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RETAIL NNN LEASED INVESTMENT FOR SALE
2507-2509 Somersville RoadOFFERING MEMORANDUM
Bank of the West
Antioch, CA 94509532 Gibson Drive, Suite 200, Roseville, CA 95678
John HynesDRE: 02077645
Tel: [email protected]
Bryan Wirt DRE: 00665363
Tel: 916.677.8151 [email protected]
Joe GarrisonDRE: 02107849
Tel: [email protected]
2507-2509 Somersville Road, Antioch, CA 94509
3 DISCLAIMER & CONFIDENTIALITY
4 LOCATION DESCRIPTION
5 RETAILER MAP
6 EXECUTIVE SUMMARY
7 REGIONAL MAP
8 PROPERTY DETAILS
9 AERIAL & PARCEL MAP
10 SALE COMPARABLES
11 TENANT PROFILES
12 FINANCIALS
13 DEMOGRAPHICS
TABLE OF CONTENTS2507-2509 Somersville Road, Antioch, CA 94509
The information in this document was obtained from sources we deem reliable; however, no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
TRI Commercial Real Estate Services, Inc. (“Broker”) has been retained and authorized by the property owner (“Owner”) to exclusively prepare and distribute the enclosed information (“Investment Offering”) for the purpose of soliciting offers to purchase from interested parties. Neither the Broker nor Owner makes any representation or warranty, expressed or implied, as to the completeness or accuracy of the material contained in this Investment Offering.
Prospective buyers of the property are advised that changes may have occurred in the physical or financial condition of the property since the time this Investment Offering or the financial statements therein were made by Broker and are based upon assumptions or events beyond the control of the Broker and Owner, and therefore may be subject to variation. Prospective buyers of the property are advised and encouraged to conduct their own comprehensive review and analysis.
The Investment Offering is a solicitation of interest only and is not an offer to sell the property. The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property and expressly reserve the right, at their sole discretion, to terminate discussions with any entity at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Investment Offering or making an offer to purchase the property unless and until a purchase and sale agreement has been mutually executed by buyer and seller.
This Investment Offering is confidential. By accepting the Investment Offering, you agree that (a) you will hold and treat the Investment Offering and its contents in strict confidence, (b) you will not photocopy or duplicate any part of the Investment Offering, (c) you will not disclose the Investment Offering or its contents to any other entity without the prior written authorization of the Owner, and (d) you will not use the Investment Offering in any fashion or manner detrimental to the Owner or Broker.
We have obtained the information contained in the offering from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We have included projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
The Undersigned Hereby Acknowledges and Agrees to the Foregoing
Please return to Bryan Wirt at TRI Commercial via fax (916) 525-8019 or [email protected]
Company:By:Name:Title:Phone:E-Mail:Date:
Company:By:Name:Title:Phone:E-Mail:Date:
Interested Party: Broker / Agent:
John Hynes | [email protected] Joe Garrison | [email protected]
DISCLAIMER & CONFIDENTIALITY2507-2509 Somersville Road, Antioch, CA 94509
The information in this document was obtained from sources we deem reliable; however, no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
The Interchange of Highway 4 and Somersville Road is the retail hub for the City of Antioch. The subject property sits just off the corner of Somersville Road and Delta Fair Blvd across from the Somersville Town Center. The building has direct Somersville frontage in front of 99 Cents Only store and Big Lots. It’s part of a 20-acre commercial project with retail stores and professional/service office buildings.
The free-standing building fronts on Somersville Road and has outstanding visibility to the signalized intersection of Somersville Road and Delta Fair Blvd. The immediate trade area is made up of a mix of commercial properties and multi-family complexes. The area just south, down Somersville Road, is exploding with new residential developments (±2,000 housing units under construction or in process). With the new extension of Bart into Antioch the demand for residential housing will continue to be extremely high.
Antioch is located on the banks of the San Joaquin River in Northern California, just off of Highway 4, in Contra Costa County. With a population of over 100,000 people, Antioch has become the heart of Eastern Contra Costa County, offering a variety of employment, shopping and vast recreational activities.
Land remains plentiful and affordable, compared with other parts of the Bay Area. The pace of development in Antioch has spurred activity for financial and insurance institutions, contractors, and other types of service-oriented businesses. Increased development has created increased employment in schools, hospitals and other local service sectors.
LOCATION DESCRIPTION2507-2509 Somersville Road, Antioch, CA 94509
CALIFORNIA
4
Somers
ville R
d
Somers
ville R
d
ADT - 22,0
00
ADT - 22,0
00D
elta Fair BlvdD
elta Fair Blvd
ADT - 18,000
ADT - 18,000
Buchanan Rd
Buchanan Rd
Century Blvd
Century Blvd
Auto
Cente
r Dr
Auto
Cente
r DrNN
Proposed Mixed-Use Redevelopment
Delta Gateway
Century Plaza
SUBJECTPROPERTY
RETAILER MAP2507-2509 Somersville Road, Antioch, CA 94509
The information in this document was obtained from sources we deem reliable; however, no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
INVESTMENT OVERVIEW
PROPERTY ADDRESS 2507-2509 Somersville Rd, Antioch, CA 94509
TOTAL BUILDING SQ.FT. ±8,212 Sq.Ft.
TOTAL ACRES ±0.8 Acres
ZONING C-3 Service Commercial
OCCUPIED 100%
NET OPERATING INCOME: $276,508.00
CAPITALIZATION RATE: 5.64%
PURCHASE PRICE: $4,900,000.00$596.69 Per Sq. Ft.
EXECUTIVE SUMMARY2507-2509 Somersville Road, Antioch, CA 94509
NN
CALIFORNIA
4Somers
ville R
d
Somers
ville R
d
Delta Fair Blvd
Delta Fair Blvd
Buchanan RdBuchanan Rd
Auto
Cente
r Dr
Auto
Cente
r Dr
SUBJECTPROPERTY
Proposed Mixed-Use Redevelopment
Student Population: Approx. 9,738
Century Plaza
Delta Gateway
Sky Ranch415 Single Family Units
Approved
Tuscany Meadows917 Single Family Units365 Multi-Family Units
ApprovedSorrento Village
92 Single Family UnitsApproved Total New Housing
1,789 Units
REGIONAL MAP2507-2509 Somersville Road, Antioch, CA 94509
The information in this document was obtained from sources we deem reliable; however, no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
PROPERTY ADDRESS: 2507-2509 Somersville Rd Antioch, CA 94509
PRICE: $4,900,000.00
CAP RATE: 5.64%
BLDG. FOOTPRINT: ± 8,212 SF
STORIES: One (1)
TYPE: Freestanding Retail with Drive-Thru
YEAR BUILT: 1979
TENANCY: Multi-Tenant
# OF UNITS: Two (2)
FRONTAGE: On Somersville and Delta Fair
PARKING: 34 Spaces / 4.15 per 1,000
PARCEL #: 076-432-031-3
LAND ACRES: ±0.8 AC
LAND SF: ±34,848 SF
ZONING: C-3
OPPORTUNITY ZONE: Yes
PROPERTY DETAILS2507-2509 Somersville Road, Antioch, CA 94509
Somerville
Rd
Somerville
Rd
ADT - 22,000
ADT - 22,000
Delta Fair Blvd
Delta Fair Blvd
ADT - 18,000
ADT - 18,000
PROPERTY AERIAL & PARCEL MAP2507-2509 Somersville Road, Antioch, CA 94509
The information in this document was obtained from sources we deem reliable; however, no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
SUBJECT COMP 1 COMP 2 COMP 3
Property Name Somersville Bank of the West
Menifee Lakes Plaza
Menifee Lakes Plaza
N Centre City Pky
Comparable Averages
Address 2507-2509 Somersville Road
29857 Antelope Road
29881 Antelope Road
700 N Centre City Pky -
City Antioch Menifee Menifee Escondido -
Year Built 1974 2019 2019 2018 -
Acres ± 0.8 AC ± 0.75 AC ±0.88 AC ±0.76 AC ± 0.80 AC
Total Rentable SF ± 8,212 SF ±4,250 SF ± 5,000 SF ± 6,568 SF ± 5,273 SF
Sale Date - 8/1/2019 10/11/2019 1/10/2020 -
Sale Price $4,900,000 $3,300,000 $4,050,000 $5,100,000 $4,150,000
Sale Price / Sq. Ft. $596.69/SF $776.47/SF $810.00/SF $776.47/SF $787.65/SF
Cap Rate 5.64% 5.19% 5.27% 5.19% 5.22%
SALE COMPARABLES2507-2509 Somersville Road, Antioch, CA 94509
MOUNTAIN MIKE’S PIZZA
Mountain Mike’s Pizza is a chain of 229 pizzerias mainly along the West Coast of the United States, primarily
in Northern California. They have additional locations in Nevada, Oregon, and Utah. The restaurants offer
other items, such as pasta and chicken wings. They also have locations in Southern California, including Inland
Empire and Orange County and two locations in San Diego. The first Mountain Mike’s Pizza restaurant was
established in 1978 in Palo Alto, California. What started as a single pizza restaurant with a casual, family-
friendly atmosphere has since grown into a leading pizza brand.
BANK OF THE WEST
Bank of the West is a financial services company headquartered in San Francisco with $101.4 billion in assets as of 3/31/2020. With community bank roots dating back more than 140 years, Bank of the West operates a network of retail, wealth, commercial and business banking branches and offices in 24 states. The Bank has nearly 10,000 team members serving the needs of 1.8 million customers.
PARENT – BNP PARIBAS
BNP Paribas S.A. is a French international banking group. It is the world’s 8th largest bank by total assets, and currently operates with a presence in 72 countries. It was formed through the merger of Banque Nationale de Paris (BNP) and Paribas in 2000, but has a corporate identity stretching back to its first foundation in 1848 as a national bank. It is one of three major international French banks, along with Société Générale and Crédit Agricole. The group is listed on the first market of Euronext Paris and a component of the Euro Stoxx 50 stock market index, while it also included in the French CAC 40 index. With both a retail banking section and investment banking operations, the bank is present on five continents. Its retail banking networks serve more than 30 million customers in its three domestic markets, France, Belgium and Italy through several brands such as BNL and Fortis. The retail bank also operates in the Mediterranean region and in Africa. In the Americas, it operates in the western United States as Bank of the West. As an investment bank and international financial services provider for corporate and institutional clients, it is present across Europe, the Americas, and Asia.
TENANT PROFILES 2507-2509 Somersville Road, Antioch, CA 94509
The information in this document was obtained from sources we deem reliable; however, no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
Monthly Gross Income $25,893
Annual Gross Income $310,716
Effective Gross Income $310,716
CAM Expense Reimbursement $70,007*
Total Income $380,723
The information in this document was obtained from sources we deem reliable; however, no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
Month Base Rent Annual Lease
Tenant SF Amount Rent Type Commenced Expires Options
2507Bank of the West ± 5,200 SF $18,885 $226,620 NNN 1/14/1994 1/31/2026 None
2509Mountain Mike’s Pizza ± 3,012 SF $7,008 $84,096 NNN 1/1/2012 12/31/2022 Two 5-yr Options*
Totals ± 8,212 SF $25,893 $310,716 *Assumes 10% rental increases every 5 years
RENT ROLL
INCOME EXPENSES
Management Fee $11,300
Utilities $14,265
Repair & Maintenance $14,000
Insurance $5,650
R.E. Taxes $59,000
Total Expenses $104,215
Net Operating Income: $276,508.00*Includes Bank of the West *$18,000 Tax Reimbursement
FINANCIALS2507-2509 Somersville Road, Antioch, CA 94509
The information in this document was obtained from sources we deem reliable; however, no warranty or representation, expressed of implied, is made as to the accuracy of the information contained herein.
1 MILE1 MILE
5 MILE5 MILE
POPULATION: 1 MILE - 18,0433 MILE - 87,5965 MILE - 163,883
HOUSEHOLDS: 1 MILE - 5,9323 MILE - 28,5645 MILE - 50,465
DAYTIME POPULATION (AGE 16+): 1 MILE - 12,4533 MILE - 53,6745 MILE - 86,414
AVG. HOUSEHOLD INCOME: 1 MILE - $68,1673 MILE - $88,7925 MILE - $99,988
OCCUPATION: (WHITE COLLAR) (BLUE COLLAR)1 MILE - 46.7% 1 MILE - 53.3%3 MILE - 49.0% 3 MILE - 51.0%5 MILE - 51.8% 5 MILE - 48.2%
3 MILE3 MILE
SUMMARY WITHIN 1, 3, 5 - MILE (2020)
MEDIAN AGE: 1 MILE - 33.43 MILE - 35.75 MILE - 35.4
AVG. HOUSEHOLD SIZE: 1 MILE - 3.73 MILE - 3.75 MILE - 3.8
BUSINESSES: EMPLOYEES:1 MILE - 640 1 MILE - 6,3643 MILE - 2,767 3 MILE - 25,3015 MILE - 4,179 5 MILE - 37,124
DEMOGRAPHICS (2020)2507-2509 Somersville Road, Antioch, CA 94509
532 Gibson Drive, Suite 200Roseville, CA 95678
Bryan Wirt DRE: 00665363
Tel: 916.677.8151 [email protected]
John HynesDRE: 02077645
Tel: [email protected]
Joe GarrisonDRE: 02107849
Tel: [email protected]
2507-2509 SOMERSVILLE ROAD, ANTIOCH, CA 94509