Confidentiality Agreement
joann fabrics
$4,696,000 Cap Rate: 7.00% Price:
Single-Tenant, Net Leased Investment 117 5 d a n a d r i v e , r e d d i n g , C A
www.cbremarketplace.com/JoAnn_Fabrics_Redding F o r m o r e i n f o r m a t i o n , p l e a s e c o n t a c t:
H EAT H KA ST N E R First Vice President Lic. 01301753 T +1 916 446 8795 [email protected]
J o n S chultz Senior Vice President Lic. 00844740 +1 916 446 8261 [email protected]
CBRE, Inc. 555 Capitol Mall Suite 100 Sacramento, CA 95814 www.cbre.com/smskproperties
Jon Wil cox Vice President Lic. 01385852 T +1 916 781 4860 [email protected]
offering memorandum
CBRE, Inc. 1512 Eureka Road Suite 100 Roseville, CA 95661 www.cbre.com/roseville
joann fabrics
redding, california
OFFERING SUMMARY
investment highlights
Offering Price:
$4,696,000
Net Operating Income:
$328,762
Capitalization Rate:
7.00%
Lease Type:
NNN
Building Size:
±28,588 SF
Parcel Size:
±2.68 Acres
Ownership:
Fee Simple
Constructed:
1995 (Renovated 2013)
Address:
1175 Dana Drive, Redding, CA 96003
APN (Shasta County):
071-140-032
Terms:
Cash or Cash to New Debt
• New 10-year lease extends through at least Jan 2024. Options would take the lease through Jan 2039. • NNN Lease. Tenant pays for all operating expenses, including taxes and insurance. Landlord responsible for roof membrane, structural, load bearing walls and foundation. • Base rent increases every 5 years (including options). Please see the Rent Roll for details. • Prime retail location in Redding on Dana Drive across from Target and Shasta Mall. There are 1.5 MSF of retail surrounding the site. It has Highway 44 visibility with easy access to Interstate 5. • JoAnn Fabrics has been in Redding since 1993 and relocated to this property in 2013 and increased their square footage from ±16,500 to ±28,588 due to their strength in the market and long history of strong performance in the market. • Corporate lease.
OR OR
• Delivered free of debt.
investment overview
1315 1175Churn DANACreek DRIVERd 1315 Churn Creek Rd
8 8Redding Redding Pacific Ocean
Oroville Oroville
Sacramento Sacramento
CA CA
NV NV
Reno Reno
JoAnn Fabrics in Redding, California offers investors a long-term leased NNN investment with scheduled base rent increases. The subject asset is a freestanding building originally constructed in 1995. The lease offers a 10-year term that runs through January 2024 and features three five-year options that could take the lease through January 2039. JoAnn Fabrics is well located on Dana Drive, in the Redding Mall area on Highway 44, just east of Interstate 5. © 2013 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. 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. 90617137-48419
CONFIDENTIALITY AGREEMENT The material contained in this Offering Memorandum and such additional material concerning the Real Estate described herein which is hereinafter provided to the recipient of this Offering Memorandum is confidential and for the purpose of considering the purchase of the Real Estate. It is subject to the terms and provisions of the Confidentiality Agreement signed by the recipient of this material, and is not to be used for any purpose or made available to any other person without the express written consent of CBRE, Inc. (“Broker”). This Offering Memorandum was prepared solely for the use of prospective purchasers of 1175 Dana Drive, Redding CA (the “Real Estate”), which Real Estate is currently subject to a Lease in favor of Jo-Ann Stores, Inc. (“Tenant”). Neither Broker, the Property Owner (“Seller”), Tenant nor any of their respective officers, employees or agents, make any representation or warranty, express or implied, as to the completeness or accuracy of the material contained in the Offering Memorandum or any of its contents, and no legal commitments or obligations shall arise by reason of this package or any of its contents. Seller reserves the right to eliminate any portion or all of the Real Estate from any offer for sale at any time prior to the completion of a binding contract of sale executed by both Seller and a prospective purchaser. Prospective purchasers of the Real Estate are advised (i) that changes may have occurred in the condition of the Real Estate since the time this Offering Memorandum or the financial statements therein were prepared and that (ii) financial projections, if any, are provided for general reference purposes only, and are based on assumptions relating to the general economy, competition, and other factors beyond the control of Broker, Seller and Tenant, and are therefore subject to material variation. Prospective purchasers of the Real Estate are advised and encouraged to conduct their own comprehensive review and analysis of the Real Estate, subject to the limitations provided below. The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Real Estate. The Seller and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Real Estate, and expressly reserve the right, at their sole discretion, to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Real Estate unless and until a written agreement satisfactory to the Seller has been fully executed, delivered, and approved by the Seller, and any conditions thereunder have been satisfied or waived. By accepting this Offering Memorandum, you agree (i) that you hold and will treat the Offering Memorandum and its contents in the strictest confidence, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii) that you will not report, disclose or otherwise divulge the Offering Memorandum or any of its contents to any other entity without the prior written authorization of ______________ acting for Broker or of Seller, (iv) that you will not use the Offering Memorandum in any fashion or manner detrimental to the interest of the Seller, the Broker or Tenant; and (v) that you will not use the Offering Memorandum for your benefit or for the benefit of any other person or entity, except to the extent (A) expressly agreed to in writing by the Seller; or (B) used in negotiating the terms and conditions for the purchase of the Real Estate from Seller. In addition, by accepting this Offering Memorandum, you agree that you (A) will not contact, initiate, authorize or engage in any communications of any kind regarding the Real Estate with the Tenant, its agents or employees, or with any adjoining landowners and/or tenants or their agents or employees, or with any governmental authority or agency without Seller’s prior written consent, which consent may be withheld in Seller’s sole and absolute discretion; and (B) you agree to indemnify, defend and hold harmless the Seller, Tenant and the Real Estate from all losses, claims, damages, actions, suits, legal or administrative orders, demands or other liabilities, including, without limitation, any fees, costs, losses and/or expenses, directly or indirectly related to your breach of this Agreement. The terms and conditions stated in this section will relate to all of the sections of the package as if stated independently therein. If, after reviewing this package, you have no further interest in purchasing the Real Estate at this time, kindly return this brochure to Broker at your earliest possible convenience. Date:
Date:
By (Principal):
By (Broker/Agent):
Print Name:
Print Name:
Company:
Company:
Phone:
Phone:
Fax:
Fax:
Email:
Email:
Return to: Email: Fax:
Joanns, Redding Marketing Team [email protected] [email protected] (916) 446-8778
[email protected]
$4,696,000 Cap Rate: 7.00% Price:
Single-Tenant, Net Leased Investment 117 5 d a n a d r i v e , r e d d i n g , C A
www.cbremarketplace.com/JoAnn_Fabrics_Redding F o r m o r e i n f o r m a t i o n , p l e a s e c o n t a c t:
H EAT H KA ST N E R First Vice President Lic. 01301753 T +1 916 446 8795 [email protected]
J o n S chultz Senior Vice President Lic. 00844740 +1 916 446 8261 [email protected]
CBRE, Inc. 555 Capitol Mall Suite 100 Sacramento, CA 95814 www.cbre.com/smskproperties
Jon Wil cox Vice President Lic. 01385852 T +1 916 781 4860 [email protected]
offering memorandum
CBRE, Inc. 1512 Eureka Road Suite 100 Roseville, CA 95661 www.cbre.com/roseville
joann fabrics
redding, california
OFFERING SUMMARY
investment highlights
Offering Price:
$4,696,000
Net Operating Income:
$328,762
Capitalization Rate:
7.00%
Lease Type:
NNN
Building Size:
±28,588 SF
Parcel Size:
±2.68 Acres
Ownership:
Fee Simple
Constructed:
1995 (Renovated 2013)
Address:
1175 Dana Drive, Redding, CA 96003
APN (Shasta County):
071-140-032
Terms:
Cash or Cash to New Debt
• New 10-year lease extends through at least Jan 2024. Options would take the lease through Jan 2039. • NNN Lease. Tenant pays for all operating expenses, including taxes and insurance. Landlord responsible for roof membrane, structural, load bearing walls and foundation. • Base rent increases every 5 years (including options). Please see the Rent Roll for details. • Prime retail location in Redding on Dana Drive across from Target and Shasta Mall. There are 1.5 MSF of retail surrounding the site. It has Highway 44 visibility with easy access to Interstate 5. • JoAnn Fabrics has been in Redding since 1993 and relocated to this property in 2013 and increased their square footage from ±16,500 to ±28,588 due to their strength in the market and long history of strong performance in the market. • Corporate lease.
OR OR
• Delivered free of debt.
investment overview
1315 1175Churn DANACreek DRIVERd 1315 Churn Creek Rd
8 8Redding Redding Pacific Ocean
Oroville Oroville
Sacramento Sacramento
CA CA
NV NV
Reno Reno
JoAnn Fabrics in Redding, California offers investors a long-term leased NNN investment with scheduled base rent increases. The subject asset is a freestanding building originally constructed in 1995. The lease offers a 10-year term that runs through January 2024 and features three five-year options that could take the lease through January 2039. JoAnn Fabrics is well located on Dana Drive, in the Redding Mall area on Highway 44, just east of Interstate 5. © 2013 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. 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. 90617137-48419
CONFIDENTIALITY AGREEMENT The material contained in this Offering Memorandum and such additional material concerning the Real Estate described herein which is hereinafter provided to the recipient of this Offering Memorandum is confidential and for the purpose of considering the purchase of the Real Estate. It is subject to the terms and provisions of the Confidentiality Agreement signed by the recipient of this material, and is not to be used for any purpose or made available to any other person without the express written consent of CBRE, Inc. (“Broker”). This Offering Memorandum was prepared solely for the use of prospective purchasers of 1175 Dana Drive, Redding CA (the “Real Estate”), which Real Estate is currently subject to a Lease in favor of Jo-Ann Stores, Inc. (“Tenant”). Neither Broker, the Property Owner (“Seller”), Tenant nor any of their respective officers, employees or agents, make any representation or warranty, express or implied, as to the completeness or accuracy of the material contained in the Offering Memorandum or any of its contents, and no legal commitments or obligations shall arise by reason of this package or any of its contents. Seller reserves the right to eliminate any portion or all of the Real Estate from any offer for sale at any time prior to the completion of a binding contract of sale executed by both Seller and a prospective purchaser. Prospective purchasers of the Real Estate are advised (i) that changes may have occurred in the condition of the Real Estate since the time this Offering Memorandum or the financial statements therein were prepared and that (ii) financial projections, if any, are provided for general reference purposes only, and are based on assumptions relating to the general economy, competition, and other factors beyond the control of Broker, Seller and Tenant, and are therefore subject to material variation. Prospective purchasers of the Real Estate are advised and encouraged to conduct their own comprehensive review and analysis of the Real Estate, subject to the limitations provided below. The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Real Estate. The Seller and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Real Estate, and expressly reserve the right, at their sole discretion, to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Real Estate unless and until a written agreement satisfactory to the Seller has been fully executed, delivered, and approved by the Seller, and any conditions thereunder have been satisfied or waived. By accepting this Offering Memorandum, you agree (i) that you hold and will treat the Offering Memorandum and its contents in the strictest confidence, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii) that you will not report, disclose or otherwise divulge the Offering Memorandum or any of its contents to any other entity without the prior written authorization of ______________ acting for Broker or of Seller, (iv) that you will not use the Offering Memorandum in any fashion or manner detrimental to the interest of the Seller, the Broker or Tenant; and (v) that you will not use the Offering Memorandum for your benefit or for the benefit of any other person or entity, except to the extent (A) expressly agreed to in writing by the Seller; or (B) used in negotiating the terms and conditions for the purchase of the Real Estate from Seller. In addition, by accepting this Offering Memorandum, you agree that you (A) will not contact, initiate, authorize or engage in any communications of any kind regarding the Real Estate with the Tenant, its agents or employees, or with any adjoining landowners and/or tenants or their agents or employees, or with any governmental authority or agency without Seller’s prior written consent, which consent may be withheld in Seller’s sole and absolute discretion; and (B) you agree to indemnify, defend and hold harmless the Seller, Tenant and the Real Estate from all losses, claims, damages, actions, suits, legal or administrative orders, demands or other liabilities, including, without limitation, any fees, costs, losses and/or expenses, directly or indirectly related to your breach of this Agreement. The terms and conditions stated in this section will relate to all of the sections of the package as if stated independently therein. If, after reviewing this package, you have no further interest in purchasing the Real Estate at this time, kindly return this brochure to Broker at your earliest possible convenience. Date:
Date:
By (Principal):
By (Broker/Agent):
Print Name:
Print Name:
Company:
Company:
Phone:
Phone:
Fax:
Fax:
Email:
Email:
Return to: Email: Fax:
Joanns, Redding Marketing Team [email protected] [email protected] (916) 446-8778
[email protected]
