sources, experience in owning and operating similar properties, familiarity with the market and any other information which is likely to favorably reflect on the offeror’s ability to close this proposed transaction in a timely manner.
Please schedule tours of the property through Paul Sleeth or Billy Sleeth at the address and phone numbers listed to the right.
GOODWILL · PLANET FITNESS1617 W Northwest Boulevard · Spokane, WA 99205
DISCLAIMER