2960 westwood drive
OFFERING MEMORANDUM
2960
WESTWOOD DRIVE LAS VEGAS, NEVADA 89113
Capit al M ar ket s | I nve s t m e n t Pr o p e r t ie s
AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its
contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
© 2016 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.
2960
WESTWOOD DRIVE LAS VEGAS, NEVADA 89113
CONTACT US JAMES GRIFFIS
TABLE OF CONTENTS
04
PROPERTY INFORMATION
08
PROPERTY INFORMATION
Senior Associate +1 702 369 4884 [email protected]
12
AREA OVERVIEW
CBRE - LAS VEGAS
14
FINANCIAL & TENANT INFORMATION
Senior Associate +1 702 369 4811 [email protected]
MICHAEL TORDONE
3993 Howard Hughes Parkway, Suite 700 Las Vegas, Nevada 89169
3
PROPERTY INFORMATION
2 9 6 0
W E ST W O O D
D RI V E
INVESTMENT SUMMARY Just one street west of Highland Drive, one mile from the I-15 and four miles from the US-95. Close proximity to Las Vegas Boulevard, Fashion Show Mall, the Arts District and Downtown.
Location
2960 Westwood Dr. Las Vegas, NV 89103
List Price
$3,100,000.00
Total Building SF
±27,196
Price Per SF
$114.00
Number of Tenants
11
Lease Type
NNN
Occupancy
96%
Year 1 NOI with 5% Vacancy Factor
$149,745
CAP Rate
5.70%
Year 1 NOI @ Current Occupancy
$151,960
CAP Rate
4.90%
Unleveraged IRR
8.18%
P roperty
information
5
PROPERTY HIGHLIGHTS ++ Located in one of the strongest industrial submarkets in the Las Vegas MSA ++
96% occupied with eleven (11) tenants
++ NNN-leased with annual rent increases ++ Staggered lease expirations in a rising rent environment ++ In-place average rents of ±$0.49 PSF are ±50% below 2007 peak levels of ±$1.00 PSF ++ New competitive industrial supply continues to be extremely limited with no new development underway or planned in this size range ++ Priced below replacement cost ++ Professionally managed and maintained ++ Very close proximity to The Strip ++ Units range from 1,050 SF to 5,000 SF
6
2960 WESTWOOD DR
2 9 6 0
W E ST W O O D
D RI V E
AREA MAP
2960 WESTWOOD DR
P roperty
information
7
TENANT INFORMATION
2 9 6 0
W E ST W O O D
D RI V E
RENT ROLL Tenant Name MOBILE ADVENTURES LV
Unit
Deposit
Lease Start
Lease Exp.
Rent/ Sq. Ft.
Rent
CAOE/ Sq. Ft.
Cam
Total Rent
Sq. Ft.
1/26/27/28
$1,636.00
02/01/14
01/31/19
$2,225.48
$0.59
$641.24
$0.17
$2,866.72
3,772
NEDIM K+ARALIC DBA DISCOUNT HITCH CTRL
2&3
$726.75
04/16/15
10/31/16
$726.75
$0.75
$-
$-
$726.75
969
NV SW HOLLY SALES
4&6
$2,092.00
11/22/13
12/31/17
$725.00
$0.28
$425.00
$0.17
$1,150.00
2,551
7&10
$3,000.00
07/01/16
06/30/19
$1,920.00
$0.46
$680.00
$0.16
$2,600.00
4,184
11
$-
$742.09
$0.71
$173.60
$0.17
$915.69
1,045
12&16
$3,307.50
08/01/16
07/31/19
$2,205.00
$0.42
$892.50
$0.17
$3,097.50
5,249
AROMA COFFEE ROASTERS, LLC
17
$525.00
02/01/14
01/31/22
$357.00
$0.34
$168.00
$0.16
$525.00
1,050
LANDLORD ACCESS
18
$-
$-
$-
$-
$-
$-
1,045
R&M CUSTOM WOODWORKING
19
$500.00
$0.48
$173.60
$0.17
$673.60
1,049
WESTERN GLASS SUBURBAN ELEVATOR UNIVERSAL FURNITURE DESIGN
MARK A. STOWERS DBA VEGAS SCOOTERS
20-21
$1,500.00
04/01/15
03/31/18
$1,310.00
$0.62
$-
$-
$1,310.00
2,102
ONE MAN'S TRASH LLC
22-23
$1,280.00
03/01/14
02/28/17
$944.00
$0.45
$336.00
$0.16
$1,280.00
2,090
SLEEP WELL, LAS VEGAS
24-25
$2,730.00
08/01/16
07/31/19
$1,008.00
$0.48
$357.00
$0.17
$1,365.00
2,090
$12,663.32
$0.49
$3,846.94
12 Total 11 Total Occupied
$16,797.25
$16,510.26
Total Square Feet Occupied
27,196
Vacant
Comments
M-M
1,045
26,061 95.83%
1 Vacant
Total Square Feet Vacant
1,045 3.84%
T E N AN T
information
9
CONTACT US JAMES GRIFFIS
Senior Associate +1 702 369 4811 [email protected]
MICHAEL TORDONE Senior Associate +1 702 369 4884 [email protected]
Capit al M ar ket s | I nve s t m e n t Pr o p e r t ie s
CBRE - LAS VEGAS
3993 Howard Hughes Parkway, Suite 700 Las Vegas, Nevada 89169
2960
WESTWOOD DRIVE LAS VEGAS, NEVADA 89113
Capit al M ar ket s | I nve s t m e n t Pr o p e r t ie s
AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its
contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
© 2016 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.
2960
WESTWOOD DRIVE LAS VEGAS, NEVADA 89113
CONTACT US JAMES GRIFFIS
TABLE OF CONTENTS
04
PROPERTY INFORMATION
08
PROPERTY INFORMATION
Senior Associate +1 702 369 4884 [email protected]
12
AREA OVERVIEW
CBRE - LAS VEGAS
14
FINANCIAL & TENANT INFORMATION
Senior Associate +1 702 369 4811 [email protected]
MICHAEL TORDONE
3993 Howard Hughes Parkway, Suite 700 Las Vegas, Nevada 89169
3
PROPERTY INFORMATION
2 9 6 0
W E ST W O O D
D RI V E
INVESTMENT SUMMARY Just one street west of Highland Drive, one mile from the I-15 and four miles from the US-95. Close proximity to Las Vegas Boulevard, Fashion Show Mall, the Arts District and Downtown.
Location
2960 Westwood Dr. Las Vegas, NV 89103
List Price
$3,100,000.00
Total Building SF
±27,196
Price Per SF
$114.00
Number of Tenants
11
Lease Type
NNN
Occupancy
96%
Year 1 NOI with 5% Vacancy Factor
$149,745
CAP Rate
5.70%
Year 1 NOI @ Current Occupancy
$151,960
CAP Rate
4.90%
Unleveraged IRR
8.18%
P roperty
information
5
PROPERTY HIGHLIGHTS ++ Located in one of the strongest industrial submarkets in the Las Vegas MSA ++
96% occupied with eleven (11) tenants
++ NNN-leased with annual rent increases ++ Staggered lease expirations in a rising rent environment ++ In-place average rents of ±$0.49 PSF are ±50% below 2007 peak levels of ±$1.00 PSF ++ New competitive industrial supply continues to be extremely limited with no new development underway or planned in this size range ++ Priced below replacement cost ++ Professionally managed and maintained ++ Very close proximity to The Strip ++ Units range from 1,050 SF to 5,000 SF
6
2960 WESTWOOD DR
2 9 6 0
W E ST W O O D
D RI V E
AREA MAP
2960 WESTWOOD DR
P roperty
information
7
TENANT INFORMATION
2 9 6 0
W E ST W O O D
D RI V E
RENT ROLL Tenant Name MOBILE ADVENTURES LV
Unit
Deposit
Lease Start
Lease Exp.
Rent/ Sq. Ft.
Rent
CAOE/ Sq. Ft.
Cam
Total Rent
Sq. Ft.
1/26/27/28
$1,636.00
02/01/14
01/31/19
$2,225.48
$0.59
$641.24
$0.17
$2,866.72
3,772
NEDIM K+ARALIC DBA DISCOUNT HITCH CTRL
2&3
$726.75
04/16/15
10/31/16
$726.75
$0.75
$-
$-
$726.75
969
NV SW HOLLY SALES
4&6
$2,092.00
11/22/13
12/31/17
$725.00
$0.28
$425.00
$0.17
$1,150.00
2,551
7&10
$3,000.00
07/01/16
06/30/19
$1,920.00
$0.46
$680.00
$0.16
$2,600.00
4,184
11
$-
$742.09
$0.71
$173.60
$0.17
$915.69
1,045
12&16
$3,307.50
08/01/16
07/31/19
$2,205.00
$0.42
$892.50
$0.17
$3,097.50
5,249
AROMA COFFEE ROASTERS, LLC
17
$525.00
02/01/14
01/31/22
$357.00
$0.34
$168.00
$0.16
$525.00
1,050
LANDLORD ACCESS
18
$-
$-
$-
$-
$-
$-
1,045
R&M CUSTOM WOODWORKING
19
$500.00
$0.48
$173.60
$0.17
$673.60
1,049
WESTERN GLASS SUBURBAN ELEVATOR UNIVERSAL FURNITURE DESIGN
MARK A. STOWERS DBA VEGAS SCOOTERS
20-21
$1,500.00
04/01/15
03/31/18
$1,310.00
$0.62
$-
$-
$1,310.00
2,102
ONE MAN'S TRASH LLC
22-23
$1,280.00
03/01/14
02/28/17
$944.00
$0.45
$336.00
$0.16
$1,280.00
2,090
SLEEP WELL, LAS VEGAS
24-25
$2,730.00
08/01/16
07/31/19
$1,008.00
$0.48
$357.00
$0.17
$1,365.00
2,090
$12,663.32
$0.49
$3,846.94
12 Total 11 Total Occupied
$16,797.25
$16,510.26
Total Square Feet Occupied
27,196
Vacant
Comments
M-M
1,045
26,061 95.83%
1 Vacant
Total Square Feet Vacant
1,045 3.84%
T E N AN T
information
9
CONTACT US JAMES GRIFFIS
Senior Associate +1 702 369 4811 [email protected]
MICHAEL TORDONE Senior Associate +1 702 369 4884 [email protected]
Capit al M ar ket s | I nve s t m e n t Pr o p e r t ie s
CBRE - LAS VEGAS
3993 Howard Hughes Parkway, Suite 700 Las Vegas, Nevada 89169
