NNN-26 Year Ground Lease Pacific Dental
OFFERING MEMORANDUM
NNN-26 Year Ground Lease Pacific Dental Phoenix, AZ Offered By: John Halvorson AZ Broker # BR627155000 [email protected] (949) 888-5300
22521 Avenida Empresa, Suite 111, Rancho Santa Margarita, CA 92688 www.paccomcap.com
executive summary INVESTMENT OVERVIEW Pacific Commercial Capital is pleased to present Pacific Dental Ground lease plus billboard located at 2217 W Happy Valley Road in Phoenix, Arizona. The site operates as Norterra Dental Group & Orthodontics which is an affiliated practice of Pacific Dental Services, Inc. The subject property is a 6,030 square-foot, single tenant retail building on approximately 0.79 acres of land. The existing lease is a 30 year absolute triple-net ground lease with 26 years remaining and no landlord responsibilities. The lease provides for 10 percent increases every five years and two, five-year renewal options. Also included is a billboard leased by American Outdoor Advertising, LLC which occupies 16 square feet of land on the west boarder of the subject property parcel. The existing lease is a 20 year absolute triple-net lease with 16 years remaining and no landlord responsibilities and 10 percent increases every five years.
The property is located directly off interstate 17 Freeway providing excellent access. The property is located directly next to two prominent power centers in the North Valley, The shops at Norterra and Happy Valley Towne Center. These power centers host seventy -three tenants including Wal-Mart, Dick’s Sporting goods, Best Buy, PF Chang’s, Applebee’s, Barnes & Noble, Lowe’s Home Improvement, Staples, Starbucks Coffee, Olive Garden, Carl’s Jr. and many more.
Executive Summary | 2217 W Happy Valley Rd., Phoenix, AZ 85085
executive summary Investment Summary Location Located at the southeast corner of Happy Valley Road and Twenty-Third Avenue, the property is ideally located directly off of Interstate 17 Freeway providing convenient access to a major Phoenix arterial. The property benefits from its excellent location directly next to two prominent power centers in the North Valley, The Shops at Norterra and Happy Valley Towne Center.
Offering Summary Price:
$2,333,000
Capitalization Rate:
6% based on 2013 NOI 6.6% based on July 2014 NOI
Net Rentable Area (NRA):
6,030 Square-Feet
Price per Square Foot (NRA):
$386.90
Year Built:
2009
Construction Type:
Concrete block
Lot Size:
34,235 Square-Feet (0.79 acre)
Lease Commencement Date:
July 15, 2009 (Building and Billboard Ground Leases)
Lease Expiration Date:
Building Ground Lease ends July 31, 2039 Billboard Ground Lease ends July 31, 2029
Term remaining on Lease:
26 Years (Building Ground Lease) 16 Years (Billboard Ground Lease)
Options to Renew:
Two, 5-Year (Building Ground Lease)
Increases:
10% Every 5 Years (Building) and 10% Every 5 Years (Billboard)
Net Operating Income:
Current
July 2014
$140,000
$154,000
Executive Summary | 2217 W Happy Valley Rd., Phoenix, AZ 85085
property location Aerial Overview
2217 W Happy Valley Rd. Phoenix, AZ 85085
Happy Valley Rd
Subject Property
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy.
Property Location | 2217 W Happy Valley Rd., Phoenix, AZ 85085
property location AREA MAPS
2217 W Happy Valley Rd. Phoenix, AZ 85085
Property Location | 2217 W Happy Valley Rd., Phoenix, AZ 85085
NNN-26 Year Ground Lease Pacific Dental Phoenix, AZ Offered By: John Halvorson AZ Broker # BR627155000 [email protected] (949) 888-5300
22521 Avenida Empresa, Suite 111, Rancho Santa Margarita, CA 92688 www.paccomcap.com
executive summary INVESTMENT OVERVIEW Pacific Commercial Capital is pleased to present Pacific Dental Ground lease plus billboard located at 2217 W Happy Valley Road in Phoenix, Arizona. The site operates as Norterra Dental Group & Orthodontics which is an affiliated practice of Pacific Dental Services, Inc. The subject property is a 6,030 square-foot, single tenant retail building on approximately 0.79 acres of land. The existing lease is a 30 year absolute triple-net ground lease with 26 years remaining and no landlord responsibilities. The lease provides for 10 percent increases every five years and two, five-year renewal options. Also included is a billboard leased by American Outdoor Advertising, LLC which occupies 16 square feet of land on the west boarder of the subject property parcel. The existing lease is a 20 year absolute triple-net lease with 16 years remaining and no landlord responsibilities and 10 percent increases every five years.
The property is located directly off interstate 17 Freeway providing excellent access. The property is located directly next to two prominent power centers in the North Valley, The shops at Norterra and Happy Valley Towne Center. These power centers host seventy -three tenants including Wal-Mart, Dick’s Sporting goods, Best Buy, PF Chang’s, Applebee’s, Barnes & Noble, Lowe’s Home Improvement, Staples, Starbucks Coffee, Olive Garden, Carl’s Jr. and many more.
Executive Summary | 2217 W Happy Valley Rd., Phoenix, AZ 85085
executive summary Investment Summary Location Located at the southeast corner of Happy Valley Road and Twenty-Third Avenue, the property is ideally located directly off of Interstate 17 Freeway providing convenient access to a major Phoenix arterial. The property benefits from its excellent location directly next to two prominent power centers in the North Valley, The Shops at Norterra and Happy Valley Towne Center.
Offering Summary Price:
$2,333,000
Capitalization Rate:
6% based on 2013 NOI 6.6% based on July 2014 NOI
Net Rentable Area (NRA):
6,030 Square-Feet
Price per Square Foot (NRA):
$386.90
Year Built:
2009
Construction Type:
Concrete block
Lot Size:
34,235 Square-Feet (0.79 acre)
Lease Commencement Date:
July 15, 2009 (Building and Billboard Ground Leases)
Lease Expiration Date:
Building Ground Lease ends July 31, 2039 Billboard Ground Lease ends July 31, 2029
Term remaining on Lease:
26 Years (Building Ground Lease) 16 Years (Billboard Ground Lease)
Options to Renew:
Two, 5-Year (Building Ground Lease)
Increases:
10% Every 5 Years (Building) and 10% Every 5 Years (Billboard)
Net Operating Income:
Current
July 2014
$140,000
$154,000
Executive Summary | 2217 W Happy Valley Rd., Phoenix, AZ 85085
property location Aerial Overview
2217 W Happy Valley Rd. Phoenix, AZ 85085
Happy Valley Rd
Subject Property
The information contained herein has been obtained from sources we deem reliable. We cannot assume responsibility for its accuracy.
Property Location | 2217 W Happy Valley Rd., Phoenix, AZ 85085
property location AREA MAPS
2217 W Happy Valley Rd. Phoenix, AZ 85085
Property Location | 2217 W Happy Valley Rd., Phoenix, AZ 85085
